Enerflex Ltd. Provides Update Related to Kurdistan Project

Core Viewpoint - Enerflex Ltd. is facing a potential contract termination for the EH Cryo project in Kurdistan due to security concerns following a drone attack, which the company disputes as wrongful [2][3]. Group 1: Project Status and Financial Implications - As of June 30, 2024, the EH Cryo project was approximately 85% complete, with a net unbilled revenue asset of about $160 million recognized [4]. - The EH Cryo project accounted for approximately 6$31 million Letter of Credit in support of its obligations under the EH Cryo project contract, funded through its Revolving Credit Facility and LC Facility [4]. Group 2: Company Response and Future Actions - Enerflex intends to dispute the customer's termination notice and protect its contractual rights, supported by expert security input [3]. - The company is focused on resolving the situation while safeguarding the interests of its stakeholders and will provide updates as necessary [5]. Group 3: Company Overview - Enerflex is a global provider of energy infrastructure and energy transition solutions, emphasizing natural gas and sustainability [9]. - The company employs over 4,500 professionals dedicated to transforming energy for a sustainable future [9].