21st Aug 2015 06:53
LONDON (Alliance News) - Temporary power company APR Energy PLC on Friday said it has made progress on winding up its operations in Yemen and Libya but said it has booked further provisions related to its operations in Angola.
APR said it has received a USD8.4 million payment from its terminated project in Yemen, which will reverse the provision of the same amount it made in the second quarter. In addition, it has gained access to its Yemen project, having been unable to do so previously, and has been able to start to re-evaluate the USD24 million impairment it booked in the second quarter after it had been unable to enter the sites safely at the time.
The group is continuing to work to recover all outstanding balances from its project in Libya and is making progress on pulling out of the country. It expects the demobilisation of its Libya work will happen in the third quarter, but it does expect to book higher costs due to the deteriorating security situation in the country.
APR also said it has made additional provisions, primarily related to outstanding payments on its project in Angola.
"We are encouraged by the significant progress we have made with the removal of Libya assets and the recent payments of more than USD19 million in outstanding receivables from challenging environments, and we will continue to be relentless in our collection efforts and protection of our assets," said Chief Executive Officer Laurence Anderson.
By Sam Unsted; [email protected]; @SamUAtAlliance
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