LONDON (Alliance News) - Serinus Energy PLC on Monday said it has no confidence in its contractor to install units at its Romanian Moftinu gas plant by December.
Serinus's engineering, procurement and construction contractor provided a timeline which showed installation of the units, as well as commissioning and production, all taking place in December.
Prior to this, factory acceptance tests of the low temperature separation unit and triethylene glycol unit were to be conducted in Canada "on or around" November 17. The units were then expected to be loaded for shipment around November 22.
Serinus said it is "making every effort" to achieve first production as soon as possible and had insisted that the contractor send a representative to the Canadian factory where the tests are to take place.
This representative has said that electrical and insulation installation have not yet been completed, and must be done prior to the factory acceptance tests.
"The company, while it continues to believe that once the units are installed it will be in a position to move to full production, now has no confidence in its contractor to achieve the previously communicated timetable," said Serinus.
Shares in Serinus were untraded on Monday at 15.25 pence.
Serinus Energy (SENX)