Power supplier APR Energy has made progress in clawing back payments and equipment from terminated projects in the Middle East – which is likely to help its upcoming half-year results.
The company has received a payment of $8.4 million from its cancelled project in Yemen.
In addition, during the past week, it gained access to the Yemen project sites and its equipment, which will result in a re-evaluation of the $24 million impairment taken in the second quarter due to its inability to safely enter the sites at that time.
APR said that, following its 12 August announcement about the receipt of $10.7 million for its terminated Libya projects, it was continuing to work diligently to recover all of the remaining outstanding balance.
At the same time, it said it is making significant progress in its Libya demobilisation and has, successfully removed the vast majority of assets from the country.
However, due to rising security expenses, it expects to record higher than anticipated demobilisation costs.
APR has provided for additional provisions, related primarily to outstanding payments for its ongoing project in Angola.
Chief executive Laurence Anderson said: “We are encouraged by the significant progress we have made with the removal of Libya assets and the recent payments of more than $19million in outstanding receivables from challenging environments, and we will continue to be relentless in our collection efforts and protection of our assets.”
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