Property and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2021 and December 31, 2020:

	March 31,		December 31,
	2021		2020
Automobiles and trucks	$	2,722	$	2,379
Building and improvements		44,325		44,324
Construction equipment		135,485		142,661
Vessels and other equipment		80,686		79,499
Office equipment		5,947		5,577
		269,165		274,440
Less: Accumulated depreciation		(185,883)		(186,615)
Net book value of depreciable assets		83,282		87,825
Construction in progress		1,734		1,809
Land		35,863		35,863
	$	120,879	$	125,497

For the three months ended March 31, 2021 and 2020, depreciation expense was $5.3 million and $5.7 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.