v3.25.3
PROPERTY, PLANT, & EQUIPMENT
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, & EQUIPMENT

5. PROPERTY, PLANT, & EQUIPMENT

 

Property, plant, and equipment, net of accumulated depreciation, of the Company consists of the following as of the period end dates set forth below (in US$ thousands):

 

            
   Estimated Useful  As of 
   Lives (in years)  September 30, 2025   December 31, 2024 
Buildings and leasehold improvements  5 to 25  $55,990   $55,283 
Drilling rigs, plant and equipment  1 to 15   789,903    747,905 
Office equipment (furniture and fixtures) and tools  3 to 10   14,982    16,658 
Vehicles and cranes  5 to 10   9,227    9,713 
Less: Accumulated depreciation      (497,029)   (443,367)
Land      11,664    11,664 
Capital work in progress      52,497    40,290 
Total     $437,234   $438,146 

 

The Company recorded depreciation expense of $29.0 million, $28.2 million, $87.8 million and $83.7 million for the three-month period ended September 30, 2025, the three-month period ended September 30, 2024, the nine-month period ended September 30, 2025, and the nine-month period ended September 30, 2024, respectively, in the Unaudited Condensed Consolidated Interim Statements of Operations.