HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss¹ of $25.9 million, or $(0.17) per diluted share, for the fourth quarter 2021 compared to $19.0 million, or $(0.13) per diluted share, for the third quarter 2021 and net income of $4.2 million, or $0.03 per diluted share, for the fourth quarter 2020. Adjusted EBITDA² was $8.8 million for the fourth quarter 2021 compared to $26.5 million for the third quarter 2021 and $35.3 million for the fourth quarter 2020.

For the full year 2021, Helix reported a net loss of $61.5 million, or $(0.41) per diluted share, compared to net income of $22.2 million, or $0.13 per diluted share, for the full year 2020. Adjusted EBITDA for the full year 2021 was $96.3 million compared to $155.3 million for the full year 2020. The table below summarizes our results of operations:

Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our results for 2021 highlight our company’s resilience and execution in another challenging year. We delivered on the higher end of our EBITDA outlook and exceeded our free cash flow guidance with free cash flow of $132 million. We continued to de-lever our balance sheet and managed our liquidity with a new five-year credit facility. We achieved zero net debt in 2021 and were net debt negative at year-end. We maintained a strong safety record and minimized operational disruption due to COVID. As we look forward, we expect the first half of 2022 will be a transitional period as we still face headwinds in the near-term with a slow recovery in the North Sea, cost escalations and our continued integration of the Siem Helix 1 into the spot market. We are optimistic about the future and believe we will see a stronger second half of 2022 and continuing into 2023, as reflected by recent awards for decommissioning campaigns in the Tui field offshore New Zealand and with Trident Energy offshore Brazil, both expected to commence late 2022. We believe we’re well positioned to take advantage of the improving market conditions. In addition, our Robotics business continues to thrive in the renewables market, where we are a market leader in trenching. We remain committed to executing our strategy and maintaining operational excellence.”

Fourth Quarter Results

Segment Results

Well Intervention

Well Intervention revenues decreased $12.1 million, or 9%, in the fourth quarter 2021 compared to the previous quarter. The decrease was primarily due to lower utilization in the North Sea and Brazil, offset in part by higher utilization in the Gulf of Mexico and higher operating rates in West Africa during the fourth quarter 2021. North Sea utilization declined with the seasonal slowdown, and our Brazil utilization declined as the Siem Helix 1 had minimal utilization during the fourth quarter 2021 following the completion of its long-term contract in August 2021 and scheduled regulatory inspections. Overall Well Intervention vessel utilization decreased to 56% in the fourth quarter 2021 compared to 72% in the previous quarter. Well Intervention net loss from operations increased to $21.1 million in the fourth quarter 2021 compared to $13.3 million in the previous quarter. The increased loss was due to lower revenues, offset in part by reduced operating costs in the North Sea during the fourth quarter.

Well Intervention revenues increased $7.2 million, or 6%, in the fourth quarter 2021 compared to the fourth quarter 2020. The increase was primarily due to higher utilization in West Africa, offset in part by lower utilization in Brazil and lower rates in the Gulf of Mexico during the fourth quarter 2021. Our fourth quarter 2021 utilization in West Africa benefitted from near-full utilization on the Q7000, which had no utilization during the fourth quarter 2020. However, our fourth quarter 2021 revenues were negatively impacted with the completion of our long-term contracts during 2021 on the Q5000, which had lower rates compared to the prior year, and the Siem Helix 1, which had minimal utilization following the completion of its long-term contract in August 2021 and scheduled regulatory inspections, compared to near-full utilization in the prior year. Well Intervention vessel utilization was 56% in both the fourth quarters 2021 and 2020. Well Intervention incurred a net loss from operations of $21.1 million in the fourth quarter 2021 compared to operating income of $1.9 million in the fourth quarter 2020. Operating income decreased, despite higher revenue, due to lower margins in West Africa and the Gulf of Mexico compared to the prior year.

Robotics

Robotics revenues decreased $1.8 million, or 4%, in the fourth quarter 2021 compared to the previous quarter. The seasonally lower revenues were driven by a decrease in ROV activity and lower seasonal vessel rates in the North Sea, offset in part by a higher number of vessel days. ROV and trencher utilization decreased to 38% in the fourth quarter 2021 from 43% in the previous quarter, while trenching days remained flat quarter over quarter. Chartered vessel utilization was 99% in both the third and fourth quarters 2021, although there were 419 total vessel days during the fourth quarter 2021 compared to 358 total vessel days during the previous quarter. Vessel days during the fourth quarter 2021 included 197 spot vessel days performing seabed clearance work in the North Sea and 40 spot vessel days completing the ROV support work for a telecom project offshore Guyana compared to 99 and 77 of such spot vessel days, respectively, during the previous quarter. Robotics operating income decreased $1.4 million during the fourth quarter 2021 compared to the previous quarter due to lower revenues during the fourth quarter 2021.

Robotics revenues decreased $1.3 million, or 3%, in the fourth quarter 2021 compared to the fourth quarter 2020. The decrease in revenues year over year was due to lower rates on our vessels, offset in part by an increase in vessel and ROV activity during the fourth quarter 2021 compared to the fourth quarter 2020. During the fourth quarter 2021 our spot vessel days completing the telecom project offshore Guyana were at lower demobilization rates and our site clearance projects were on average at lower overall rates compared to the fourth quarter 2020. Total vessel days during the fourth quarter 2021 increased to 419 days compared to 336 days during the fourth quarter 2020. Vessel days during the fourth quarter 2021 included 197 spot vessel days performing seabed clearance work and 40 spot vessel days completing ROV support work for a telecom project offshore Guyana, compared to 74 spot vessel days performing seabed clearance work and 78 spot vessel days performing decommissioning projects and ROV support work during the fourth quarter 2020. Chartered vessel utilization was 99% during the fourth quarter 2021 compared to 100% during the fourth quarter 2020. Total ROV and trencher utilization was 38% in the fourth quarter 2021 compared to 32% in the fourth quarter 2020, with 90 trenching days in the fourth quarter 2021 compared to 92 days in the fourth quarter 2020. Robotics income from operations increased $1.7 million in the fourth quarter 2021 compared to the fourth quarter 2020 due to lower costs and higher margins on projects during the fourth quarter 2021.

Production Facilities

Production Facilities revenues increased $1.6 million, or 9%, in the fourth quarter 2021 compared to the previous quarter and $5.1 million, or 34%, compared to the fourth quarter 2020 primarily due to higher oil and gas production volumes and prices during the fourth quarter 2021.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $21.5 million, or 12.7% of revenue, in the fourth quarter 2021 compared to $13.3 million, or 7.4% of revenue, in the previous quarter. The increase was primarily due to higher employee incentive compensation costs compared to the previous quarter.

Other Income and Expenses

Other expense, net was $0.1 million in the fourth quarter 2021 compared to $4.0 million in the third quarter 2021. Other expense, net in the third quarter 2021 included unrealized foreign currency losses related to the British pound, which weakened approximately 3% during the third quarter 2021.

Cash Flows

Operating cash flows were $18.9 million in the fourth quarter 2021 compared to $28.7 million in the previous quarter and $40.2 million in the fourth quarter 2020. The decreases in operating cash flows quarter over quarter and year over year were primarily due to lower earnings, offset in part by improvements in working capital, during the fourth quarter 2021.

Capital expenditures totaled $0.9 million in the fourth quarter 2021 compared to $0.6 million in the previous quarter and $1.1 million in the fourth quarter 2020.

Free cash flow was $17.9 million in the fourth quarter 2021 compared to $28.1 million in the previous quarter and $39.1 million in the fourth quarter 2020. The decreases in free cash flow quarter over quarter and year over year were due primarily to lower operating cash flows in the fourth quarter 2021. (Free cash flow is a non-GAAP measure. See reconciliation below.)

Full Year Results

Segment Results

Well Intervention

Well Intervention revenues decreased $22.7 million, or 4%, in 2021 compared to 2020. The decrease was primarily driven by lower vessel utilization and rates on the Q4000 and the Siem Helix 1, which completed its long-term contract in Brazil during the third quarter 2021, and lower rates on the Q5000 with the completion of its long-term contract in the Gulf of Mexico during the second quarter 2021. The decrease was offset in part by higher utilization on the Q7000, which had near full utilization once resuming operations in January 2021 after being warm stacked for the majority of 2020. Overall Well Intervention vessel utilization remained flat at 67% in both 2021 and 2020. Well Intervention incurred a net loss from operations of $35.9 million in 2021 compared to operating income of $26.9 million in 2020, a decrease of $62.7 million. The decrease was due to lower segment revenues as well as lower margins associated with our resumed activity in West Africa in 2021.

Robotics

Robotics revenues decreased $40.7 million, or 23%, in 2021 compared to 2020. The decrease was primarily due to a reduction in seabed clearance and trenching activities. Chartered vessel days decreased to 1,178 in 2021 compared to 1,690 in 2020 due primarily to a reduction in vessel days associated with our renewables site clearance projects in the North Sea, which totaled 360 days in 2021 compared to 647 days in 2020. Trenching days decreased to 336 days in 2021 compared to 407 days in 2020. Overall ROV and trencher utilization increased to 36% in 2021 compared to 34% in 2020. Robotics operating income decreased $8.0 million, or 58%, in 2021 compared to 2020. The decrease in operating income was due to lower revenues, offset in part by lower operating expenses, during 2021.

Production Facilities

Production Facilities revenues increased $11.0 million, or 19%, in 2021 compared to 2020. The increase was due to higher oil and gas prices and production volumes and higher revenues related to the Helix Fast Response System in 2021. Production Facilities operating income increased $6.9 million compared to the prior year primarily due to increases in revenues in 2021.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $63.4 million, or 9.4% of revenue, in 2021 compared to $61.1 million, or 8.3% of revenue, in 2020. The increase was primarily related to an increase in employee incentive compensation costs, offset in part by cost reduction measures and lower credit provisions, which included credit losses of $1.9 million in 2020.

Net Interest Expense

Net interest expense decreased to $23.2 million in 2021 compared to $28.5 million in 2020. The decrease was primarily associated with lower funded debt, which decreased by $91.0 million during 2021, and lower amortization of debt discounts on our convertible senior notes, which were eliminated with our adoption of ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The decrease was offset in part by a full year of higher interest rates on our convertible senior notes due 2026, which were issued in August 2020.

Gain on Extinguishment of Long-term Debt

The $9.2 million gain on extinguishment of long-term debt in 2020 was associated with our repurchase of a portion of our convertible senior notes due 2022 and 2023.

Other Income and Expenses

Other expense, net was $1.5 million in 2021 compared to other income, net of $4.7 million in 2020. The change was primarily due foreign currency losses due to a weakening of the British pound in 2021 compared to foreign currency gains due to a strengthening of the British pound in 2020.

Cash Flows

Helix generated operating cash flows of $140.1 million in 2021 compared to $98.8 million in 2020. The increase in operating cash flows in 2021 was due to improvements in working capital, lower regulatory certification costs and the receipt of tax refunds of $18.9 million related to the CARES Act, offset in part by lower earnings in 2021. Regulatory certification costs, which are considered as part of Helix’s capital spending program but are classified in operating cash flows, were $9.6 million in 2021 compared to $19.3 million in 2020.

Capital expenditures declined to $8.3 million in 2021 compared to $20.2 million in 2020 primarily due to completion of the Q7000, which commenced operations early 2020, and reductions in capital spending as part of our response to the COVID-19 pandemic.

Free cash flow was $131.8 million in 2021 compared to $79.5 million in 2020 due to higher operating cash flows and lower capital expenditures in 2021. (Free cash flow is a non-GAAP measure. See reconciliation below.)

Financial Condition and Liquidity

Cash and cash equivalents were $253.5 million at December 31, 2021 and excluded $73.6 million of restricted cash, which primarily relates to cash pledged as collateral on a short-term project-related letter of credit. Available capacity under our ABL facility was $51.1 million at December 31, 2021. Long-term debt was $305.0 million at December 31, 2021. Negative net debt at December 31, 2021 was $22.1 million.

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly teleconference to review its fourth quarter and full year 2021 results (see the "For the Investor" page of Helix's website, www.helixesg.com). The teleconference, scheduled for Tuesday, February 22, 2022 at 9:00 a.m. Central Time, will be audio webcast live from the "For the Investor" page of Helix’s website. Investors and other interested parties wishing to participate in the teleconference may join by dialing 800-748-8543 for participants in the United States and 212-231-2912 for international participants. The passcode is "Staffeldt." A replay of the webcast will be available on the "For the Investor" page of Helix's website by selecting the "Audio Archives" link beginning approximately two hours after the completion of the event.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.helixesg.com.

Non-GAAP Financial Measures

Management evaluates performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, net debt, net debt to book capitalization and free cash flow. We define EBITDA as earnings before income taxes, net interest expense, gain or loss on extinguishment of long-term debt, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets and gains and losses on equity investments are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude the gain or loss on disposition of assets and the general provision (release) for current expected credit losses, if any. In addition, we include realized losses from foreign currency exchange contracts not designated as hedging instruments, which are excluded from EBITDA as a component of net other income or expense. Net debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. Net debt to book capitalization is calculated by dividing net debt by the sum of net debt and shareholders’ equity. We define free cash flow as cash flows from operating activities less capital expenditures, net of proceeds from sale of assets.

We use EBITDA, Adjusted EBITDA and free cash flow to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA and free cash flow provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA and free cash flow differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA and free cash flow should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding the ongoing COVID-19 pandemic and oil price volatility and their respective effects and results, our protocols and plans, our current work continuing, the spot market, our spending and cost reduction plans and our ability to manage changes; our strategy; any statements regarding visibility and future utilization; any projections of financial items; any statements regarding future operations expenditures; any statements regarding the plans, strategies and objectives of management for future operations; any statements regarding our ability to enter into, renew and/or perform commercial contracts; any statements concerning developments; any statements regarding our environmental, social and governance (“ESG”) initiatives; any statements regarding future economic conditions or performance; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to the results and effects of the COVID-19 pandemic and actions by governments, customers, suppliers and partners with respect thereto; market conditions; results from acquired properties; demand for our services; the performance of contracts by suppliers, customers and partners; actions by governmental and regulatory authorities including regulatory initiatives by the U.S. administration; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; our ultimate ability to secure and realize backlog; the effectiveness of our ESG disclosures; employee management issues; complexities of global political and economic developments; geologic risks; volatility of oil and gas prices and other risks described from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K and in our other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by the securities laws.

Social Media

From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup), Instagram (www.instagram.com/helixenergysolutions) and YouTube (www.youtube.com/user/HelixEnerg

Erik Staffeldt, Executive Vice President and CFO
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Ph: 281-618-0465

New research from DTN and Forrester points to priorities in digitization and improvements in operational agility to help drive revenue and better protect business continuity along the oil and gas supply chain.

BURNSVILLE, Minn.--(BUSINESS WIRE)--A new study released today by DTN, a leading data, analytics, and technology provider to the energy sector, shows that two thirds of downstream oil and gas decision makers agree that operational inefficiencies from manual offline tasks and disconnected data negatively impact their profit margin. Those same decision makers admit, by the same margin, that failing to invest in digital modernization is a “significant risk” to the future of their company.

The downstream oil and gas industry is at a digital crossroads. Opportunities to improve efficiency and agility as well as decision accuracy are intersecting with the need to transform an interdependent, yet still highly manual supply chain. According to the study, more than 70% of decision makers at downstream oil and gas companies recognize digital modernization’s importance for the industry and their own business goals. For those leaders, the study shows that industry digitization prioritizes better sharing and distribution of data and driving real-time operational improvements from data analysis.

“The outlook for downstream oil and gas is constantly in flux, which is why the digital integration of more timely and holistic data can make a meaningful difference,” said Heather Killough, Senior Vice President for Energy at DTN. “The contextual data delivered through our Refined Fuels Demand API has been really successful because it provides near real-time view of local fuel demand and has helped downstream customers who have embraced digitization to capitalize on opportunities not just by the day, but often by the hour.”

With sixty-six percent of respondents agreeing that operational inefficiencies from manual offline tasks and processes cost them valuable profit margin, it’s no surprise that real-time data and market analysis were ranked first and second in the study, as critical elements for better decision making and to improve business results. Market and weather data ranked closely behind.

For those who have invested in digital modernization efforts, nearly half reported improved market analysis and insights on emerging supply trends, as well as better operational efficiencies.

For more insights about the current state of digital modernization priorities for downstream oil and gas companies, read the complete study, Digital Modernization Fuels Downstream Oil and Gas. Learn more about Refined Fuels Demand solutions from DTN.

About the Study:

DTN commissioned Forrester Consulting to conduct an online survey in the fall of 2021 of 308 global technology strategy decision makers at downstream oil and gas companies in the US, the UK, Canada, France, and Germany to understand the state of digital modernization within the supply chain.

DTN – Operational Intelligence for Confident Decisions

As a data, analytics and technology company, DTN delivers operational intelligence to organizations with complex supply chains around the world. We are committed to breaking through the noise and providing operationally-critical, actionable intelligence customers can depend on to drive confident decision making. We have earned our customers’ trust by delivering real-time insights that ensure decisions can be make quickly and confidently. Together with our customers, we uncover new insights and create solutions that improve entire industries. And, we do so while maintaining our independence to ensure our customers can make the right decision for their bottom line, their customers and their employees.

Kylie Swanson
This email address is being protected from spambots. You need JavaScript enabled to view it.
952.882.4330

Strong Operational Performance – 97% Revenue Efficiency in 4Q 2021 and 98% in FY 2021
Contract Backlog Increased to $2.4 Billion from $1.0 Billion at the Beginning of 2021
Approximately $330 Million of Contract Backlog Added Since Reporting 3Q 2021 Results
Four Floater Reactivation Projects in Progress for Contracts Beginning in 1H 2022
Operational Leverage to Improving Floater Market

HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported fourth quarter 2021 results.

President and Chief Executive Officer Anton Dibowitz said, “We focus every day on delivering safe, reliable and efficient operations to our customers. I would like to thank the Valaris team for continuing to deliver the strong performance that our customers have come to expect from us, achieving revenue efficiency of 97% during the fourth quarter and more than 98% over the course of 2021. We also improved our personal safety performance by 25% as compared to 2020. These accomplishments are particularly impressive considering the challenging working conditions faced by our offshore crews and support teams during the ongoing pandemic.”

Dibowitz added, “This strong operational performance has translated into contracting success, increasing our contract backlog to $2.4 billion from $1.0 billion at the beginning of 2021. Since our last quarterly report, we have added approximately $330 million of new backlog, including three-year contract extensions for four of our jackup rigs leased to ARO Drilling as well as floater contracts in the U.S. Gulf of Mexico and offshore Australia.”

Dibowitz concluded, “We are in the midst of a transitional period that will extend into the second quarter of this year as we incur reactivation costs to ready three drillships and one semisubmersible for contracts that are expected to commence before the end of the second quarter. We anticipate that financial results will improve significantly as these reactivations are completed. Additionally, we have three uncontracted drillships remaining within our stacked fleet providing operational leverage to the improving floater market. We will be disciplined in exercising our operational leverage and will only return these assets to the active fleet for opportunities that provide meaningful returns.”

Fourth Quarter Review

Revenues decreased to $306 million in the fourth quarter 2021 from $327 million in the third quarter 2021. Excluding reimbursable items, revenues decreased to $269 million in the fourth quarter from $293 million in the third quarter primarily due to fewer operating days and lower average day rates for the jackup fleet.

Contract drilling expense increased to $286 million in the fourth quarter 2021 from $275 million in the third quarter 2021. Excluding reimbursable items, contract drilling expense increased to $264 million in the fourth quarter from $255 million in the third quarter. The sequential quarter increase was primarily due to higher rig reactivation costs, which increased to $37 million in the fourth quarter from $19 million in the third quarter, as we prepare several rigs for contracts that are expected to commence in the first half of 2022. This was partially offset by lower costs resulting from fewer operating days across the fleet in the fourth quarter.

Depreciation expense marginally increased to $25 million in the fourth quarter 2021 from $24 million in the third quarter 2021. General and administrative expense decreased to $18 million in the fourth quarter 2021 from $27 million in the third quarter 2021 primarily due to severance costs related to the departure of three senior executives during the third quarter.

Other income was $21 million in the fourth quarter 2021 compared to other expense of $3 million in the third quarter 2021. Fourth quarter other income included a $21 million gain on sale of assets related to the sale of jackups VALARIS 22, 37 and 142 compared to a gain on sale of assets of less than $1 million in the third quarter.

Tax benefit was $31 million in the fourth quarter 2021 compared to a tax expense of $53 million in the third quarter 2021. The fourth quarter tax provision included $30 million of discrete tax benefit primarily related to a reduction in liabilities for unrecognized tax benefits associated with tax positions taken in prior years and deferred tax benefits associated with Swiss tax reform. The third quarter tax provision included $39 million of discrete tax expense primarily related to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Adjusted for discrete items, tax benefit of $1 million in the fourth quarter compared to tax expense of $14 million in the third quarter. The decrease in tax expense is primarily due to a reduction in valuation allowances on deferred tax assets.

Adjusted EBITDA of $3 million in the fourth quarter 2021 compared to $30 million in the third quarter 2021. Adjusted EBITDAR of $40 million in the fourth quarter 2021 compared to $49 million in the third quarter 2021.

Segment Review

Floaters

Floater revenues decreased to $101 million in the fourth quarter 2021 from $104 million in the third quarter 2021. Excluding reimbursable items, revenues decreased to $89 million in the fourth quarter from $94 million in the third quarter. The sequential quarter decline was primarily due to VALARIS MS-1 starting a short-term contract at a lower day rate during the fourth quarter and fewer operating days for VALARIS DPS-5, which completed a contract during the fourth quarter and is currently undergoing a five-year survey prior to starting a new contract that is expected to commence in the first quarter 2022. This was partially offset by more operating days for VALARIS DS-12, which was idle for a majority of the third quarter.

Contract drilling expense increased to $114 million in the fourth quarter 2021 from $92 million in the third quarter 2021. Excluding reimbursable items, contract drilling expense increased to $106 million in the fourth quarter from $84 million in the third quarter. The sequential quarter increase was primarily due to higher rig reactivation costs, which increased to $34 million in the fourth quarter from $1 million in the third quarter, as we prepare drillships VALARIS DS-4, DS-9 and DS-16 as well as semisubmersible VALARIS DPS-1 for new contracts that are expected to commence in the first half of 2022.

Approximately $428 million of backlog as of February 21, 2022 is attributable to a contract awarded to drillship VALARIS DS-11 for an eight-well contract for a deepwater project in the U.S. Gulf of Mexico expected to commence in mid-2024. In February 2022, the customer decided not to sanction and therefore withdraw from the project associated with this contract. As of the date hereof, the customer has not terminated the contract, but may do so upon the payment of an early termination fee should the project not receive a final investment decision (FID). The project has not received FID. We are in discussions with the customer and its partner on the project to determine next steps.

Jackups

Jackup revenues decreased to $172 million in the fourth quarter 2021 from $186 million in the third quarter 2021. Excluding reimbursable items, revenues decreased to $152 million in the fourth quarter from $168 million in the third quarter. The sequential quarter decline was primarily due to idle time between contracts for VALARIS Norway, Viking and 144 as well as a decline in the average day rate for the harsh environment jackup fleet primarily due to VALARIS Norway moving from drilling operations offshore Norway to accommodation mode in the UK North Sea. This was partially offset by higher revenues from VALARIS 76, which returned to operations late in the third quarter following a suspension period.

Contract drilling expense decreased to $128 million in the fourth quarter 2021 from $142 million in the third quarter 2021. Excluding reimbursable items, contract drilling expense decreased to $117 million in the fourth quarter from $134 million in the third quarter. The sequential quarter decline was primarily due to lower rig reactivation costs, which decreased to $3 million in the fourth quarter from $18 million in the third quarter mostly related to reactivation costs for VALARIS 249, and lower costs due to fewer operating days across the jackup fleet in the fourth quarter.

ARO Drilling

Revenues decreased to $105 million in the fourth quarter 2021 from $118 million in the third quarter 2021 primarily due to fewer operating days across the fleet as two leased rigs completed contracts in the third quarter. Contract drilling expense decreased to $89 million in the fourth quarter from $94 million in the third quarter. EBITDA was $11 million in the fourth quarter compared to $18 million in the third quarter.

Other

Revenues decreased to $33 million in the fourth quarter 2021 from $36 million in the third quarter 2021 due to lower bareboat charter revenues resulting from VALARIS 22 and 37 completing lease contracts with ARO Drilling in the third quarter, and subsequently being retired from the fleet. Contract drilling expense of $15 million in the fourth quarter was in line with the third quarter. EBITDA was $17 million in the fourth quarter compared to $22 million in the third quarter.

Fresh Start Accounting

Valaris emerged from Chapter 11 bankruptcy protection on April 30, 2021 (the "Effective Date"). Upon emergence, Valaris applied fresh start accounting which resulted in Valaris becoming a new reporting entity for accounting and financial reporting. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes prior to that date. As required by GAAP, results for the second quarter must be presented separately for the predecessor period from April 1, 2021, through April 30, 2021 (the "Predecessor" period) and the successor period from May 1, 2021, through June 30, 2021 (the "Successor" period). However, the Company has combined certain results of the Predecessor and Successor periods ("Combined" results) as non-GAAP measures to compare the combined second quarter with other quarters since we believe it provides the most meaningful basis to analyze our results. The Predecessor and Successor results for the second quarter are more fully discussed in our quarterly report on Form 10-Q for the period ended June 30, 2021 filed with the SEC on August 3, 2021.

As previously announced, Valaris will hold its fourth quarter 2021 earnings conference call at 9:00 a.m. CST (10:00 a.m. EST and 3:00 p.m. London) on Tuesday, February 22, 2022. An updated investor presentation will be available on the Valaris website after the call.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company. To learn more, visit the Valaris website at www.valaris.com.

Forward-Looking Statements

Statements contained in this press release that are not historical facts are 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 include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, rig commitments and availability, cash flow, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the effect, impact, potential duration and other implications of the ongoing COVID-19 pandemic; impact of our emergence from bankruptcy; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effects of declines in commodity prices; expected work commitments, awards and contracts; effective tax rates; letters of intent; scheduled delivery dates for rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, availability, relocation or other movement of rigs; future rig reactivations; expected divestitures of assets; general market, business and industry conditions, trends and outlook; future operations; increasing regulatory complexity; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; potential additional asset impairments; failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions by regulatory authorities, or other third parties; actions by our security holders; commodity price fluctuations and volatility, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; consumer preferences for alternative fuels; increased scrutiny of our Environmental, Social and Governance ("ESG") practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619

DUBLIN--(BUSINESS WIRE)--The "Offshore Support Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global offshore support vessels market reached a value of $41.1 Billion in 2021. Looking forward, the publisher expects the market to reach $52.1 Billion by 2027, exhibiting a CAGR of 4% during 2022-2027.

Companies Mentioned

• Bourbon
• Grupo CBO
• Gulfmark
• Havila
• Maersk
• Seacor Marine
• SIEM Offshore
• Solstad
• Swire
• Tayrona Offshore
• Tidewater
• Vroon Group

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Offshore support vessels refer to various marine vessels that are used for transporting goods, supplies and equipment during subsea exploration and construction activities. Some of the common types of offshore support vessels include diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels (PSVs). These vessels are primarily used for locating and inspecting oil and gas-bearing areas, towing and positioning rigs/platforms and offering maintenance facilities. They are equipped with powerful small-sized boats that respond to emergencies at offshore installations and also provide various other services, such as transportation, anchor management and platform support.

Increasing oil and gas exploratory activities is one of the key factors driving the growth of the market. Furthermore, the rising demand for PSVs across the globe is also providing a boost to the market growth. PSVs are used in the production stage of offshore drilling and for the transportation of cement, casting and drilling pipes and completion fluids. Additionally, various technological advancements in the manufacturing processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels, is acting as another growth-inducing factor. Manufacturers are emphasizing on producing computer-controlled vessels that can automatically control their propellers and thrusters to maintain a specific position.

Other factors, including rapid industrialization and extensive research and development (R&D) activities, along with growing investments in the oil and gas sector across the globe, especially in the emerging economies, are projected to drive the global offshore support vessels market further.

Key Questions Answered in this Report

• What was the size of the global offshore support vessels market in 2021?
• What are the key factors driving the global offshore support vessels market?
• What has been the impact of COVID-19 on the global offshore support vessels market?
• What is the breakup of the global offshore support vessels market based on the type?
• What is the breakup of the global offshore support vessels market based on the water depth?
• What is the breakup of the global offshore support vessels market based on the fuel?
• What is the breakup of the global offshore support vessels market based on the service type?
• What is the breakup of the global offshore support vessels market based on the application?
• What are the key regions in the global offshore support vessels market?
• Who are the key players/companies in the global offshore support vessels market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Offshore Support Vessels Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Type

7 Market Breakup by Water Depth

8 Market Breakup by Fuel

9 Market Breakup by Service Type

10 Market Breakup by Applications

11 Market Breakup by Region

12 SWOT Analysis

13 Value Chain Analysis

14 Porters Five Forces Analysis

15 Competitive Landscape

15.1 Market Structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/mubkh

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Agreement will encompass the development of four power plants operating with two high efficiency INNIO Jenbacher biogas engines each
• Eight Jenbacher engines will operate on biogas, providing a total generating capacity of more than 8 megawatts (MW)
• Eight INNIO Jenbacher engines will run on 100% palm oil wastes while capturing methane

DUBAI, United Arab Emirates--(BUSINESS WIRE)--INNIO announced today that it has signed a memorandum of understanding (MOU) with Concord Renewable Energy SDN BHD (Concord Group) to partner in building four power plants across Malaysia fueled by palm oil wastes. The MOU signing took place at Dubai Expo 2020, in a festivity ceremony organized and held by the Malaysian Ministry of Energy and Natural Resources (KeTSA) for Sustainable Energy and Natural Resources week at Malaysia Pavilion, which took place January 30 – February 5, 2022. The project emphasizes Malaysia’s efforts to achieve its COP26 commitments in moving away from fossil fuels and increasing renewable energy projects. The power plants, built in various parts of Malaysia, will deliver sustainable power to the grid while capturing methane. Each plant is expected to operate two INNIO Jenbacher high-efficiency biogas engines, collectively delivering more than 8 MW of power to the grid.

The Jenbacher Type 4 engines, for which INNIO will also supply long-term servicing, are known for their dependability, efficiency and fuel & solution flexibility. This makes them an excellent technology to advance Malaysia’s plans to reduce its reliance on fossil fuels. As part of its COP26 commitment, Malaysia recently raised its National Renewable Energy Capacity target from a 20% increase to a 31% increase of renewables in the national energy mix by 2025.

“INNIO has more than 500 Jenbacher engines currently operating on biogas and deploying about 1 GW in the ASEAN region,” said Carsten Dommermuth, Vice President and General Manager APAC at INNIO Jenbacher. “Our Jenbacher Type 4 biogas engine fleet delivers reliable and fuel-efficient heat and power, where the additional surplus energy is fed into the power grid as a renewable, dispatchable power source. We are pleased to partner with the Concord Group to provide technology that helps Malaysia meet its climate goals.”

While supplying clean energy throughout Malaysia, Concord Group and INNIO will be further advancing the country’s climate change mitigation objectives through the sourcing of the fuel. Methane gas emitted by existing palm oil mills will be reappropriated to produce power.

“Having successfully worked with INNIO in the past, we can think of no better technology to support our clean energy goals,” said Concord Renewable Energy Sdn Bhd CEO, Datuk Khairuddin bin Tan Sri Mohd Hussin. “We look forward to continuing to work with INNIO’s advanced Jenbacher technology to help us meet growing energy demand while reducing emissions.”

About INNIO

INNIO is a leading provider of renewable gas and hydrogen-rich solutions and services for power generation and compression at or near the point of use. With our Jenbacher and Waukesha products, INNIO helps to provide communities, industry and the public access to sustainable, reliable and economical power ranging from 200 kW to 10 MW. We also provide life-cycle support and digital solutions to the more than 54,000 delivered engines globally, through our service network in more than 100 countries. We deliver innovative technology driven by sustainability, decentralization, and digitalization to help lead the way to a greener future. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, U.S. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

For further information please contact:
Susanne Reichelt
INNIO
+43 664 80833 2382
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Proposals Sought on Climate Action in Agriculture

DULUTH, Ga.--(BUSINESS WIRE)--The AGCO Agriculture Foundation (AAF), a private foundation with the vision to prevent and relieve hunger through sustainable agricultural development, today announced the launch of its new grant application cycle on the theme of “Climate Action Within the Context of Agriculture” for non-profit organizations with grant proposals between $20,000 - $300,000 USD and located anywhere across the globe.

In alignment with the United Nation Sustainable Development Goal 13 (SDG 13) on “Climate Action” and AGCO’s purpose to deliver “farmer-focused solutions to sustainably feed our world,” the Foundation is accepting grant applications on climate action in agriculture. The AAF grant application platform, through its community investment software partner, Benevity, is running the application cycle from February 21 to March 30. This program strengthens AAF commitment to its strategic focus areas and AGCO’s Farmer-First strategy while addressing global trends on climate change adaptation and mitigation.

The Foundation’s first grant application cycle for 2022 seeks new project proposals from non-profits that combine various sustainable methods to tackle the specific climate change-related challenges of today’s farming communities.

“Climate change is impacting farmers’ livelihoods and our global food supply,” said Metti Richenhagen, Director, AGCO Agriculture Foundation. “Through our current AAF grant funding, we want to support projects, initiatives and innovations that help farmers and farming communities mitigate and build resilient agriculture practices against climate change, improve livelihoods and transform food systems to sustainably feed the world.”

Grant eligible non-profit organizations must focus on climate action in the agricultural context that also aligns with any of the AAF thematic focus areas such as Nutrition & Sustainable Food Systems, Agricultural Education, Research and Innovation, and Farmer Community Development. The aim is to implement projects that promote sustainable climate solutions for farmers and the agricultural sector to benefit economies while also strengthening community development.

Application Forms, AAF Statement on Ag. & Climate Change, FAQs & Guidelines

All non-profits are advised to carefully read all provisions below before preparing their application.

• Grant Application Page – Access and start your application here
• AAF Statement on Climate Change in the context of Agriculture here
• AAF Grant Application Overview/Guidelines here
• Frequently Asked Questions (FAQs) here

The deadline to apply for this grant cycle is March 30, 2022, at 5 p.m. EDT. Successful applications will receive resources to initiate and implement projects that promote sustainable climate solutions for farmers and the agricultural sector.

About AGCO

AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $11.1 billion in 2021. For more information, visit www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.

About the AGCO Agriculture Foundation (AAF)

The AGCO Agriculture Foundation (AAF), initiated by AGCO Corporation (NYSE: AGCO) in 2018, is a private foundation with the vision to prevent and relieve hunger. The foundation initiates impactful programs that support food security, foster sustainable agricultural development and build needed agricultural infrastructure in marginalized farming communities. AAF is domiciled in Vaduz, Liechtenstein and operations are managed from Duluth, Georgia, USA. For more information, please visit https://www.agcofoundation.org/

Metti Richenhagen, AGCO Agriculture Foundation
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Ecoppia’s versatile portfolio answers the growing needs of large IPP’s such as Azure Power, providing a holistic solution for even the most challenging solar sites

TEL AVIV, Israel--(BUSINESS WIRE)--#Ecoppia--Ecoppia (TASE: ECPA), world’s leader in robotic cleaning solutions for photovoltaic solar, announced today another significant milestone with first ever hybrid project of 400MW with renowned energy player, Azure Power.

This complex project, combined of two types of installations - fixed tilt and Single Axis Trackers (SAT), along with challenging terrains and varied structures, is another exemplification for Ecoppia’s wide capabilities to tailor a long-term and cost-effective solution for leading energy players.

The robotics’ deployment, expected to commence the first half of 2022, will feature Ecoppia’s full product suit – the E4, the T4 as well as Ecoppia’s latest addition - the Ecoppia H4 - powered by the patented Helix Technology.

Combining Ecoppia’s renowned safety capabilities alongside effective, swift, and smart cleaning, the H4 is designed to cater the growing needs of site developers.

Using safe microfibers and controlled airflow, the H4 channels dust and dirt particles downwards without accumulating them by simply moving horizontally while cleaning vertically.

Azure Power is part of a long list of tier-1 energy players, understanding the need for a holistic solution, able to cope with their massive pipeline on different geographies even with the most challenging layouts. The project is part of Ecoppia’s framework agreement with Azure, emphasizing Ecoppia’s ability to supply future needs of client’s expanding operation.

“When Ecoppia was founded 8 years ago we had one simple goal in mind: to allow scalability and enhance profitability for large solar sites around the world” said Jean Scemama, CEO of Ecoppia. “With this project, Ecoppia solidifies its ability to do so, offering Azure Power a wide spectrum of autonomous robotic solutions, supporting their expanding efforts. We believe that with Ecoppia’s newest product, the H4, joining the Ecoppia portfolio, energy companies will be able to achieve faster ROI while safeguarding their assets”.

About Ecoppia

With over 3,000MW of deployed capacity, Ecoppia (TASE: ECPA) is a pioneer and world leader in robotic solutions for photovoltaic solar. Ecoppia’s cloud-based, water-free, autonomous robotic systems remove dust from solar panels on a daily basis, leveraging sophisticated technology and advanced Business Intelligence capabilities. Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention. Ecoppia’s proprietary algorithms and robotic solutions make day-to-day O&M at solar sites safer, more efficient, and more reliable. Publicly held and backed by prominent international investment funds, Ecoppia works with the largest energy companies across the globe, cleaning millions of solar panels every day. For more information, visit www.ecoppia.com

Anat Cohen Segev
VP Marketing, Ecoppia
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+972-9-8917000

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) reduced its long-term debt by approximately $750 million in February through the previously announced debt reduction and refinancing transactions. The transactions included the issuance of $650 million aggregate principal amount of 4.000% Senior Notes due 2052 (the “Notes Issuance”) and the use of the proceeds from the Notes Issuance and cash on hand to repurchase and retire approximately $1.4 billion aggregate principal amount of various series of Valero’s senior notes.

These transactions, combined with debt reduction and refinancing transactions completed in the third and fourth quarters of 2021, collectively reduced Valero’s long-term debt by approximately $2.0 billion.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock payable on March 14, 2022 to shareholders of record as of March 4, 2022.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “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 statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, increases in its borrowing base and otherwise; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; the operating results of the Company’s midstream joint venture’s Black River cryogenic natural gas processing plant; the timing and operating results of the buildout by the Company’s midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional produced water disposal wells; and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Capital Markets Coordinator
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(972) 371-5225

European carriers to qualify this quarter include Van den Bosch, Solidaris and Curt Richter

AMSTERDAM--(BUSINESS WIRE)--FourKites^®, today publishes its global Premier Carrier List (PCL) for the fourth quarter of 2021. FourKites’ 12th consecutive quarterly list showcases the growing community of brokers, carriers and 3PLs worldwide who achieve the highest standards of visibility-related operational excellence across all modes of transport.

The total number of loads transported by PCL carriers on the FourKites platform grew over 10% from Q3 to Q4, to almost 4,000,000 across all industries. Nearly 400 carriers made the list in Q4, with particularly strong growth among European carriers, which now comprise nearly 20% of the list.

“We’re delighted to see the boost in European carriers who have qualified for the PCL,” says Jason Eversole, Vice President of Carrier Operations at FourKites. “More and more European carriers see supply chain visibility as an opportunity to grow their client’s businesses as well as their own.”

To qualify for the PCL, carriers must demonstrate an ability to provide high-quality, consistent and accurate data on the vast majority of their loads. This enables their shipper customers and other ecosystem partners to streamline operations, increase the speed of shipping dock turn times, reduce inventory levels and optimise labor costs.

Premier Carriers speak to program benefits:

“Van den Bosch is always on the lookout for new opportunities to make its supply chain more efficient and sustainable. Fueled by data, insights and knowledge, innovation and digitalisation are key drivers. The qualification for Premier Carrier is a nice recognition and confirmation of our position as the supply changer in bulk.”

-Marrit Hopmans, Data & Applications Manager, Van den Bosch

“We're proud to be recognized as a FourKites Premier Carrier because it reinforces our promise to provide unparalleled customer service. We're dedicated to delivering real-time visibility and tracking updates that matter most. It's also why our customers consider us their logistics partner, not just their provider.”

-Peter Coratola, Jr., CEO, EASE Logistics

“FourKites has become essential for our business communication. A.N. Webber Logistics takes great pride in being named a FourKites Premier Carrier. This recognition is the culmination of all the hard work our team has done for its carriers and customers. It shows our commitment to the success of our business partners.”

-Matthew Schore, Director of Business Development, A.N. Webber Logistics Inc.

A public-facing version of the Premier Carrier List is available here. Users can access and search the list according to carrier capabilities, transportation modes, geographies serviced and other relevant criteria.

About FourKites

FourKites^® is the #1 supply chain visibility platform in the world, extending visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2.5 million shipments daily across road, rail, ocean, air, parcel and courier, and reaching 176 countries, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,000 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.

Scott Johnston
European PR Director, FourKites
+31 62 147 8442
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Industry Veteran Bolsters EIG’s Brazil and Latin America Operations

WASHINGTON--(BUSINESS WIRE)--EIG, a leading institutional investor to the global energy and infrastructure sectors, today announced that Flavio Valle has joined the firm as Managing Director and Head of Brazil. Mr. Valle has over 15 years of expertise in infrastructure projects, cross-border transactions, project finance, capital markets, and mergers and acquisitions. He will be based in EIG’s Rio de Janeiro office.

“We’ve worked closely with Flavio for 12 years and are thrilled to have him join the EIG team,” said R. Blair Thomas, EIG’s Chief Executive Officer. “Flavio brings a unique set of skills and experience that will be critical in materializing EIG’s vision in Brazil and the rest of the region. Energy transition is the dominant theme in our industry and Brazil is rich in opportunities across both infrastructure and renewables that will help drive the transition forward.”

Mr. Valle added, “I have known and respected EIG for years and I am very excited for the opportunity to contribute to the firm’s ongoing success and growth. I look forward to working with EIG’s management and the Brazil team as we implement the firm’s strategic vision for the region.”

Prior to joining EIG, Mr. Valle was an Executive Director at Prumo Logística S.A. (“Prumo”), a private Brazilian company controlled by EIG. During his tenure at Prumo, Mr. Valle also served as Head of Mergers & Acquisitions and General Counsel. Mr. Valle began his career as an attorney at Veirano Advogados, one of the leading and most renowned Brazilian business law firms. He holds a master’s in business administration (MBA) from Harvard Business School and a bachelor’s degree from Pontifícia Universidade Católica do Rio de Janeiro.

About EIG

EIG is a leading institutional investor to the global energy and infrastructure sectors with $23.0 billion under management as of December 31, 2021. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $39.7 billion to the energy sector through 379 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit www.eigpartners.com.

Media Contact
Sard Verbinnen & Co.
Kelly Kimberly / Brandon Messina
+1 212-687-8080
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DUBLIN--(BUSINESS WIRE)--The "ETFE Market by Type(Pellet/Granule, Powder), Technology(Extrusion, Injection), Application(Films & Sheets, Wire & Cables, Tubes, Coatings), End-use Industry(Building & Construction, Automotive, Aerospace & Defense) & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Ethylene Tetrafluoroethylene (ETFE) market size was estimated to be USD 334 million in 2021 and is projected to reach USD 451 million by 2026, at a CAGR of 6.2% between 2021 and 2026.

Increasing usage of ETFE in solar panels, substitute for glass and other conventional materials, and growing demand in end-use industries are driving the demand for ETFE during the forecast period. However, ETFE is prone to puncture, transmit more sound than glass, and higher cost than other conventional material, which is hampering the market growth.

Based on type, pellet/granule is estimated to be the largest type of ETFE during the forecast period. The pellet/granule form of ETFE can be both, extruded and injected to convert it to films & sheets, wires & cables, and tubes, which are then used by various end-use industries such as architecture, automotive, chemical processing, and others. They have low melting points and high-melt flow rates (MFRs), making pellets suitable for injection, extrusion, rotational, and other molding processes.

Films & sheets is estimated to be the largest and fastest-growing application segment in the ETFE market during the forecast period. ETFE films & sheets are temperature, aging, and chemical resistant and have superior mechanical strength. ETFE films and sheets are now largely replacing glass in the building & construction industry due to superior light transmission properties. ETFE sheets are more commonly found as roofing in public areas, such as stations, airports, educational centers, museums, conference centers, and other artistic structures. ETFE films are also used for front and backing sheets of photovoltaic (PV) modules. When used as front sheets for PV modules, these films help improve the efficiency of solar cells since they transmit 90%-95% of light.

Building & construction is estimated to be the largest end-user segment in the ETFE market during the forecast period. ETFE is majorly used in non-residential, civil infrastructures, and commercial buildings for roofing application. Energy efficiency, cost control, low carbon emissions, sustainability, recyclability, and green buildings are major factors that influence the construction industry. ETFE films are lightweight, cost-effective, eco-friendly, 100% recyclable and esthetically preferred compared to glass. These properties propel the demand for ETFE films in the construction industry.

Key Topics Covered:

Executive Summary

• Pellet/Granule Accounted for Larger Share in 2020
• Extrusion Molding Accounted for Largest Share of ETFE Market in 2020
• Films & Sheets Accounted for Largest Market Share in 2020
• Building & Construction Accounted for Largest Market Share in 2020
• Asia-Pacific to be Fastest-Growing Market for ETFE During Forecast Period

Premium Insights

• Significant Opportunities in ETFE Market - Films & Sheets Application to Offer Growth Opportunities to Market Players
• ETFE Market in North America, by Application and Country, 2020 - US Captured Largest Market Share in North America in 2020
• ETFE Market, by Type - Pellet/Granule Segment to Dominate ETFE Market During 2021-2026
• ETFE Market, by Technology - Extrusion Molding to Lead ETFE Market from 2021 to 2026
• ETFE Market, by Application - Films & Sheets to Command Overall ETFE Market
• ETFE Market, by End-Use Industry - Building & Construction to Command ETFE Market
• ETFE Market, by Country - India to Witness Highest CAGR in Global ETFE Market, in Terms of Volume, from 2021 to 2026

Market Dynamics

Drivers

• Increasing Usage of ETFE in Solar Panels to Drive Market
• Substitute for Glass and Other Conventional Plastics Materials
• Growing Demand in End-Use Industries

Restraints

• Prone to Puncture and Transmit More Sound Than Glass
• Higher Cost of ETFE Than That of Conventional Materials

Opportunities

• Growth Potential in Emerging Economies

Challenges

• Lack of Skilled Workforce
• Price Volatility of Raw Materials

Companies Mentioned

• AGC Inc.
• The Chemours Company
• 3M
• Daikin Industries, Ltd.
• Vector Foiltec GmbH
• Halopolymer
• Guangzhou Lichang Fluoroplastics Co. Ltd
• Hubei Everflon Polymer Co., Ltd
• Ensinger Group
• Dongyue Group
• Saint-Gobain S.A.
• Mitsubishi Chemical Advanced Materials
• Solvay S.A.
• BASF SE
• SABIC
• Shandong Hengyi New Material Technology Co., Ltd
• Beijing Starget Chemicals Co., Ltd
• Zeus Industrial Products

For more information about this report visit https://www.researchandmarkets.com/r/tv7oyg

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DUBLIN--(BUSINESS WIRE)--The "Oil, Gas, Shale and Refining Markets & Projects" report has been added to ResearchAndMarkets.com's offering.

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MELBOURNE, Australia--(BUSINESS WIRE)--The Tasmanian Government and Rio Tinto will work together to ensure a strong and sustainable future economy for George Town, the Tamar Valley region and Tasmania, in a new partnership signed today at the Bell Bay Aluminium smelter.

The partnership will seek to drive economic growth and employment outcomes in the State and support the Tasmanian Government’s target of doubling renewable electricity generation by 2040.

Under the Memorandum of Understanding (MOU), the Tasmanian Government and Rio Tinto will jointly investigate how the smelter’s manufacturing capability and electricity demand can help support the development of new industries and more renewable energy supply in the region.

Rio Tinto has also committed to look at how it could further decarbonise Bell Bay Aluminium and investigate options for future investment to secure the competitiveness of the smelter.

The MOU was signed at Bell Bay by Tasmanian Premier Peter Gutwein and Rio Tinto Chief Executive Jakob Stausholm.

Peter Gutwein said “This MOU is a strong demonstration of our shared commitment to Tasmania’s economic and industrial future and reinforces the State’s renewable energy credentials.

“Rio Tinto has been a figurehead of local industry here for some 67 years, directly employing more than 500 Tasmanians and more than 700 indirectly, and this agreement reaffirms Rio Tinto’s long-term commitment to our state.”

Jakob Stausholm said “Aluminium is essential for the global transition to a low-carbon economy, and we are excited about the contribution our Bell Bay smelter can make both towards this transition and to the region’s future.

“We want to help ensure a strong and vibrant future for Bell Bay, where we have been part of the community for well over half a century and where we are actively working with the Tasmanian Government on a shared vision for the future.”

Bell Bay Aluminium General Manager Shona Markham said “Bell Bay Aluminium has been an important part of George Town and the northern Tasmanian economy for nearly 70 years.

“Today’s announcement is exciting news for our 514 direct employees, and the hundreds of other Tasmanians and Tasmanian businesses who work with us. It is a strong endorsement that Rio Tinto and the Tasmanian Government see a positive and sustainable future for Bell Bay beyond 2025.”

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Media Relations, UK

Illtud Harri
M +44 7920 503 600

David Outhwaite
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Media Relations, Americas

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Investor Relations, UK

Menno Sanderse
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David Ovington
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Rio Tinto plc

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London SW1Y 4AD
United Kingdom

T +44 20 7781 2000
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No. 719885

Media Relations, Australia

Jonathan Rose
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Matt Chambers
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Jesse Riseborough
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Investor Relations, Australia

Amar Jambaa
M +61 472 865 948

Rio Tinto Limited

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Melbourne 3000
Australia

T +61 3 9283 3333
Registered in Australia
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riotinto.com

Category: Bell Bay

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production, is announcing that the Research Council of Norway, Innovation Norway, and Siva have granted $11 million (NOK 100 million) through the Norwegian Green Platform initiative (the “Green Platform”) to a consortium of companies, including FREYR. The initiative is intended to provide a platform to establish sustainable battery production.

The consortium of companies will, together with SINTEF and the Institute for Energy Technology, initiate the project "Sustainable Materials for the Battery Value Chain." The companies will work together to reduce their respective environmental footprints along the entire value chain, from the production of active battery materials to cell production, modeling of battery downgrading, safety and recycling.

The Green Platform provides companies and research institutes with support for research- and innovation-driven energy transformation. The project has been thoroughly evaluated, both by national and international experts.

“It is through research and innovation that we create tomorrow's sustainable society. A green platform is an important measure to ensure profitable green transition and will contribute to us becoming more skilled at scaling up and linking research to the market,” said the Minister of Trade and Industry Jan Christian Vestre. “With the Green Platform, the policy instruments stimulate more value-creating low-emission industries, jobs and export opportunities,” he added.

“Support from the Norwegian Green Platform initiative sends a strong signal from the Norwegian authorities that batteries are a key strategic focus area to decarbonize our energy and transportation systems. Together with the industry partners and the authorities, we will be able to move faster and make an even stronger impact and we look forward to the cooperation to make our mark in the transition,” said Jan Arve Haugan, President and Managing Director, FREYR Battery Norway.

“FREYR Battery is committed to raising standards throughout our entire value chain, pushing a sustainability-first agenda based on research and innovation. The choice of next-generation technology we have made in FREYR has already given us the opportunity to significantly reduce the use of energy and land compared to conventional battery production. We have also eliminated the use of toxic binding materials in our batteries, making recycling and waste management much easier. We are thrilled about this support to continue our journey in spearheading this development of the industry,” said Hege Marie Norheim, Chief Sustainability Officer at FREYR.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the green shift towards sustainable battery production, the ability of research and innovation to create a sustainable society, the Green Platform’s role in ensuring a profitable green transition and contributing to FREYR becoming more skilled at scaling up and linking research to market, the Norwegian authorities’ signal that batteries are a key are to decarbonize energy and transportation systems, FREYR’s ability to reduce the use of energy and land by more than 50 percent compared to conventional battery production and FREYR’s ability to move faster and make a stronger impact in green transition are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+47) 920 54 570

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) announced that on February 20, 2022, we determined that our company was the subject of a targeted cyber-attack. Upon discovering the incident, we shut down most of our operating systems globally to manage the safety of our overall global systems environment. The situation is evolving, and we are working with global cybersecurity experts to manage the situation. While our systems are shut down we will have limited ability to conduct operations, including but not limited to arranging for shipments of freight or managing customs and distribution activities for our customers’ shipments.

The security of our systems, minimizing the impacts on our customers, and providing our customers with timely and accurate information are our highest priorities. We are conducting a thorough investigation to ensure that our systems are restored both promptly and securely, and on a parallel track, evaluating ways with our carriers and service providers to mitigate the impact of this event on our customers. Since it is extremely early in the process, we cannot provide any specific projections on when we might be operational, but we will provide regular updates when we are able to do so confidently.

We are incurring expenses relating to the cyber-attack to investigate and remediate this matter and expect to continue to incur expenses of this nature in the future. Depending on the length of the shutdown of our operations, the impact of this cyber-attack could have a material adverse impact on our business, revenues, results of operations and reputation.

Further communications will be shared as we manage through this significant event.

Forward-Looking Statements

Certain statements contained in this Current Report on Form 8-K constitute “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. These forward-looking statements are based on our current beliefs, understanding and expectations and may relate to, among other things, statements regarding our current beliefs and understanding regarding the cyber-attack and its impact on our operations. Forward-looking statements are based on currently available information and our current beliefs, expectations and understanding, which may change as our investigation and remediation efforts progress. These statements are subject to future events, risks and uncertainties. These risks and uncertainties include but are not limited to our ongoing investigation of the cyber-attack and the length of time that our global operations are not fully functional. Forward-looking statements speak only as of the date they are made, and while we intend to provide additional information regarding the cyber-attack, we do not undertake to update these statements other than as required by law and specifically disclaims any duty to do so.

Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433

Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412

Geoffrey Buscher
Director - Investor Relations
(206) 892-4510

HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today issued a quarterly Fleet Status Report that provides the current status of the Company’s fleet of offshore drilling rigs along with certain contract information for these assets. The Fleet Status Report can be found on the “Investors” section of the Company’s website www.valaris.com.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

Statements contained in this press release that are not historical facts are 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 include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619

DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced it has filed its annual report on Form 10-K for the year ended December 31, 2021 with the Securities and Exchange Commission (SEC).

Energy Transfer makes available on its website, www.energytransfer.com, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other information filed with or furnished to the SEC. Energy Transfer also will provide any unitholder with a printed copy of its annual report on Form 10-K, which includes audited financial statements, free of charge upon request. Such requests should be directed in writing to Investor Relations, 8111 Westchester Drive, Suite 600, Dallas, TX 75225.

About Energy Transfer

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at energytransfer.com.

Forward-Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our website at www.energytransfer.com.

Energy Transfer
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced two projects with a combined value of more than $75 million. The awards were secured by the Company’s Energy/Renewables Segment and are located in the Gulf Coast region. The projects will commence in the first quarter of 2022 and are expected to be complete in the first quarter of 2023.

The projects are for industrial and civil work. The first project is for the construction of a dam located in Florida. The second project is for the mechanical scope of a hydrogen producing Steam Methane Reformer (“SMR”). This will be the largest SMR Unit our customer operates in the Gulf Coast region.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

Forward Looking Statements

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Brook Wootton, Vice President, Investor Relations
Primoris Services Corporation
214-545-6773, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Australia Freight and Logistics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The Australian logistics market was valued at USD 81.28 billion in 2021, and it is expected to reach USD 114.32 billion by 2027, registering a growth rate of 5.85% during the forecast period (2022-2027).

Companies Mentioned

• Deutsche Post DHL Group
• Yusen Logistics Co. Ltd
• DB Schenker
• CEVA Logistics
• Agility Logistics Pvt. Ltd
• Mainfreight Limited
• Kuehne + Nagel International AG
• FedEx Corporation
• DSV
• Hellmann Worldwide Logistics
• Linfox Pty Ltd
• SCT Logistics
• Aurizon Holdings Limited
• Qube Holdings Ltd
• Kings Transport
• Toll Group
• K&S Corporation Limited
• Lindsay Australia
• AirRoad Group
• Glen Cameron Group

Key Market Trends

Increasing Investments On Infrastructure

Government investment in infrastructure development of road, rail, air, and water transport facilities are anticipated to drive the Australian logistics and warehousing industry in coming years, through investment including AUD 70 billion allocated for transport infrastructure from 2014 to 2021 and AUD 75 billion for funding road and rail infrastructure from 2018 to 2027.

The partnership of the Australian government with New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, Northern Territory, and the Australian Capital Territory is expected to assist the various land transport infrastructure projects.

The Australian government is investing AUD 110 billion on land transport infrastructure across Australia over the next ten years, from 2021 to 2022, through its rolling infrastructure pipeline, the majority of which is funded under the infrastructure investment program.

This program is part of the government's larger plan to reduce traffic congestion, improve regional connectivity, address the national freight challenge, bring Australians home faster and safer, and build a stronger and more resilient Australia.

The government announced commitments of AUD 15.2 billion over ten years for road, rail, and community infrastructure projects as part of its stimulus measures to support employment in the post-pandemic economy.

Bulk Freight driving the market

Despite the COVID-19 induced global recession, Australian export values were just 0.7% lower in Q1 2021 relative to Q1 2020. However, this strong performance is largely attributable to record iron ore receipts, up 65% year-over-year to AUD 38 billion in Q1 amid high global prices and robust Chinese demand.

Iron ore aside, goods exports to China fell 40% year-over-year in Q1 (and 10% to the rest of the world). Iron ore combined exports of Australia and Brazil amounted to over 20 metric ton in the first half of 2021 compared to the same period last year.

Iron ore accounted for 38% of Australian goods exports and 77% of goods exports to China in Q1 (up from 20% and 48% respectively two years ago). The bulker market rebounded strongly in 2021 as demand for dry bulks recovered post-pandemic, resulting in strong rates. Trade flows have also changed this year as geopolitical tensions between Australia and China, increasing cargo miles and tightening ship availability.

For Australian coal, which has faced restrictions in the Chinese market since late 2020, new windows of opportunities have opened up. Many other Asian markets, such as India, Japan, South Korea, and Taiwan, have witnessed sharp Australian coal inflows.

China imposed the unofficial ban on Australian coal in November 2020 after the island nation supported calls for an international investigation into China's handling of the COVID-19 outbreak earlier in the year.

Japan, South Korea, and Taiwan have been major consumers of high-CV Australian coal, given the lower cost of freight in comparison to other origins of high-CV coal. While imports in January-September 2020 witnessed a year-on-year decline because of the pandemic, the increase in shipments of Australian coal to those countries in the same period of 2021 has been markedly higher. In January-September 2021, Japan imported 82.3 million metric ton of coal, with 59.5 million metric ton coming from Australia.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

2.1 Analysis Methodology

2.2 Research Phases

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS AND INSIGHTS

4.1 Current Market Scenario

4.2 Market Dynamics

4.2.1 Drivers

4.2.2 Restraints

4.2.3 Opportunities

4.3 Industry Attractiveness Porter's Five Forces Analysis

4.4 Value Chain/Supply Chain Analysis

4.5 Government Regulations and Initiatives

4.6 Technological Trends (Overview of Industry 4.0 in Australia and its Impact on the Logistics Sector)

4.7 Insights into the E-commerce Industry (Domestic and Cross-border E-commerce)

4.8 Insights into Areas such as Courier, Express, and Parcel (CEP) Industry and Contract Logistics (Including Market Sizes)

4.9 Spotlight - Comprehensive and Progressive Agreement for Trans-Pacific Partnership and its Effect on the Logistics Sector

4.10 Elaboration on Intermodal Transportation in Australia

4.11 Brief on Freight Transportation Costs/Freight Rates in Australia

4.12 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION (Market Size by Value)

6 COMPETITIVE LANDSCAPE

6.1 Overview

6.2 Company Profiles

6.3 Other Companies

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 APPENDIX

For more information about this report visit https://www.researchandmarkets.com/r/mkw66b

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
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