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Property and Equipment | 6 Months Ended
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Jun. 30, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | NOTE 6. PROPERTY AND EQUIPMENT A summary of property and equipment as of June 30, 2025 and December 31, 2024 is as follows:
(in thousands) |  | June 30, 2025 |  |  | December 31, 2024 |
Land |  | $ | 13,495 |  |  | $ | 25,075 |
Buildings, building improvements and leasehold improvements |  |  | 46,681 |  |  |  | 75,689 |
Manufacturing machinery and equipment |  |  | 71,651 |  |  |  | 64,088 |
Rental tools |  |  | 61,685 |  |  |  | 54,456 |
Office equipment and computer software |  |  | 4,736 |  |  |  | 4,516 |
Vehicles |  |  | 15,922 |  |  |  | 19,638 |
Right of use leases – finance |  |  | 24,240 |  |  |  | 20,689 |
Total Property and equipment |  |  | 238,410 |  |  |  | 264,151 |
Less: Accumulated depreciation and amortization |  |  | (87,740 | ) |  |  | (73,365 | )
Net Property and equipment |  | $ | 150,670 |  |  | $ | 190,786 |
The amortization expense for the right of use finance lease assets was $1.8 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $3.5 million and $3.0 million for the six months ended June 30, 2025 and 2024, respectively. Depreciation expense related to property and equipment was $9.4 million and $3.1 million for the three months ended June 30, 2025 and 2024, respectively, and $19.0 million and $4.4 million for the six months ended June 30, 2025 and 2024, respectively.

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