Property and Equipment, Net

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5 — Property and Equipment, Net

Property and equipment, net include the following (in millions):

	Estimated Useful Life (years)	September 30, 2025		December 31, 2024
High specification rigs	15	$	157.5	$	150.2
Machinery and equipment	3 - 30	218.7		216.0
Vehicles	3 - 15	52.4		55.1
Other property and equipment	5 - 25	21.6		21.4
Property and equipment		450.2		442.7
Less: accumulated depreciation		(246.5)		(229.0)
Construction in progress		11.2		10.6
Property and equipment, net		$	214.9	$	224.3

Depreciation expense was $10.8 million and $10.9 million for the three months ended September 30, 2025 and 2024, respectively, and $31.9 million and $32.7 million for the nine months ended September 30, 2025 and 2024.