FAR 0.00% 49.5¢ far limited

Ann: Annual General Meeting Presentation, page-43

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    Amongst the main takeaways for me …
    NL: Doesn’t see PE loss as a failure. Provided FAR with “leverage along the way" (????wtf).End of Oct WPL “changed their mind” on FPSO ie lease to purchase.
    CN: Cash can fund FAR until end Sept.Scope to renegotiate Phase 1 costs … WPL doing a good job. JV now one of few remaining customers for MODEC … scope to renegotiate FPSO cost. Expect revised (down) CAPEX (and subsequent cash flow) as a result of WPL renegotiating (especially the FPSO).
    Me:Ok. Let’s see if the first future announcement is about significant reduction in CAPEX confirmed/negotiated by WPL or a cash call that wipes FAR out.
 
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