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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Change in Goodwill | The following table summarizes the change in goodwill, which was acquired in the acquisition of Great North in 2023 (in millions):
|  | Total |
Net balance as of December 31, 2023 |  | $ | 16.7 |
Addition due to business combination |  |  | - |
Impairments |  |  | - |
Foreign currency translation |  |  | (0.6 | )
Net balance as of June 30, 2024 (1) |  | $ | 16.1 |
(1) As of June 30, 2024, the Goodwill balance is included in long-lived assets in the Well Construction business segment.
Schedule of Intangible Assets | Intangible assets, the majority of which were acquired in the acquisition of TIW Corporation in 2016, OilPatch Technologies in 2017, and Great North in 2023, consist of the following:
|  |  |  | June 30, 2024 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 – 15 years |  | $ | 12,101 |  |  | $ | (3,277 | ) |  | $ | (138 | ) |  | $ | 8,686 |
Patents |  | 15 – 30 years |  |  | 9,670 |  |  |  | (4,542 | ) |  |  | (102 | ) |  |  | 5,026 |
Customer relationships |  | 5 – 15 years |  |  | 40,370 |  |  |  | (14,799 | ) |  |  | (433 | ) |  |  | 25,138 |
Organizational costs |  | 3 years |  |  | 172 |  |  |  | (169 | ) |  |  | (3 | ) |  |  | - |
|  |  |  | $ | 62,313 |  |  | $ | (22,787 | ) |  | $ | (676 | ) |  | $ | 38,850 |
|  |  |  | December 31, 2023 |
|  | Estimated Useful Lives |  | Gross Book Value |  |  | Accumulated Amortization |  |  | Foreign Currency Translation |  |  | Net Book Value |
|  |  |  | (In thousands) |
Trademarks |  | 10 – 15 years |  | $ | 12,091 |  |  | $ | (2,811 | ) |  | $ | 4 |  |  | $ | 9,284 |
Patents |  | 15 – 30 years |  |  | 9,686 |  |  |  | (4,200 | ) |  |  | (22 | ) |  |  | 5,464 |
Customer relationships |  | 5 – 15 years |  |  | 40,291 |  |  |  | (13,095 | ) |  |  | (3 | ) |  |  | 27,193 |
Organizational costs |  | 3 years |  |  | 163 |  |  |  | (163 | ) |  |  | - |  |  |  | - |
|  |  |  | $ | 62,231 |  |  | $ | (20,269 | ) |  | $ | (21 | ) |  | $ | 41,941 |

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