Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

12 Months Ended

Dec. 31, 2012

4. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Information with respect to uncompleted contracts as of December 31 is as follows (in thousands):


	2012			2011
Costs incurred on uncompleted contracts	$	659,422		$	271,397
Estimated profit earned to date		21,883			23,769

		681,305			295,166
Less billings to date		683,486			331,547

	$	(2,181	)	$	(36,381	)

The above amounts are included in the accompanying consolidated balance sheets at December 31 under the following captions (in thousands):


	2012			2011
Costs and estimated earnings in excess of billings on uncompleted contracts	$	26,317		$	12,982
Billings in excess of costs and estimated earnings on uncompleted contracts		(28,498	)		(49,363	)

	$	(2,181	)	$	(36,381	)