Quarterly report pursuant to Section 13 or 15(d)

CONTRACTS RECEIVABLE AND RETAINAGE

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CONTRACTS RECEIVABLE AND RETAINAGE
 9 Months Ended
Sep. 30, 2017
Contractors [Abstract]  
CONTRACTS RECEIVABLE AND RETAINAGE
CONTRACTS RECEIVABLE AND RETAINAGE
Our customers include major and large independent oil and gas companies, petrochemical and industrial facilities, marine companies and their contractors. Of our contracts receivable balance at September 30, 2017, $16.3 million, or 64.0%, was with three customers. The significant projects for these three customers consist of:
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One large petroleum supply vessel for a customer in our Shipyards segment that was tendered for delivery on February 6, 2017 (see also Note 9 regarding this receivable as this customer has refused delivery of the vessel);
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Offshore installation and hook-up work related to a customer within our Services division; and
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The fabrication of four modules associated with a U.S. ethane cracker project.
As of September 30, 2017, we included an allowance for bad debt of $2.1 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 and a customer in our Shipyards division for storage and holding costs for a vessel that we completed and tendered for delivery on February 6, 2017, but was rejected by the customer alleging certain technical deficiencies. See Note 9.