APR Energy's Libya Losses Mount

Reuters reports that APR Energy could be missing out on $17 million of revenue for every month that its operations in Libya are delayed.

Signoff on its project in Libya has been continually delayed, despite the General Electric Company of Libya (GECOL) extending APR's power generation contract to the first quarter of 2015.

Two analysts, Will Kirkness of Jefferies & Co and another, who declined to be named, told Reuters they believed APR would lose about $17 million for every month that its Libyan contract is delayed.

Libya contributed $78.5 million of its 2013 revenue, or about a quarter of total sales. In June 2013, the size of the contract was increased to 450 megawatts from 250 megawatts.

(Source: Reuters)

(Picture: John Campion, CEO of APR Energy)

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