Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Change in Goodwill

The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):

	Total
Net balance as of December 31, 2022	$	-
Addition due to business combination		16.8
Impairments		-
Foreign currency translation		(0.6	)
Net balance as of September 30, 2023 (1)	$	16.2

(1) As of September 30, 2023, the Goodwill balance is included in long-lived assets in the Well Construction business segment.

Schedule of Intangible Assets

Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in July 2023, consist of the following:

		September 30, 2023
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	11,967	$	(2,578	)	$	2		$	9,391
Patents	15 - 30 years		9,573		(4,033	)		(1	)		5,539
Customer relationships	5 - 15 years		39,833		(12,272	)		13			27,574
Organizational costs	3 years		163		(163	)		-			-
		$	61,536	$	(19,046	)	$	14		$	42,504

		December 31, 2022
	Estimated Useful Lives	Gross Book Value		Accumulated Amortization			Foreign Currency Translation			Net Book Value
		(In thousands)
Trademarks	10 - 15 years	$	8,233	$	(2,118	)	$	(79	)	$	6,036
Patents	15 - 30 years		6,055		(3,699	)		-			2,356
Customer relationships	5 - 15 years		26,028		(10,878	)		(234	)		14,916
Organizational costs	3 years		183		(131	)		(12	)		40
		$	40,499	$	(16,826	)	$	(325	)	$	23,348