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

5. PROPERTY, PLANT, & EQUIPMENT, NET

 

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):

  

          
   Estimated Useful  As of 
   Lives (in years)  June 30, 2026   December 31, 2025 
Buildings and leasehold improvements  5 to 25  $56,795   $56,937 
Drilling rigs, plant and equipment  1 to 15   897,380    818,147 
Office equipment (furniture and fixtures) and tools  3 to 10   14,936    14,785 
Vehicles and cranes  5 to 10   8,375    9,364 
Less: Accumulated depreciation      (538,904)   (522,072)
Land      11,664    11,664 
Capital work in progress      80,439    76,629 
Total     $530,685   $465,454 

 

The Company recorded depreciation expense of $31.7 million, $29.3 million, $60.8 million and $58.8 million for the three-month period ended June 30, 2026, the three-month period ended June 30, 2025, the six-month period ended June 30, 2026, and the six-month period ended June 30, 2025, respectively, within Cost of Services in the Condensed Consolidated Statements of Operations.