Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at September 30, 2024 and December 31, 2023:

	September 30,		December 31,
	2024		2023
Automobiles and trucks	$	1,789	$	1,985
Building and improvements		39,401		36,931
Construction equipment		120,968		125,705
Vessels and other equipment		96,009		94,030
Office equipment		7,177		6,708
		265,344		265,359
Less: Accumulated depreciation		(209,644)		(206,243)
Net book value of depreciable assets		55,700		59,116
Construction in progress		5,606		3,770
Land		24,948		24,948
	$	86,254	$	87,834

For the three months ended September 30, 2024 and 2023, depreciation expense was $3.6 million and $4.5 million, respectively. For the nine months ended September 30, 2024 and 2023, depreciation expense was $12.0 million and $13.5 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).

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.