Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment as of December 31, 2022 and December 31, 2021:

	December 31,		December 31,
	2022		2021
Automobiles and trucks	$	2,232	$	2,337
Building and improvements		36,952		34,796
Construction equipment		130,660		137,786
Vessels and other equipment		91,495		82,455
Office equipment		6,885		6,430
		268,224		263,804
Less: Accumulated depreciation		(195,948)		(191,542)
Net book value of depreciable assets		72,276		72,262
Construction in progress		816		6,507
Land		27,885		27,885
	$	100,977	$	106,654

During the year ended December 31, 2021 the Company sold its land, building and improvements located in Tampa, Florida. The book value of the assets and related accumulated depreciation have been removed from the balance sheet and the Company recognized a net gain on the sale of $6.7 million.

For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $19.7 million, $21.1. million and $21.8. 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 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 consolidated financial statements for further discussion of property and equipment.