Property and Equipment

12 Months Ended

Dec. 31, 2024

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, 2024 and December 31, 2023:

	December 31,		December 31,
	2024		2023
Automobiles and trucks	$	1,790	$	1,985
Building and improvements		39,401		36,931
Construction equipment		117,652		125,705
Vessels and other equipment		96,173		94,030
Office equipment		7,562		6,708
		262,578		265,359
Less: Accumulated depreciation		(209,234)		(206,243)
Net book value of depreciable assets		53,344		59,116
Construction in progress		7,806		3,770
Land		24,948		24,948
	$	86,098	$	87,834

For the years ended December 31, 2024, 2023 and 2022, depreciation expense was $15.5 million, $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.