APR Energy, the temporary power supply business, has surged more than 10% following news of a contract win in Libya, the largest in the company's history.
As Libya rebuilds following its political upheaval, it has awarded APR a 250MW contract for its dual-fuel turbines, running into the middle of next year, The Guardian has reported.
The mobile turbines will help cover power demand during the summer heat, as well as provide temporary supply as Libya develops its infrastructure after the overthrow of Colonel Gaddafi in 2011.
APR's Chief executive John Campion has been reported saying that the deal brings its new contract wins this year to 361MW. “We are honoured to serve as a partner to Libya as it rebuilds and develops its new economy. This project is ground breaking for the country in terms of both scale and scope,” he said.
He added that for such projects APR strongly believes that mobile dual-fuel turbines are the best fit and the customer technology of choice.
APR has jumped 77.5p at 821p, and Caroline de La Soujeole at Cantor Fitzgerald hailed the contract award, but kept her reduce rating
APR joined the stock market by reversing into the Horizon company owned by Pizza Express and Punch Taverns tycoon Hugh Osmond in 2011. This time last year it caused a shock after it delayed issuing its results for a month “due to the complexities in reporting and accounting for the various corporate transactions which have taken place during the period.”