Annual report pursuant to Section 13 and 15(d)

CONTRACTS RECEIVABLE AND RETAINAGE

v3.3.1.900
CONTRACTS RECEIVABLE AND RETAINAGE
12 Months Ended
Dec. 31, 2015
Contractors [Abstract]  
CONTRACTS RECEIVABLE AND RETAINAGE
CONTRACTS RECEIVABLE AND RETAINAGE
Of our contracts receivable balance at December 31, 2015, $29.9 million, or 63.7%, is for six customers. Amounts due on contracts as of December 31 were as follows (in thousands):
 
2015
 
2014
Completed contracts
 
 
 
Current receivables
$
15,904

 
$
24,667

Long term receivables due after one year

 

Contracts in progress:
 
 
 
Current receivables
31,148

 
59,384

Retainage due within one year
52

 

 
47,104

 
84,051

Less allowance for doubtful accounts
44

 
3,603

 
$
47,060

 
$
80,448


Our allowance for doubtful accounts as of December 31, 2015 related to a customer that had declared bankruptcy and was fully reserved in 2015. Our allowance for doubtful accounts as of December 31, 2014 was in connection with negotiations of an outstanding contract receivable balance with a customer related to a deepwater hull project, which was written off in 2013.