APR Energy in second quarter Yemen write off
By Steve Ducker12 August 2015
Mobile power provider APR Energy is wriiting off around $24 million (€21.5 million) in its second quarter accounts from its 60 MW diesel project in Yemen.
APR exited from the contract earlier in the year due to the escalating conflict in Yemen, but has been unable to enter the country and demobilise its assets since.
A company update told investors: “The assets are insured. The group intends to continue to pursue all avenues to preserve and recover them, and will provide the market with updates in due course.”
APR has also announced it has received a payment of $10.7 million (€9.6 million) to cover part of the receivables outstanding from its contract in Libya.
The group terminated operations in the North African country after it did not receive government ratification of the contract.
The payment has been included in the second quarter financial results, which will be announced on 26 August.