Property and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

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

	September 30,		December 31,
	2019		2018
Automobiles and trucks	$	1,752	$	1,709
Building and improvements		43,831		43,628
Construction equipment		151,267		161,113
Vessels and other equipment		84,228		90,217
Office equipment		8,262		8,061
		289,340		304,728
Less: Accumulated depreciation		(193,235)		(195,373)
Net book value of depreciable assets		96,105		109,355
Construction in progress		2,088		2,785
Land		35,863		35,863
	$	134,056	$	148,003

For the three months ended September 30, 2019 and 2018, depreciation expense was $5.8 million and $6.1 million, respectively. For the nine months ended September 30, 2019 and 2018, depreciation expense was $17.6 million and $18.6 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.