APR Energy Confirms Libyan Plants Operational

Temporary power specialist APR Energy, reporting its interim results for the six-month period ended 30 June 2013, has confirmed that all Libyan plants are installed and commercially operational.

During the first half, capital expenditure in the fleet was $245 million, primarily in mobile gas turbines and reflecting the installation of the Libya contract announced earlier this year.

Broker Peel Hunt maintained its full-year adjusted pre-tax profit forecast at $70m, giving EPS of 74.2¢ (from $63.3m and 68¢ in 2012).

John Campion (pictured), Chief Executive Officer, said:

"APR Energy has made significant progress during the first half of 2013, winning 593MW of new contracts - more than in the whole of 2012. Our regional hub strategy has also delivered results, helping to secure contracts in Indonesia and Oman, and enabling us to service these in record time. The new business wins, together with 111MW of extensions, bring our order book to a record 14,439 MW-Months - a rise of 59% on the same period a year ago and 25% ahead of 31 December 2012.

"Our plants in Libya are now all fully installed and commercially operational - a tremendous achievement given that the project is APR Energy's largest-ever installation and was successfully executed despite a challenging operating environment. Due to the scheduled timing of Libya and Uruguay commissioning, revenues and operating profits will skew towards the second half.

"Following upon our momentum of the first half, we announce today 147MW of new contract awards in Mozambique, Indonesia, and Senegal. The Mozambique deal for gas power modules aligns closely with APR Energy's strategy to increase its natural gas footprint, taking advantage of the lower-cost, lower-emissions fuel. Our awards in Indonesia and Senegal will further strengthen our presence in those strategic markets, and will enable us to significantly increase our diesel fleet utilisation."

(Sources: APR, Investors Chronicle)

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