Property and Equipment

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

The following is a summary of property and equipment at March 31, 2019 and December 31, 2018:



	March 31, 2019			December 31, 2018
Automobiles and trucks	$	1,668		$	1,709
Building and improvements	43,628			43,628
Construction equipment	156,015			161,113
Vessels and other equipment	81,772			90,217
Office equipment	8,114			8,061
	291,197			304,728
Less: Accumulated depreciation	(194,225		)	(195,373		)
Net book value of depreciable assets	96,972			109,355
Construction in progress	4,006			2,785
Land	35,863			35,863
	$	136,841		$	148,003

For the three months ended March 31, 2019 and 2018, depreciation expense was $5.8 million and $5.9 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Consolidated Statements of Operations.

Substantially all of the Company’s long-lived assets are located in the United States.

Substantially all of the assets of the Company are pledged as collateral under the Company's Credit Agreement (as defined in Note 11).

See Note 2 to the Company's consolidated financial statements for further discussion of property and equipment.