Property and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at March 31, 2025 and December 31, 2024:

	March 31,		December 31,
	2025		2024
Automobiles and trucks	$	1,789	$	1,790
Building and improvements		39,411		39,401
Construction equipment		117,908		117,652
Vessels and other equipment		97,232		96,172
Office equipment		7,563		7,562
		263,903		262,578
Less: Accumulated depreciation		(211,560)		(209,234)
Net book value of depreciable assets		52,343		53,344
Construction in progress		14,665		7,806
Land		24,948		24,948
	$	91,956	$	86,098

For the three months ended March 31, 2025 and 2024, depreciation expense was $3.2 million and $4.2 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 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.