APR Energy quits Libya as government fails to ratify contract

* To reassign Libya assets to other places immediately

* To take 60-120 days to move out of Libya - CEO

* Shares (Berlin: DI6.BE - news) fall to a record low (Adds management comments, updates share movement)

By Esha Vaish

Jan 26 (Reuters) - APR Energy Plc (Other OTC: APRYF - news) said it would move its power-producing assets from Libya to other places, as the government has failed to ratify its contract even two months after the company first switched off power generation.

Shares in the company, which rents out turbines and generators to overcome power shortages, fell as much as 16.6 percent to a record low of 146 pence. The stock has lost 50 percent of its value since APR suspended electricity generation in Libya in early November.

The company declined to quantify the financial impact of its decision to move the assets, but analysts told Reuters in December that the company could be missing out on $17 million of revenue for every month that power generation remained offline.

APR cut its 2014 adjusted core earnings target last month, saying it would be about 500-600 basis points lower than its earlier forecast.

The company said on Monday that the assets would be reassigned to other places immediately, but did not specify a location.

Liberum analysts wrote in a note that there were opportunities in emerging markets such as Argentina, Pakistan, Nigeria and Egypt.

APR Chief Executive Laurence Anderson said it would take anywhere from 60 to 120 days to pack up and ship out of Libya.

Jacksonville, Florida-based APR's focus on 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.

Libya accounted for about a quarter of the company's total sales of $308 million in 2013 and was instrumental in the company turning a profit that year. In June 2013, the size of the contract was increased to 450 megawatts from 250 megawatts.

The company's stock, which was trading at around 1000 pence when it listed in 2010, was down 5.3 percent at 165.75 pence at 1515 GMT. (Reporting by Esha Vaish; Editing by Louise Heavens and Sriraj Kalluvila)