Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5 — Property and Equipment, Net

Property and equipment include the following (in millions):

	Estimated
	Useful Life	December 31,
	(Years)	2025		2024
High specification rigs	15	$	191.8	$	150.2
Machinery and equipment	3 - 30	247.4		216.0
Vehicles	3 - 15	63.4		55.1
Other property and equipment	5 - 25	24.5		21.4
Property and equipment		527.1		442.7
Less: accumulated depreciation		(256.8)		(229.0)
Construction in progress		10.6		10.6
Property and equipment, net		$	280.9	$	224.3

Depreciation expense was $45.6 million and $43.4 million for the years ended December 31, 2025 and 2024, respectively. The Company had assets under finance leases of $12.5 million and $15.2 million for the years ended December 31, 2025 and 2024, respectively. The Company reclassified $0.8 million of property and equipment to Assets held for sale for the year ended December 31, 2024.