v3.25.2
Property and Equipment
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

6.Property and Equipment

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

    

June 30, 

    

December 31, 

2025

2024

Construction equipment

$

117,409

$

117,652

Vessels and other equipment

 

103,878

 

96,173

Building and improvements

 

38,701

 

39,401

Automobiles and trucks

 

2,080

 

1,790

Office equipment

 

1,786

 

7,562

 

263,854

 

262,578

Less: Accumulated depreciation

 

(206,833)

 

(209,234)

Net book value of depreciable assets

 

57,021

 

53,344

Construction in progress

 

15,708

 

7,806

Land

 

24,948

 

24,948

Property and equipment, net of depreciation

$

97,677

$

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.