366
39
th
Annual Report
authorities in the British government to disburse the dues to third
parties, especially the suppliers.
Possibly operating certain rigs of the company.
•
Continuing work of Rig No. 1 in Syria, and replace employees
•
drawing high salaries with other employees.
Possibly collecting debts due on operators.
•
The company managed to safeguard the contents of the warehouses,
estimated at about US$15 million. It also managed to smuggle out certain
vehicles and equipment from the company’s headquarters to farms of some
of its employees.
As the events in Libya came to an end in August 2011, the company’s
management formed committees to assess the damages at all sites, and to
recover the lost equipment and vehicles, as much as possible. The company
also formed committees for rig and site workover to return them back to
work as soon as possible. The company managed to return two rigs back
to work by the end of 2011.
2. ADWOC Financial Results for 2011
During the events, the company lost some of its equipment, while
others were sabotaged. Loss of equipment represented movable assets,
such as vehicles and cranes, as well as power generators on rigs, camping
equipment, air conditioners, kitchens, workshop tools and other movables.
Initial report indicated that the size of losses and loss of equipment sustained
by the company could be up to US$25million. However, this figure largely
reduced thanks to the efforts of some company employees, who were able
to recover many of the equipment and vehicles.
The company managed to recover equipment and vehicles valued
at US$12,600,000 in total. The equipment and vehicles, which were
not recovered, were charged to the books as losses, with original value
amounting to Libyan Dinars 14,062,065, and book value amounting to
Libyan Dinars 6,212,519. The profit and loss account was charged with
Libyan Dinars 6,212,519, being the book value of the lost assets.
