Gulf Island Fabrication, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

CONTRACTS RECEIVABLE AND RETAINAGE

CONTRACTS RECEIVABLE AND RETAINAGE

3 Months Ended

Mar. 31, 2018

Our customers include major and large independent oil and gas companies, petrochemical and industrial facilities, marine companies and their contractors and agencies of the U.S. Government. Of our contracts receivable balance at March 31, 2018, $18.5 million, or 67.7%, was with three customers. The significant projects for these three customers consist of:


•	The fabrication of four modules for a customer within our Fabrication Division associated with a U.S. ethane cracker project (completed in April 2018);


•	Offshore services related to repair, installation and hook-up work for a customer within our Services Division; and


•	Inshore service repair and installation work for a customer within our Services Division.

As of March 31, 2018, we included an allowance for bad debt of $2 million in our contract receivable balance which primarily relates to a customer within our Fabrication Division for the storage of an offshore drilling platform that was fully reserved in 2016.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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