LONDON--(BUSINESS WIRE)--#GlobalSlicklineServicesMarket--Technavio has been monitoring the slickline services market and it is poised to grow by USD 943.28 million during 2020-2024, progressing at a CAGR of over 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Free Sample Report on COVID-19 Impact
Frequently Asked Questions -
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AOS Orwell Ltd., Archer Ltd., Baker Hughes Co., Expro Holdings UK 2 Ltd., Halliburton Co., Pioneer Energy Services Corp., Schlumberger Ltd., Superior Energy Services Inc., Weatherford International Plc, and Wellservices BV are some of the major market participants. The increase production from mature oil & gas fields will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Slickline Services Market 2020-2024: Segmentation
Slickline Services Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40332
Slickline Services Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our slickline services market report covers the following areas:
This study identifies the introduction of digital slickline services as one of the prime reasons driving the slickline services market growth during the next few years.
Slickline Services Market 2020-2024: Vendor Analysis
We provide a detailed analysis of vendors operating in the slickline services market, including some of the vendors such as AOS Orwell Ltd., Archer Ltd., Baker Hughes Co., Expro Holdings UK 2 Ltd., Halliburton Co., Pioneer Energy Services Corp., Schlumberger Ltd., Superior Energy Services Inc., Weatherford International Plc, and Wellservices BV. Backed with competitive intelligence and benchmarking, our research reports on the slickline services market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Slickline Services Market 2020-2024: Key Highlights
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Brightcore has completed 9 projects that have delivered $100k in annual energy savings to the City of White Plains.
ARMONK, N.Y.--(BUSINESS WIRE)--#Brightcore--Brightcore Energy, a leading provider of end-to-end clean energy solutions to the commercial and institutional (“C&I”) market, announced today the continued execution of projects as part of a comprehensive energy sustainability strategy for the City of White Plains.
The multi-phase project includes a complete lighting upgrade of many of the facilities operated by the City of White Plains. Recreational fields, ice rinks, sanitation/service garage and a number of firehouses have been completed as part of the initial project execution plan. The sustainability projects were launched in 2019 and are expected to continue their progression through 2022.
“Brightcore is very proud to have a strategic engagement with City of White Plains regarding their sustainability plan,” said Mike Richter, president of Brightcore Energy. “Our teams have worked closely together to prioritize facility opportunities to drive energy savings while dramatically increase lighting effectiveness across a wide range of applications.”
Tom Roach, Mayor of the City of White Plains, added: “The City of White Plains is strongly committed to driving energy sustainability across our city government and community. Our partnership with Brightcore Energy has allowed our team to refine our plan and accelerate project execution to realize critical operational cost savings. Our anticipated energy and maintenance savings has reached $117k annually.”
Brightcore Energy has completed the installation of over 1,200 lighting fixture replacements or upgrades. Some highlights of the current projects include a complete upgrade of Delfino Field, which involved replacing and repointing fixtures to significantly improve “dark spots” while saving a large amount of energy. In addition, costly annual maintenance of the existing lights will be eliminated by the new LED fixtures.
The firehouses have also been a major focus for the lighting improvements. Extremely old and ineffective lighting has been replaced by LED retrofits improving both light level and safety in the buildings. Improving the working environment of our first responders is an uplifting experience, for both the community and our local heroes.
About Brightcore Energy
Armonk, N.Y.-based Brightcore Energy is a provider of end-to-end clean energy solutions to the commercial and institutional market, including LED lighting conversions, commercial and community solar, high-efficiency renewable heating and cooling (geothermal), electric vehicle (EV) charging and battery storage. Brightcore Energy accelerates the deployment of proven energy-efficiency and renewable energy technologies through its innovative Efficiency-as-a-Service (EaaS) model that requires no capital investment and provides for immediate operating cost savings, making it affordable and seamless for businesses and institutional buildings to quickly and easily transition their legacy energy platforms to significantly more efficient ones. Customers include, among others, Madison Square Garden, Citi Field, Montefiore Health System, Brookfield Properties, SL Green, Laz Parking and numerous public and private educational institutions.
For more information, visit the Company at www.brightcoreenergy.com or on LinkedIn.
Michele Lea, 845-545-2431
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced that it has launched an underwritten public offering (the “Offering”) of 8,000,000 shares of Sunnova’s common stock by certain of our stockholders, including affiliates of Energy Capital Partners (collectively, the “Selling Stockholders”). Certain of the Selling Stockholders intend to grant the underwriters a 30-day option to purchase an additional 1,200,000 shares of common stock. Sunnova is not offering any shares of its common stock in the Offering and will not receive any proceeds from the sale of shares by the Selling Stockholders in the Offering.
BofA Securities, J.P. Morgan, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers. Baird and Roth Capital Partners are acting as co-managers.
Sunnova has filed a shelf registration statement on Form S-3 relating to the Offering (including a prospectus) with the Securities and Exchange Commission (the “SEC”) that has become effective. A preliminary prospectus supplement relating to the Offering will also be filed with the SEC. Before you invest, you should read the prospectus, the preliminary prospectus supplement and other documents that Sunnova may file with the SEC for more complete information about Sunnova and this Offering. A copy of the preliminary prospectus supplement relating to the Offering, when available, may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone 1-866-803-9204 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, Telephone: 1-800-221-1037, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, Email: This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the conduct of the Offering and the size and terms of the Offering. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2020 and in the registration statement on Form S-3 filed with the SEC. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
INVESTOR AND ANALYST CONTACT
Rodney McMahan
Sunnova Energy International Inc.
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(281) 971-3323
PRESS AND MEDIA CONTACT
Kelsey Hultberg
Sunnova Energy International Inc.
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Conserve Power Between 3 p.m. and 10 p.m. Friday, Aug. 14
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) urges customers to conserve electricity in response to a statewide Flex Alert called for Friday Aug. 14 from 3 to 10 p.m., by the California Independent System Operator (ISO), which manages the state's power grid.
A Flex Alert is an urgent call to immediately conserve electricity and shift power demand to off-peak hours to ease strain on the grid. The ISO issued the alert in response to forecasted high temperatures and a predicted increase in electric demand, primarily from residential air conditioning use.
Above-normal temperatures for California are expected to last through the weekend and into late next week. Prolonged heat over several consecutive days is expected to drive electricity demand higher, as nighttime temperatures are also forecast to be above average.
PG&E encourages customers to reduce electricity use during the Flex Alert on Friday, especially during the afternoon and evening, when air conditioners are typically at peak use. Customers should also follow these conservation tips:
These Flex Alert-related conservation efforts could reduce the risk of further emergency measures, including rotating power outages.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
ORANGE, Conn.--(BUSINESS WIRE)--Today the Maine Supreme Court issued a ruling that found the proposed citizen’s initiative on the New England Clean Energy Connect (NECEC) unconstitutional. The NECEC is a renewable energy project being built by AVANGRID (NYSE: AGR) to bring hydropower from Quebec to Maine and other parts of New England. Opponents had proposed a referendum to block the project.
“This ruling by the Maine Supreme Court is a victory for Maine and all of New England, putting us on a path toward a cleaner energy future that benefits the state and the region both environmentally and economically,” said AVANGRID Deputy CEO, Robert Kump. “The NECEC is a significant renewable energy project that will help address the climate crisis, removing millions of metric tons of carbon from our air annually. The project will also provide hundreds of jobs and increased property tax revenues for Maine and result in lower energy prices across New England. We now look forward to completing the permitting process and getting to work to deliver the benefits of this project.”
The Maine Supreme Court remanded the case to the Superior Court to enter a declaratory judgment. The court is not requiring an injunction based on its understanding that the Secretary of State will not put the unconstitutional initiative on the ballot based on statements made by Maine’s Assistant Attorney General during oral argument.
The project requires a permit from the US Army Corps of Engineers prior to commencing construction and a Presidential Permit from the US Department of Energy is required to enable cross-border transmission from Canada.
ABOUT THE NECEC PROJECT
The New England Clean Energy Connect (NECEC) is a $950 million investment that will deliver 1,200 megawatts of renewable hydropower to the New England energy grid in Lewiston, Maine. All of the costs will be paid for by Massachusetts electric customers. Once built, the NECEC will be New England’s largest source of renewable energy, representing a fundamental shift away from fossil fuels while simultaneously lowering energy costs in Maine and New England.
The 145-mile transmission line will be built on land owned or controlled by Central Maine Power. The 53 miles of new corridor on working forest land will use a new clearing technique of tapered vegetation; the remaining two-thirds of the project follows existing power lines created for the state’s hydroelectric industry almost a century ago.
The project will create more than 1,600 good-paying jobs during the two-and-a-half-year construction period and provide $200 million in upgrades to Maine’s energy grid, making Maine’s electricity service more reliable. The NECEC will allow more producers of renewable energy in Maine to get their energy on the grid, and because the corridor project will use clean hydropower, it will reduce the use of fossil fuels, cutting three million metric tons of dirty emissions each year.
For more information about the New England Clean Energy Connect, please visit our website at https://www.necleanenergyconnect.org/
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media:
Zsoka McDonald
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203.997-6892 (mobile)
24/7 Media Hotline
833.MEDIA.55 (833.633.4255)
Investors:
Patricia Cosgel
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203.499.2624
3,300 crew members continue work, focusing on highly impacted areas
CHICAGO--(BUSINESS WIRE)--ComEd has restored power to more than 695,000 families and businesses, or more than 90 percent of the customers affected by the derecho that slammed northern Illinois on Monday afternoon causing significant damage across the entire region. The storm brought hurricane force winds with gusts higher than 90 miles per hour, extensive lightning, golf ball-sized hail and 10 confirmed tornados in communities that ComEd serves. About 66,000 customers remain without power.
ComEd’s focus is on areas with significant devastation. Following the storms, some communities saw block-long lines of poles and wires down, transmission towers that were blown onto distribution lines and decades-old trees that toppled into electrical equipment.
“This was a storm of historical proportion, both meteorologically and in its impact on our system,” said Terry Donnelly, president and COO of ComEd. “In many hard-hit areas, we are not repairing the system, we’re rebuilding it. There are instances where the damage would take weeks to repair under normal circumstances. We’re getting it done in days. Our redoubled efforts have reduced the amount of time our customers are out of power.”
More than 1,900 ComEd employees and contractors have been working around the clock since Monday afternoon to restore power to customers quickly and safely. Additionally, More than 1,400 mutual assistance workers from across the country are assisting with the restoration effort.
ComEd is on target to restore power to over 95 percent of customers by Friday night. Hundreds of additional customers are being restored each hour, but outages in areas where tornados or other intense storm events occurred may take longer to restore.
In spite of the extensive damage caused by the tornados and derecho, ComEd restored power to 540,000 customers within a day, the fastest restoration of 500,000 customers in the company’s history. This is due in large part to the smart grid investments ComEd has made since 2012, including in technologies that automatically detect outages and reroute power around problem areas, avoiding significant outages that otherwise would have occurred. These technologies helped avoid more than 700,000 additional interruptions from the storm.
ComEd offers the following tips and information for customers to stay safe following severe weather:
ComEd urges customers to contact the company immediately if they experience a power outage. Customers can text OUT to 26633 (COMED) to report an outage and receive restoration information, and can follow the company on Twitter @ComEd or on Facebook at Facebook.com/ComEd. Customers can also call 1-800 EDISON1 (1-800-334-7661), or report outages via the website at www.ComEd.com/report. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).
ComEd has introduced a mobile app for iPhone and Android® smart phones that gives customers the ability to report power outages and manage their accounts; download the app at www.ComEd.com/app.
ComEd has an interactive outage map on its website at www.ComEd.com/map, which allows customers to easily find information on the location and size of outages and get estimated power restoration times.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
Wins validate success of strategies to leverage installed base and broaden geographic reach through localization
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today announced that it secured $11 million in orders for three oil refining projects in Asia. Two projects are in Southeast Asia while the largest project is the first large order received in India by the Company and is with a new customer.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “We believe our effective execution on strategy and our consultative selling platform enabled us to capture these awards during a period of intense competition and focus on price. We believe that our decision to localize in India provided us the opportunity to successfully compete on that project and is also keeping the bid pipeline in that country quite active. We continued to leverage our global fabrication supply chain where appropriate in order to compete effectively, and we stayed engaged throughout the nearly two year pipeline cycle with both buyers and end users to ensure we addressed their requirements.”
The project in India is a greenfield, integrated refining and petrochemical complex for which Graham will provide an ejector-liquid ring pump vacuum system.
Graham will also be providing an ejector-liquid ring pump vacuum system for the upgrade and expansion of a clean fuels refinery project, as well as replacing a 25-year-old Graham-built steam surface condenser for a refinery revitalization and capacity expansion project. Both of these projects are in Southeast Asia.
The projects will be recognized in backlog for the second quarter of fiscal 2021 while revenue associated with the three projects is expected be realized in fiscal 2022, which ends March 31, 2022.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality.
Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look towards” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, effects of the COVID-19 global pandemic, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, the effect on its business of volatility in commodities prices, including, but not limited to, the extreme price volatility seen in the first six months of calendar year 2020, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
Jeffrey F. Glajch
Vice President – Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski / Christopher M. Gordon
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3748
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SOUTHFIELD, Mich.--(BUSINESS WIRE)--Power management company Eaton today announced its eMobility business has launched a new and improved line of Eaton OMNEX Trusted Wireless™ mobile control solutions for heavy machinery and field operations. The 900 MHz two-way remote-control units allow for the wireless control of high-value machinery in harsh environments, including mining, construction, agriculture, locomotive and marine markets.
“Our next generation of rugged, weatherproof OMNEX wireless controllers were designed with customer input, and offer a number of benefits, including enhanced safety and productivity for machine operators,” said Scott Adams, president, eMobility, Eaton. “Overall, we’ve improved upon the reliability and connectivity that was always a benefit over the competition – and we continue to advance our wireless technology in those areas.”
On a construction site, the wireless controllers can operate heavy machinery, such as vacuum trucks, tow trucks, concrete mixers and cranes. Remote operation provides a number of benefits, including reducing the amount of personnel on-site and keeping workers out of harm’s way. The new units have a range of up to 1,650 feet and can be programmed for a wide range of functions. For example, an operator could remotely control boom functions, rotate a mixer barrel, or raise and lower a crane, all from a safe distance. The wireless controls can also be programmed to provide feedback via a screen, haptic response or sequenced light-emitting diodes. This function can be used to signal an operator when a crane is fully extended or be programmed to display the amount of weight a trailer is carrying.
The units have undergone Eaton’s proprietary cyber security protocols to prevent the signal being hacked into by an outside source, while sophisticated control algorithms guarantee fail-safe operation. Each controller can be programmed to connect with a vehicle that has been equipped with a receiver installed in the electronic systems of a remote vehicle or machinery.
The wireless controls are compliant with Ingress Protection Code 65 & 67 (IP65 & IP67) ratings, which are “dust tight” and protected against water spray as well as complete, continuous submersion in water. They have been redesigned for better form, fit and function, making them easier to hold and control. The new control units also feature updated radios and lithium ion batteries for better performance.
Eaton’s new wireless lineup offers flexible solutions for customers, and includes the following models:
In addition to the 900 MHz two-way wireless remote-control units, 2.4 GHz versions will launch later this year. Learn more at Eaton.com/wireless.
Eaton’s eMobility business was formed by combining products, expertise and global manufacturing capabilities from Eaton’s Electrical and Vehicle businesses. Eaton plans to further develop new products and technologies, including smart diagnostics, intelligent power electronics and predictive health monitoring systems, to strengthen its global capabilities and deliver intelligent electrification solutions to passenger car, commercial vehicle and off-highway customers. Learn more about Eaton’s eMobility business at Eaton.com/eMobility.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 93,000 employees. For more information, visit www.eaton.com.
Thomas Nellenbach
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(216) 333-2876 (cell)
KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE: KSU) announced today that it has formally joined the global network of Operation Clean Sweep® – the Plastic Industry Association’s and American Chemistry Council’s Plastics Division’s campaign to reduce pellet, flake and powder loss for greater product stewardship and environmental protection. OCS reaches all aspects of the plastics industry and is being adopted globally through the Global Declaration of Solutions to Marine Litter.
“As a transportation provider, this is an important initiative and a direct way that KCS can work toward eliminating plastic waste in the environment,” said KCS executive vice president and chief marketing officer Mike Naatz. “We are committed to adopting and implementing the Operation Clean Sweep® program of best management practices to reduce pellet, flake and powder loss for the protection of the environment.”
“As part of KCS’ Health, Safety, Security and Environmental Commitment Statement, we affirm, to all our stakeholders, including our employees, customers, shareholders, and the public, our commitment to safe, healthy, and secure operations,” said KCS executive vice president and chief operating officer Jeff Songer.
Specific initiatives now underway in the U.S. and Mexico include development of a transload environmental compliance evaluation program for facilities on KCS property; incorporation of OCS Best Management Practices into the company’s storm water pollution prevention training; and referencing the OCS Program Manual in future plastics transload agreements.
Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.
C. Doniele Carlson
816-983-1372
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced the pricing of its underwritten public offering (the “Offering”) of 10,000,000 shares of Sunnova’s common stock by certain of its stockholders, including affiliates of Energy Capital Partners (collectively, the “Selling Stockholders”), at $25.00 per share. Certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase an additional 1,500,000 shares of common stock. Sunnova is not offering any shares of its common stock in the Offering and will not receive any proceeds from the sale of shares by the Selling Stockholders in the Offering.
BofA Securities, J.P. Morgan, Credit Suisse and Goldman Sachs & Co. LLC are acting as joint book-running managers. Baird and Roth Capital Partners are acting as co-managers.
Sunnova has filed a shelf registration statement on Form S-3 relating to the Offering (including a prospectus) with the Securities and Exchange Commission (the “SEC”) that has become effective. A prospectus supplement relating to the Offering has also been filed with the SEC. Before you invest, you should read the prospectus, the prospectus supplement and other documents that Sunnova may file with the SEC for more complete information about Sunnova and this Offering. A copy of the prospectus supplement and accompanying prospectus relating to the Offering may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone 1-866-803-9204 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, Telephone: 1-800-221-1037, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, Email: This email address is being protected from spambots. You need JavaScript enabled to view it..
To obtain a copy of the prospectus supplement or prospectus, free of charge, visit the SEC’s website, www.sec.gov, and search under the registrant’s name “Sunnova Energy International Inc.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "going to," "could," "intend," "target," "project," "contemplates," "believe," "estimate," "predict," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the conduct of the Offering and the size and terms of the Offering. Sunnova's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova's filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2020 and in the registration statement on Form S-3 related to the Offering filed with the SEC. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
INVESTOR AND ANALYST CONTACT
Rodney McMahan
Sunnova Energy International Inc.
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(281) 971-3323
PRESS AND MEDIA CONTACT
Kelsey Hultberg
Sunnova Energy International Inc.
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IRVINE, Calif.--(BUSINESS WIRE)--Montrose Environmental Group, Inc. (the “Company” or “Montrose”) (NYSE: MEG) announced today that it will issue its second quarter 2020 earnings release on Monday, August 31, 2020, after the close of trading on the New York Stock Exchange.
You are invited to participate in the Company’s conference call hosted by senior management on August 31, 2020 at 5:00 PM EDT to discuss the Company’s second quarter financial results. Their prepared remarks will be followed by a question and answer session.
2Q20 Conference Call Date & Time:
Monday, August 31, 2020 at 5:00 PM EDT
To participate on the day of the call, dial 1-877-407-9208 or internationally 1-201-493-6784 approximately ten minutes before the call and tell the operator you wish to join the Montrose Second Quarter 2020 Earnings Conference Call.
A live webcast of the conference call will be available in the Investor Relations section of the Montrose website at investors.montrose-env.com. For those who are unable listen to the live broadcast, an audio replay of the conference call will be available on the Montrose website for 30 days.
About Montrose
Montrose is a leading environmental services company focused on supporting government and commercial organizations as they deal with the challenges of today, and prepare for what’s coming tomorrow. With 1,700 employees across 70 locations serving customers around the world, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling us to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep our clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit montrose-env.com.
Investor Relations:
Rodny Nacier
(949) 988-3383
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Media Relations:
Doug Donsky
(646) 361-1427
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LONDON--(BUSINESS WIRE)--#GlobalMaritimePatrolNavalVesselsMarket--Technavio has been monitoring the maritime patrol naval vessels market and it is poised to grow by $ 14.37 bn during 2020-2024, progressing at a CAGR of almost 9% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Austal Ltd., BAE Systems Plc, Damen Shipyards Group NV, Fincantieri Spa, Fr. Fassmer GmbH & Co. KG, Fr. Lürssen Werft GmbH & Co. KG, Mitsubishi Heavy Industries Ltd., Naval Group SA, NAVANTIA SA, and Saab AB are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Increasing transnational maritime crimes has been instrumental in driving the growth of the market. However, high costs associated with patrol naval vessels might hamper market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Maritime Patrol Naval Vessels Market 2020-2024: Segmentation
Maritime Patrol Naval Vessels Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40050
Maritime Patrol Naval Vessels Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The maritime patrol naval vessels market report covers the following areas:
This study identifies the adoption of innovative approaches in procuring patrol naval vessels as one of the prime reasons driving the maritime patrol naval vessels market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Maritime Patrol Naval Vessels Market 2020-2024: Key Highlights
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TYPE
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) today announced that, on August 11, 2020, the initial purchaser exercised its option in full to purchase an additional $30.0 million aggregate principal amount (the “additional notes”) of Bloom Energy’s 2.50% green convertible senior notes due 2025 (the “notes”). The additional notes closed today. This purchase increases the outstanding aggregate principal amount of notes issued to $230.0 million.
The notes are senior, unsecured obligations of Bloom Energy and will accrue interest at a rate of 2.50% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021. The notes will mature on August 15, 2025, unless earlier repurchased, redeemed or converted. Before May 15, 2025, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after May 15, 2025, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Bloom Energy will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at Bloom Energy’s election. The initial conversion rate is 61.6808 shares of Class A common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $16.21 per share of Class A common stock. The initial conversion price represents a premium of approximately 25.0% over the last reported sale price of $12.97 per share of Bloom Energy’s Class A common stock on August 6, 2020. The conversion rate and conversion price is subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the notes) occurs, Bloom Energy will, in certain circumstances, increase the conversion rate for a specified time for holder who convert their notes in connection with that make-whole fundamental change.
The notes are redeemable, in whole or in part, for cash at Bloom Energy’s option at any time, and from time to time, on or after August 21, 2023 and on or before the 26th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Bloom Energy’s Class A common stock exceeds 130% of the conversion price for a specified period of time. The redemption price is equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Bloom Energy calls any or all notes for redemption, holders of notes called for redemption may convert their notes during the related redemption conversion period, and any such conversion will also constitute a “make-whole fundamental change” with respect to the notes so converted.
If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to a limited exception, noteholders may require Bloom Energy to repurchase their notes for cash. The repurchase price is equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The notes, including the additional $30.0 million sold today, were offered and sold only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended.
The offer and sale of the notes and any shares of Class A common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of Class A common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries.
Forward-Looking Statements
This press release includes forward-looking statements. Forward-looking statements represent Bloom Energy’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions and risks relating to Bloom Energy’s business, including those described in periodic reports that Bloom Energy files from time to time with the Securities Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release, and Bloom Energy does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Investor Relations:
Mark Mesler
Bloom Energy
+1 (408) 543-1743
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Media:
Erica Osian
Bloom Energy
+1 (401) 714-6883
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SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN) priced its previously announced underwritten public offering of 55,000,000 shares of its common stock (the “offering”) at a price to the public of $2.50 per share, before underwriting discounts and commissions. The total gross proceeds of the offering (before underwriter's discounts and commissions and estimated offering expenses) are expected to be approximately $137.5 million. In addition, Southwestern Energy granted the respective underwriters a 30-day option to purchase up to 8,250,000 additional shares of its common stock.
Southwestern Energy intends to use the net proceeds from the offering to partially redeem Montage Resource Corporation’s (“Montage”) issued and outstanding senior notes that it will assume upon the closing of its recently announced merger with Montage (the “Merger”). If the Merger is not consummated, Southwestern Energy intends to use the net proceeds from this offering for general corporate purposes, including the repayment of debt. Until Southwestern Energy applies the net proceeds from this offering for the purposes described above, it may invest such proceeds in short-term, liquid investments or to reduce the balance under its credit agreement. The net proceeds from any exercise by the underwriters of their option to purchase additional shares of common stock from us will be used to redeem additional Montage notes after the consummation of the Merger or for general corporate purposes, including the repayment of debt. The closing of the offering, which is expected to occur on August 18, 2020, is subject to customary closing conditions.
Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan are acting as representatives of the underwriters and joint book-running managers for the offering. BofA Securities, BMO Capital Markets, RBC Capital Markets and Wells Fargo Securities are also serving as joint book-running managers for the offering.
The offering is being made under an effective automatic shelf registration statement on Form S-3 (Registration No. 333-238633) filed by Southwestern Energy with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement has been filed with the SEC to which this communication relates. Prospective investors should read the preliminary prospectus supplement and the accompanying base prospectus included in the registration statement and other documents Southwestern Energy has filed with the SEC for more complete information about Southwestern Energy and the offering. These documents are available at no charge by visiting EDGAR on the SEC website at http://www.sec.gov.
Alternatively, a copy of the base prospectus and the preliminary prospectus supplement may be obtained, when available, from:
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 800-831-9146
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 866-471-2526
Facsimile: 212-902-9316
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
Attention: Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 866-803-9204
This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Southwestern Energy
Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.
Forward Looking Statement
This news release contains forward-looking statements. Forward-looking statements relate to future events, including, but not limited to, anticipated results of operations, business strategies, other aspects of Southwestern Energy’s operations or operating results, the proposed offering, the use of proceeds of the offering and the consummation of the Merger. In many cases you can identify forward-looking statements by terminology such as words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “predict,” “budget,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “continue,” “project,” “projection,” “goal,” “model,” “target,” “potential,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “are likely” and other similar expressions. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to the company’s business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting the company’s business generally as set forth in the company’s filings with the SEC. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Bernadette Butler
Investor Relations Advisor
(832) 796-6079
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LONDON--(BUSINESS WIRE)--#GlobalSolarMicroinverterMarket--The global solar microinverter market size is expected to grow by USD 618.54 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 12%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Solar Microinverter Market Analysis Report by End-user (Residential and Non-residential) and Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/solar-microinverter-market-industry-analysis
The market is driven by the increasing solar energy installation. In addition, the increasing deployment of microgrids is anticipated to boost the growth of the solar microinverter market.
In recent years, the solar energy industry has gained momentum and grown drastically. This is mainly due to the initiatives undertaken by governments worldwide that encourage the use of renewable resources. Many industrialized or developed nations have integrated a significant quantity of solar power into their electrical grids to provide an alternative to conventional energy sources. On the other hand, developing nations use solar energy to reduce their dependence on expensive imported fuels. The growing awareness about solar energy benefits is driving the demand for solar projects, which in turn will increase the level of solar energy output, thereby ensuring a high rate of return for investors in solar projects. Moreover, the hike in the cost of fossil fuels is making solar power a more economical source of renewable energy. Thus, solar energy consumption is expected to increase rapidly, thereby driving the demand for solar microinverter systems.
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Major Five Solar Microinverter Companies:
ABB Ltd.
ABB Ltd. has business operations under various segments, such as electrification, industrial automation, motion, robotics and discrete automation, corporate and other. The company offers 250 W and 300 W micro inverters. Some of the variants are MICRO-0.25-I-OUTD, MICRO-0.3-I-OUTD, and MICRO-0.3HV-I-OUTD.
Autarco Group BV
Autarco Group BV is engaged in the design and development of solar solutions such as panels, inverters, and others for businesses, homes, and dealers. The company offers Autarco LD and LQ Mark II series inverters range from 5 kW to 20 kW.
Chilicon Power LLC
Chilicon Power LLC is engaged in the design and development of microinverter, gateways, and related components. The company offers CP-250E and CP-720 variants of microinverter.
Enphase Energy Inc.
Enphase Energy Inc. is engaged in the design, development, manufacture, and sale of solutions for the solar photovoltaic industry. The company offers Enphase IQ 7X, Enphase IQ 7+, Enphase IQ 7, Enphase IQ 6+, and other variants of solar microinverters.
LeadSolar Energy Co. Ltd.
LeadSolar Energy Co. Ltd. has business operations under microinverters, gateway, monitoring platform, and smart junction box. The segment offers solar microinverter which features PLC and Zigbee communication.
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Solar Microinverter End-user Outlook (Revenue, USD mn, 2020-2024)
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Jesse Maida
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Website: www.technavio.com/
AI is already used in commercial facilities to reduce energy consumption and improve operations, and could help create safer socially distant spaces during COVID-19
BOULDER, Colo.--(BUSINESS WIRE)--#AI--A new report from Guidehouse Insights defines artificial intelligence (AI) for the commercial building space, discusses how AI can help solve problems in commercial buildings, and offers a roadmap for assessing and deploying AI solutions.
Despite its hype across many sectors, AI is simply the use of advanced computer science techniques that mimic human cognition to solve problems. In commercial buildings, the technology is already being used to reduce energy consumption and improve operations, and is also being evaluated for its ability to support social distancing protocols arising from COVID-19. Click to tweet: According to a new report from @WeAreGHInsights, beyond the hype, use cases demonstrate AI’s value to building owners, managers, and tenants.
“Vendors often tout their solutions for commercial buildings in ways that sound almost magical,” says Neil Strother, principal research analyst at Guidehouse Insights. “But seen in its proper context, AI is the implementation of advanced computer science techniques that emulate human-like capabilities to solve problems, create greater efficiencies, and deliver positive business outcomes for commercial facilities.”
To position for success, Guidehouse Insights recommends stakeholders overlook AI’s hype and learn from companies already using the technology. Stakeholders should embrace AI as part of a short-term and long-term strategy, and must focus on using quality data to support implementations.
The report, The Future of AI for Smart Buildings, examines AI for the commercial building space and discusses how AI can help solve problems in commercial buildings. In addition, the report offers a roadmap for assessing and deploying AI solutions, as well as recommendations for stakeholders. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, The Future of AI for Smart Buildings, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
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DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss from continuing operations for the three months ended June 30, 2020 of $137,000 or ($0.03) per diluted share, compared to net loss from continuing operations of $141,000 or ($0.03) per share for the three months ended June 30, 2019.
The Company reported a net loss from continuing operations for the six months ended June 30, 2020 of $234,000 or ($0.05) per share, compared to net loss from continuing operations of $15,000 for the six months ended June 30, 2019.
For the three months ended June 30, 2019, the Company recorded oil and gas revenues of $93,000 as compared to $164,000 for the comparable period of 2019. The decrease was principally due to a lower price received for the sale of natural gas.
For the three months ended June 30, 2020, the Company recorded oil and gas operating expenses of $163,000 as compared to $231,000 for the comparable period of 2019. The decrease was principally due to reductions in payroll, consulting fees and overall expenses.
For the three months ended June 30, 2019, corporate general & administrative expenses were $127, 000 as compared to $134,000 for the comparable periods in 2019.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(unaudited) |
||||||
(amounts in thousands) |
||||||
June 30,
|
December 31,
|
|||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ |
39 |
$ |
22 |
||
| Accounts receivable from oil and gas sales |
|
69 |
|
73 |
||
| Current portion note receivable (including $3,620 and $4,136 in 2020 and 2019 from related parties |
|
3,660 |
|
4,046 |
||
| Other current assets |
|
25 |
|
- |
||
| Total current assets |
|
3,793 |
|
4,141 |
||
| Oil and natural gas properties (full cost accounting method) | ||||||
| Proved developed and undeveloped oil and gas properties, net of depletion |
|
706 |
|
767 |
||
| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment - oil and gas operations |
|
662 |
|
668 |
||
| Note receivable |
|
192 |
|
214 |
||
| Total assets | $ |
5,353 |
$ |
5,790 |
||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED |
||||||
(unaudited) |
||||||
(dollars in thousands, except par value amount) |
||||||
June 30,
|
December 31,
|
|||||
| Liabilities and stockholders' equity | ||||||
| Current liabilities | ||||||
| Accounts payable - (including $20 and $180 due to related parties in 2020 and 2019) | $ |
195 |
$ |
355 |
||
| Accrued expenses |
|
37 |
|
35 |
||
| Current portion of long term debt |
|
40 |
|
44 |
||
| Total current liabilities |
|
272 |
|
434 |
||
| Long-term debt | ||||||
| Notes payable less current portion |
|
161 |
|
177 |
||
| Asset retirement obligation |
|
2,745 |
|
2,770 |
||
| Total liabilities |
|
3,178 |
|
3,381 |
||
| Stockholders' equity | ||||||
| Preferred stock, Series B |
|
1 |
|
1 |
||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||
| shares; issued and outstanding, 5,131,934 and 2,036,935 shares | ||||||
| at June 30, 2020 and December 31, 2019 |
|
51 |
|
51 |
||
| Additional paid-in capital |
|
63,579 |
|
63,579 |
||
| Accumulated deficit |
|
(61,456) |
|
(61,222) |
||
| Total shareholder equity |
|
2,175 |
|
2,409 |
||
| Total liabilities & equity | $ |
5,353 |
$ |
5,790 |
||
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES |
||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS |
||||||||||||
(unaudited) |
||||||||||||
(amounts in thousands, except per share data) |
||||||||||||
For the Three Months
|
|
For the Six Months
|
||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||
| Revenue | ||||||||||||
| Oil and gas operations, net of royalties | $ |
93 |
$ |
164 |
$ |
218 |
$ |
344 |
||||
| Operating expenses | ||||||||||||
| Oil and gas operations |
|
163 |
|
231 |
|
341 |
|
410 |
||||
| Corporate general and administrative |
|
127 |
|
134 |
|
231 |
|
222 |
||||
| Total Operating Expenses |
|
290 |
|
365 |
|
572 |
|
632 |
||||
| Operating earnings (loss) |
|
(197) |
|
(201) |
|
(354) |
|
(288) |
||||
| Other income (expense) | ||||||||||||
| Interest income |
|
63 |
|
64 |
|
127 |
|
129 |
||||
| Interest expense |
|
(3) |
|
(4) |
|
(7) |
|
(9) |
||||
| Other income (expense), net |
|
- |
|
- |
|
- |
|
153 |
||||
| Expense |
|
60 |
|
60 |
|
120 |
|
273 |
||||
| Net income (loss) applicable to common shares | $ |
(137) |
$ |
(141) |
$ |
(234) |
$ |
(15) |
||||
| Net income (loss) per common share-basic and diluted | $ |
(0.03) |
$ |
(0.03) |
$ |
(0.05) |
$ |
- |
||||
| Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
5,132 |
|
5,132 |
|
5,132 |
||||
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
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DUBLIN--(BUSINESS WIRE)--The "Global Wind Energy Equipment Logistics Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.
The global wind energy equipment logistics market is poised to grow by $23.85 billion during 2020-2024, progressing at a CAGR of 7% during the forecast period.
This report provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment.
The market is driven by the growing global oversized cargo transportation market, increased capacity of trailers and shipping vessels, and increased service reliability by implementing new technologies in logistics industry.
The study identifies the increasing long-term revenues driven by long-term agreements in wind energy projects as one of the prime reasons driving the wind energy equipment logistics market growth during the next few years. Also, augmented demand for offshore wind projects, and increased use of multimodal transportation in wind energy projects will lead to sizable demand in the market.
The global wind energy equipment logistics market is segmented as below:
By End-user
By Geographic Landscapes
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading wind energy equipment logistics market vendors that include:
Also, the wind energy equipment logistics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/yz0av
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
TULSA, Okla.--(BUSINESS WIRE)--#CELP--Today, Cypress Environmental Partners, L.P., (NYSE: CELP) reported its financial results for the three months ended June 30, 2020.
HIGHLIGHTS
SECOND QUARTER 2020 SUMMARY FINANCIAL RESULTS
|
Three Months Ended |
|||||
|
June 30, |
|||||
|
2020 |
|
2019 |
|||
|
(Unaudited) |
|||||
|
(in thousands, except per unit amounts) |
|||||
|
|
|
||||
Net income |
$ |
381 |
$ |
5,643 |
||
Net (loss) income attributable to common unitholders |
$ |
(1,349) |
$ |
4,333 |
||
Net (loss) income per limited partner unit - basic |
$ |
(0.11) |
$ |
0.36 |
||
Net (loss) income per limited partner unit - diluted |
$ |
(0.11) |
$ |
0.29 |
||
Adjusted EBITDA(1) |
$ |
3,121 |
$ |
9,154 |
||
Distributable cash flow(1) |
$ |
255 |
$ |
5,237 |
||
(1) This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure in schedules at the end of this press release.
CEO'S PERSPECTIVE
“The second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020 and until a vaccine is discovered. This pandemic is adversely impacting the energy industry, demand, prices, our customers, and in turn us. Given these factors, we are preparing for potential future volatility, while also focusing on structurally reducing our cost base and implementing several strategic initiatives across our companies. As a result, we took the necessary action to temporarily suspend our common unit distributions until our operating results improve. Our primary focus continues to be the health and safety of our employees and our operations during this unprecedented and dynamic environment," said Peter C. Boylan III, chairman, president, and CEO. “Our talented team delivered better than expected second quarter performance as a result of increased activity in our Pipeline & Process Services segment, early and decisive actions focused on cost reductions, and our commitment to operational excellence and safely serving our customers. We remain confident in our ability to navigate this challenging environment while maintaining our liquidity, culture, and safely providing excellent service to our valued customers."
GROWTH UPDATE
Pipeline Inspection Services
Pipeline & Process Services (“PPS”)
Water & Environmental Services (“W&E”)
COMMON UNIT DISTRIBUTIONS
On July 28, 2020, CELP announced that it has temporarily suspended common unit distributions.
CELP generated distributable cash flow of $0.3 million for the three months ended June 30, 2020. Common unit distributions were $2.6 million for the first quarter of 2020.
SECOND QUARTER 2020 OPERATING RESULTS BY BUSINESS SEGMENT
Pipeline Inspection Services (“PIS”)
PIS segment results for the three months ended June 30, 2020 and 2019 were:
Pipeline & Process Services (“PPS”)
PPS segment results for the three months ended June 30, 2020 and 2019 were:
Water & Environmental Services (“Environmental”)
Environmental segment results for the three months ended June 30, 2020 and 2019 were:
CAPITALIZATION, LIQUIDITY, AND FINANCING
Credit Facility
CELP has a $110 million revolving credit facility. Proceeds from this facility can be used to fund working capital requirements and other general partnership purposes, including growth and acquisitions. CELP had $27.8 million of cash and cash equivalents at June 30, 2020.
CAPITAL EXPENDITURES
During the six months ended June 30, 2020, CELP had growth capital expenditures totaling $1.1 million and maintenance capital expenditures totaling $0.4 million that are reflective of our business model that allows us to generate attractive free cash flow with minimal capital expenditures.
QUARTERLY REPORT
CELP filed its quarterly report on Form 10-Q for the three months ended June 30, 2020 with the Securities and Exchange Commission today. CELP will also post a copy of the Form 10-Q on its website at www.cypressenvironmental.biz. Unitholders may request a printed copy of CELP’s complete audited financial statements and annual report for the year ended December 31, 2019 free of charge by contacting CELP at the email address below.
NON-GAAP FINANCIAL INFORMATION
This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. CELP's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including revenues, net income or loss attributable to limited partners, net cash provided by or used in operating activities, or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity, or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by CELP may not be comparable to similarly-titled measures of other entities because other entities may not calculate their measures in the same manner.
CELP defines adjusted EBITDA as net income or loss exclusive of (i) interest expense, (ii) depreciation, amortization, and accretion expense, (iii) income tax expense or benefit, (iv) equity-based compensation expense, (v) and certain other unusual or nonrecurring items. CELP defines adjusted EBITDA attributable to limited partners as adjusted EBITDA exclusive of amounts attributable to the general partner and to noncontrolling interests. CELP defines distributable cash flow as adjusted EBITDA attributable to limited partners less cash interest paid, cash income taxes paid, maintenance capital expenditures, and cash distributions on preferred equity. Management believes these measures provide investors meaningful insight into results from ongoing operations.
These non-GAAP financial measures are used as supplemental liquidity and performance measures by CELP's management and by external users of its financial statements, such as investors, commercial banks, research analysts, and others to assess:
ABOUT CYPRESS ENVIRONMENTAL PARTNERS, L.P.
Cypress Environmental Partners, L.P. is a master limited partnership that provides essential environmental services to the energy and municipal water industries, including pipeline & infrastructure inspection, NDE testing, various integrity services, and pipeline & process services throughout the United States. Cypress also provides environmental services to upstream energy companies and their vendors in North Dakota, including water treatment, hydrocarbon recovery, and disposal into EPA Class II injection wells to protect our groundwater. Cypress works closely with its customers to help them protect people, property, and the environment, and to assist their compliance with increasingly complex and strict rules and regulations. Cypress is headquartered in Tulsa, Oklahoma.
CAUTIONARY STATEMENTS
This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding Cypress Environmental Partners, L.P., including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond CELP's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, CELP's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.
The key risk factors that may have a direct bearing on CELP's results of operations and financial condition are described in detail in the "Risk Factors" section of CELP's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in CELP's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. CELP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.
CYPRESS ENVIRONMENTAL PARTNERS, L.P. |
||||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||||
As of June 30, 2020 and December 31, 2019 |
||||||||
(in thousands) |
||||||||
June 30, |
|
December 31, |
||||||
|
2020 |
|
|
|
2019 |
|
||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
27,761 |
|
$ |
15,700 |
|
||
Trade accounts receivable, net |
|
35,008 |
|
|
52,524 |
|
||
Prepaid expenses and other |
|
1,704 |
|
|
988 |
|
||
Total current assets |
|
64,473 |
|
|
69,212 |
|
||
Property and equipment: |
||||||||
Property and equipment, at cost |
|
26,903 |
|
|
26,499 |
|
||
Less: Accumulated depreciation |
|
15,082 |
|
|
13,738 |
|
||
Total property and equipment, net |
|
11,821 |
|
|
12,761 |
|
||
Intangible assets, net |
|
18,719 |
|
|
20,063 |
|
||
Goodwill |
|
50,287 |
|
|
50,356 |
|
||
Finance lease right-of-use assets, net |
|
749 |
|
|
600 |
|
||
Operating lease right-of-use assets |
|
2,207 |
|
|
2,942 |
|
||
Debt issuance costs, net |
|
532 |
|
|
803 |
|
||
Other assets |
|
588 |
|
|
605 |
|
||
Total assets |
$ |
149,376 |
|
$ |
157,342 |
|
||
LIABILITIES AND OWNERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
3,594 |
|
$ |
3,529 |
|
||
Accounts payable - affiliates |
|
141 |
|
|
1,167 |
|
||
Accrued payroll and other |
|
9,813 |
|
|
14,850 |
|
||
Income taxes payable |
|
1,385 |
|
|
1,092 |
|
||
Finance lease obligations |
|
249 |
|
|
183 |
|
||
Operating lease obligations |
|
421 |
|
|
459 |
|
||
Current portion of long-term debt |
|
81,029 |
|
|
- |
|
||
Total current liabilities |
|
96,632 |
|
|
21,280 |
|
||
Long-term debt |
|
- |
|
|
74,929 |
|
||
Finance lease obligations |
|
423 |
|
|
359 |
|
||
Operating lease obligations |
|
1,717 |
|
|
2,425 |
|
||
Other noncurrent liabilities |
|
169 |
|
|
158 |
|
||
Total liabilities |
|
98,941 |
|
|
99,151 |
|
||
Owners' equity: |
||||||||
Partners’ capital: |
||||||||
Common units (12,209 and 12,068 units outstanding at |
||||||||
June 30, 2020 and December 31, 2019, respectively) |
|
29,445 |
|
|
37,334 |
|
||
Preferred units (5,769 units outstanding at June 30, 2020 and December 31, 2019) |
|
44,291 |
|
|
44,291 |
|
||
General partner |
|
(25,876 |
) |
|
(25,876 |
) |
||
Accumulated other comprehensive loss |
|
(2,368 |
) |
|
(2,577 |
) |
||
Total partners' capital |
|
45,492 |
|
|
53,172 |
|
||
Noncontrolling interests |
|
4,943 |
|
|
5,019 |
|
||
Total owners' equity |
|
50,435 |
|
|
58,191 |
|
||
Total liabilities and owners' equity |
$ |
149,376 |
|
$ |
157,342 |
|
||
CYPRESS ENVIRONMENTAL PARTNERS, L.P. |
||||||||||||||||
Unaudited Condensed Consolidated Statements of Operations |
||||||||||||||||
For the Three and Six Months Ended June 30, 2020 and 2019 |
||||||||||||||||
(in thousands, except per unit data) |
||||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
||
Revenue |
$ |
51,688 |
|
$ |
111,091 |
|
$ |
120,171 |
|
$ |
201,467 |
|
||||
Costs of services |
|
44,307 |
|
|
96,284 |
|
|
104,835 |
|
|
176,637 |
|
||||
Gross margin |
|
7,381 |
|
|
14,807 |
|
|
15,336 |
|
|
24,830 |
|
||||
Operating costs and expense: |
||||||||||||||||
General and administrative |
|
4,926 |
|
|
6,158 |
|
|
10,866 |
|
|
12,389 |
|
||||
Depreciation, amortization and accretion |
|
1,211 |
|
|
1,109 |
|
|
2,419 |
|
|
2,213 |
|
||||
Gain on asset disposals, net |
|
(11 |
) |
|
(2 |
) |
|
(23 |
) |
|
(23 |
) |
||||
Operating income |
|
1,255 |
|
|
7,542 |
|
|
2,074 |
|
|
10,251 |
|
||||
Other (expense) income: |
||||||||||||||||
Interest expense, net |
|
(1,152 |
) |
|
(1,415 |
) |
|
(2,276 |
) |
|
(2,726 |
) |
||||
Foreign currency gains (losses) |
|
184 |
|
|
84 |
|
|
(273 |
) |
|
185 |
|
||||
Other, net |
|
165 |
|
|
50 |
|
|
270 |
|
|
138 |
|
||||
Net income (loss) before income tax expense |
|
452 |
|
|
6,261 |
|
|
(205 |
) |
|
7,848 |
|
||||
Income tax expense |
|
71 |
|
|
618 |
|
|
291 |
|
|
824 |
|
||||
Net income (loss) |
|
381 |
|
|
5,643 |
|
|
(496 |
) |
|
7,024 |
|
||||
Net income attributable to noncontrolling interests |
|
697 |
|
|
277 |
|
|
609 |
|
|
58 |
|
||||
Net (loss) income attributable to partners / controlling interests |
|
(316 |
) |
|
5,366 |
|
|
(1,105 |
) |
|
6,966 |
|
||||
Net income attributable to preferred unitholder |
|
1,033 |
|
|
1,033 |
|
|
2,066 |
|
|
2,066 |
|
||||
Net (loss) income attributable to common unitholders |
$ |
(1,349 |
) |
$ |
4,333 |
|
$ |
(3,171 |
) |
$ |
4,900 |
|
||||
Net (loss) income per common limited partner unit: |
||||||||||||||||
Basic |
$ |
(0.11 |
) |
$ |
0.36 |
|
$ |
(0.26 |
) |
$ |
0.41 |
|
||||
Diluted |
$ |
(0.11 |
) |
$ |
0.29 |
|
$ |
(0.26 |
) |
$ |
0.38 |
|
||||
Weighted average common units outstanding: |
||||||||||||||||
Basic |
|
12,209 |
|
|
12,053 |
|
|
12,153 |
|
|
12,012 |
|
||||
Diluted |
|
12,209 |
|
|
18,218 |
|
|
12,153 |
|
|
18,163 |
|
||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Distributable Cash Flow |
||||||||||||||||
Three Months ended June 30, |
|
Six Months ended June 30, |
||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
||
(in thousands) |
||||||||||||||||
Net income (loss) |
$ |
381 |
$ |
5,643 |
$ |
(496 |
) |
$ |
7,024 |
|||||||
Add: |
||||||||||||||||
Interest expense |
|
1,152 |
|
|
1,415 |
|
|
2,276 |
|
|
2,726 |
|
||||
Depreciation, amortization and accretion |
|
1,447 |
|
|
1,388 |
|
|
2,927 |
|
|
2,764 |
|
||||
Income tax expense |
|
71 |
|
|
618 |
|
|
291 |
|
|
824 |
|
||||
Equity-based compensation |
|
254 |
|
|
174 |
|
|
518 |
|
|
443 |
|
||||
Foreign currency losses |
|
- |
|
|
- |
|
|
273 |
|
|
- |
|
||||
Less: |
||||||||||||||||
Foreign currency gains |
|
184 |
|
|
84 |
|
|
- |
|
|
185 |
|
||||
Adjusted EBITDA |
$ |
3,121 |
|
$ |
9,154 |
|
$ |
5,789 |
|
$ |
13,596 |
|
||||
Adjusted EBITDA attributable to noncontrolling interests |
|
844 |
|
|
420 |
|
|
906 |
|
|
331 |
|
||||
Adjusted EBITDA attributable to limited partners / controlling interests |
$ |
2,277 |
|
$ |
8,734 |
|
$ |
4,883 |
|
$ |
13,265 |
|
||||
Less: |
||||||||||||||||
Preferred unit distributions |
|
1,033 |
|
|
1,033 |
|
|
2,066 |
|
|
2,066 |
|
||||
Cash interest paid, cash taxes paid, and maintenance capital expenditures |
|
|
|
|
||||||||||||
attributable to limited partners |
|
989 |
|
|
|
2,464 |
|
|
|
2,194 |
|
|
|
3,682 |
|
|
Distributable cash flow |
$ |
255 |
|
$ |
5,237 |
|
$ |
623 |
|
$ |
7,517 |
|
||||
Reconciliation of Net (Loss) Income Attributable to Limited Partners to Adjusted |
||||||||||||||||
EBITDA Attributable to Limited Partners and Distributable Cash Flow |
||||||||||||||||
Three Months ended June 30, |
|
Six Months ended June 30, |
||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
||
(in thousands) |
||||||||||||||||
Net (loss) income attributable to limited partners |
$ |
(316 |
) |
$ |
5,366 |
$ |
(1,105 |
) |
$ |
6,966 |
|
|||||
Add: |
||||||||||||||||
Interest expense attributable to limited partners |
|
1,152 |
|
|
1,415 |
|
|
2,276 |
|
|
2,726 |
|
||||
Depreciation, amortization and accretion attributable to limited partners |
|
1,318 |
|
|
1,255 |
|
|
2,653 |
|
|
2,504 |
|
||||
Income tax expense attributable to limited partners |
|
53 |
|
|
608 |
|
|
268 |
|
|
811 |
|
||||
Equity based compensation attributable to limited partners |
|
254 |
|
|
174 |
|
|
518 |
|
|
443 |
|
||||
Foreign currency losses attributable to limited partners |
|
- |
|
|
- |
|
|
273 |
|
|
- |
|
||||
Less: |
||||||||||||||||
Foreign currency gains attributable to limited partners |
|
184 |
|
|
84 |
|
|
- |
|
|
185 |
|
||||
Adjusted EBITDA attributable to limited partners |
|
2,277 |
|
|
8,734 |
|
|
4,883 |
|
|
13,265 |
|
||||
Less: |
||||||||||||||||
Preferred unit distributions |
|
1,033 |
|
|
1,033 |
|
|
2,066 |
|
|
2,066 |
|
||||
Cash interest paid, cash taxes paid, and maintenance capital expenditures |
||||||||||||||||
attributable to limited partners |
|
989 |
|
|
2,464 |
|
|
2,194 |
|
|
3,682 |
|
||||
Distributable cash flow |
$ |
255 |
|
$ |
5,237 |
|
$ |
623 |
|
$ |
7,517 |
|
||||
Reconciliation of Net Cash Flows Provided by (Used In) Operating |
||||||||||||||||
Activities to Adjusted EBITDA and Distributable Cash Flow |
||||||||||||||||
Six Months ended June 30, |
||||||||||||||||
|
2020 |
|
|
|
2019 |
|
||||||||||
(in thousands) |
||||||||||||||||
Cash flows provided by (used in) operating activities |
$ |
15,432 |
|
$ |
(9,040 |
) |
||||||||||
Changes in trade accounts receivable, net |
|
(17,516 |
) |
|
25,595 |
|
||||||||||
Changes in prepaid expenses and other |
|
734 |
|
|
(128 |
) |
||||||||||
Changes in accounts payable and accrued liabilities |
|
5,152 |
|
|
(6,358 |
) |
||||||||||
Change in income taxes payable |
|
(292 |
) |
|
252 |
|
||||||||||
Interest expense (excluding non-cash interest) |
|
1,987 |
|
|
2,465 |
|
||||||||||
Income tax expense (excluding deferred tax benefit) |
|
291 |
|
|
824 |
|
||||||||||
Other |
|
1 |
|
|
(14 |
) |
||||||||||
Adjusted EBITDA |
$ |
5,789 |
|
$ |
13,596 |
|
||||||||||
Adjusted EBITDA attributable to noncontrolling interests |
|
906 |
|
|
331 |
|
||||||||||
Adjusted EBITDA attributable to limited partners / controlling interests |
$ |
4,883 |
|
$ |
13,265 |
|
||||||||||
Less: |
||||||||||||||||
Preferred unit distributions |
|
2,066 |
|
|
2,066 |
|
||||||||||
Cash interest paid, cash taxes paid, and maintenance capital expenditures |
||||||||||||||||
attributable to limited partners |
|
|
|
|
|
2,194 |
|
|
|
3,682 |
|
|||||
Distributable cash flow |
$ |
623 |
|
$ |
7,517 |
|
||||||||||
Operating Data |
||||||||||||||||
Three Months |
|
Six Months |
||||||||||||||
Ended June 30, |
|
Ended June 30, |
||||||||||||||
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
||
Total barrels of water processed (in thousands) |
|
1,769 |
|
|
3,518 |
|
|
4,091 |
|
|
6,333 |
|
||||
Average revenue per barrel |
$ |
0.72 |
|
$ |
0.77 |
|
$ |
0.72 |
|
$ |
0.77 |
|
||||
Environmental Services gross margins |
|
66.3 |
% |
|
74.3 |
% |
|
63.5 |
% |
|
69.8 |
% |
||||
Average number of inspectors |
|
700 |
|
|
1,673 |
|
|
858 |
|
|
1,553 |
|
||||
Average number of U.S. inspectors |
|
700 |
|
|
1,669 |
|
|
858 |
|
|
1,545 |
|
||||
Average revenue per inspector per week |
$ |
4,754 |
|
$ |
4,782 |
|
$ |
4,830 |
|
$ |
4,737 |
|
||||
Pipeline Inspection Services gross margins |
|
10.2 |
% |
|
11.0 |
% |
|
10.1 |
% |
|
10.4 |
% |
||||
Average number of field personnel |
|
27 |
|
|
29 |
|
|
27 |
|
|
28 |
|
||||
Average revenue per field personnel per week |
$ |
20,379 |
|
$ |
11,621 |
|
$ |
14,431 |
|
$ |
8,778 |
|
||||
Pipeline & Pipeline Services gross margins |
|
29.5 |
% |
|
30.9 |
% |
|
26.5 |
% |
|
25.3 |
% |
||||
Capital expenditures including finance lease payments (in thousands) |
$ |
357 |
|
$ |
708 |
|
$ |
1,497 |
|
$ |
1,061 |
|
||||
Common unit distributions (in thousands) |
$ |
- |
|
$ |
2,531 |
|
$ |
2,564 |
|
$ |
5,062 |
|
||||
Preferred unit distributions (in thousands) |
$ |
1,033 |
|
$ |
1,033 |
|
$ |
2,066 |
|
$ |
2,066 |
|
||||
Net debt leverage ratio |
2.28x |
2.85x |
2.28x |
2.85x |
||||||||||||
Investors or Analysts:
Contact: Cypress Environmental Partners, L.P. - Jeff Herbers – Vice President & Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it. or 918-947-5730
GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the second quarter of 2020.
Highlights for the Second Quarter and Recent Events
-- Net income attributable to Diamond S of $45.7 million, or $1.15 per basic share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $84.1 million.
-- Repaid $73.6 million of debt in the quarter, $40.0 million on revolving credit facilities in addition to $33.6 million of scheduled repayments. Net debt at June 30, 2020 was $640.0 million, implying a net debt to asset value leverage ratio of 41% based on broker valuations as of June 2020. At quarter end, total free liquidity available to the Company was $128.4 million.
-- Entered into a strategic partnership with NORDEN A/S, DiaNor, to facilitate the commercial consolidation of two of the world’s largest owner/operators of product tankers. As of June 30, 2020, five of the expected 28 vessels were delivered into the Norient Product Pool. The remaining 23 vessels are expected to deliver in the first half of Q3 2020.
-- Entered into floating-to-fixed LIBOR interest rate swaps on approximately 25% of the Company’s total outstanding debt. The average fixed LIBOR rate of 0.54% matures in December 2024.
-- As of August 12, 2020, fixed approximately 59% of Crude Fleet revenue days operating in the spot market at an average rate of approximately $25,700 per day and approximately 55% of Product Fleet revenue days operating in the spot market at an average rate of approximately $11,000 per day in the third quarter of 2020.
Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “We are pleased with our performance in the second quarter, which is reflected in our strong financial results. Our primary focus is on positioning Diamond S to deliver outstanding cash flows in normalized market conditions. For this reason, we continue to lower our leverage, thereby improving our already competitive breakeven levels. We allocated excess capital in the quarter to paying down our debt by reducing exposure on our revolving credit facilities. These amounts may be redrawn in the future to provide liquidity or capital for opportunistic strategic moves. We remain positive in our long-term market outlook and we strongly believe the current market price of our shares does not reflect the underlying value of our vessels.”
Second Quarter 2020 Results
Net income attributable to Diamond S for the second quarter of 2020 was $45.7 million, or $1.15 basic and $1.14 diluted earnings per share, compared to a net loss of $8.5 million, or $0.21 basic and diluted loss per share, for the second quarter of 2019. The increase is primarily related to improved tanker market conditions in both the crude and product tanker segments.
The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.
Net revenues for the Company, which represents voyage revenues less voyage expenses, were $134.2 million for the second quarter of 2020 compared to $83.4 million for the second quarter of 2019. Net revenues from the Crude Fleet were $55.2 million in the second quarter of 2020 compared to $24.4 million for the second quarter of 2019. Net revenues from the Product Fleet were $79.0 million in the second quarter of 2020 compared to $59.0 million for the second quarter of 2019. The increase in net revenues in both the Crude Fleet and Product Fleet was principally driven by stronger market conditions. Despite the demand destruction caused by the global pandemic, tanker markets were firm because of the sharp contango structure of the crude oil price curve, where the future price of oil was expected to be substantially greater than current prices. This led to a strong demand for the floating storage of oil and petroleum products on tankers, which effectively decreased the supply of ships for transport cargos and increased freight rates.
Vessel expenses were $41.7 million for the second quarter of 2020 compared to $42.4 million for the second quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, decreased by $0.7 million primarily due to the sale of the two MR2 vessels in the third quarter of 2019.
Depreciation and amortization expense was $28.8 million in the second quarter of 2020 compared to $29.2 million for the second quarter of 2019. The decrease in depreciation and amortization expense was primarily due to the sale of two MR2 vessels in the third quarter of 2019.
General and administrative expenses were $7.5 million in the second quarter of 2020 compared to $7.3 million for the second quarter of 2019.
Interest expense was $9.7 million in the second quarter of 2020 compared to $13.4 million for the second quarter of 2019. Interest expense decreased in the second quarter of 2020 due to a lower average debt balance as a result of mandatory debt repayments and a decrease in the effective interest rate.
Other income, which consists primarily of interest income, was less than $0.1 million in the second quarter of 2020, compared to $0.3 million for the second quarter of 2019.
Liquidity
As of June 30, 2020, the Company had $124.1 million in cash and restricted cash. Restricted cash and minimum cash required by debt covenants was $55.7 million. In the second quarter of 2020, the Company repaid $40.0 million drawn from its revolving credit facilities, increasing available liquidity to $128.4 million net of minimum cash requirements as of June 30, 2020.
Outlook
Tanker market conditions are expected to weaken in the third quarter as the inventory storage cycle reverses during a seasonally weak period for demand. Demand has not yet fully recovered from the impact of COVID-19, although it has improved from low levels at the start of the second quarter of 2020. In the near term, however, effective fleet supply is expected to increase as the number of vessels used for storage decreases, while tanker demand is expected to be low due to drawdowns of inventory coupled with seasonal market weakness.
As of August 12, 2020, approximately 59% of the Crude Fleet revenue days operating in the spot market in the third quarter of 2020 have been fixed at an average rate of $25,700 per day. Approximately 55% of the Product Fleet revenue days operating in the spot market have been fixed at an average rate of $11,000 per day in the third quarter of 2020.
Conference Call
The Company will hold a conference call on August 13, 2020 at 8:00 a.m. Eastern Time to discuss its results for the second quarter of 2020.
To access the call, participants should dial +1 866 211-4137 for domestic callers and +1 647 689-6723 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 3179296.
A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.
An audio replay of the conference call will be available starting at 11 a.m. ET on Thursday August 13, 2020 through Thursday, August 20, 2020 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 3179296.
About Diamond S Shipping Inc.
Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.
Disclosure Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward‐looking statements including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Some of the factors that could cause our actual results or conditions to differ materially include unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off‐hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
DIAMOND S SHIPPING INC. AND SUBSIDIARIES |
||||||
Condensed Consolidated Balance Sheets |
||||||
as of June 30, 2020 and December 31, 2019 |
||||||
(In Thousands, except for share and per share data) |
||||||
(Unaudited) |
||||||
|
June 30, 2020 |
December 31, 2019 |
||||
Assets |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
118,392 |
|
$ |
83,609 |
|
Due from charterers – Net of provision for doubtful accounts of $1,717 and $1,415, respectively |
|
80,663 |
|
|
80,691 |
|
Inventories |
|
21,730 |
|
|
32,071 |
|
Prepaid expenses and other current assets |
|
13,815 |
|
|
13,179 |
|
Total current assets |
|
234,600 |
|
|
209,550 |
|
|
|
|
||||
Noncurrent assets: |
|
|
||||
Vessels – Net of accumulated depreciation of $605,350 and $553,483, respectively |
|
1,821,428 |
|
|
1,865,738 |
|
Other property – Net of accumulated depreciation of $737 and $584, respectively |
|
508 |
|
|
642 |
|
Deferred drydocking costs – Net of accumulated amortization of $21,505 and $17,975, respectively |
|
35,720 |
|
|
37,256 |
|
Restricted cash |
|
5,679 |
|
|
5,610 |
|
Advances to Norient pool |
|
1,390 |
|
|
— |
|
Time charter contracts acquired – Net of accumulated amortization of $3,914 and $2,296, respectively |
|
3,486 |
|
|
5,004 |
|
Other noncurrent assets |
|
3,543 |
|
|
4,582 |
|
Total noncurrent assets |
|
1,871,754 |
|
|
1,918,832 |
|
Total |
$ |
2,106,354 |
|
$ |
2,128,382 |
|
|
|
|
||||
Liabilities and Equity |
|
|
||||
Current liabilities: |
|
|
||||
Current portion of long-term debt |
$ |
134,389 |
|
$ |
134,389 |
|
Accounts payable and accrued expenses |
|
37,569 |
|
|
44,062 |
|
Deferred charter hire revenue |
|
6,482 |
|
|
1,934 |
|
Derivative liability |
|
456 |
|
|
— |
|
Total current liabilities |
|
178,896 |
|
|
180,385 |
|
|
|
|
||||
Long-term debt – Net of deferred financing costs of $14,258 and $15,866, respectively |
|
633,468 |
|
|
744,055 |
|
Derivative liability |
|
440 |
|
|
— |
|
Total liabilities |
|
812,804 |
|
|
924,440 |
|
|
|
|
||||
|
|
|
||||
Equity: |
|
|
||||
Common stock, par value $0.001; 100,000,000 shares authorized; issued and outstanding 39,912,877 and 39,890,699 shares at June 30, 2020 and December 31, 2019, respectively |
|
40 |
|
|
40 |
|
Treasury stock – at cost; 137,289 shares at June 30, 2020 |
|
(1,418 |
) |
|
— |
|
Additional paid-in capital |
|
1,239,408 |
|
|
1,237,658 |
|
Accumulated other comprehensive loss |
|
(896 |
) |
|
— |
|
Retained earnings (accumulated deficit) |
|
22,189 |
|
|
(68,567 |
) |
Total Diamond S Shipping Inc. equity |
|
1,259,323 |
|
|
1,169,131 |
|
Noncontrolling interests |
|
34,227 |
|
|
34,811 |
|
Total equity |
|
1,293,550 |
|
|
1,203,942 |
|
Total |
$ |
2,106,354 |
|
$ |
2,128,382 |
|
DIAMOND S SHIPPING INC. AND SUBSIDIARIES |
||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||
for the Three and Six Months Ended June 30, 2020 and 2019 |
||||||||||||
(In Thousands, except for share and per share data) |
||||||||||||
(Unaudited) |
||||||||||||
|
For the Three Months Ended
|
For the Six Months Ended
|
||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||
Revenue: |
|
|
|
|
||||||||
Spot revenue |
$ |
162,419 |
|
$ |
129,344 |
|
$ |
350,071 |
|
$ |
227,793 |
|
Time charter revenue |
|
20,815 |
|
|
19,951 |
|
|
42,888 |
|
|
24,158 |
|
Pool revenue |
|
319 |
|
|
— |
|
|
319 |
|
|
— |
|
Total revenue |
|
183,553 |
|
|
149,295 |
|
|
393,278 |
|
|
251,951 |
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
||||||||
Voyage expenses |
|
49,349 |
|
|
65,895 |
|
|
124,030 |
|
|
107,473 |
|
Vessel expenses |
|
41,738 |
|
|
42,376 |
|
|
83,274 |
|
|
67,177 |
|
Depreciation and amortization expense |
|
28,771 |
|
|
29,243 |
|
|
57,531 |
|
|
51,199 |
|
General and administrative expenses |
|
7,485 |
|
|
7,320 |
|
|
15,609 |
|
|
13,608 |
|
Total operating expenses |
|
127,343 |
|
|
144,834 |
|
|
280,444 |
|
|
239,457 |
|
Operating income |
|
56,210 |
|
|
4,461 |
|
|
112,834 |
|
|
12,494 |
|
Other (expense) income: |
|
|
|
|
||||||||
Interest expense |
|
(9,711 |
) |
|
(13,422 |
) |
|
(21,087 |
) |
|
(22,792 |
) |
Other income |
|
3 |
|
|
384 |
|
|
336 |
|
|
901 |
|
Total other expense – Net |
|
(9,708 |
) |
|
(13,038 |
) |
|
(20,751 |
) |
|
(21,891 |
) |
Net income (loss) |
|
46,502 |
|
|
(8,577 |
) |
|
92,083 |
|
|
(9,397 |
) |
Less: Net income (loss) attributable to noncontrolling interest |
|
790 |
|
|
(74 |
) |
|
1,327 |
|
|
132 |
|
Net income (loss) attributable to Diamond S Shipping Inc. |
$ |
45,712 |
|
$ |
(8,503 |
) |
$ |
90,756 |
|
$ |
(9,529 |
) |
|
|
|
|
|
||||||||
Net earnings (loss) per share – basic |
$ |
1.15 |
|
$ |
(0.21 |
) |
$ |
2.28 |
|
$ |
(0.28 |
) |
Net earnings (loss) per share – diluted |
$ |
1.14 |
|
$ |
(0.21 |
) |
$ |
2.26 |
|
$ |
(0.28 |
) |
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic |
|
39,920,559 |
|
|
39,890,698 |
|
|
39,861,943 |
|
|
33,774,260 |
|
Weighted average common shares outstanding – diluted |
|
40,111,348 |
|
|
39,890,698 |
|
|
40,091,647 |
|
|
33,774,260 |
|
(1) |
The Company is a 51% owner in NT Suez Holdco LLC (“NT Suez”), a joint venture that owns two Suezmax vessels. The Company also performs commercial, technical and administrative services for this joint venture. |
DIAMOND S SHIPPING INC. AND SUBSIDIARIES |
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
for the Six Months Ended June 30, 2020 and 2019 |
||||||
(In Thousands) |
||||||
(Unaudited) |
||||||
|
For the Six Months Ended
|
|||||
|
2020 |
2019 |
||||
Cash flows from Operating Activities: |
|
|
||||
Net income (loss) |
$ |
92,083 |
|
$ |
(9,397 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
||||
Depreciation and amortization expense |
|
57,531 |
|
|
51,199 |
|
Amortization of deferred financing costs |
|
1,771 |
|
|
1,892 |
|
Amortization of time charter hire contracts acquired |
|
1,518 |
|
|
872 |
|
Amortization of the realized gain from recouponing swaps |
|
— |
|
|
(1,377 |
) |
Stock-based compensation expense |
|
2,443 |
|
|
861 |
|
Changes in assets and liabilities |
|
6,802 |
|
|
(24,313 |
) |
Cash paid for drydocking |
|
(3,014 |
) |
|
(7,691 |
) |
Net cash provided by operating activities |
|
159,134 |
|
|
12,046 |
|
|
|
|
||||
Cash flows from Investing Activities: |
|
|
||||
Acquisition costs, net of cash acquired of $16,568 |
|
— |
|
|
(292,683 |
) |
Transaction costs |
|
— |
|
|
(18,804 |
) |
Payments for vessel additions and other property |
|
(7,481 |
) |
|
(7,388 |
) |
Net cash used in investing activities |
|
(7,481 |
) |
|
(318,875 |
) |
|
|
|
||||
Cash flows from Financing Activities: |
|
|
||||
Borrowings on long-term debt |
|
— |
|
|
300,000 |
|
Principal payments on long-term debt |
|
(67,195 |
) |
|
(35,496 |
) |
Borrowings on revolving credit facilities |
|
— |
|
|
56,000 |
|
Repayments on revolving credit facilities |
|
(45,000 |
) |
|
(26,323 |
) |
NT Suez Holdco LLC distribution |
|
(1,911 |
) |
|
— |
|
Shares repurchased |
|
(1,418 |
) |
|
— |
|
Cash paid to net settle employee withholding taxes on equity awards |
|
(693 |
) |
|
— |
|
Proceeds from partners’ contributions in subsidiaries |
|
— |
|
|
980 |
|
Payments for deferred financing costs |
|
(584 |
) |
|
(6,959 |
) |
Net cash (used in) provided by financing activities |
|
(116,801 |
) |
|
288,202 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
34,852 |
|
|
(18,627 |
) |
Cash, cash equivalents and restricted cash – Beginning of period |
|
89,219 |
|
|
88,158 |
|
Cash, cash equivalents and restricted cash – End of period |
$ |
124,071 |
|
$ |
69,531 |
|
|
|
|
||||
Supplemental disclosures: |
|
|
||||
Cash paid for interest |
$ |
20,538 |
|
$ |
22,075 |
|
Unpaid transaction costs in Accounts payable and accrued expenses at the end of the period |
$ |
— |
|
$ |
280 |
|
Unpaid vessel additions in Accounts payable and accrued expenses at the end of the period |
$ |
— |
|
$ |
2,485 |
|
|
||||||||||||||||||||||||||
DIAMOND S SHIPPING INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
Other Operating Data |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
||||||||||||||||||||||||
2020 |
|
2019 |
|
2020 |
|
|
2019 |
|||||||||||||||||||
Crude
|
Product
|
|
Crude
|
Product
|
|
Crude
|
|
Product
|
|
|
Crude
|
|
Product
|
|||||||||||||
Time Charter TCE per day(1) |
$ |
26,372 |
$ |
14,558 |
$ |
26,105 |
$ |
13,953 |
$ |
26,380 |
$ |
14,352 |
$ |
26,117 |
$ |
14,335 |
||||||||||
Spot TCE per day (1),(2) |
|
44,214 |
|
18,956 |
|
15,528 |
|
12,815 |
|
45,510 |
|
17,686 |
|
17,862 |
|
13,463 |
||||||||||
Total TCE per day(1),(2) |
$ |
40,626 |
$ |
18,073 |
$ |
16,200 |
$ |
13,118 |
$ |
41,769 |
$ |
16,999 |
$ |
18,174 |
$ |
13,639 |
||||||||||
Vessel operating expenses per day(3) |
$ |
7,030 |
$ |
6,407 |
$ |
7,195 |
$ |
6,677 |
$ |
7,367 |
$ |
6,535 |
$ |
6,745 |
$ |
6,590 |
||||||||||
Revenue days(4) |
|
1,357 |
|
4,422 |
|
1,433 |
|
4,617 |
|
2,786 |
|
8,937 |
|
2,516 |
|
7,399 |
||||||||||
Operating days(4) |
|
1,456 |
|
4,550 |
|
1,456 |
|
4,732 |
|
2,912 |
|
9,100 |
|
2,552 |
|
7,606 |
||||||||||
(1) |
Time charter equivalent (“TCE”) revenue represents voyage revenues, which commence at the time a vessel departs its last discharge port and end at the time the discharge of cargo at the next discharge port is complete, less voyage expenses incurred over such time. TCE rates are a non-GAAP measure, generally used in the shipping industry, used to compare revenue generated from voyage charters to revenue generated from time charters. TCE rates assist the Company’s management in making decisions regarding the deployment and use of its vessels and in evaluating the financial performance of vessels under commercial management. See Non-GAAP Measures below. |
|||
(2) |
Revenues are derived on a discharge-to-discharge basis less voyage expenses which primarily consist of fuel costs and port charges incurred over the same period. Voyage revenues, as presented in the income statement, are reported under a load-to-discharge basis under U.S. GAAP. A reconciliation is provided in the Non-GAAP Measures section of the press release. |
|||
(3) |
The vessel operating expenses primarily consist of crew wages and associated costs, insurance premiums, lubricants and spare parts, technical management fees and repair and maintenance costs and excludes nonrecurring items. |
|||
(4) |
Operating days include the calendar days in the period of owned vessels. Revenue days represent operating days less technical off-hire and drydocking. |
Non-GAAP Measures
To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone.
TCE revenue, TCE per day, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance (“Adjusted EBITDA”) are non-GAAP financial measures that are presented in this press release and that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of TCE revenue, TCE per day, EBITDA and Adjusted EBITDA.
Reconciliation of Voyage Revenue to TCE per Day
(in thousands of U.S. dollars, except fleet data) |
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
||||||||||||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||||||||||||
Crude
|
Product
|
|
Crude
|
Product
|
|
Crude
|
Product
|
|
Crude
|
Product
|
|||||||||||||||||
Voyage revenue |
$ |
69,873 |
|
$ |
113,680 |
|
$ |
51,474 |
|
$ |
97,821 |
|
$ |
160,502 |
|
$ |
232,776 |
|
$ |
86,883 |
|
$ |
165,068 |
|
|||
Voyage expense |
|
(14,660 |
) |
|
(34,689 |
) |
|
(27,094 |
) |
|
(38,801 |
) |
|
(43,009 |
) |
|
(81,021 |
) |
|
(41,464 |
) |
|
(66,009 |
) |
|||
Amortization of time charter contracts acquired |
|
581 |
|
|
197 |
|
|
581 |
|
|
215 |
|
|
1,162 |
|
|
356 |
|
|
600 |
|
|
272 |
|
|||
Off-hire bunkers in voyage expenses |
|
147 |
|
|
227 |
|
|
211 |
|
|
230 |
|
|
281 |
|
|
301 |
|
|
211 |
|
|
603 |
|
|||
Commercial management pool fees |
|
- |
|
|
9 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
9 |
|
|
|
- |
|
|
- |
|
Load-to-discharge/Discharge-to-discharge |
|
(793 |
) |
|
481 |
|
|
(1,955 |
) |
|
1,096 |
|
|
(2,562 |
) |
|
(495 |
) |
|
(501 |
) |
|
943 |
|
|||
Revenue from sold vessels |
|
- |
|
|
4 |
|
|
- |
|
|
- |
|
|
- |
|
|
(11 |
) |
|
- |
|
|
30 |
|
|||
TCE Revenue |
$ |
55,148 |
|
$ |
79,909 |
|
$ |
23,217 |
|
$ |
60,561 |
|
$ |
116,374 |
|
$ |
151,915 |
|
$ |
45,729 |
|
$ |
100,907 |
|
|||
Operating days |
|
1,456 |
|
|
4,550 |
|
|
1,456 |
|
|
4,732 |
|
|
2,912 |
|
|
9,100 |
|
|
2,552 |
|
|
7,606 |
|
|||
Off-hire/Dry Docking days |
|
99 |
|
|
128 |
|
|
23 |
|
|
115 |
|
|
126 |
|
|
163 |
|
|
36 |
|
|
207 |
|
|||
Revenue days |
|
1,357 |
|
|
4,422 |
|
|
1,433 |
|
|
4,617 |
|
|
2,786 |
|
|
8,937 |
|
|
2,516 |
|
|
7,399 |
|
|||
TCE per day |
$ |
40,626 |
|
$ |
18,073 |
|
$ |
16,200 |
|
$ |
13,118 |
|
$ |
41,769 |
|
$ |
16,999 |
|
$ |
18,174 |
|
$ |
13,639 |
|
|||
Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA
EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income (loss) or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some limitations are:
Investor Relations Inquiries:
Robert Brinberg
Tel: +1-212-517-0810
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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