Business Wire News

The continued growth and success of Wheeler’s Madison County water flood project demonstrates Wheeler Resource Recovery’s ability to provide non-industry, accredited investors with profitable investment opportunities.


BENBROOK, Texas--(BUSINESS WIRE)--#accreditedinvestors--Wheeler Resource Recovery, a leader in secondary oil recovery in proven oil fields with over 50 years of experience, announced the breaking of ground on its eleventh two well package in its historically successful water flood project in Madison County, Texas.

The imminent drilling of Madison Project well #11 marks 11th of 27 total two well packages in the entire project. As Wheeler Resource Recovery nears the halfway point of this multi-year project, the Benbrook-based company is tracking to exceed daily production projections. Wheeler’s proven success in its unique five-spot water recovery process continuously extracts more oil at a lower cost and lower risk than primary oil recovery, making it a low-risk, high reward way to recognize significant returns. The continued success in Madison County further solidifies Wheeler Resource Recovery’s commitment to providing non-industry, accredited investors the opportunity to invest in the oil industry through unique and profitable investment opportunities.

“The Madison County water flood project is shaping up to become the best field development we’ve conducted in our 50 years as a company,” said Kevin Thibeau, President of Wheeler Resource Recovery. “As economic stability returns and tax season approaches with the year’s end, it is a timely opportunity for investors to revisit whether an oil & gas investment is right for them.”

For more information, visit WheelerResourceRecovery.com.

ABOUT WHEELER RESOURCE RECOVERY

Wheeler Resource Recovery is a leader in secondary oil recovery and is based in Benbrook, Texas. Since 1932, Wheeler has used its five-spot water recovery process to extract oil at a lower cost and lower risk than primarily oil recovery. The principals of Wheeler Resource Recovery, Kevin K. Thibeau and J. P. Bolton, have over 50 years of oil and gas and financial experience between them and continue to operate successful oil recovery projects by partnering with accredited investors throughout the United States.


Contacts

Keelyn Leonard
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682-990-9300

Chase Lochmiller, Co-Founder & CEO, Among 100 Most Intriguing Entrepreneurs at 2021 Builders + Innovators Summit


HEALDSBURG, Calif.--(BUSINESS WIRE)--Goldman Sachs (NYSE:GS) is recognizing Chase Lochmiller, Co-Founder & CEO of Crusoe Energy, as one of the 100 Most Intriguing Entrepreneurs of 2021 at its Builders + Innovators Summit in Healdsburg, California.

Goldman Sachs selected Chase Lochmiller as one of 100 entrepreneurs from multiple industries to be honored at the two-day event. Chase is an avid tech enthusiast that is passionate about enabling new technologies like AI and blockchain to positively impact people’s lives. Prior to founding Crusoe, Chase was a General Partner at Polychain Capital, a multibillion-dollar fund investing in digital assets and blockchain technologies. Chase was previously a quantitative researcher and trader at Jump Trading and GETCO, where he developed and managed a portfolio of algorithmic trading strategies. Chase holds undergraduate degrees in math and physics from MIT and a masters degree in computer science from Stanford, where he specialized in artificial intelligence. As a personal interest, Chase has climbed five of the “seven summits” including Mt. Everest.

“I’m honored to be included with such an inspiring and diverse group of entrepreneurs,” said Chase Lochmiller. “It's encouraging to see our mission of aligning the future of computing infrastructure with the future of the planet being recognized with such an incredible award.”

Crusoe reduces the routine flaring of natural gas and creates an economic offtake to accelerate renewable energy infrastructure development by collocating data centers on site with energy production. Crusoe provides innovative solutions for the energy and technology industries. By converting wasted natural gas to energy-intensive computing, Crusoe’s patented and environmental award-winning Digital Flare Mitigation® (DFM) systems deliver an efficient way to use otherwise wasted natural gas.

“Innovation doesn’t happen just anywhere; it thrives where there’s a wide range of thoughts and perspectives,” said David M. Solomon, Chairman & CEO of Goldman Sachs. “One of our great strengths is our ability to bring together people from different walks of life and to spark conversations today that will lead to breakthroughs tomorrow. The leaders we’ve chosen to highlight at our Builders + Innovators Summit are truly remarkable, and we are pleased to recognize Chase Lochmiller as one of this year’s most intriguing entrepreneurs.”

More Information: Please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.crusoeenergy.com to learn more, and follow Crusoe on Linkedin and Twitter.


Contacts

Chase Lochmiller (720.795.6484)

TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) will release its results for the three months ended September 30, 2021 on Wednesday, November 10, 2021 after close of markets.


A conference call to review the results will be webcast live on Thursday, November 11, 2021 at 9:30 a.m. To access the webcast click here.


Contacts

Rohit Bhardwaj
Chief Financial Officer
Tel: (416) 496-4177

Ryan Paull
Business Development Manager
Tel: (973) 515-1831

HOUSTON--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE: NRP) plans to report its third quarter 2021 financial results before the market opens on Wednesday, November 3, 2021. Management will host a conference call beginning at 9:00 a.m. ET to discuss the results.

To register for the conference call please use this link: https://conferencingportals.com/event/kfJdSHYP. After registering, a confirmation will be sent via email and include dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering a day in advance or at minimum 10 minutes before the start of the call. Investors may also listen to the conference call live via the Investor Relations section of the NRP website at www.nrplp.com.

Audio replays of the conference call will be available on the Investor Relations section of NRP’s website.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States, including interests in coal, industrial minerals and other natural resources, and owns an equity investment in Ciner Wyoming, a trona/soda ash operation.

For additional information please contact Tiffany Sammis at 713-751-7515 or This email address is being protected from spambots. You need JavaScript enabled to view it.. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.


Contacts

Tiffany Sammis
713-751-7515
This email address is being protected from spambots. You need JavaScript enabled to view it.

Off-grid energy distributor improves efficiency, sustainability and lowers costs with real-time asset monitoring

AMSTERDAM & PARIS--(BUSINESS WIRE)--#0Gnetwork--SHV Energy and Sigfox are rolling out a global LPG tank level monitoring solution. The implementation has started in France, Belgium and Germany and is already generating lower carbon emissions and improved customer satisfaction. Over the next three years, 50,000 units will be rolled out worldwide. Sigfox’s IoT (Internet of Things) asset monitoring capability enables SHV Energy to reduce the cost of tank level monitoring, while increasing efficiency and productivity.



SHV Energy, a leading global distributor of off-grid energy such as LPG, LNG, biofuels and renewables, with 30 million customers in 25 countries and 16,700 employees, selected to work with Sigfox, a world’s leading IoT communication service provider and 0G network pioneer.

SHV Energy set-up a Telemetry Centre of Excellence and used Sigfox’ solutions and partner Aton SB S.p.A to deliver a homogeneous, global solution for tank level monitoring that provides sophisticated data analytics, and connected smart devices for daily tank level readings. SHV Energy can now optimize delivery routes and schedules, and has improved sustainability by reducing the firm’s carbon footprint.

Additionally, the Sigfox-based solution is considerably more cost-effective than cellular alternatives. Savings stem from low-cost components, no SIM cards, and modest connectivity costs.

“Data collection is critical to the success of our business. Our efforts to streamline this process have been boosted tremendously through the Sigfox solution. We are now able to gather information at an extremely low-cost point, and this enables the wider scale rollout of a homogeneous tank monitoring system across the globe. Sigfox has exceeded our expectations. Its network and technology partners will help to meet our strategic objectives of harnessing the power of telemetry to the fullest,” explains Simon Gilchrist, Global Programme Lead, SHV Energy.

“The global Sigfox 0G network has delivered once again when it comes to providing connectivity solutions that offer a direct environmental benefit. Across multiple territories, and with the support of our Sigfox Operators, our solution for SHV Energy is helping to lower CO2 emissions as remote tank level monitoring ultimately reduces the number of overall site visits and eliminates unnecessary visits,” adds Ian Terblanche, Senior Vice President of Global Sales at Sigfox.

******

About SHV Energy

SHV Energy is a leading global distributor of off-grid energy such as LPG and LNG and is active in the area of sustainable fuels and renewable energy solutions.

SHV Energy is a wholly owned subsidiary of SHV, a family-owned multinational, and consists of a group of specialised energy companies. Our brands include Calor, Ipragaz, Liquigas, Primagaz and Supergasbras a.o. With these companies, we provide decentralised, low-carbon and clean energy solutions to 30 million business and residential customers off the energy grid.

About Sigfox

Sigfox is a world’s leading IoT (Internet of Things) communication service provider and 0G network pioneer. Sigfox offers a unique combination of ultra-low cost and ultra-low power solutions enabled by a single global network, owned and operated by 75 Sigfox Operators, enabling businesses to gain visibility and track their assets worldwide. With more than 19 million connected devices and 75 million messages sent a day, Sigfox helps its customers to extract data at the lowest cost of production and accelerate their digital transformation in key areas such as asset tracking and monitoring.

ISO 9001 certified and supported by a strong partner ecosystem, Sigfox was founded in 2010 and is headquartered in Labège, France, with offices in Boston, Dallas, Dubai, Madrid, Paris, Sao Paulo, Singapore, and Tokyo.

About Aton

https://www.aton.com/en/


Contacts

Press Contact
Sigfox
Antoine Mège, Corporate Communications
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) announced today that Robert Welborn has been appointed to the Company’s Board of Directors, effective October 20, 2021.


Mr. Welborn is the Head of Programs Data Science, Small Business Group for Facebook, Inc. where he oversees the development of solutions used by over 140 million businesses around the world. Prior to joining Facebook, he held various positions within General Motors, including Global Chief Data and Analytics Officer and served in several positions of increasing responsibility at USAA, including Chief Data Scientist. Mr. Welborn holds a Bachelor of Science in Engineering from Texas A&M University and a Master of Business Administration from the University of California, San Diego.

Robert is an accomplished technology executive and a leading innovator in the fields of data sciences and digital technologies,” said Clay Williams, Chairman, President, and Chief Executive Officer. “We are excited to welcome Robert to our Board and are confident that his extensive expertise will provide us with invaluable perspectives as we continue to pioneer leading-edge technology solutions for the global energy industry.”

With the appointment of Mr. Welborn, NOV’s board of directors is now composed of ten directors, nine of which are independent members.

About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.


Contacts

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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WATERTOWN, Mass.--(BUSINESS WIRE)--Via Separations, a rapidly-scaling technology company that enables industrial decarbonization, announced a $38 million investment, led by NGP ETP, a growth equity investor focused on opportunities in the global transition toward a lower carbon economy. 2040 Foundation also participated in the round, alongside existing investors, including: The Engine, Safar Partners, Prime Impact Fund, Embark Ventures and Massachusetts Clean Energy Center. The new capital will be used to drive deployment in the pulp and paper sector and accelerate platform expansion to reduce energy usage throughout chemical production.



Via has begun deploying its platform to slash energy use and propel enhanced production in the pulp and paper sector with its sights set on broadly applicable industrial manufacturing. The company is electrifying industrial processes by replacing inefficient thermal separations with filtration-based systems. Via is targeting the nearly $100 billion in wasted fossil fuel energy used to separate chemicals, pulp, and petrochemicals. Via has partnered with leaders in the pulp and paper industry to deploy its technology, including Graphic Packaging International and Ahlstrom Munksjo.

“Via Separations’ technology is well-suited to decarbonizing industrial sectors and has found a compelling beachhead market in the pulp and paper sector. Leveraging core innovation in membrane materials, Via has successfully demonstrated their innovative solution with multiple mill owners. We’re excited to partner with the team to support their next phase of growth,” said NGP Partner, David Colt.

“Decarbonizing the production of goods and materials is fundamental to a carbon-free future. Our mission is critical and time sensitive – Via will be slashing CO2 emissions in the next year,” said Shreya Dave, CEO of Via Separations. “By reducing the energy use of the building blocks of production, we generate value for our customers. With the support of our investors, we are positioned to scale this world-changing technology.”

About Via Separations:
Based in Watertown, MA & spun out of the Massachusetts Institute of Technology, Via Separations eliminates energy use in industrial processes, enabling pathways for a more sustainable, resource efficient future. With its core filtration technology, Via has applications across industrial manufacturing. Via is a venture-backed company with investors such as The Engine, Safar Partners, Prime Impact Fund, and MassCEC, along with federal and state support such as the National Science Foundation. More information is available on its website at https://viaseparations.com/.

About NGP ETP:
NGP ETP focuses on investments that are part of the global transition toward a lower carbon economy. NGP ETP partners with top tier management teams and invests growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy or the efficient use of energy. Founded in 2005, NGP ETP is one of the most experienced energy transition investors in the industry. For additional information, visit www.ngpenergycapital.com/energy-transition.


Contacts

Shelby Breger, Head of Finance & Operations
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  • Subsea inbound orders of $1.1 billion in the quarter, $3.9 billion for first nine months
  • Cash flow from operations of $135.9 million; free cash flow of $88.6 million
  • Cash and cash equivalents increased to $1.0 billion; net debt reduced by $401 million

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported third quarter 2021 results.


Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

 

Three Months Ended

Change

(In millions, except per share amounts)

Sep. 30,

2021

Jun. 30,

2021

Sep. 30,

2020

Sequential

Year-over-Year

Revenue

$1,579.4

$1,668.8

$1,727.5

(5.4%)

(8.6%)

Income (loss)

($40.6)

($174.7)

($64.7)

n/m

n/m

Diluted earnings (loss) per share

$(0.09)

$(0.39)

$(0.14)

n/m

n/m

 

 

 

 

 

 

Adjusted EBITDA

$140.6

$144.3

$121.1

(2.6%)

16.1%

Adjusted EBITDA margin

8.9%

8.6%

7.0%

30 bps

190 bps

Adjusted income (loss)

$(25.0)

$(26.0)

$(19.7)

n/m

n/m

Adjusted diluted earnings (loss) per share

$(0.06)

$(0.06)

$(0.04)

n/m

n/m

 

 

 

 

 

 

Inbound orders

$1,365.9

$1,559.5

$1,814.6

(12.4%)

(24.7%)

Backlog

$7,002.4

$7,312.0

$7,586.9

(4.2%)

(7.7%)

Total Company revenue in the third quarter was $1,579.4 million. Loss from continuing operations attributable to TechnipFMC was $40.6 million, or $0.09 per diluted share. These results included after-tax charges and (credits) totaling $15.6 million of expense, or $0.03 per share, which included the following (Exhibit 6):

  • Impairment and other charges of $38 million;
  • Restructuring and other charges of $6.1 million; and
  • Income from equity investment in Technip Energies of ($28.5) million.

Adjusted loss from continuing operations was $25 million, or $0.06 per diluted share (Exhibit 6). Included in adjusted loss from continuing operations was a loss on early extinguishment of debt of $16 million.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $140.6 million; adjusted EBITDA margin was 8.9 percent (Exhibit 8). Included in adjusted EBITDA was a foreign exchange loss of $6.2 million.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Third quarter results reflect continued strength in operational performance and further support our confidence in achieving full-year financial guidance. We also made progress on our commitments to strengthen our balance sheet and exit our ownership in Technip Energies. With the completion of our most recent sale, we have now sold just over 75% of our original stake in Technip Energies, a portion of which was used to reduce our outstanding debt by $185 million in the quarter.”

Pferdehirt added, “In Subsea, inbound orders were $1.1 billion, bringing the year-to-date segment total to $3.9 billion. The strength of our inbound was driven by direct awards, subsea services, alliance partners and several long-term vessel charters. We continue to forecast order growth through 2022, which is supported by the fourth consecutive quarter of increased project value in our Subsea Opportunity list.”

In Surface Technologies, inbound orders were $250 million for the quarter. We expect a significant increase in international order activity in the fourth quarter, driven by several multi-year awards.”

Pferdehirt continued, “Subsea inbound growth throughout 2021 partly reflects the momentum we are seeing in Brazil – an important region for TechnipFMC where we have been present for over five decades. During the quarter, we signed three long-term vessel charter contracts with Petrobras. These awards are a leading indicator of the strong demand for flexible pipe in the Brazilian market, where we believe volumes will exceed 700 kilometers per annum over the next three years.”

In 2018, we created a strategic alliance and made a minority investment in Magma Global, a leader in advanced composite technologies. With the ongoing success of this technology alliance, we were pleased to announce we acquired the remaining 75% interest in Magma Global earlier this month. By combining their proprietary technologies with our flexible pipe, we are advancing the development and qualification of a hybrid flexible pipe solution for use in the Brazilian pre-salt fields.”

Pferdehirt added, “We were also pleased to announce a long-term strategic alliance with Talos Energy to develop and deliver solutions for carbon capture and storage, or CCS. The alliance is an important step for both companies, combining Talos’s offshore operational strength and sub-surface expertise with our long history in subsea engineering, system integration and automation and control. Additionally, we believe that composite technologies from Magma will be a critical enabler to the carbon transportation system. Cultivated through a shared vision to responsibly deliver CCS solutions that will help to reduce the global carbon footprint, this innovative partnership will accelerate offshore CCS adoption with reliable, specialized systems. This type of collaboration, innovation and integration will position TechnipFMC to be a leading provider in carbon transportation and storage.”

Pferdehirt concluded, “Our results reflect a continuation of the strong operational performance that we demonstrated over the first half of the year. Subsea orders have nearly matched the $4 billion inbound in all of 2020, and we remain on track to achieve solid double-digit growth. The acquisition of Magma and our strategic alliance with Talos Energy serve as tangible progress and further demonstrate the impactful role we will play in the energy transition.”

Operational and Financial Highlights

Subsea

Financial Highlights

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

 

Three Months Ended

Change

(In millions)

Sep. 30,

2021

Jun. 30,

2021

Sep. 30,

2020

Sequential

Year-over-Year

Revenue

$1,312.1

$1,394.3

$1,501.8

(5.9%)

(12.6%)

Operating profit

$23.5

$72.4

$20.3

(67.5%)

15.8%

Adjusted EBITDA

$146.5

$154.1

$146.0

(4.9%)

0.3%

Adjusted EBITDA margin

11.2%

11.1%

9.7%

10 bps

150 bps

 

Inbound orders

$1,116.0

$1,291.3

$1,607.1

(13.6%)

(30.6%)

Backlog1,2,3

$6,661.4

$6,951.6

$7,218.0

(4.2%)

(7.7%)

Estimated Consolidated Backlog Scheduling

(In millions)

Sep. 30,

2021

2021 (3 months)

$931

2022

$3,242

2023 and beyond

$2,488

Total

$6,661

1 Backlog in the period was decreased by a foreign exchange impact of $94 million.

2 Backlog does not capture all revenue potential for Subsea Services.

3 Backlog does not include total Company non-consolidated backlog of $622 million.

Subsea reported third quarter revenue of $1,312.1 million, a decrease of 5.9 percent from the second quarter. Revenue decreased sequentially driven by lower activity in the North Sea and Asia.

Subsea reported an operating profit of $23.5 million. Sequentially, operating results decreased due to higher impairment and other charges and lower revenue. During the quarter, the Company recorded a $36.7 million non-cash impairment to its previous investment in Magma Global, reflecting the purchase price paid for the remaining stake subsequent to the quarter.

Subsea reported adjusted EBITDA of $146.5 million. Adjusted EBITDA decreased 4.9 percent when compared to the second quarter, due to lower revenue. Adjusted EBITDA margin increased 10 basis points to 11.2 percent.

Subsea inbound orders were $1,116 million for the quarter. Book-to-bill in the period was 0.9.

The following awards were included in the period:

  • TechnipFMC and DOF Subsea awarded long-term charter contracts by Petrobras (Brazil)
    TechnipFMC and its joint venture partner DOF Subsea awarded significant* long-term charter and services contracts by Petrobras for the pipelay support vessels Skandi Vitória and Skandi Niteroi. The Brazilian-built and flagged vessels are owned by DOFCON Navegação Ltda, a 50/50 JV between TechnipFMC and DOF Subsea. Each contract is for three years, with an option to extend. Operations are expected to begin by February 2022.
    *A “significant” contract ranges between $75 million and $250 million.
  • TechnipFMC awarded long-term contract by Petrobras (Brazil)
    Substantial* long-term charter and services contract from Petrobras for the pipelay support vessel Coral do Atlântico. The Brazilian-registered vessel has been secured on a three-year contract, with an option to extend. Operations offshore Brazil are expected to begin in the second quarter of 2022. Coral do Atlântico is an important component of the Company’s leading flexible pipe ecosystem in Brazil and will mainly be deployed in ultra-deepwater of up to 3,000 meters.
    *A “substantial” contract is between $250 million and $500 million.

Partnership and Alliance Highlights

  • Acquisition of Remaining Shares of Joint Venture TIOS
    TechnipFMC acquired the remaining 49% of shares in TIOS AS, a joint venture between TechnipFMC and Island Offshore Management AS (Island Offshore) formed in 2018. This will accelerate the development of TechnipFMC’s integrated service model focused on maximizing value to our clients.

    TIOS provides fully integrated Riserless Light Well Intervention (RLWI) services, including project management and engineering for well completion and intervention operations, riserless coiled tubing, and plug & abandonment, and has serviced over 740 wells globally since 2005.
  • Strategic Investment in Loke Marine Minerals to Enable the Energy Transition
    TechnipFMC is joining forces with Loke Marine Minerals (Loke) to develop enabling technologies for the extraction of seabed minerals, driving energy transition and a sustainable future. Marine minerals have been identified by the World Bank, World Economic Forum, and International Energy Agency as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics.

    Together, Loke and TechnipFMC are developing a patent-pending, autonomous subsea production system that aims to have minimal impact on the environment and positions the company well for potential offshore licensing on the Norwegian Continental Shelf (NCS) and internationally.
  • Acquisition of Magma Global to Accelerate Development of Breakthrough Composite Pipe Technologies for Conventional Energy and CO2 Applications
    Subsequent to the third quarter, TechnipFMC completed the acquisition of the outstanding shares of Magma Global (Magma), the leading provider of composite pipe technology to support the Energy Transition.

    TechnipFMC originally acquired an interest in Magma in 2018, combining its strong history in flexible pipe technology with Magma’s advanced composite capabilities to develop a disruptive composite pipe solution for the traditional and new energy industries.

    Magma’s technology enables the manufacture of Thermoplastic Composite Pipe (TCP) using Polyether Ether Ketone (PEEK) polymer, which is highly resistive to corrosive compounds, such as CO2. When combined with TechnipFMC’s flexible pipe technology, this forms a Hybrid Flexible Pipe (HFP) that will be deployed in the Brazilian pre-salt fields.

    Manufactured by a fully automated robotic system, PEEK TCP will also be a critical enabler for both the carbon and hydrogen transportation and storage markets, and particularly offshore applications.
  • Strategic Alliance with Talos Energy to Provide Carbon Capture and Storage
    Subsequent to the third quarter, TechnipFMC and Talos Energy entered into a long-term strategic alliance to develop and deliver technical and commercial solutions to Carbon Capture and Storage (CCS) projects along the United States Gulf Coast. The alliance combines Talos’s offshore operational strength and sub-surface expertise with TechnipFMC’s extended history in subsea engineering, system integration and automation and control.

    Cultivated through a shared vision to responsibly deliver CCS solutions that will help to reduce the global carbon footprint, this innovative partnership will accelerate offshore CCS adoption with reliable, specialized systems.

    Under the alliance, the companies will collaborate to progress CCS opportunities through the full lifecycle of storage site characterization, front-end engineering and design (FEED), and first injection through life of field operations. This further advances the companies’ leadership in the emerging Gulf Coast CCS market, building on Talos’s recent successful award as the operator of the only major offshore carbon sequestration hub in the United States.

Surface Technologies

Financial Highlights

Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

 

Three Months Ended

Change

(In millions)

Sep 30,
2021

Jun. 30,
2021

Sep. 30,
2020

Sequential

Year-over-Year

Revenue

$267.3

$274.5

$225.7

(2.6%)

18.4%

Operating profit (loss)

$12.1

$12.9

$(7.0)

(6.2%)

n/m

Adjusted EBITDA

$28.4

$30.2

$17.3

(6.0%)

64.2%

Adjusted EBITDA margin

10.6%

11.0%

7.7%

(40 bps)

290 bps

 

 

 

 

 

 

Inbound orders

$249.9

$268.2

$207.5

(6.8%)

20.4%

Backlog

$341.0

$360.4

$368.9

(5.4%)

(7.6%)

Surface Technologies reported third quarter revenue of $267.3 million, a decrease of 2.6 percent from the second quarter. Revenue decreased sequentially primarily due to the timing of large, multi-year international awards, partially offset by increased revenue in North America. The continued growth in North America was driven by higher drilling and completion activity.

Surface Technologies reported operating profit of $12.1 million. Sequentially, operating profit decreased primarily due to lower revenue.

Surface Technologies reported adjusted EBITDA of $28.4 million. Adjusted EBITDA decreased 6 percent when compared to the second quarter, primarily driven by lower revenue. Adjusted EBITDA margin decreased 40 basis points to 10.6 percent.

Inbound orders for the quarter were $249.9 million, a decrease of 6.8 percent sequentially. Book-to-bill was 0.9 in the period. We expect a significant increase in international order activity in the fourth quarter, driven by several multi-year awards.

Backlog ended the period at $341 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.

Corporate and Other Items (three months ended, September 30, 2021)

Corporate expense was $29.3 million.

Foreign exchange loss was $6.2 million.

Net interest expense was $39.3 million.

The provision for income taxes was $12.3 million.

Total depreciation and amortization was $96.5 million.

Cash provided by operating activities from continuing operations was $135.9 million. Capital expenditures were $47.3 million. Free cash flow from continuing operations was $88.6 million (Exhibit 11).

The Company ended the period with cash and cash equivalents of $1,034 million; net debt was $1,221.8 million. Net debt declined $401.2 million from the second quarter due in part to a tender offer in September from which we purchased $164.1 million of 6.5% senior notes due 2026. Upon completion of the tender offer in October, we purchased an additional $2.8 million of the outstanding notes (Exhibit 10).

Investment in Technip Energies

The Company completed the partial spin-off of Technip Energies on February 16, 2021. Financial results for Technip Energies are reported as discontinued operations. The Company’s investment in Technip Energies is reflected in current assets at market value.

On July 29, 2021, the Company sold 16 million shares from its retained stake in Technip Energies for gross proceeds of $213.1 million.

On September 3, 2021, the Company announced the sale of 17.6 million shares of its retained stake in Technip Energies to HAL Holding, N.V. (HAL) for gross proceeds of approximately $230 million. The HAL sale was completed in two tranches. The first tranche of 8.6 million shares was sold and settled in September for gross proceeds of $114.4 million. The second tranche of 9.0 million shares was sold in September and is expected to settle before the end of October for gross proceeds of approximately $115 million.

As of September 30, 2021, the Company’s ownership stake was 30.9 million shares, or approximately 17.2% of Technip Energies’ issued and outstanding share capital. Following the completion of the sale of the second tranche to HAL, the Company retains a direct stake of 21.9 million shares, representing 12.3% of Technip Energies’ issued and outstanding share capital.

The Company recognized a gain in the third quarter of $28.5 million from its equity ownership in Technip Energies. The gain was primarily related to the change in market value in the period.

Additional items

During the quarter, the Company acquired the remaining 49% interest in TIOS AS, a joint venture between the Company and Island Offshore Management AS, for cash consideration of $48.7 million.

In 2018, we entered into a collaboration agreement with Magma Global Ltd. (“Magma Global”) to develop a new generation of hybrid flexible pipe for use in offshore applications. As part of the collaboration, we purchased a 25% ownership stake in Magma Global. In October 2021, we purchased the remaining 75% ownership stake for $64 million. The cash consideration will be paid to the shareholders of Magma Global in three installments.

2021 Full-Year Financial Guidance1

The Company’s full-year guidance for 2021 can be found in the table below. No updates were made to the previous guidance that was issued on July 21, 2021.

All segment guidance assumes no further material degradation from COVID-19-related impacts. Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which is reported as discontinued operations.

2021 Guidance (As of July 21, 2021)

 

Subsea

 

Surface Technologies

Revenue in a range of $5.2 - 5.5 billion

 

Revenue in a range of $1,050 - 1,250 million

 

 

 

EBITDA margin in a range of 10 - 11% (excluding charges and credits)

 

EBITDA margin in a range of 10 - 12% (excluding charges and credits)

 

TechnipFMC

Corporate expense, net $105 - 115 million

(includes depreciation and amortization of ~$5 million)

 

 

 

 

 

Net interest expense $135 - 140 million

 

Tax provision, as reported $85 - 95 million

 

Capital expenditures approximately $250 million

 

Free cash flow $120 - 220 million

 

1 Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Analyst Day

The Company will host an Analyst Day on Tuesday, November 16, 2021 in Houston, Texas. The general presentation session will be held from 8:30 a.m. to 12 p.m. Houston time and will be available via webcast (link to be made available prior to event).

Throughout the day, we will share more on how we are leveraging and extending our core competencies of innovation, integration and collaboration to develop both new and novel energy resources offshore.

Following the live webcast, those attending the event in-person will participate in a series of tours showcasing several of the innovative and disruptive technologies that demonstrate how TechnipFMC continues to drive change in the energy industry.

Teleconference

The Company will host a teleconference on Thursday, October 21, 2021 to discuss the third quarter 2021 financial results. The call will begin at 1 p.m. London time (8 a.m. New York time). Webcast access and an accompanying presentation can be found at www.TechnipFMC.com.

An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statement usually relate to future events and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and Euroclear to act as depository and clearing agencies for our shares; the United Kingdom’s withdrawal from the European Union; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; the risks caused by fixed-price contracts; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; our failure to deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; the risks of pirates endangering our maritime employees and assets; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with numerous laws and regulations, including those related to environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us, including intellectual property litigation; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; the uncertainties related to the anticipated benefits or our future liabilities in connection with the spin-off of Technip Energies (the “Spin-off”); any negative changes in Technip Energies’ results of operations, cash flows and financial position, which impact the value of our remaining investment therein; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rate and risk in connection with our defined benefit pension plan commitments and other risks as discussed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Part II, Item 1A, “Risk Factors” of our subsequently filed Quarterly Reports on Form 10-Q.


Contacts

Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 383 742 297
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Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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Read full story here

Sustainable data centers will streamline National Grid’s digital transformation journey

NEW YORK & LONDON & BANGALORE, India--(BUSINESS WIRE)--#CognitiveComputing--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company has signed a multi-year global strategic IT and digital deal with London - headquartered National Grid, a leading multinational electric and gas utility provider to accelerate their digital innovation journey.


As part of this engagement, Wipro through its Boundaryless Enterprise solutions will facilitate National Grid’s continued digital transformation, integration of its managed services and consolidation of multiple data centers across UK and US to next generation hosting services. These sustainable data centers will allow for enhanced program governance, as well as heightened consolidation and the migration of all server and application functions from traditional data centers. Wipro will also help with mainframe migration and transition to managed services, including the eventual implementation of a hybrid cloud solution for National Grid.

Shannon Soland, Chief Technology Officer, National Grid said, “As a strategic partner, Wipro will help us accelerate our digital journey as we work to achieve next generation capabilities in infrastructure hosting services. Wipro’s expertise will be instrumental as we work to improve our operating model to align with our Net Zero carbon commitment.”

Daniel Jablonski, Head of Cloud and Hosting Services, National Grid said, “Our data center consolidation efforts will allow us to realize an over 60% reduction in our data center footprint as well as realize a 40% reduction in our data center CO2 emissions. Additionally this transformational program, in conjunction with Wipro, will position our IT capabilities to enable modernized SDDC techniques, technologies, and operating model to accelerate our own digital transformation as National Grid continues to build the future of energy.”

As part of the collaboration with National Grid, Wipro through its innovative solutions and expertise will deliver a flexible, scalable and resilient digital transformation journey for National Grid.

Geoffrey Jue, Vice President - ENU Sector Head, Wipro Limited said, “National Grid is one of the world’s largest utility companies, and Wipro is excited to be named as a strategic partner. This new collaboration builds on the successful two-decade-old partnership between the two companies. Wipro will employ standardized tools and processes to provide cloud services that will strengthen National Grid’s infrastructure services, and support its strategic business objectives.”

Note: The deal was highlighted in Wipro Limited's financial results announcement press release, dated July 15, 2021, for the quarter ended June 30, 2021 (Q1 FY21-22), with a description of National Grid, but without naming the company.

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 220,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.


Contacts

Sony Shetty
Wipro Limited
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HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or “the Company”) (NYSE: LFG) announced today that it plans to issue its earnings release with respect to third quarter 2021 financial results on Monday, November 15, 2021 after the market closes. Archaea will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Tuesday, November 16, 2021 to discuss third quarter results.


A listen-only webcast of the call and accompanying slide presentation will be available on Archaea’s website at www.archaeaenergy.com. After completion of the webcast, a replay will be available for 12 months on Archaea’s website.

About Archaea

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, and lower development costs and time to market, than industry averages. Archaea partners with landfill and farm owners to help them transform their long-lived feedstock sources into RNG and convert their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels in high-carbon emission processes and industries.

Additional information is available at www.archaeaenergy.com/.


Contacts

Investors
Megan Light
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346-439-7589

Media
Katarina Matic
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917-853-1105

Conference Call on Thursday, November 4, 2021

AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that it will release financial results for the third quarter 2021 after the market close on Wednesday, November 3, 2021.


The company will conduct a conference call at 8:30 a.m. ET/7:30 a.m. CT on Thursday, November 4, 2021. The call will be hosted by Cynthia (CJ) Warner, Chief Executive Officer, Craig Bealmear, Chief Financial Officer, and Todd Robinson, Deputy Chief Financial Officer and Treasurer.

Investors interested in participating in the live call should dial 1-877-407-2987 (US callers) or 1-201-378-4918 (international callers) and provide passcode EQUI-EVT 26 to the operator. A telephone replay will be available at once after completion of the call through November 11, 2021 by dialing 1-877-660-6853 (US callers) or 1-201-612-7415 (international callers) and entering the access ID 13723840.

A simultaneous live webcast will be available on the Investor Relations section of the Company's website at http://investor.regi.com/. The webcast will be archived on the website for six months.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by transforming renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.


Contacts

Investor Relations:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. ("Helix") (NYSE: HLX) reported a net loss1 of $19.0 million, or $(0.13) per diluted share, for the third quarter 2021 compared to a net loss of $13.7 million, or $(0.09) per diluted share, for the second quarter 2021 and net income of $24.5 million, or $0.16 per diluted share, for the third quarter 2020. Helix reported Adjusted EBITDA2 of $26.5 million for the third quarter 2021 compared to $24.8 million for the second quarter 2021 and $52.7 million for the third quarter 2020.


For the nine months ended September 30, 2021, Helix reported a net loss of $35.6 million, or $(0.24) per diluted share, compared to net income of $18.0 million, or $0.10 per diluted share, for the nine months ended September 30, 2020. Adjusted EBITDA for the nine months ended September 30, 2021 was $87.5 million compared to $120.0 million for the nine months ended September 30, 2020. The table below summarizes our results of operations:

Summary of Results

 

 

 

 

($ in thousands, except per share amounts, unaudited)

 
Three Months Ended Nine Months Ended
9/30/2021 9/30/2020 6/30/2021 9/30/2021 9/30/2020
Revenues

$

180,716

 

$

193,490

 

$

161,941

 

$

506,072

 

$

573,658

 

Gross Profit

$

3,000

 

$

34,628

 

$

3,130

 

$

20,754

 

$

66,214

 

 

2

%

 

18

%

 

2

%

 

4

%

 

12

%

Net income (Loss)1

$

(19,043

)

$

24,499

 

$

(13,709

)

$

(35,630

)

$

18,011

 

Diluted Earnings (Loss) Per Share

$

(0.13

)

$

0.16

 

$

(0.09

)

$

(0.24

)

$

0.10

 

Adjusted EBITDA2

$

26,532

 

$

52,719

 

$

24,812

 

$

87,512

 

$

119,977

 

Cash and Cash Equivalents3

$

237,549

 

$

259,334

 

$

243,911

 

$

237,549

 

$

259,334

 

Cash Flows from Operating Activities

$

28,712

 

$

52,586

 

$

52,671

 

$

121,252

 

$

58,628

 

Owen Kratz, President and Chief Executive Officer of Helix, stated, "Our third quarter operating results held steady, benefitting from the seasonally stronger summer activity in the North Sea and continued renewables site clearance activity. During the quarter, we reduced our debt with the repayment of our Term Loan and executed with our bank group a new long-term revolving credit facility that we expect will provide us working capital liquidity and manageable financial covenants. Also during the quarter, we achieved zero net debt and ended the quarter in a negative net debt position. With our vessels primarily in the spot market with limited visibility, we expect to maintain minimal net financial leverage in the near term as we prepare for increasing activity offshore. The recent strengthening in oil prices is a promising sign, but its impact on our operations has lagged, particularly in the North Sea. As the macro environment and energy sector continue to improve and stabilize, we anticipate seeing benefits mid-2022 and beyond."

1 Net income (loss) attributable to common shareholders

2 Adjusted EBITDA is a non-GAAP measure. See reconciliations below

3 Excludes restricted cash of $71.3 million as of 9/30/21 and 6/30/21

Segment Information, Operational and Financial Highlights

 

 

 

 

($ in thousands, unaudited)

 
Three Months Ended Nine Months Ended
9/30/2021 9/30/2020 6/30/2021 9/30/2021 9/30/2020
Revenues:
Well Intervention

$

131,314

 

$

140,803

 

$

132,305

 

$

397,387

 

$

427,296

 

Robotics

 

42,623

 

 

49,802

 

 

31,651

 

 

96,430

 

 

135,896

 

Production Facilities

 

18,552

 

 

14,167

 

 

14,218

 

 

49,217

 

 

43,301

 

Intercompany Eliminations

 

(11,773

)

 

(11,282

)

 

(16,233

)

 

(36,962

)

 

(32,835

)

Total

$

180,716

 

$

193,490

 

$

161,941

 

$

506,072

 

$

573,658

 

 

 

 

 

 

Income (Loss) from Operations:

 

 

 

 

 

Well Intervention

$

(13,343

)

$

18,844

 

$

(6,719

)

$

(14,819

)

$

24,910

 

Robotics

 

4,936

 

 

6,982

 

 

255

 

 

2,257

 

 

11,940

 

Production Facilities

 

5,089

 

 

4,134

 

 

4,682

 

 

16,285

 

 

11,142

 

Goodwill Impairment

 

-

 

 

-

 

 

-

 

 

-

 

 

(6,689

)

Corporate / Other / Eliminations

 

(7,013

)

 

(10,945

)

 

(9,159

)

 

(25,550

)

 

(29,121

)

Total

$

(10,331

)

$

19,015

 

$

(10,941

)

$

(21,827

)

$

12,182

 

Segment Results

Well Intervention

Well Intervention revenues decreased $1.0 million, or 1%, in the third quarter 2021 compared to the previous quarter. The decrease was primarily due to lower utilization in Brazil and lower rates in West Africa during the third quarter 2021, offset in part by higher utilization in the Gulf of Mexico and the North Sea. Our third quarter revenues were negatively impacted by the completion of our long-term contract in Brazil on the Siem Helix 1 in August, which subsequently commenced its regulatory dry dock during the quarter. Overall Well Intervention vessel utilization remained flat at 72% in the second and third quarters 2021. Well Intervention net loss from operations increased to $13.3 million in the third quarter 2021 compared to $6.7 million in the previous quarter. The increased loss was due to lower revenues in Brazil combined with higher variable costs associated with our increased activity in the Gulf of Mexico during the third quarter.

Well Intervention revenues decreased $9.5 million, or 7%, in the third quarter 2021 compared to the third quarter 2020. The decrease in revenues was primarily due to lower rates and vessel utilization in the Gulf of Mexico and Brazil, offset in part by higher utilization in the North Sea and West Africa during the third quarter 2021. Our third quarter 2021 rates and utilization in the Gulf of Mexico and Brazil were negatively impacted by the completion of our long-term contracts on the Q5000 during the second quarter 2021 and the Siem Helix 1 during the third quarter 2021. Our third quarter 2021 utilization in the North Sea and West Africa benefitted from utilization on the Seawell and the Q7000, both of which were stacked during the third quarter 2020. Well Intervention vessel utilization was 72% in the third quarter 2021 compared to 68% in the third quarter 2020. Well Intervention incurred a net loss from operations of $13.3 million in the third quarter 2021 compared to operating income of $18.8 million in the third quarter 2020. The decrease was due to lower segment revenues as well as higher costs associated with our resumed activity in West Africa.

Robotics

Robotics revenues increased $11.0 million, or 35%, in the third quarter 2021 compared to the previous quarter. The seasonally higher revenues were driven by increased vessel days and ROV activity during the third quarter. Vessel days during the third quarter 2021 included 77 spot vessel days performing ROV support work for a telecom project offshore Guyana, and 99 spot vessel days performing seabed clearance work compared to 61 spot vessel days on the seabed clearance work during the second quarter 2021. Chartered vessel utilization increased to 99% in the third quarter 2021, which included 358 total vessel days, compared to 93% in the second quarter 2021, which included 236 total vessel days. ROV, trencher and ROVDrill utilization increased to 43% in the third quarter 2021 from 36% in the previous quarter, and trenching days in the third quarter 2021 increased to 90 days compared to 84 days in the previous quarter. Robotics operating income increased $4.7 million during the third quarter 2021 compared to the previous quarter due to higher revenues, offset in part by higher operating costs associated with increased spot vessel days quarter over quarter.

Robotics revenues decreased $7.2 million, or 14%, in the third quarter 2021 compared to the third quarter 2020. The decrease in revenues year over year was due to fewer vessel days as well as a reduction in trenching activity compared to the third quarter 2020. Vessel days during the third quarter 2021 decreased to 358 compared to 450 during the third quarter 2020, with fewer days working seabed clearance. Vessel days during the third quarter 2021 included 77 spot vessel days performing ROV support work for a telecom project offshore Guyana and 99 spot vessel days performing seabed clearance work , compared to 196 spot vessel days performing seabed clearance work and 95 spot vessel days performing other projects during the third quarter 2020. Chartered vessel utilization increased to 99% during the third quarter 2021 compared to 95% during the third quarter 2020. Total ROV, trencher and ROVDrill utilization was 43% in the third quarter 2021 compared to 37% in the third quarter 2020, with 90 trenching days in the third quarter 2021 compared to 154 days in the third quarter 2020. Robotics income from operations declined $2.0 million in the third quarter 2021 compared to the third quarter 2020 due to lower revenues year over year.

Production Facilities

Production Facilities revenues increased $4.3 million, or 31%, in the third quarter 2021 compared to the previous quarter primarily due to higher oil and gas production and prices during the third quarter 2021. Production Facilities revenues increased $4.4 million, or 31%, in the third quarter 2021 compared to the third quarter 2020 due to higher oil and gas production and prices and higher revenues from the HFRS during the third quarter 2021.

Selling, General and Administrative and Other

Selling, General and Administrative

Selling, general and administrative expenses were $13.3 million, or 7.4% of revenue, in the third quarter 2021 compared to $13.4 million, or 8.3% of revenue, in the previous quarter.

Other Income and Expenses

Other expense, net was $4.0 million in the third quarter 2021 compared to other income, net of $1.0 million in the previous quarter. Other expense, net includes unrealized foreign currency losses related to the British pound, which weakened approximately 3% during the third quarter 2021.

Cash Flows

Operating cash flows were $28.7 million in the third quarter 2021 compared to $52.7 million in the previous quarter and $52.6 million in the third quarter 2020. The decrease in operating cash flows quarter over quarter was primarily due to increases working capital outflows, offset in part by tax refunds of $12.4 million related to the CARES Act received during the third quarter 2021. The decrease in operating cash flows year over year was due to lower earnings, offset in part by working capital inflows, which include the tax refund related to the CARES Act received during the third quarter 2021.

Capital expenditures totaled $0.6 million in the third quarter 2021 compared to $5.4 million in the previous quarter and $1.6 million in the third quarter 2020. Free cash flow was $28.1 million in the third quarter 2021 compared to $47.2 million in the previous quarter and $51.4 million in the third 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 third quarter 2021. (Free cash flow is a non-GAAP measure. See reconciliation below.)

Financial Condition and Liquidity

Cash and cash equivalents were $237.5 million at September 30, 2021 and excluded $71.3 million of restricted cash pledged as collateral on a short-term project-related letter of credit. During the third quarter 2021, we terminated our previous credit agreement, which was scheduled to expire December 31, 2021, and entered into an $80.0 million asset-based revolving credit facility (“ABL facility”). Available capacity under our ABL facility was $69.6 million at September 30, 2021. Long-term debt decreased to $304.5 million at September 30, 2021 from $335.7 million at June 30, 2021 following our repayment of the term loan associated with our previous credit agreement. Negative net debt at September 30, 2021 was $4.3 million.

Conference Call Information

Further details are provided in the presentation for Helix’s quarterly teleconference to review its third quarter 2021 results (see the "For the Investor" page of Helix's website, www.HelixESG.com). The teleconference, scheduled for Thursday, October 21, 2021 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 1-800-785-8944 for participants in the United States and 1-212-231-2910 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 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 realize current backlog; 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) and Instagram (www.instagram.com/helixenergysolutions).

 
HELIX ENERGY SOLUTIONS GROUP, INC.
 
Comparative Condensed Consolidated Statements of Operations
 

Three Months Ended Sep. 30

 

Nine Months Ended Sep. 30,

(in thousands, except per share data)

2021

 

2020

 

2021

 

2020

(unaudited) (unaudited)
 
Net revenues

$

180,716

 

$

193,490

 

$

506,072

 

$

573,658

 

Cost of sales

 

177,716

 

 

158,862

 

 

485,318

 

 

507,444

 

Gross profit

 

3,000

 

 

34,628

 

 

20,754

 

 

66,214

 

Goodwill impairment

 

-

 

 

-

 

 

-

 

 

(6,689

)

Gain (loss) on disposition of assets, net

 

15

 

 

440

 

 

(631

)

 

913

 

Selling, general and administrative expenses

 

(13,346

)

 

(16,053

)

 

(41,950

)

 

(48,256

)

Income (loss) from operations

 

(10,331

)

 

19,015

 

 

(21,827

)

 

12,182

 

Net interest expense

 

(5,928

)

 

(7,598

)

 

(17,900

)

 

(20,407

)

Gain (loss) on extinguishment of long-term debt

 

(124

)

 

9,239

 

 

(124

)

 

9,239

 

Other income (expense), net

 

(4,015

)

 

8,824

 

 

(1,438

)

 

(3,672

)

Royalty income and other

 

297

 

 

197

 

 

2,603

 

 

2,493

 

Income (loss) before income taxes

 

(20,101

)

 

29,677

 

 

(38,686

)

 

(165

)

Income tax provision (benefit)

 

(1,058

)

 

5,232

 

 

(2,910

)

 

(16,132

)

Net income (loss)

 

(19,043

)

 

24,445

 

 

(35,776

)

 

15,967

 

Net loss attributable to redeemable noncontrolling interests

 

-

 

 

(54

)

 

(146

)

 

(2,044

)

Net income (loss) attributable to common shareholders

$

(19,043

)

$

24,499

 

$

(35,630

)

$

18,011

 

 

 

 

 

Earnings (loss) per share of common stock:

 

 

 

 

Basic

$

(0.13

)

$

0.16

 

$

(0.24

)

$

0.10

 

Diluted

$

(0.13

)

$

0.16

 

$

(0.24

)

$

0.10

 

 
Weighted average common shares outstanding:
Basic

 

150,088

 

 

149,032

 

 

150,018

 

 

148,956

 

Diluted

 

150,088

 

 

149,951

 

 

150,018

 

 

149,824

 

 
Comparative Condensed Consolidated Balance Sheets
 
Sep. 30, 2021 Dec. 31, 2020
(in thousands) (unaudited)
 
ASSETS
 
Current Assets:
Cash and cash equivalents (1)

$

237,549

 

$

291,320

 

Restricted cash (1)

 

71,282

 

 

-

 

Accounts receivable, net

 

136,704

 

 

132,233

 

Other current assets

 

62,442

 

 

102,092

 

Total Current Assets

 

507,977

 

 

525,645

 

 

 

Property and equipment, net

 

1,686,674

 

 

1,782,964

 

Operating lease right-of-use assets

 

117,397

 

 

149,656

 

Other assets, net

 

35,251

 

 

40,013

 

Total Assets

$

2,347,299

 

$

2,498,278

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

Current Liabilities:

 

 

Accounts payable

$

75,162

 

$

50,022

 

Accrued liabilities

 

85,240

 

 

87,035

 

Current maturities of long-term debt (1)

 

42,825

 

 

90,651

 

Current operating lease liabilities

 

55,051

 

 

51,599

 

Total Current Liabilities

 

258,278

 

 

279,307

 

 

 

Long-term debt (1)

 

261,668

 

 

258,912

 

Operating lease liabilities

 

64,423

 

 

101,009

 

Deferred tax liabilities

 

91,785

 

 

110,821

 

Other non-current liabilities

 

1,481

 

 

3,878

 

Redeemable noncontrolling interests

 

-

 

 

3,855

 

Shareholders' equity

 

1,669,664

 

 

1,740,496

 

Total Liabilities and Equity

$

2,347,299

 

$

2,498,278

 

 

(1) Negative net debt of $4,338 as of September 30, 2021. Net debt calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash.

Helix Energy Solutions Group, Inc.
Reconciliation of Non-GAAP Measures
 
 
Three Months Ended Nine Months Ended
(in thousands, unaudited) 9/30/2021 9/30/2020 6/30/2021 9/30/2021 9/30/2020
 
Reconciliation from Net Income (Loss) to Adjusted EBITDA:
Net income (loss)

$

(19,043

)

$

24,445

 

$

(13,683

)

$

(35,776

)

$

15,967

 

Adjustments:
Income tax provision (benefit)

 

(1,058

)

 

5,232

 

 

(1,968

)

 

(2,910

)

 

(16,132

)

Net interest expense

 

5,928

 

 

7,598

 

 

5,919

 

 

17,900

 

 

20,407

 

(Gain) loss on extinguishment of long-term debt

 

124

 

 

(9,239

)

 

-

 

 

124

 

 

(9,239

)

Other (income) expense, net

 

4,015

 

 

(8,824

)

 

(960

)

 

1,438

 

 

3,672

 

Depreciation and amortization

 

36,719

 

 

33,985

 

 

34,941

 

 

106,226

 

 

99,552

 

Goodwill impairment

 

-

 

 

-

 

 

-

 

 

-

 

 

6,689

 

EBITDA

 

26,685

 

 

53,197

 

 

24,249

 

 

87,002

 

 

120,916

 

Adjustments:
(Gain) loss on disposition of assets, net

 

(15

)

 

(440

)

 

646

 

 

631

 

 

(913

)

General provision (release) for current expected credit losses

 

(138

)

 

(38

)

 

(83

)

 

(121

)

 

656

 

Realized losses from foreign exchange contracts not designated as hedging instruments

 

-

 

 

-

 

 

-

 

 

-

 

 

(682

)

Adjusted EBITDA

$

26,532

 

$

52,719

 

$

24,812

 

$

87,512

 

$

119,977

 

 
 
 
Free Cash Flow:
Cash flows from operating activities

$

28,712

 

$

52,586

 

$

52,671

 

$

121,252

 

$

58,628

 

Less: Capital expenditures, net of proceeds from sale of assets

 

(574

)

 

(1,174

)

 

(5,432

)

 

(7,335

)

 

(18,255

)

Free cash flow

$

28,138

 

$

51,412

 

$

47,239

 

$

113,917

 

$

40,373

 

 

 


Contacts

Erik Staffeldt - Executive Vice President and CFO
281-618-0465
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MOORESVILLE, N.C.--(BUSINESS WIRE)--In light of the recent state law signed into effect by California Governor Newsom banning the sale of gas-powered outdoor power equipment, Greenworks Commercial, the leading provider of battery-operated outdoor power equipment, is helping landscape businesses transition to clean alternatives.


Greenworks Commercial is the only brand with a full line of commercial-grade, 100% battery-powered outdoor power equipment that can replace every gas-powered tool landscapers need. Not only does it have a depth of product offerings, but Greenworks Commercial lithium-ion-powered equipment provides the power, performance and runtime demanded of gas-powered tools without the noise, hassle or harmful emissions.

“With the new law banning gas sales starting in 2024, it’s important for landscapers to be ahead of the curve,” said Tony Marchese, Greenworks Commercial Vice President of Sales and Operations. “Taking advantage of California’s $30 million incentive fund, we can help commercial landscapers transition easily and cost effectively.”

Several recent studies have concluded gas-powered equipment with small off-road engines produces a similar amount of smog-causing pollution as passenger cars, which is one reason law makers are curbing emissions. A study from the California Air Resources Board (CARB) found using a gas-powered leaf blower for one hour causes the same amount of pollution to be emitted as a 2017 Toyota Camry driving 1,100 miles, and running a gas lawnmower for one hour is the equivalent of driving 300 miles.

The new law is also motivated by a concern for landscape workers’ health, as gas-powered small engines have been proven to increase the risk of asthma and other health concerns.

Greenworks Commercial tools have zero emissions and zero exhaust, recyclable batteries and are extremely quiet for reduced noise pollution. Its products are the safest, most environmentally responsible tools available in the outdoor power equipment industry, and its team is well equipped to help landscape professionals transition from gas-powered equipment to battery.

About Greenworks Commercial

Since 2002, Greenworks has been manufacturing rugged, powerful tools with superior brushless motor technology and advanced lithium-ion battery power. Greenworks Commercial sets the standard for commercial-grade, battery-powered outdoor equipment as the only brand exclusively focused on the design and manufacturing of battery-powered products entirely. For more information, visit http://greenworkscommercial.com/.


Contacts

Autumn Nicholson
This email address is being protected from spambots. You need JavaScript enabled to view it.
864-331-1296

Market leader’s data science innovations yield highly accurate ETAs for 100% of ocean shipments, along with powerful new tools to mitigate detention and demurrage risk

CHICAGO--(BUSINESS WIRE)--FourKites®, the world’s leading real-time supply chain visibility platform, today introduced Dynamic ETA® for Ocean, a new AI-powered innovation as part of its Dynamic OceanSM offering. The new enhancement provides shippers, carriers and 3PLs with the market’s most accurate estimated times of arrival (ETAs) for 100% of their ocean shipments across all lanes worldwide. In addition, the company has rolled out new capabilities for monitoring and mitigating demurrage and detention risks. With these new enhancements, FourKites now provides the most advanced and robust solution on the market for real-time and predictive ocean visibility, exception management and cost controls.



These powerful new tools were designed in direct response to the ongoing disruptions in ocean shipping that have delayed shipments, causing fees and related expenses to soar. Port congestion, vessel delays, and incorrect or incomplete documentation are common challenges for ocean shippers during normal times; the global container shortage, port shutdowns, natural disasters, the COVID-19 pandemic and other recent incidents have exacerbated these issues and caused an accumulation of demurrage and detention fees that are reaching thousands of dollars per container per day — and which can rise into millions of dollars in annual transportation costs for shippers.

FourKites’ new Dynamic ETA for Ocean provides real-time, automated and predictive ETAs that are 20% to 40% more accurate than carrier-generated ETAs. This new AI-driven capability is based on FourKites’ patented Smart Forecasted Arrival technology, and brings together voyage and routing data and captain data, alongside more than 5TB of historical Automatic Identification System (AIS) vessel data and 6 million port-to-port trips across 100,000 lanes worldwide over the last two years.

FourKites’ automated reporting and tracking for ocean shipments provides more accurate and real-time data,” said Bob Hayes, Vice President of Global Supply Chain at Canfor. “This allows Canfor to respond to customer inquiries quicker and with up-to-date information on our upcoming shipments that would have otherwise had to be manually tracked.”

FourKites has also introduced a suite of new demurrage and detention tools that provide customers with an early warning solution and actionable insights, replacing the manual and/or spreadsheet-driven approaches used by most shippers. These tools include:

  • Exception Dashboards that monitor the containers that are (or likely will) incur detention and demurrage fees, and provide real-time rerouting alerts and dwell time notifications for all ocean shipments. Customers can prioritize containers that are currently accumulating fees or that are at risk of incurring penalties, and estimate the costs that are being incurred to minimize transportation fees.
  • Notifications and Alerts for containers that are (or soon will be) incurring demurrage and detention fees, giving customers the ability to minimize their impact on transportation costs and proactively manage customer satisfaction.
  • Analytics Dashboards that provide performance trends by lane, carrier, stop and other areas, so customers can identify systemic problems, improve strategic decision-making, and minimize detention and demurrage costs.

Ocean shipping is an indispensable mode of transport that comes with a great deal of uncertainty and risk,” said Chris Stauber, Vice President of Product - Ocean/Air at FourKites. “Today’s release of the industry’s most accurate predictive ETAs for ocean freight, together with our new monitoring and management tools for detention and demurrage, gives shippers the powerful capabilities they need to effectively manage and mitigate rising transportation costs during a time of constant upheaval.”

As ongoing disruption continues to impact global supply chains, FourKites has seen unprecedented growth in its ocean visibility platform. Over the last 12 months, FourKites has seen 450% growth in ocean loads tracked, and 40% growth quarter over quarter. Since launching Dynamic Ocean in April 2021, which covers 98% of global ocean shipments, 100% of terminals in North America and the majority of terminals in Europe, FourKites has seen a 50% increase in ocean visibility customers, including Yara International, International Forest Products and Zebra Technologies.

About FourKites

FourKites® is a leading global supply chain visibility platform, extending visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 2 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 digitize their end-to-end supply chains. More than 620 of the world’s most recognized 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/.


Contacts

Marianna Vyridi
Big Valley Marketing for FourKites
(650) 468-3263
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New Addition Offers Commercial and Business Loans

IRVINGTON, N.Y.--(BUSINESS WIRE)--#Businesslending--X-Caliber Capital, a national, direct commercial real estate lender, announced today the launch of its newest company, X-Caliber Rural Capital, a licensed United States Department of Agriculture (USDA) lender that will offer its growing, diverse borrower base access to unique loan programs with attractive terms designed to support a wide scope of assistance to rural businesses.



Under the USDA’s OneRD Guarantee Loan Initiative, X-Caliber Rural Capital will provide financing for rural business and economic development projects under four flagship programs:

The USDA defines rural as any town, village, city, or other population center with a threshold of 50,000 or less and not contiguous with another populated area. Depending on the program, loan sizes will range between $250,000 and $100MM and will be available for new construction, acquisition, and refinance transactions.

Industry veteran and Co-Founder, Jordan Blanchard, has been named Executive Manager of X-Caliber Rural Capital and will lead the daily business and operations. Blanchard has more than thirty years of experience in Small Business Administration (SBA) and USDA lending and is the current President of National Rural Lenders' Roundtable.

During his successful career, Blanchard helped develop the nation’s number one USDA lending program and created funding for over $1B of USDA and renewable transactions. Overall, he has been involved in $2B of financing under various forms of government guaranteed loan programs.

X-Caliber Capital President and CEO and X-Caliber Rural Capital Co-Founder, Chris Callahan, said, “This new platform is a natural fit for X-Caliber Capital’s commitment to bringing its clients diverse lending solutions while improving the quality of life and economic development in rural areas. With Jordan’s proven track record and having him at the helm of the ship, we expect this platform to become a core part of our business model and look forward to building out our pipeline.”

“X-Caliber Rural Capital will bring borrowers unique and attractive terms for clients looking for longer-term lending solutions while also providing notable benefits to those businesses and groups that are located in rural areas designated by the USDA programs,” said Blanchard. “I am truly pleased to be a part of the X-Caliber Capital brand and team and I look forward to helping strategically grow this business to new and impactful levels.”

USDA loans are guaranteed by the U.S. Department of Agriculture and lenders must receive special licensing to provide the programs.

About X-Caliber –www.x-calibercap.com

X-Caliber Capital is a nationally recognized direct lender that has been building long-term relationships with our clients for 30 years. The X-Caliber team offers a broad breadth of experience and capital markets knowledge unrivaled by its competitors. The principals have provided capital in excess of $80 billion to the Commercial Real Estate space over the past two decades.

About X-Caliber Rural Capital

X-Caliber Rural Capital is a national, licensed and approved U.S. Department of Agriculture lender that provides financing for rural business and economic development projects under four flagship programs that fall under the OneRD Guarantee Loan Initiative. The Company is dedicated to creating attractive solutions for its borrowers that meet the needs of rural communities throughout the country.


Contacts

Media:
Amber Howard
212.220.7046

  • Hanford Mayor Francisco Ramirez and City Manager Mario Cifuentez recently visited Faraday Future’s manufacturing site in Hanford, California to review the construction and equipment installation progress
  • FF will hire 50 new employees at its Hanford production facility by year end and up to an additional 350 more in 2022 as it ramps up production
  • FF recently completed its first major milestone at its Hanford facility and laid out its upcoming plans for the remaining key milestones leading up to Start of Production (SOP) next summer

HANFORD, Calif.--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, recently welcomed Hanford Mayor Francisco Ramirez and City Manager Mario Cifuentez to its production facility in the Central Valley of California to share current and future progress updates related to its production plans. FF invited the local officials as a part of a recent executive update session at its Hanford plant that detailed upcoming milestones in its manufacturing process for the ultimate intelligent techluxury FF 91 EV. FF remains on-target to launch the FF 91 in July 2022.



“I want to thank FF for giving me a very straightforward and thorough update tour of their FF 91 factory here in Hanford last week. I was able to see firsthand just how far they have come in a short time and also hear about their strategic milestones, including local hiring plans, as they ramp up to fully complete their production facility in the coming months,” said Hanford Mayor Ramirez. “This facility will be a first-rate production hub for their vehicles and will allow local qualified residents to be part of the workforce they are bringing in now and the near future to help deliver the FF 91 to the market next summer.”

A video interview with Hanford Mayor Ramirez with more detail on his visit to FF’s manufacturing facility can be found here: https://ev.ff.com/3BXpYet

The FF 91 production goals are modest, focusing on smaller volume and specific clientele, ensuring a smooth roll out of the FF 91 and future vehicles. FF’s Hanford facility will adopt a bespoke, high-quality, luxury-focused production setup for its flagship FF 91 EV, engineered and designed for superior craftsmanship befitting FF’s exclusive, high-end, luxury vehicles. This is one of the many FF differentiators compared to traditional OEM mass production.

“FF represents a true anchor on which to attract additional technology and EV companies. The Economic Development Corp. (EDC) was involved in helping to recruit FF to Kings County, and we have maintained a positive relationship with the company,” said Kings County EDC President Lance Lippincott. “We are confident their success will encourage suppliers and other businesses to locate in Kings County. We are ready to help them be successful.”

Since going public in July, FF has kicked off construction at the Hanford plant and has completed the pilot line systems to support FF pre-production builds. A video link with more detail on FF’s Hanford manufacturing facility including a detailed walk through conducted by Matt Tall, FF’s VP of manufacturing can be viewed here: https://ev.ff.com/3E0mt7I

The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-in-one all-ability cars, and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office. The models encompass extreme technology, an ultimate user experience and a complete ecosystem. Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve

Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online

ABOUT FARADAY FUTURE

Established in May 2014, FF is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, FF has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, FF was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, FF’s first flagship product FF 91 Futurist is equipped with unbeatable product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.

FOLLOW FARADAY FUTURE:

https://www.ff.com/
http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 recently filed by FF and other documents filed by FF from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


Contacts

For Faraday Future
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John Schilling
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) announced today that its Board of Directors has declared the regular quarterly dividend on its common stock of $ 0.30 (thirty cents) per common share, payable to stockholders of record on November 5, 2021. The dividend will be paid on November 19, 2021.


About J.B. Hunt

J.B. Hunt Transport Services, Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.


Contacts

Brad Delco
Vice President - Finance & Investor Relations
(479) 820-2723

LONDON--(BUSINESS WIRE)--Total Telecom attended Huawei’s Better World Summit (BWS) for Green ICT for Green development in Dubai in United Arab Emirates (UAE), found out that the ICT industry, which is a backbone of the modern-day global economy, must adopt green and energy-efficient practices and products and take the lead in correcting the course of the climate change crisis.

Huawei is at the forefront to reduce our new carbon emissions and has taken several initiatives to bring down its own carbon emissions. "With our innovative products and solutions, we want to work with customers and industry partners to jointly define industry standards, and help operators better measure and manage their carbon reduction roadmaps," says Bob Cai, Chief Marketing Officer at Carrier Business Group, while opening the Summit.

The company is not just taking measures to reduce its carbon emissions but is also pursuing innovations to make telecom networks more sustainable and energy-efficient. Cai further elaborated that the ICT industry has to maintain a balance between development and lowering carbon emissions to better manage and measure carbon reduction roadmaps.

Several speakers highlighted the role of 5G in bringing down carbon emissions. "5G is significantly greener technology compared with previous standards besides emerging as a revenue generator. It has already been deployed in 176 countries providing ultra-high-speed broadband to around 500 million subscribers. In China, it helped the operators achieve 11.2% in profit," says Jiang of Huawei.

Several senior industry leaders from different segments of the industry participated in the event to highlight the efforts made and the strategy adopted by them to reduce carbon emissions and reach the target of net-zero.

Addressing the problem of climate change demands close collaboration between all the stakeholders, including the vendors, service providers, and industry bodies, the event provided a perfect opportunity to the ecosystem players to discuss different strategies to bring down the carbon emissions for a more sustainable world.

About Total Telecom

Total Telecom offers daily online news with the option to sign up for headlines by email and monthly analysis. Total Telecom organises the annual World Communication Awards, Asia Communication Awards and a range of conferences and networking opportunities, including Submarine Networks EMEA, 5GLIVE, Connected Italy, Connected Britain, Connected Germany and the Total Telecom Congress. Find out more at www.totaltele.com


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James Llewellyn
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DUBLIN--(BUSINESS WIRE)--The "Global Digital Services in Pumps Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.


In this study, three digital solutions, maintenance-as-a-service, infrastructure-as-a-service, and efficiency-as-a-service are identified and analyzed. The future of pump OEMs and other value-chain participants is expected to be influenced by IIoT 2.0. IIoT 2.0, an untapped area that is yet to be explored, and offers a plethora of growth opportunities for OEMs to distinguish and cement their market position.

Digital transformation is forming a core part of organization strategy across industry verticals to survive economic headwinds, adapt to dynamic market conditions, and remain relevant in an increasingly competitive global environment. A global pandemic, oil price volatility, political tensions, and climate action have further accelerated the need to invest and integrate into Industrial Internet of Things (IIoT) technologies.

End users' pressing need to cut down total expenditure (TOTEX) and operational expenditure (OPEX) to navigate through these uncertain economic conditions and at the same time increase productivity of existing plants to meet global demand have bolstered the demand for digital services. Real-time visibility of equipment operations and actionable insights derived from AI-powered analytics platforms are imperative for end-users to ensure continued production without any interruption and transition toward predictive maintenance.

In this digital services playbook, new growth avenues with IIoT technologies are identified and analyzed. IIoT 1.0, which includes connected components, connected machines, connected plant, and connected enterprises, is gaining traction with growing interest from end-users across process, discrete, and hybrid industries. An assessment of the adoption rate, impact level, and growth propensity is covered in this research.

Yet another disruption identified is the transition from IIoT 1.0 to the IIoT 2.0 digital solution. IIoT 2.0 refers to the shift in a business model that delivers IIoT-based products and services with a unique pay-per-performance concept, where customers pay based on the outcome achieved.

As the shift to IIoT 2.0 is bound to transpire in the long run, this study provides insights on the key growth drivers offered by capitalizing on this new range of digital solutions. This research also discussed the roadblocks that prevent IIoT 2.0 implementation in the short, medium, and long term. An overview of the end-user perception toward IIoT-based digital solutions is offered to gauge end-user preferences, expectations, and the current IIoT solutions adopted in plants.

In addition, a list of digital practitioners is identified and mapped to the various IIoT 1.0 digital solutions covered in this research scope. This offers a pulse on the various leading solution providers, competitive overview, and market gaps that need to be addressed.

Furthermore, an overview of new IIoT 2.0 digital solutions is offered to understand their unique value proposition, key features, and benefits achieved. The study also identifies and assesses 7 lucrative growth opportunities based on IIoT 2.0 digital solutions that pump OEMs and other vendors can monetize to unlock new revenue streams.

Key Topics Covered:

1. Strategic Imperatives

  • Why Is It Increasingly Difficult to Grow?
  • The Strategic Imperative
  • The Impact of the Top Three Strategic Imperatives on Digital Services in Pumps Industry
  • Growth Opportunities Fuel the Growth Pipeline Engine

2. Growth Opportunity Analysis, Digital Services in Pumps Market

  • Digital Services in Pumps Market, Scope of Analysis
  • Market Segmentation
  • Market Definition
  • Market Segmentation by Region
  • Market Segmentation by End User
  • Key Competitors for Digital Services in Pumps Market
  • Key Growth Metrics for Digital Services in Pumps Market
  • Value Chain, Digital Services in Pumps Market
  • Distribution Channels, Digital Services in Pumps Market
  • Growth Drivers, Digital Services in Pumps Market
  • Growth Restraints, Digital Services in Pumps Market
  • Forecast Assumptions, Digital Services in Pumps Market
  • COVID-19 Implications on the Pumps Market
  • Revenue Forecast, Digital Services in Pumps Market
  • Revenue Forecast Analysis, Digital Services in Pumps Market
  • Revenue Forecast by Region, Digital Services in Pumps Market
  • Revenue Forecast Analysis by Region, Digital Services in Pumps Market
  • Revenue Forecast by Industry Vertical, Digital Services in Pumps Market
  • Revenue Forecast Analysis by Industry Vertical, Digital Services in Pumps Market
  • Revenue Forecast by Application, Digital Services in Pumps Market
  • Revenue Forecast Analysis by Application, Digital Services in Pumps Market
  • Competitive Environment, Digital Services in Pumps Market
  • Revenue Share, Digital Services in Pumps Market
  • Revenue Share Analysis, Digital Services in Pumps Market
  • Value Chain Participants, Digital Services in Pumps Market

3. Growth Opportunity Analysis, Digital Services in Pumps Market, Americas

4. Growth Opportunity Analysis, Digital Services in Pumps Market, EMEA

5. Growth Opportunity Analysis, Digital Services in Pumps Market, APAC

6. Market Summary, Digital Services in Pumps Market

  • Top 12 Market Trends Influencing the Pumps Market
  • Impact of IIoT Technologies on Digital Services in Pumps Market
  • Mega Trends Influencing Digital Services in Pumps Market
  • Transformational Themes Influencing Digital Services in Pumps Market
  • Evolution of Pumps Industry
  • Supply Chain Integration, Digital Services in Pumps Market
  • Value Chain Disruption, Digital Services in Pumps Market
  • Emerging Business Models, Digital Services in Pumps Market
  • Payment Business Model, Digital Services in Pumps Market
  • Mapping of Payment Model with Business Model
  • Impact Assessment of IIoT 2.0
  • Complexity and Value Assessment of IIoT 2.0
  • Adoption of IIoT 2.0 by End-user Industry
  • List of Top Digital Service Providers

7. IIoT 1.0 and IIoT 2.0 Solution Overview, Digital Services for Pumps

  • IIoT 1.0, Connected Components
  • IIoT 1.0, Connected Machines
  • IIoT 1.0, Connected Plant
  • IIoT 1.0, Connected Enterprise
  • IIoT 2.0, Maintenance-as-a-Service
  • 1. Digital Asset Maintenance
  • I. Digital-twins-driven Connected Pumps
  • II. Wearable-based Digital Field Services
  • 2. Parts Certainty-as-a-Service
  • IIoT 2.0, Infrastructure-as-a-Service
  • 1. Flow Management-as-a-Service
  • 2. Pumps-as-a-Service
  • IIoT 2.0, Efficiency-as-a-Service
  • Digital Energy-Efficiency Benchmarking

8. IIoT 1.0 and IIoT 2.0 End-user Perception, Digital Services for Pumps Market

  • Adoption of IIoT Solutions
  • Adoption of IIoT Solutions by End Users
  • Pitfalls to Adoption of Digital Services
  • End-user Requirement Analysis

9. Growth Opportunity Universe, Digital Services in Pumps Market

  • Growth Opportunity 1 - Digital Twin Technology for Enhancing Pump Lifetime and Productivity, 2022-2028
  • Growth Opportunity 2 - Pumps-as-a-Service for Unlocking New Revenue Stream and Bolstering Customer Engagement, 2022-2028
  • Growth Opportunity 3 - Flow Management-as-a-Service for Addressing Critical Customer Needs and Expanding Customer Base, 2022-2028
  • Growth Opportunity 4 - Digital Asset Maintenance for Enhancing Asset Reliability, 2022-2028
  • Growth Opportunity 5 - Smart Wearables to Enhance Field Services, Promote Workers Safety, and Save Operational Costs, 2022-2028
  • Growth Opportunity 6 - Parts Certainty-as-a-Service for Improved Asset Maintenance and Lifetime, 2022-2028
  • Growth Opportunity 7 - Digital Energy-Efficiency Benchmarking to Support Climate Action Plan, 2022-2028

For more information about this report visit https://www.researchandmarkets.com/r/85kbxp


Contacts

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Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Global Midstream New-Build and Expansion Projects Outlook to 2025 - Transmission Pipelines Dominate Global Midstream Project Starts" report has been added to ResearchAndMarkets.com's offering.


Globally, 1,174 upcoming midstream projects are expected to start operations during the 2021 to 2025 outlook period. Of these, 1,073 represent new build projects and 101 are expansions of existing projects.

In the midstream sector, the trunk/transmission pipelines segment is expected to witness the start of operations of the highest number of projects globally with 509 during the 2021-2025 period. Liquids storage and gas processing segments follow with 276 and 146 projects, respectively.

Scope

  • Global midstream projects count by type, and development stage that are expected to start operations during 2021-2025
  • Global midstream projects cost by type, region, segment, and key countries during the period 2021-2025
  • Global midstream projects capacity additions by type, segment, and key countries during the period 2021-2025
  • Details of major LNG liquefaction, LNG regasification, pipelines, liquid storage, gas processing, and gas storage projects that are expected to start operations during 2021-2025

Reasons to Buy

  • Understand outlook of global midstream projects that are expected to start operations during 2021-2025
  • Understand global midstream capacity and cost outlook by key segments during the period 2021-2025
  • Keep abreast of key upcoming midstream projects globally during the outlook period
  • Facilitate decision making on the basis of strong midstream projects data
  • Develop business strategies with the help of specific insights on the global midstream sector
  • Assess your competitor's planned midstream projects in the region

Key Topics Covered:

1 Table of Contents

1.1 List of Tables

1.2 List of Figures

2. Global Midstream New-Build and Expansion Projects Outlook, 2021-2025

2.1 Key Highlights

2.2 Midstream Projects Outlook by Type and Segment

2.3 Midstream Projects Outlook by Development Stage

2.4 Midstream Projects Cost Outlook by Type and Region

2.5 Midstream Projects Cost Outlook by Type and Key Countries

3. LNG Liquefaction Projects Outlook

3.1 LNG Liquefaction Projects Outlook by Type

3.2 LNG Liquefaction Projects Outlook by Development Stage

3.3 LNG Liquefaction Projects Capacity Additions Outlook by Type and Key Countries

3.4 LNG Liquefaction Projects Cost Outlook by Type and Key Countries

3.5 Major LNG Liquefaction Projects

4. LNG Regasification Projects Outlook

4.1 LNG Regasification Projects Outlook by Type

4.2 LNG Regasification Projects Outlook by Development Stage

4.3 LNG Regasification Projects Capacity Additions Outlook by Type and Key Countries

4.4 LNG Regasification Projects Cost Outlook by Type and Key Countries

4.5 Major LNG Regasification Projects

5. Pipelines Projects Outlook

5.1 Projects Outlook by Pipeline Type

5.2 Pipeline Projects Outlook by Development Stage

5.3 Pipeline Projects Length Additions Outlook by Type and Key Countries

5.4 Pipelines Projects Cost Outlook by Type and Key Countries

5.5 Major Pipelines Projects

6. Liquids Storage Projects Outlook

6.1 Liquids Storage Projects Outlook by Type

6.2 Liquid Storage Projects Outlook by Development Stage

6.3 Liquids Storage Capacity Additions Outlook by Type and Key Countries

6.4 Liquids Storage Projects Cost Outlook by Type and Key Countries

6.5 Major Liquids Storage Projects

7. Gas Processing Projects Outlook

7.1 Gas Processing Projects Outlook by Type

7.2 Gas Processing Projects Outlook by Development Stage

7.3 Gas Processing Projects Capacity Additions Outlook by Type and Key Countries

7.4 Gas Processing Projects Cost Outlook by Type and Key Countries

7.5 Major Gas Processing Projects

8. Gas Storage Projects Outlook

8.1 Gas Storage Projects Outlook by Type

8.2 Gas Storage Projects Outlook by Development Stage

8.3 Gas Storage Capacity Additions Outlook by Type and Key Countries

8.4 Gas Storage Projects Cost Outlook by Type and Key Countries

8.5 Major Gas Storage Projects

9. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/x855ru


Contacts

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
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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