Property and Equipment

12 Months Ended

Dec. 31, 2025

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, 2025 and December 31, 2024:

	December 31,		December 31,
	2025		2024
Construction equipment	$	113,863	$	117,652
Vessels and other equipment		98,505		96,173
Building and improvements		36,229		39,401
Automobiles and trucks		5,999		1,790
Office equipment		1,429		7,562
Gross book value of depreciable assets		256,025		262,578
Less: Accumulated depreciation		(185,650)		(209,234)
Net book value of depreciable assets		70,375		53,344
Construction in progress		15,143		7,806
Land		2,692		24,948
Property and equipment, net of depreciation	$	88,210	$	86,098

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 9).

Interest costs of $0.3 million were capitalized during the year ended December 31, 2025, related to the build-out of the Company’s new corporate office facility.

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.