Property and Equipment

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2020 and December 31, 2019:

	March 31,		December 31,
	2020		2019
Automobiles and trucks	$	2,100	$	2,161
Building and improvements		44,337		44,278
Construction equipment		150,544		153,147
Vessels and other equipment		82,284		84,022
Office equipment		8,670		8,652
		287,935		292,260
Less: Accumulated depreciation		(196,008)		(196,973)
Net book value of depreciable assets		91,927		95,287
Construction in progress		1,325		1,198
Land		35,863		35,863
	$	129,115	$	132,348

For the three months ended March 31, 2020 and 2019, depreciation expense was $5.7 million and $5.8 million, respectively. Substantially all depreciation expense is included in the cost of contract revenue in the Company’s Condensed Consolidated Statements of Operations. Substantially all of the assets of the Company are pledged as collateral under the Company’s Credit Agreement (as defined in Note 11).

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

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