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Property and Equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | NOTE 6. PROPERTY AND EQUIPMENT A summary of property and equipment as of December 31, 2024 and 2023 is as follows:
(in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
Land |  | $ | 25,075 |  |  | $ | 1,832 |
Buildings, building improvements and leasehold improvements |  |  | 75,689 |  |  |  | 19,481 |
Manufacturing machinery and equipment |  |  | 64,088 |  |  |  | 35,669 |
Rental tools |  |  | 54,456 |  |  |  | 24,444 |
Office equipment and computer software |  |  | 4,516 |  |  |  | 1,653 |
Vehicles |  |  | 19,638 |  |  |  | 13,451 |
Right of use leases – finance |  |  | 20,689 |  |  |  | 16,588 |
Total Property and equipment |  |  | 264,151 |  |  |  | 113,118 |
Less: Accumulated depreciation and amortization |  |  | (73,365 | ) |  |  | (60,694 | )
Net Property and equipment |  | $ | 190,786 |  |  | $ | 52,424 |
The amortization expense for the right of use finance lease assets is $6.1 million, $4.1 million and $2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Refer to Note 11. Leases for further details. Depreciation expense related to property and equipment was $16.6 million, $10.5 million, and $9.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. The following tables present the Company's assets by geographic region:
(in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
North America |  | $ | 472,279 |  |  | $ | 176,421 |
Latin America |  |  | 24,298 |  |  |  | 4,206 |
Middle East & Asia Pacific |  |  | 34,042 |  |  |  | 4,237 |
Europe & Africa |  |  | 25,473 |  |  |  | 2,164 |
Eliminations |  |  | — |  |  |  | — |
Total noncurrent assets |  | $ | 556,092 |  |  | $ | 187,028 |
(in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
North America |  | $ | 609,900 |  |  | $ | 430,651 |
Latin America |  |  | 66,895 |  |  |  | 23,871 |
Middle East & Asia Pacific |  |  | 21,780 |  |  |  | 20,362 |
Europe & Africa |  |  | 504,579 |  |  |  | 10,716 |
Eliminations |  |  | (5,671 | ) |  |  | (10,300 | )
Total assets |  | $ | 1,197,483 |  |  | $ | 475,300 |

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