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12 Aug 2015 07:00
12 August 2015
APR Energy plc
Update on Yemen and Libya
APR Energy plc (LSE: APR), a global leader in fast-track power solutions, (the "Group") today updates the market on the demobilisation of its modular power assets in Yemen.
During the first quarter, the Group terminated its 60MW diesel project in Yemen following the escalating conflict in that country. Due the inability to enter Yemen to safely demobilise and remove the assets, the Group has taken a second-quarter write-off of approximately $24 million.
The assets in Yemen are insured. The Group intends to continue to pursue all avenues to preserve and recover them. The Group will provide the market with updates in due course.
The Group also announces that it received a payment of $10.7 million to cover a portion of the receivables outstanding from its Libyan contract. The Group terminated its operations in Libya in the first-quarter of 2015, due to not receiving government ratification of its contract. The receipt of the receivable has been included in the Group's second-quarter financials.
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Enquiries:
APR Energy plc
Lee Munro (investors) + 1 904 404 4576
Manisha Patel (investors) + 1 904 517 5135
Alan Chapple (media) + 1 904 223 2277
CNC Communications
Richard Campbell +44 (0) 20 3219 8801 / +44 (0) 7775 784 933
Michael Kinirons +44 (0) 20 3219 8803 / +44 (0) 7827 925 090
About APR Energy
APR Energy is the world's leading provider of fast-track mobile turbine power. Our fast, flexible and full-service power solutions provide customers with rapid access to reliable electricity when and where they need it, for as long as they need it. Combining state-of-the-art, fuel-efficient technology with industry-leading expertise, our scalable turnkey plants help run cities, countries and industries around the world, in both developed and developing markets. For more information, visit the Company's website at www.aprenergy.com.
Certain statements included in this announcement constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. Although any such forward-looking statements reflect knowledge and information available at the date of this announcement, reliance should not be placed on them. Without limitation to the foregoing, nothing in this announcement should be construed as a profit forecast.
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