Note 9 - Receivables

Parent company

Consolidated

12/31/2017

12/31/2016

(Amounts in USD 1,000)

12/31/2017

12/31/2016

 

Long-term receivables

4,418

4,136

Employee loans, see Note 18

4,418

4,136

69,570

55,732

Intercompany receivables

-

-

-

-

Standstill agreement to Customer (1)

677

-

-

-

Other long term receivables

4,097

12,924

-

-

Convertible loan to Customer (1)

4,734

14,107

73,987

59,868

Total long-term receivables

13,927

31,168

 

12/31/2017

12/31/2016

Other short-term receivables

12/31/2017

12/31/2016

-

278

Prepaid expenses

26,886

51,060

-

-

Unbilled revenue

26,796

55,439

-

-

Outstanding insurance claims (2)

2,670

3,489

-

-

Prepaid income taxes and other taxes

1,589

2,397

-

-

VAT

1,028

91

-

-651

Intercompany receivables

-

-

-

6,070

Other short-term receivables

1,541

8,500

-

5,697

Total other short-term receivables

60,510

120,977

(1) Standstill Agreement with Daya Materials Berhad regarding outstanding hire related to the vessels Siem Daya 1 & 2 to be subject to a moratorium payment period of two (2) years. An impairment at USD 7.9 million was recorded in 2017.

(2) The Sale of “Daya1” was partly financed by Seller’s credit from Siem Offshore Rederi AS in the form of a Convertible Bond with four years duration. Following an impairment test of the Convertible Bond, an impairment at USD 14.0 million was recorded in 2016 and an additional impairment of USD 11.1 million was recorded in 2017

(3) Outstanding insurance claims refer to breakdown expenses qualifying for insurance cover. The amount is net of own deductables.

Board Of Directors

Financial Statements

Notes