Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment

8.Property and equipment

As of March 31, 2022 and December 31, 2021, the Company’s property and equipment, net consisted of the following (in thousands):

	March 31, 2022			December 31, 2021
Vessels	$	1,715,688		$	1,705,719
Vessel related equipment		396,936			391,985
Buoy and pipeline		11,493			11,553
Finance lease right-of-use assets		219,435			219,435
Other equipment		16,079			16,068
Assets in progress		8,515			21,023
Less accumulated depreciation		(955,672	)		(932,614	)
Property and equipment, net	$	1,412,474		$	1,433,169

Depreciation expense for the three months ended March 31, 2022 and 2021 was $23.2 million and $25.7 million, respectively.