Property and Equipment

12 Months Ended

Dec. 31, 2023

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, 2023 and December 31, 2022:

	December 31,		December 31,
	2023		2022
Automobiles and trucks	$	1,985	$	2,232
Building and improvements		36,931		36,952
Construction equipment		125,705		130,660
Vessels and other equipment		94,030		91,495
Office equipment		6,708		6,885
		265,359		268,224
Less: Accumulated depreciation		(206,243)		(195,948)
Net book value of depreciable assets		59,116		72,276
Construction in progress		3,770		816
Land		24,948		27,885
	$	87,834	$	100,977

For the years ended December 31, 2023 and 2022, depreciation expense was $18.4 million and $19.7 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 10).

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.