CONTRACTS RECEIVABLE AND RETAINAGE

3 Months Ended

Mar. 31, 2016

Our customers include major and large independent oil and gas companies, marine companies, and their contractors. Of our contracts receivable balance at March 31, 2016, $23.8 million, or 52.4%, is with four customers. The significant projects for these four customers consist of:


•	offshore services projects for two oil and gas customers in our Services segment;


•	the fabrication of two offshore support vessels for a marine customer in our Shipyards segment; and


•	the fabrication and repair to a deepwater structure for one of our oil and gas customers in our Fabrication segment.

At March 31, 2016, there was allowance for bad debt of $97,000 included in the Company’s contract receivable balance.