Power generator APR Energy has pulled out of conflict-torn Yemen over security concerns, leaving behind $24 million of modular power equipment.
During the first quarter,APR terminated its 60MW diesel project in the country because of the escalating conflict. Due the inability to enter Yemen to safely demobilise and remove the modular power assets, the group has taken a second-quarter write-off of around $24 million.
The assets in Yemen are insured and APR said it would “pursue all avenues” to preserve and recover them.
The group said it received a payment of $10.7 million to cover a portion of the money outstanding from its Libyan contract. APR terminated its operations in Libya in the first-quarter of 2015, due to not receiving government ratification of its contract. The receipt of the payment has been included in the Group’s second-quarter financials.