Details of Certain Accounts

Other current assets consist of the following (in thousands):



	March 31, 2017		December 31, 2016

Note receivable ⁽¹⁾	$	10,000	$	10,000
Prepaid insurance	4,492		4,426
Other prepaids	8,829		9,547
Deferred costs ⁽²⁾	13,466		7,971
Spare parts inventory	2,482		2,548
Income tax receivable	2,005		880
Value added tax receivable	957		1,345
Other	1,208		671
Total other current assets	$	43,439	$	37,388


(1)	Relates to the balance of the promissory note we received in connection with the sale of our former Ingleside spoolbase in January 2014. Interest on the note is payable quarterly at a rate of 6% per annum. The remaining $10 million principal balance, which was due on December 31, 2016, was not paid when due. We expect to collect the full balance of this note receivable.


(2)	Primarily reflects the associated deferred mobilization costs to be amortized within 12 months from the balance sheet date with respect to certain long-term contracts.

Other assets, net consist of the following (in thousands):



	March 31, 2017		December 31, 2016

Note receivable, net ⁽¹⁾	$	3,129	$	2,827
Prepaids	8,262		6,418
Deferred dry dock costs, net	13,413		14,766
Deferred costs ⁽²⁾	44,182		30,738
Deferred financing costs, net ⁽³⁾	3,121		3,745
Charter fee deposit ⁽⁴⁾	12,544		12,544
Other	1,914		1,511
Total other assets, net	$	86,565	$	72,549

(1)

In 2016, we entered into an agreement with one of our customers to defer their payment obligations until June 30, 2018. On March 30, 2017, we entered into a new agreement with this customer, in which we agreed to forgive all but $4.3 million of our outstanding receivables due from the customer, and in exchange we received redeemable convertible bonds that approximated that amount. The bonds are redeemable by the customer at any time and the maturity date of the bonds is December 14, 2019. Interest at a rate of 5% per annum is payable on the bonds annually. Amounts presented, net of allowance of $1.2 million at March 31, 2017 and $4.2 million at December 31, 2016, reflect our estimated fair value of the note receivable.


(2)	Primarily reflects the associated deferred mobilization costs to be amortized after 12 months from the balance sheet date through the end of the applicable term of certain long-term contracts.


(3)	Represents unamortized debt issuance costs related to our Revolving Credit Facility (Note 6).


(4)	Deposit amount will be used to reduce our final charter payments for the Siem Helix 2.

Accrued liabilities consist of the following (in thousands):



	March 31, 2017		December 31, 2016

Accrued payroll and related benefits	$	21,429	$	20,705
Deferred revenue	10,114		8,911
Accrued interest	2,998		3,758
Derivative liability (Note 14)	16,216		18,730
Taxes payable excluding income tax payable	1,941		1,214
Other	5,322		5,296
Total accrued liabilities	$	58,020	$	58,614

Other non-current liabilities consist of the following (in thousands):



	March 31, 2017		December 31, 2016

Investee losses in excess of investment (Note 5)	$	10,390	$	10,238
Deferred gain on sale of property ⁽¹⁾	5,751		5,761
Deferred revenue	8,802		8,598
Derivative liability (Note 14)	17,352		20,191
Other	7,647		8,197
Total other non-current liabilities	$	49,942	$	52,985


(1)	Relates to the sale and lease-back of our office and warehouse property located in Aberdeen, Scotland in January 2016. The deferred gain is amortized over a 15-year minimum lease term.