Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 6. PROPERTY AND EQUIPMENT

A summary of property and equipment as of December 31, 2024 and 2023 is as follows:

(in thousands)	December 31, 2024			December 31, 2023
Land	$	25,075		$	1,832
Buildings, building improvements and leasehold improvements		75,689			19,481
Manufacturing machinery and equipment		64,088			35,669
Rental tools		54,456			24,444
Office equipment and computer software		4,516			1,653
Vehicles		19,638			13,451
Right of use leases – finance		20,689			16,588
Total Property and equipment		264,151			113,118
Less: Accumulated depreciation and amortization		(73,365	)		(60,694	)
Net Property and equipment	$	190,786		$	52,424

The amortization expense for the right of use finance lease assets is $6.1 million, $4.1 million and $2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to Note 11. Leases for further details.

Depreciation expense related to property and equipment was $16.6 million, $10.5 million, and $9.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following tables present the Company's assets by geographic region:

(in thousands)	December 31, 2024			December 31, 2023
North America	$	472,279		$	176,421
Latin America		24,298			4,206
Middle East & Asia Pacific		34,042			4,237
Europe & Africa		25,473			2,164
Eliminations		—			—
Total noncurrent assets	$	556,092		$	187,028
(in thousands)	December 31, 2024			December 31, 2023
North America	$	609,900		$	430,651
Latin America		66,895			23,871
Middle East & Asia Pacific		21,780			20,362
Europe & Africa		504,579			10,716
Eliminations		(5,671	)		(10,300	)
Total assets	$	1,197,483		$	475,300