9th Apr 2015 08:17
LONDON (Alliance News) - Temporary power company APR Energy PLC on Thursday said it has ceased operations in Yemen due to the escalating conflict in the country and said its South Pacific customer has terminated its contract early.
Yemen is in the midst of a civil war, with Houthi rebels in the country having driven President Abdrabbuh Mansour Hadi out of the country in February. Since then, US-backed Saudi Arabian forces have launched airstrikes to try to push back the rebels and restore Hadi to power.
"The decision to proactively terminate our contract in Yemen has been made with much careful consideration and follows a detailed assessment of the well-publicised conflict in the country," APR said in a statement.
"The safety of our people is always APR Energy's number one priority, and as such, the management team believes that this decision is in the best long-term interest of our people, company and shareholders," it added.
The company also said it has received a notice from its customer in the South Pacific region that it will terminate its 60 megawatt contract with APR in the third quarter, three months earlier than the original termination date. APR said the customer, which it didn't name, has said it no longer needs the additional generation capacity due to progress made on its permanent power project.
Shares in APR were down 4.5% to 360.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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