5th Sep 2005 12:19
Aggreko PLC05 September 2005 Monday 5th September 2005 AGGREKO GIVES ITS INITIAL ASSESSMENT OF THE IMPACT OF HURRICANE KATRINA Aggreko plc, the world's leading supplier of temporary power, temperaturecontrol and compressed air systems, is issuing the following statement to updateinvestors on its initial assessment of the likely impact on its operations ofHurricane Katrina. Louisiana, Mississippi and Alabama are important markets for Aggreko, and theCompany has service centres in Mobile, Baton Rouge and New Orleans. All of themhave been affected by Hurricane Katrina, although it is believed that thephysical damage to the service centres themselves is not serious. None of ouremployees in the area have been hurt, but some have lost homes, and many havebeen affected directly or indirectly. Across all three states, Aggreko isworking to assist the humanitarian relief efforts. Aggreko has equipment on oil rigs in the Gulf of Mexico, and, prior to thestorm, generators were deployed to customer sites to support their hurricanecontingency plans. Some of this equipment may have suffered damage, but at themoment the extent of damage or loss is unknown as access is in many casesimpossible. The Company has in place appropriate insurance policies, and ourinitial assessment is that the financial impact of any losses is not likely tobe material. However, the fact that this equipment is not currently available may compromiseour ability to respond to further storms. To mitigate this, we are examiningways of expediting the replacement and repair of lost or damaged equipment, andwe are also organising the transfer of generators from our European business toNorth America. Throughout this difficult period, we will be working closely withour customers to ensure that they receive the best service possible in thecircumstances. Over the next few weeks, the consequences of Hurricane Katrina will have adisruptive effect on Aggreko's North American business; however, it is likelythat the necessary re-construction work will give rise to strong demand for ourservices in the months ahead. We should have a better view of the likely impactof the storm at the time of our Interim Results, due to be published on 15thSeptember, and we will give a further update then. - END - For further information Rupert Soames / Angus Cockburn 0141 225 5900Aggreko plc Fiona PiperThe Maitland Consultancy 07808 727 500 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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