Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at September 30, 2020 and December 31, 2019:

	September 30,		December 31,
	2020		2019
Automobiles and trucks	$	2,267	$	2,161
Building and improvements		44,324		44,278
Construction equipment		145,774		153,147
Vessels and other equipment		75,511		84,022
Office equipment		9,052		8,652
		276,928		292,260
Less: Accumulated depreciation		(190,748)		(196,973)
Net book value of depreciable assets		86,180		95,287
Construction in progress		3,868		1,198
Land		35,863		35,863
	$	125,911	$	132,348

For the three months ended September 30, 2020 and 2019, depreciation expense was $5.3 million and $5.8 million, respectively. For the nine months ended September 30, 2020 and 2019, depreciation expense was $16.6 million and $17.6 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.