Enerflex (EFXT) said late on Wednesday that a customer has started arbitration proceedings after the company sent a formal notice of termination for being unable to fulfill obligations under the EH Cryo project contract due to an ongoing force majeure in Kurdistan.
The contract is related to Enerflex's modularized cryogenic natural gas processing facility in Kurdistan. The company suspended activity at the project in Q2, following a "fatal drone attack," and subsequently sent the customer a force majeure notice.
Enerflex is disputing the customer's claims in the arbitration proceedings and will seek to recover amounts owing related to the project. According to the company, the net asset position associated with the project was $161 million at the end of Q3.
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