Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Automobiles and trucks	$	1,959	$	1,985
Building and improvements		36,931		36,931
Construction equipment		125,374		125,705
Vessels and other equipment		94,730		94,030
Office equipment		6,708		6,708
		265,702		265,359
Less: Accumulated depreciation		(209,236)		(206,243)
Net book value of depreciable assets		56,466		59,116
Construction in progress		4,059		3,770
Land		24,948		24,948
	$	85,473	$	87,834

For the three months ended March 31, 2024 and 2023, depreciation expense was $4.2 million and $4.6 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 9).

In the three months ended March 31, 2024 and 2023, the Company sold property and equipment. The book value of the assets and related accumulated depreciation were removed from the balance sheet and the Company recognized a net gain on the sales of $0.3 million in both the three months ended March 31, 2024 and 2023.

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.