Assets Held for Sale

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Note 3 — Assets Held for Sale

Assets held for sale include the net book value of assets the Company plans to sell within the next 12 months and are primarily related to excess non-working assets. Long-lived assets that meet the held for sale criteria are held for sale and reported at the lower of their carrying value or fair value less estimated costs to sell.

As of September 30, 2023, the Company classified $0.6 million of land and buildings within our High Specification Rigs segment as held for sale as they are being actively marketed.

For the nine months ended September 30, 2024 and 2023, the Company recognized a net gain on assets previously held in Property and equipment of $1.7 million and $1.6 million, respectively, which is shown on the Condensed Consolidated Statements of Operations.