4.3.18Inventories

Multi-purpose hulls under construction relate to the ongoing EPC phase of Fast4Ward^® new-build hulls. The Fast4Ward^® hulls remain in inventory until they are allocated to a specific FPSO contract. The Company has five multi-purpose hulls as of December 31, 2019 out of which three have been transferred to construction work-in-progress upon the award of the lease and operate contracts for FPSO Liza Unity and FPSO Sepetiba and the awarded initial limited scope for the FPSO Prosperity project. Two multipurpose hulls have not yet been allocated to a project and are therefore accounted for under inventory at December 31, 2019. Following the award of the respective contracts in December 2019 (see note 4.3.1 Financial Highlights), progress on these two hulls has been limited up to December 31, 2019.