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QED Quadrise Plc

1.24
-0.035 (-2.75%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Quadrise Plc LSE:QED London Ordinary Share GB00B11DDB67 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.035 -2.75% 1.24 1.24 1.265 1.30 1.20 1.27 4,863,262 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -3.09M -0.0021 -5.81 18.24M

Quadrise Shares Drop on Project Delays, Says Resilient to Oil's Plunge -- Update

18/12/2014 10:44am

Dow Jones News


Quadrise (LSE:QED)
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From Mar 2019 to Mar 2024

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   By Ed Ballard 
 

LONDON--Quadrise Fuels International PLC (QFI.LN), the developer of a cheaper alternative to heavy fuel oil used in shipping and power generation, said on Thursday that its commercialization plan is taking longer than hoped, sending shares to their lowest level in over a year.

Two projects have been delayed: a plan to produce fuel for the shipping industry in partnership with A.P. Moller-Maersk A/S (MAERSK-A.KO), and another to trial the fuel in power plants in Saudi Arabia.

Quadrise also said it hasn't been badly affected by the slump in the price of oil.

Shares dropped by as much as 14% to touch 18 pence, their lowest level since Sept. 2013, before paring losses to trade 10% lower at 21 pence at 0924 GMT.

The company said it agreed to buy "up to two" commercial-scale manufacturing units from ENH Engineering A/S to "ensure that Quadrise will be ready to meet the needs of the Marine and Saudi Arabian MSAR projects in 2015 and beyond." Quadrise said last month it would "place orders for at least two new commercial-scale MMUs in the near future".

In its marine arm, Quadrise said it no longer expects to find a refinery at which to make the fuel and finalize supply agreements by the end of 2014. Contracts are likely to be signed in the first quarter of 2015, with commercial production to start in the second quarter.

"Whilst the delay is regrettable, a number of refineries are keen to engage with Quadrise and Maersk as the commercial drivers for MSAR [multiphase superfine atomised residue] are advantageous," Quadrise said.

In Saudi Arabia, the evaluation of a power plant running on MSAR in Saudi Arabia will now take place in fall 2015, not in the first quarter. The company cited "the availability of base load power plants prior to the high demand for electricity in the summer season."

Quadrise said the business is more resilient than the energy industry at large due to plunging oil prices.

"Fortunately for Quadrise the spread between refined oil product prices, that underpin the MSAR business and oil refinery margins respectively, have not been impacted to the same extent [as the wider industry]," said Chairman Ian Williams.

Write to Ed Ballard at ed.ballard@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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