Property and Equipment

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2023 and December 31, 2022:

	March 31,		December 31,
	2023		2022
Automobiles and trucks	$	2,243	$	2,232
Building and improvements		36,953		36,952
Construction equipment		129,883		130,660
Vessels and other equipment		89,946		91,495
Office equipment		6,885		6,885
		265,910		268,224
Less: Accumulated depreciation		(198,058)		(195,948)
Net book value of depreciable assets		67,852		72,276
Construction in progress		1,570		816
Land		27,885		27,885
	$	97,307	$	100,977

For the three months ended March 31, 2023 and 2022, depreciation expense was $4.6 million and $5.2 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.