The following table provides information about contract liabilities from contracts with customers:
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|
|
|
|
|
|
|
|
Dollars in thousands |
December 31, 2018 |
|
December 31, 2017 |
Contract liabilities - current (Deferred revenue) (1)
|
$ |
4,081 |
|
|
$ |
1,581 |
|
Contract liabilities - non-current (Deferred revenue) (1)
|
2,441 |
|
|
1,568 |
|
Total contract liabilities |
$ |
6,522 |
|
|
$ |
3,149 |
|
|
|
(1) |
Contract liabilities - current and contract liabilities - non-current are included in accounts payable and accrued liabilities and other long-term liabilities respectively, in our consolidated condensed balance sheet as of December 31, 2018 and December 31, 2017.
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Contract liabilities relate to mobilization revenues and capital modification revenues, where, we have unconditional right to cash or cash has been received but performance obligations have not been fulfilled. These liabilities are reduced and revenue is recognized as performance obligations are fulfilled.
Significant changes to contract liabilities balances during the year ended December 31, 2018 are shown below:
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|
|
|
|
Dollars in thousands |
Contract Liabilities |
Balance at December 31, 2017 |
$ |
(3,149 |
) |
Decrease due to recognition of revenue |
4,879 |
|
Increase to deferred revenue during current period |
(8,252 |
) |
Balance at December 31, 2018 |
$ |
(6,522 |
) |
|