PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT, NET

The following table shows the component of property, plant and equipment, net (in thousands):


	Estimated Useful Lives (in Years)	June 30, 2024			December 31, 2023
Rental tools and equipment	5-10		198,349			188,949
Buildings and improvements	5-40		6,739			6,672
Office furniture, fixtures and equipment	3-5		2,356			2,389
Transportation and equipment	3-5		746			793
Total property, plant and equipment			208,190			198,803
Less: accumulated deprecation			(136,976	)		(133,003	)
Property, plant and equipment, net (excluding construction in progress)			71,214			65,800
Construction in progress			9			-
Property, plant and equipment, net		$	71,223		$	65,800

Total depreciation expense for the three months ended June 30, 2024 and 2023 was approximately $5.6 million and $4.7 million, respectively. Total depreciation expense for the six months ended June 30, 2024 and 2023 was approximately $10.9 million and $9.7 million, respectively. The Company has not acquired any property, plant and equipment under capital leases.

Property, plant and equipment, net, were concentrated within the U.S. As of June 30, 2024 and December 31, 2023, property, plant and equipment, net held within the U.S was $66.3 million and $63.0 million, respectively, or 93% and 96%, respectively, of total property, plant and equipment, net. As of June 30, 2024 and December 31, 2023 property, plant and equipment, net held outside of the United States was $4.9 million and $2.8 million, or 7% and 4%, respectively, of total property, plant and equipment, net for both periods.