27th Aug 2025 11:59
(Alliance News) - Riverstone Energy PLC on Wednesday posted an improved performance in the first half of 2025, as it proceeds to wind down.
In the six months that ended June 30, the investment firm swung to a total gain of USD3.0 million from a loss of USD15.9 million the previous year.
Riverstone Energy's net asset value per share rose 1.9% to USD15.11 at June 30 from USD14.83 at December 31, but was lower than USD16.91 on-year.
Net cash decreased to USD73.0 million at June 30 from USD78.5 million at December 31 and USD94 million on-year.
Back in May, the Guernsey-based investor in energy companies reported its plans for a managed wind-down, which shareholders approved on Friday.
RIGL Holdings LP, the Riverstone Energy's investment manager, will oversee the portfolio until the end of 2027, "and perhaps beyond", but any future investments will require board approval.
The firm will pay its investment manager a cash adjustment payment in two tranches, the first of which is estimated at USD21.2 million and is due September 8.
The second tranche will be paid after the final portfolio disposals have completed.
Riverstone Energy aims to return net realisation proceeds to shareholders, after adjustment payments, operating costs and eventually liquidation costs. Liquidation is not expected "in the immediate future".
Chair Richard Horlick commented: "The challenging market and shifting policy environment has created difficult trading conditions for many of our investment portfolio companies. As a result, while not a decision taken lightly, the approved managed wind-down of the company represents the next logical step in the company's evolution."
Riverstone Energy noted increased macroeconomic turmoil, adding that the US government has brought "growing uncertainty into the renewables and EV sectors" with a "pro-conventional energy supply agenda".
Riverstone Energy shares were down 1.5% at 874.00 pence on Wednesday in London.
By Holly Munks, Alliance News reporter
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