Contractual changes in Slovakia

SkyToll Inc. and Q-Free ASA have as previously announced 28th of May 2010 been in a dialogue regarding changes of the contract signed 23rd of January 2009. The dialogue between the companies has been challenging and caused a material reduction of the contract at a late stage of implementation. The system delivered by Q-Free has been in operation since 1st of January 2010.

The changes imply that the customer takes over the responsibility for completion and maintenance of the central system as well as service and maintenance of the enforcement system.

The consequences of these contractual changes are that the company has, according to initial contract, items related to revenues, expenses and the balance sheet which need to be reversed / depreciated.

The effect of the above mentioned is that Q-Free reports revenues of 68 MNOK, operating profit of -115 MNOK and adjusted order backlog of 467 MNOK for the third quarter 2010.

As part of the contractual changes, Q-Free will be awarded a frame agreement of 5 MEUR for delivery of services and products in the years to come.

This announcement is based on what the parties have agreed to as the main principles for a revised agreement.

Trondheim 19.10.2010.

For further comments please contact:
CEO, Øyvind Isaksen, mobil +47 908 76 398 begin_of_the_skype_highlighting
CFO, Roar Østbø, mobil +47 932 45 175 begin_of_the_skype_highlighting

 

Associated companies:


Related news

Latest news

Jotne Subsea Gas Lift for Balder Field

In April 2015, Jotne E&P was awarded an EPC contract to build the subsea gas lift manifold for Exxon Mobil on the Balder Field.

Jotne Awarded Contract for Subsea Protection Structure

In January 2016, Jotne E&P was awarded a contract for the delivery of a subsea protection structure and GRP cover for a Xmas tree at Balder field. The contract was awarded by Ocean Installer.

UiB and CMR in high-tech collaboration

Students from UiB last month joined an experiment with an ultra-high-speed camera. This was a part of the troubleshooting of the Field Kelvin Probe currently under development.

Hatteland Display at International Workboat Show 2016

Hatteland Display are highlighting its diverse portfolio of maritime displays and panel computers on its booth (#1658) at the International Workboat Show 2016 (IWBS 2016) this week.

Servogear Announces Upcoming Events

Servogear announces a busy end of November, beginning of December. They will be participating at important international exhibitions.

Teamtec and ANDRITZ Cooperation

ANDRITZ and TeamTec have signed a cooperation agreement for worldwide marketing of the SeaSOx exhaust gas cleaning system for the maritime industry. 

Export Credit Norway looking for Norway's Best Exporter

Export Credit Norway  has now opened the nomination process for the 2017 Export Award, searching the Norwegian exporter of the year. 

Global Economic Outlook

7 December, Oslo Chamber of Commerce invites to a session with insightful updates on the Norwegian and international economy.

Rebuilding for Hydrogen

M/Y “Che Guevara”, previously owned by Gaddafi, will be converted to run on hydrogen. Greenstat will lead the project and are seeking partners.