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Property and Equipment
6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at June 30, 2022 and December 31, 2021:

    

June 30,

    

December 31,

2022

2021

Automobiles and trucks

$

2,306

$

2,337

Building and improvements

 

35,108

 

34,796

Construction equipment

 

136,913

 

137,786

Vessels and other equipment

 

85,021

 

82,455

Office equipment

 

6,660

 

6,430

 

266,008

 

263,804

Less: Accumulated depreciation

 

(198,524)

 

(191,542)

Net book value of depreciable assets

 

67,484

 

72,262

Construction in progress

 

8,938

 

6,507

Land

 

27,885

 

27,885

$

104,307

$

106,654

For the three months ended June 30, 2022 and 2021, depreciation expense was $5.0 million and $5.2 million, respectively. For the six months ended June 30, 2022 and 2021, depreciation expense was $10.2 million and $10.6 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).

During the quarter ended June 30, 2021, the Company sold its land, building and improvements located in Tampa, Florida. The book value of the assets and related accumulation were removed from the balance sheet and the Company recognized a net gain on the sale of $6.8 million.

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.