Tag Archives | APR Energy

APR Energy Removes all Assets from Libya

APR Energy, a provider of fast-track power solutions, has announced that it has successfully demobilised and removed all of its remaining assets from Libya. The Company's operations in the country ended in January 2015, following an inability to gain ratification of its contract with the Libyan government. The final shipment comprised four mobile turbines, transformers, […]

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APR Energy 'Encouraged' by Libya Progress

APR Energy Chief executive Laurence Anderson (pictured) has said he is encouraged by the significant progress the company has made with the removal of its Libyan assets. The company, which was forced to abandon its operations in Libya earlier this year, said in a statement: "The Group is making significant progress in its Libya demobilisation […]

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APR 'Significantly Affected' by Libya Pull-Out

APR Energy has reported that its financial performance has been significantly affected by its decision to stop operations in Libya. In its full-year results for 2014, the company said that pulling out of Libya was a very difficult decision to make, but it was done to protect the long-term interests of the business. Chief Executive […]

APR Energy Down 20% on Libya Losses

Shares in APR Energy plc (LSE: APR) were down 20 percent in early trading on Friday after the company announced that it will likely take a number of reserves for receivables, due primarily to the previously announced situation in Libya, and therefore expects 2014 Full Year Net Income to be significantly below current market expectations. […]

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APR may Breach Covenants because of Libya

APR Energy confirmed on Monday that, in connection with the previously announced expiration of its Libya project and its resulting demobilisation of power generating assets from that project, the Group may not meet certain financial covenants associated with its bank facility on future testing dates. Although currently in compliance with its financial covenants, the Group […]

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APR Energy Gives Up on Libya

APR Energy Plc has announced that the ratification of its power generation contract by the Libyan parliament has still not been secured, and that the Board has therefore approved reassignment of those assets to new opportunities, effective immediately. Shares in the company were down as much as 16 percent to a record low of 146 […]

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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, […]

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 […]