Annual Report 2011 - PGS

Notes to the consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 14 - Accounts Receivable
Accounts receivable consist of the following:
December 31,
(In thousands of dollars) 2011 2010
Accounts receivable – trade 222,441 226,678
Allowance for doubtful accounts (1,676) (1,377)
Total 220,765 225,301
The change in allowance for doubtful accounts is as follows:
(In thousands of dollars) 2011 2010
Balance as of January 1, (1,377) (1,969)
New and additional allowances (812) (48)
Write-offs and reversals 513 640
Balance as of December 31, (1,676) (1,377)
Aging analysis of accounts receivable is as follows:
Past due, but not impaired
(In thousands of dollars) Total Not due 120d
December 31, 2011 220,765 178,479 20,934 9,775 2,822 2,869 5,886
December 31, 2010 225,301 147,092 63,232 4,155 619 3,986 6,217
Note 15 - Accrued Revenues and Other Receivables
Accrued revenues and other receivables consist of the following:
December 31,
(In thousands of dollars) 2011 2010
Accrued revenue 91,673 122,284
Other receivables 17,774 19,961
VAT receivable 920 2,942
Total 110,367 145,187
Note 16 - Assets and liabilities classified as Held-for-Sale
In December 2009 the Company entered into an agreement to sell Onshore, see Note 4. The transaction was closed in
February 2010. The assets and liabilities of Onshore was classified as held-for-sale as of December 31, 2009.
In 2008, the Company decided to sell Polar Pearl, a vessel under conversion in the Marine segment that was acquired as part of
the acquisition of Arrow in 2007 (see Note 18). The vessel was classified as held-for-sale until it was sold at end of 2010. The
Company recognized a loss of $0.6 million on this transaction. In 2009, the Company recognized an impairment of $2.2 million
in the consolidated statements of operations (see Note 7).
Note 17 - Other Current Assets
Other current assets consist of the following:
December 31,
(In thousands of dollars) 2011 2010
Spare parts, consumables and supplies 41,476 32,408
Prepaid operating expenses 16,768 23,324
Withholding taxes and taxes receivable 15,599 22,566
Deferred steaming expenses 13,586 5,108
Deferred project costs 10,133 1,345
Prepaid reinsurances 2,695 2,809
Fair value adjustment of firm commitments 1,564 ---
Unrealized gain forward exchange contracts (Note 26) 170 4,366
Other 2,885 6,506
Total 104,876 98,432
21 PGS ANNUAL REPORT 2011
92 PGS Annual Report 2011