v3.26.1
PROPERTY, PLANT, & EQUIPMENT
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT, & EQUIPMENT

5. PROPERTY, PLANT, & EQUIPMENT

 

Property, plant and equipment, net of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below (in US$ thousands):

 

   Lives (in years)  March 31, 2026   December 31, 2025 
   Estimated Useful  As of 
   Lives (in years)  March 31, 2026   December 31, 2025 
Buildings and leasehold improvements  5 to 25  $56,588   $56,937 
Drilling rigs, plant and equipment  1 to 15   856,146    818,147 
Office equipment (furniture and fixtures) and tools  3 to 10   14,930    14,785 
Vehicles and cranes  5 to 10   8,944    9,364 
Less: Accumulated depreciation      (538,331)   (522,072)
Land      11,664    11,664 
Capital work in progress      66,213    76,629 
Total     $476,154   $465,454 

 

The Company recorded depreciation expense of $29.1 million and $29.5 million for the three-month period ended March 31, 2026, and the three-month period ended March 31, 2025, respectively, within Cost of Services in the Consolidated Statements of Operations.