APR Energy losses mount as Libya contract delay drags on

* APR: contract resolution taking "longer than we would like"

* Analysts estimate company losing $17 mln/month in revenue

* Shares (Frankfurt: DI6.F - news) near record low, down 70 pct in last 12 months

By Esha Vaish

Dec 5 (Reuters) - APR Energy Plc (Other OTC: APRYF - news) could be missing out on $17 million of revenue for every month that signoff is delayed on its biggest electricity supply contract, two analysts said.

APR, which rents out turbines and generators to overcome power shortages, suspended electricity generation in Libya last month pending completion of paperwork on a contract instrumental in the company turning a profit last year.

"The process is taking longer than we would like and the delay obviously has an impact on our financial performance," APR said in an emailed response to questions this week, a month after the company first warned its results might suffer.

APR's persistence in emerging markets has left it exposed to political risk in countries such as Libya, where rival governments vie for control of vast energy fields more than three years after veteran leader Muammar Gaddafi was overthrown.

The General Electric Company of Libya extended APR's power contract to the first quarter of 2015, but final parliamentary review has continuously been delayed. APR first warned on Nov. 7 of a possible financial impact.

"It has been radio silence for some weeks now," said John Lawson, analyst at Investec Bank. He declined to comment on how much revenue APR could be making from the contract.

APR has declined to reveal the value of its Libya contract.

Libya contributed $78.5 million of its 2013 revenue, or about a quarter of total sales. In June 2013, the size of the contract was increased to 450 megawatts from 250 megawatts.

Two analysts, Will Kirkness of Jefferies & Co and another, who declined to be named, said they believed APR would lose about $17 million for every month that its Libyan contract is delayed.

Extrapolated, their estimates suggest the contract is worth slightly more than $200 million a year, or about 40 percent of the average analyst forecast for 2014 revenue, according to Thomson Reuters I/B/E/S.

Shares of Jacksonville, Florida-based APR are near a record low and have lost about 70 percent of their value in the last 12 months. Shares of Aggreko Plc (LSE: AGK.L - news) , a much larger competitor less reliant on emerging markets, have lost about 2 percent. (Editing by Robin Paxton)