Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Note 4 — Property and Equipment, Net

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


	Estimated Useful Life (years)	September 30, 2024		December 31, 2023
High specification rigs	15	$	149.2	$	138.4
Machinery and equipment	3 - 30	207.7		189.2
Vehicles	3 - 15	53.0		53.8
Other property and equipment	5 - 25	21.2		19.9
Property and equipment		431.1		401.3
Less: accumulated depreciation		(221.2)		(196.6)
Construction in progress		17.0		21.6
Property and equipment, net		$	226.9	$	226.3

On August 9, 2023, pursuant to an asset purchase agreement dated August 4, 2023, the Company acquired certain fixed assets from Pegaso Energy Services, LLC (“Pegaso acquisition”) for consideration of $7.3 million paid in cash. The fixed assets acquired from Pegaso were primarily engaged in pump down services for its customers. Under ASC 805 Business Combination, the Company accounted for the Pegaso acquisition as an asset acquisition. The consideration paid is similar to the fair value of the assets acquired and the Company allocated the consideration paid to each of the assets following the cost accumulation model.

Depreciation expense was $10.9 million and $10.4 million for the three months ended September 30, 2024 and 2023, respectively and $32.7 million and $28.7 million for the nine months ended September 30, 2024 and 2023.