Property and Equipment, Net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Note 3 — Property and Equipment, Net

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


	Estimated Useful Life (years)	June 30, 2020		December 31, 2019
High specification rigs	20	$	128.2	$	127.2
High specification rigs machinery and equipment	5 - 10	40.7		38.3
Completion and other services machinery and equipment	5 - 10	56.5		55.8
Processing solutions machinery and equipment	3 - 30	45.9		40.8
Vehicles	3 - 15	23.0		25.9
Other property and equipment	5 - 25	10.6		10.1
Property and equipment		304.9		298.1
Less: accumulated depreciation		(100.3)		(85.5)
Construction in progress		2.0		6.3
Property and equipment, net		$	206.6	$	218.9

Depreciation expense was $9.3 million and $8.2 million for the three months ended June 30, 2020 and 2019, respectively, and $18.0 million and $16.5 million for the six months ended June 30, 2020 and 2019, respectively.

During the three and six months ended June 30, 2020, the Company noted a sustained decline in stock price due to the reduced demand and oversupply of oil and natural gas, which was an indication that the fair value of the Company’s long-lived assets could have fallen below their carrying values. As a result, an impairment analysis was performed and it was determined that no impairment existed. Please see “Note 1 — Organization and Business Operations—Recent Events” for additional information regarding reduced demand and oversupply of oil and “Part I, Item 8. Financial Statements and Supplementary Data — Note 2 — Summary of Significant Accounting Policies — Significant Accounting Policies — Long-Lived Asset Impairment” of the Annual Report for the policy of testing long-lived assets for impairment.