Note 23 - Contracts in Progress

Consolidated

(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

Prepaid project cost

Unearned revenue

Accrued project cost

December 31 2016
Unbilled revenue

Revenue

19 296

-

47 192

Cost

16 624

51 577

-

Total

16 624

19 296

51 577

47 192

(Amounts in USD 1,000)

Recognized
2015

Accumulated per
December 31 2015

Revenue

120 890

233 680

Cost

93 670

173 461

Total

27 220

60 219

Assets / liabilities

Prepaid project cost

Unearned revenue

Accrued project cost

December 31 2015
Unbilled revenue

Revenue

-

28 378

-

3 510

Cost

14 918

-

9 867

-

Total

14 918

28 378

9 867

3 510

Contracts in progress refer to activity within the Power Cable Installation Segment and Combat Management Systems (CMS), see Note 4.

The activity within Power Cable Installation segment included six projects in progress at year-end 2016. These projects are in an various phases, and margin for 2016 is recognized only on projects with progress exceeding 25 %.

At year-end 2016, the activity within CMS had two projects in progress, and following commencement of the offshore phase of the project. The degree of completion varies from 29% to 94%. Margin for 2016 is recognized only on projects with progress exceeding 25%.

All projects in progress at year-end 2016 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