Annual Report 2010 - SBM Offshore

Financial Review / Financial Statements 2010
16. Income tax receivable
Apart from deferred taxation, no receivables have a
duration of more than 1 year. For an explanation of the
deferred tax position reference is made to note 13 -
Deferred tax assets.
17. Construction work in progress
in thousands of US$ Note 2010 2009
Cost incurred 3,800,083 4,254,499
Instalments invoiced (3,210,367) (4,175,348)
Instalments exceeding cost incurred 24 244,092 379,083
Total 833,808 458,234
The cost incurred includes the amount of recognised
profits and losses to date. The instalments exceeding
cost incurred comprise the amounts of those individual
contracts of which the total instalments exceed the
total cost incurred. The instalments exceeding cost
incurred are reclassified to other current liabilities.
Advances received from customers are included
in other current liabilities. For both aforementioned
details, reference is made to note 24 - Trade and Other
payables.
Details with respect to the amount of retentions are
included in the note to the trade and other receivables;
reference is made to note 15 - Trade and Other
receivables.
154 SBM Offshore – Annual Report 2010