v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

The following table shows the components of property, plant and equipment, net (in thousands):

 

 

Estimated Useful
Lives (in years)

 

June 30, 2026

 

 

December 31, 2025

 

Rental tools and equipment

 

5-10

 

$

223,137

 

 

$

215,596

 

Buildings and improvements

 

5-40

 

 

8,260

 

 

 

7,876

 

Office furniture, fixtures and equipment

 

3-5

 

 

3,289

 

 

 

3,153

 

Transportation and equipment

 

3-5

 

 

698

 

 

 

691

 

Total property, plant and equipment

 

 

 

 

235,384

 

 

 

227,317

 

Less: accumulated depreciation

 

 

 

 

(165,253

)

 

 

(156,382

)

Property, plant and equipment, net (excluding construction in progress)

 

 

 

 

70,131

 

 

 

70,935

 

Construction in progress

 

 

 

 

1,683

 

 

 

1,667

 

Property, plant and equipment, net

 

 

 

$

71,815

 

 

$

72,602

 

 

 

Total depreciation expense for the three months ended June 30, 2026 and 2025 was approximately $6.2 million and $6.1 million, respectively. Total depreciation expense for the six months ended June 30, 2026 and 2025 was approximately $12.5 million and $12.3 million, respectively. The Company has not acquired any property, plant and equipment under finance leases.