Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

The following is a summary of property and equipment at June 30, 2019 and December 31, 2018:

	June 30, 2019			December 31, 2018
Automobiles and trucks	$	1,669		$	1,709
Building and improvements	43,790			43,628
Construction equipment	158,684			161,113
Vessels and other equipment	82,875			90,217
Office equipment	8,183			8,061
	295,201			304,728
Less: Accumulated depreciation	(197,340		)	(195,373		)
Net book value of depreciable assets	97,861			109,355
Construction in progress	1,321			2,785
Land	35,863			35,863
	$	135,045		$	148,003

For the three months ended June 30, 2019 and 2018, depreciation expense was $6.0 million and $6.6 million, respectively. For the six months ended June 30, 2019 and 2018, depreciation expense was $11.8 million and $12.5 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.