Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

6.Property and Equipment

The following is a summary of property and equipment at September 30, 2025 and December 31, 2024:

	September 30,		December 31,
	2025		2024
Construction equipment	$	115,136	$	117,652
Vessels and other equipment		100,613		96,173
Building and improvements		51,649		39,401
Automobiles and trucks		5,802		1,790
Office equipment		1,693		7,562
Gross book value of depreciable assets		274,893		262,578
Less: Accumulated depreciation		(202,819)		(209,234)
Net book value of depreciable assets		72,074		53,344
Construction in progress		4,092		7,806
Land		24,948		24,948
Property and equipment, net of depreciation	$	101,114	$	86,098

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 discussed in Note 9. Substantially all of the Company’s long-lived assets are located in the United States.