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v3.26.1

Property and Equipment, Net | 3 Months Ended
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Mar. 31, 2026
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Note 5 — Property and Equipment, Net Property and equipment, net include the following (in millions):
|  | Estimated Useful Life (Years) |  | March 31, 2026 |  | December 31, 2025
High specification rigs |  | 15 |  | $ | 194.2 |  |  | $ | 191.8 |
Machinery and equipment |  | 3 - 30 |  | 250.0 |  |  | 247.4 |
Vehicles |  | 3 - 15 |  | 63.5 |  |  | 63.4 |
Other property and equipment |  | 5 - 25 |  | 24.9 |  |  | 24.5 |
Property and equipment |  |  |  | 532.6 |  |  | 527.1 |
Less: accumulated depreciation |  |  |  | (271.9) |  |  | (256.8) |
Construction in progress |  |  |  | 23.4 |  |  | 10.6 |
Property and equipment, net |  |  |  | $ | 284.1 |  |  | $ | 280.9 |
Depreciation expense was $16.0 million and $10.4 million for the three months ended March 31, 2026 and 2025, respectively

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