APR Energy Slumps on Libya Delays

Shares in APR Energy fell 19 percent on Friday tp a new low, after the company announced that it has temporarily suspended electricity generation in Libya "while necessary paperwork is completed through the Libyan parliamentary review process".

The Group said in July that it was formally awarded an extension by its customer, GECOL, for its 450MW Libyan contract, taking the term through the first quarter of 2015.

It said in a statement that it is in the final stages of a multi-step confirmation process for the signed contract addendum, but has experienced continued delays in the final parliamentary review process.

APR Energy went on to say that it continues to have a good relationship with its customer, GECOL, which is working to help expedite completion of the necessary paperwork reviews and confirmation.

The Group's plants remain on standby to begin dispatching power at normal contracted levels as soon as the matter is resolved.

Shares in the company have lost nearly three-quarters of their value in the past year.

(Sources: APR Energy, Yahoo!)

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