Note 22 - Contracts in Progress

Consolidated

(Amounts in USD 1,000)

Recognized
2017

Accumulated per
December 31 2017

Revenue

84,309

370,883

Cost

49,381

284,526

Total

34,928

86,357

 

Assets/liabilities

December 31 2017

Prepaid project cost

Unearned revenue

Accrued project cost

Unbilled revenue

Revenue

10,488

-

18,520

Cost

1,710

7,540

-

Total

1,710

10,488

7,540

18,520

 

(Amounts in USD 1,000)

Recognized
2016

Accumulated per
December 31 2016

Revenue

177,572

241,696

Cost

129,439

145,064

Total

48,133

96,632

 

Assets / liabilities

December 31 2016

Prepaid project cost

Unearned revenue

Accrued project cost

Unbilled revenue

Revenue

-

19,296

-

47,192

Cost

16,624

-

51,577

-

Total

16,624

19,296

51,577

47,192

Contracts in progress refer to activity within the Submarine Power Cable Installation Segment, see Note 4.

The activity within this segment included three projects in progress and four projects completed at year-end 2017.The three projects in progress are in an various phases, and no margin is recognized unless the technical progress has reached 25% and the project’s offshore phase has commenced.

All projects in progress at year-end 2017 are estimated to generate a positive contribution over the total project period.

There are no contracts in progress in the Parent Company.

See note 2.9 for analysis of sensitivity.

Board Of Directors

Financial Statements

Notes