DUBLIN--(BUSINESS WIRE)--The "Energy and Utility Analytics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, By Deployment Model, By Application, and By Verticals" report has been added to ResearchAndMarkets.com's offering.

The market was valued at US$ 2,672.5 million in 2019 and is projected to reach US$ 6,971.2 million by 2027; it is expected to grow at a CAGR of 13.4% from 2020 to 2027.

The financial outcomes of oil and gas companies depend upon the performance of complex, capital-intensive process facilities, to a large extent. However, until very recently, these companies have not had the tools or the capabilities needed to operate these assets at their maximum capacity.

The oil and gas industry had to manage risks on many fronts, and the assets employed were expensive and capital intensive. To mitigate these risks, they have begun implementing cloud-based data analytics systems. The reliability, responsiveness, and security conferred by cloud-based computing have been, therefore, driving the demand for cloud-based analytics solutions, which, in turn, boosts the growth of the energy and utility analytics market.

Impact of COVID-19 Pandemic on Energy and Utility Analytics Market

According to the World Health Organization (WHO), the US, India, Brazil, Russia, Peru, Columbia, South Africa, and Mexico are a few of the worst-affected countries due to the COVID-19 pandemic. The pandemic is affecting the industries worldwide; the global economy is on the verge of taking the worst hit in 2020, and the impact is likely to continue in 2021 as well. The outbreak has created significant disruptions in energy and utility sector.

Atos SE; BUILDINGIQ, INC.; CAPGEMINI SE; IBM Corporation; Infosys Ltd.; Oracle Corporation; SAP SE; SAS Institute Inc.; WegoWise, Inc.; and Wipro Limited are among the few major companies operating in the energy and utility analytics market.

Key Topics Covered:

1. Introduction

1.1 Study Scope

1.2 Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

4. Energy and Utility Analytics Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

5. Energy and Utility Analytics -Market Dynamics

5.1 Key Market Drivers

5.1.1 Advanced decision making capabilities offered by Analytics solutions

5.1.2 Enhanced customer service capabilities

5.1.3 Increasingly complicating oil & gas industry to drive the demand for robust analytical solutions

5.2 Key Market Restraint

5.2.1 High capital expenditure value

5.3 Key Market Opportunity

5.3.1 Increasing infrastructure development and smart cities

5.4 Future Trend

5.4.1 Data sharing will be a widespread trend

5.5 Impact Analysis of Drivers and Restraints

6. Energy and Utility Analytics Market - Global Analysis

6.1 Global Energy and Utility Analytics Market Overview

6.2 Energy and Utility Analytics Market - Revenue and Forecast to 2027 (US$ Million)

6.3 Market Positioning - Five Key Players

7. Energy and Utility Analytics Market Analysis - By Type

7.1 Overview

7.2 Energy and Utility Analytics Market Breakdown, by Type, 2019 & 2027

7.3 Software

7.3.1 Overview

7.3.2 Software Market Revenue and Forecast to 2027 (US$ Million)

7.4 Service

7.4.1 Overview

7.4.2 Service Market Revenue and Forecast to 2027 (US$ Million)

7.4.2.1 Professional Service

7.4.2.2 Managed Service

8. Energy and Utility Analytics Market Analysis - By Deployment Model

8.1 Overview

8.2 Energy and Utility Analytics Market Breakdown, by Deployment Model, 2019 & 2027

8.3 On-Premise

8.3.1 Overview

8.3.2 On-Premise Market Revenue and Forecast to 2027 (US$ Million)

8.4 Cloud

8.5 Hybrid

9. Energy and Utility Analytics Market Analysis - By Application

9.1 Overview

9.2 Energy and Utility Analytics Market Breakdown, by Application, 2019 & 2027

9.3 Load Forecasting

9.3.1 Overview

9.3.2 Load Forecasting Market Revenue and Forecast to 2027 (US$ Million)

9.4 Customer Analytics

9.5 Grid Analytics

9.6 Asset Management

9.7 Smart Meter Analytics

9.8 Others

10. Energy and Utility Analytics Market Analysis - By Vertical

10.1 Overview

10.2 Energy and Utility Analytics Market Breakdown, by Vertical, 2019 & 2027

10.3 Oil and Gas

10.3.1 Overview

10.3.2 Oil and Gas Forecasting Market Revenue and Forecast to 2027 (US$ Million)

10.4 Renewable Energy

10.5 Nuclear Power

10.6 Electricity

10.7 Water

10.8 Others

11. Energy and Utility Analytics Market - Geographic Analysis

12. Energy and Utility Analytics Market- COVID-19 Impact Analysis

13. Industry Landscape

13.1 Overview

13.2 Market Initiative

13.3 New Product Development

13.4 Merger and Acquisition

14. Company Profiles

14.1 Key Facts

14.2 Business Description

14.3 Products and Services

14.4 Financial Overview

14.5 SWOT Analysis

14.6 Key Developments

• Atos SE
• BUILDINGIQ, INC.
• CAPGEMINI SE
• IBM Corporation
• Infosys Ltd.
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• WegoWise, Inc.
• Wipro Limited

For more information about this report visit https://www.researchandmarkets.com/r/vhq2kn

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

Next-generation back office and head office solutions to be deployed in Chevron sites across Asia Pacific

BANGKOK--(BUSINESS WIRE)--#APAC--PDI (www.pdisoftware.com), a global software company that provides leading ERP, fuel pricing, supply chain logistics, and marketing cloud solutions to convenience retailers and petroleum wholesalers, announced it is extending its 16-year partnership with Chevron. The longtime PDI customer will implement the next generation of PDI Envoy back office and head office software solutions to power its corporate-owned sites in the Asia Pacific (APAC) region.

“Our relationship with PDI has strengthened over the last 16 years, and they’ve proven to be a dedicated and trusted partner,” said Dean Gilbert, general manager of Marketing and Sales at Chevron. “Beyond the innovative software that allows us to gain actionable insights, improve operational efficiencies, and streamline our business, the industry expertise and regional presence from PDI supports our growth as we expand our presence in Asia Pacific.”

Innovative companies and technology are driving APAC’s digital transformation

By 2025, nearly 73 percent of the world’s population will only access the internet through their smartphones, and 80 percent of enterprise workloads will be in the cloud. From customer-facing applications to back office solutions, businesses everywhere are relying on innovative technology to drive digital transformation. Chevron and PDI are leading the way.

Chevron launched its CaltexGo mobile app in response to consumer feedback about wait times at the fuel pump and in the store. Now, customers can pull into the petrol station, launch the app, input their pump number, and confirm the payment after fueling. In addition to enabling a frictionless checkout experience, the app also powers Caltex’s loyalty program, Plus!, allowing customers to easily earn and redeem rewards.

Convenience retailers in the APAC region, and globally, are looking for solutions that will enable them to grow and optimize backcourt and foodservice operations. PDI’s cloud-based, internationally deployed back office software, Envoy, is helping them do it. From accounting automation to pricebook centralization to fuel inventory management, its holistic capabilities reduce complexity, increase visibility and deliver real-time insights that enable companies like Chevron to transform their business.

Supporting regional growth for major oils and c-stores

PDI has solidified its commitment to supporting customers like Chevron. Last year, the software company opened a new office location in Bangkok to build a local presence and work more closely with partners in the area. The state-of-the-art facility in Bangkok now serves as PDI's operations hub for customers in South East Asia. With over 200 employees in the region, PDI can more easily collaborate with customers like Chevron.

“For more than 35 years, PDI has delivered enterprise software solutions to convenience retailers and petroleum wholesalers around the globe,” said Sin Hin Wong, managing director and vice president of Sales, APAC, at PDI. “We are proud to build on our existing relationship with one of the most influential companies in the Asia Pacific region as they continue to expand their regional footprint.”

To arrange an interview with Sin Hin Wong, please contact Cederick Johnson at This email address is being protected from spambots. You need JavaScript enabled to view it. or +1 254.410.7600.

About PDI
Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.

About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today the appointment of Kim Harriman to the role of Vice President, State Government and Public Affairs. In this role, Harriman will be responsible for developing and leading state public policy strategy for the Company and coordinating design of the Company’s policy positions and strategies to support business objectives and drive favorable policy and regulatory outcomes.

“As we work with states to help meet aggressive climate goals and build the grid of the future, Kim will play an important role in enabling AVANGRID and our operating companies to be the leader in the energy transition,” said Deputy CEO and President of AVANGRID, Robert Kump. “Kim’s extensive public policy and government affairs experience in the energy sector will be an asset to AVANGRID as we pursue our ESG+F objectives by embracing and developing innovative energy solutions to transform and enhance the economic, social and environmental value we deliver to our customers, employees, partners and shareholders.”

Prior to joining AVANGRID, Harriman served as Senior Vice President for Public and Regulatory Affairs at the New York Power Authority (NYPA). At NYPA she led advocacy before the New York Public Service Commission and the New York Independent System Operator, and managed local and state elected affairs and community engagement for NYPA and the New York State Canal Corporation, a subsidiary of NYPA. Prior to NYPA, Harriman held key leadership roles at the New York Public Service Commission focusing on key energy policy initiatives and legislative engagement. She also served as Senior Counsel to the Moreland Commission on Utility Storm Preparation and Response for Governor Cuomo, and she continued to advise the administration on utility storm response matters after joining NYPA.

Harriman’s appointment is effective December 14. She will report to Kump.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

Athena Hernandez
This email address is being protected from spambots. You need JavaScript enabled to view it.

Aims to participate in upcoming modernization of city’s subway signaling systems

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has been officially qualified as a supplier of communications-based train control (CBTC) systems by the Metropolitan Transportation Authority’s (MTA) New York City Transit (NYCT) after successfully testing and verifying the interoperability of the company’s solution with NYCT’s existing CBTC systems.

NYCT plans to install CBTC systems on subway lines by collaborating with multiple CBTC suppliers. Mitsubishi Electric is the third CBTC supplier qualified by NYCT to participate in the modernization of the NYCT’s signaling system.

To be qualified, Mitsubishi Electric had to verify that its solution meets all of NYCT’s requirements for functionality and safety. The company is now permitted to bid on any of NYCT’s upcoming CBTC projects. Qualification is also expected to lead to opportunities for Mitsubishi Electric, a core provider of rail control technology, to collaborate with NYCT on long-term technology development.

For the full text, please visit: www.MitsubishiElectric.com/news/

Customer Inquiries
Railway Transportation
Public Utility Systems Group
Mitsubishi Electric Corporation
www.MitsubishiElectric.com/ssl/contact/bu/transportation/form.html
www.MitsubishiElectric.com/products/transportation

Media Inquiries
Takumi Yurusa
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-6758
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.MitsubishiElectric.com/news

COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE Solutions”, “GSE” or “the Company”) (Nasdaq: GVP), a leader in delivering and supporting end-to-end training, engineering, compliance, simulation and workforce solutions to the power industry, announced today its financial results for the three months ended September 30, 2020 (“Q3 2020”).

Q3 2020 Financial Overview

• Revenue of $12.9 million, compared to $20.0 million in Q3 2019
• Gross profit of $3.3 million, compared to $4.7 million in Q3 2019
• Net loss of $0.7 million or $(0.03) per basic and diluted share in Q3 2020, compared to a net loss of $1.2 million, or $(0.06) per basic and diluted share in Q3 2019
• Adjusted net loss¹ of $ 1.0 million, or $(0.05) adjusted loss per share in Q3 2020 , compared to adjusted net income of $0.6 million or $0.03 adjusted earnings per diluted share, in Q3 2019
• Adjusted EBITDA¹ of $(0.6) million in Q3 2020, compared to $1.4 million in Q3 2019
• Cash flow provided by operations of $1.6 million during the nine months ended September 30, 2020, compared to cash used during the nine months ended September 30, 2019 of $0.3 million
• New orders of $10.9 million during Q3 2020, compared to new orders of $19.0 million in Q3 2019
• Repaid $9.9 million of outstanding long-term debt obligations during Q3 2020

At September 30, 2020

• Cash and cash equivalents of $7.7 million
• Total indebtedness of $13.6 million
• Working capital of $2.4 million and current ratio of 1.1x
• Backlog of $44.6 million

Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “In the third quarter of 2020, industrywide RFP delays and project suspensions due to the COVID-19 pandemic continued to dampen our financial results. In this challenging environment, we remained focused on cost containment and debt repayment, while positioning GSE for success as industry demand for our services returns to normalized levels. Of note, during the quarter we repaid nearly $10 million of long-term debt and strengthened our leadership team with the appointment of Brian Greene as Vice President of our NITC business. Brian’s proven track record in staffing spans 15+ years and he already has reenergized our NITC group. Finally, our Performance segment continues to win a steady flow of fundamental engineering and simulation projects, and we remained focused on organic growth opportunities through cross selling and upselling GSE’s full range of products and services. Our services are essential to the nuclear industry, which plays a critical role in the decarbonization of energy.”

Q3 2020 FINANCIAL RESULTS

Q3 2020 revenue of $12.9 million, a decrease of $7.1 million, from $20.0 million in Q3 2019.

Performance revenue decreased to $7.3 million in Q3 2020, from $11.4 million in Q3 2019. The decrease was mainly due to delays in beginning new contracts, a reduction of DP Engineering revenue due to a customer incident in the prior year and major project completions during the third quarter of 2019. We recorded total Performance orders of $9.3 million and $10.7 million for Q3 2020 and Q3 2019, respectively.

NITC revenue decreased to $5.7 million in Q3 2020 from $8.6 million in Q3 2019. The decrease in revenue was largely due to lower staffing needs during the quarter, due primarily to the COVID-19 pandemic, contributing to lower demand for staff augmentation. NITC orders were $1.6 million and $8.3 million for Q3 2020 and Q3 2019, respectively.

Q3 2020 gross profit was $3.3 million or 25.7% of revenue, compared to $4.7 million or 23.3% of revenue, in Q3 2019.

The decrease in our gross profit of $1.4 million was primarily driven by a decrease in Performance and NITC revenue during the nine months ended September 30, 2020, as well as completion of higher margin projects in our True North and DP Engineering subsidiaries during 2019.

Selling, general and administrative expenses in Q3 2020 totaled $2.9 million or 22.3% of revenue, compared to $3.5 million or 17.3% of revenue, in Q3 2019. The decrease in SG&A during Q3 2020 over Q3 2019 was due primarily to the net gain on legal settlement of $1.0 million in the current year with no similar activity in the prior year; this credit in SG&A is offset by an increase in business development expenses during the current fiscal year for two of our consolidated subsidiaries.

Net loss for Q3 2020 totaled $0.7 million or $(0.03) per basic and diluted share, compared to a net loss of $1.2 million or $(0.06) per basic and diluted share, in Q3 2019.

Adjusted net loss totaled $1.0 million or $(0.05) adjusted loss per diluted share in Q3 2020 compared to adjusted net income of $0.6 million, or $0.03 adjusted earnings per diluted share, in Q3 2019.

Earnings before interest, taxes, depreciation and amortization ("EBITDA") for Q3 2020 was approximately $0.2 million, compared to $0.4 million in Q3 2019.

Adjusted EBITDA ("AEBITDA") totaled $(0.6) million in Q3 2020, compared to $1.4 million in Q3 2019.

BACKLOG AND CASH POSITION

Backlog at September 30, 2020 was $44.6 million, compared to $52.7 million at December 31, 2019. Backlog at September 30, 2020 included $33.2 million of Performance backlog and $11.4 million of NITC backlog. Performance backlog decreased by $4 million primarily due to 2019 backlog that was converted to revenues during 2020 and has only been partially replaced by new orders.

Our cash position was $7.7 million at September 30, 2020, compared to $11.7 million at December 31, 2019. The decrease of $4 million during the nine months ended September 31, 2020 in our cash and cash equivalents was primarily due to payments on long-term debt of $18.5 million, offset by proceeds from the Paycheck Protection Program of $10 million and draws on our revolving line of credit, net of repayments of $3.5 million.

CONFERENCE CALL

Management will host a conference call today at 4:30 pm Eastern Time to discuss Q3 2020 results as well as other matters.

Interested parties may participate in the call by dialing:
(877) 407-9753 (Domestic)
(201) 493-6739 (International)

The conference call will also be accessible via the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/41905/indexl.html

For those who cannot listen to the live broadcast, an online webcast replay will be available www.gses.com or the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/41905/indexl.html.

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that enable customers to achieve the performance they envision. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is a proven solution provider, with more than four decades of industry experience and more than 1,100 installations serving hundreds of customers in over 50 countries spanning the globe. www.gses.com

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

EBITDA and Adjusted EBITDA Reconciliation (in thousands)

References to “EBITDA” means Net Income (Loss), before taking into account interest income and expense, provision for income taxes, depreciation and amortization. References to Adjusted EBITDA ("AEBITDA") exclude the impact on our net loss due to any impairment of our intangibles, gain from the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, provision for legal settlements and acquisition-related expenses. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, are useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and AEBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP EBITDA and AEBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows:

Adjusted Net (Loss) Income and Adjusted EPS Reconciliation (in thousands, except per share amounts)

References to Adjusted Net (Loss) Income exclude the impact of gain from the change in fair value of contingent consideration, loss on impairment of our intangibles, restructuring charges, stock-based compensation expense, change in fair value of derivative instruments, acquisition-related expense, acquisition-related legal settlement, amortization of intangible assets and the income tax expense impact of any such adjustments. Adjusted Net Income and adjusted earnings per share (adjusted EPS) are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes adjusted net income and adjusted EPS, in addition to other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP adjusted net income and adjusted EPS to GAAP net income, the most directly comparable GAAP financial measure, is as follows:

Company Contact
Kyle Loudermilk
Chief Executive Officer
GSE Systems, Inc.
(410) 970-7800

The Equity Group Inc.
Kalle Ahl, CFA
(212) 836-9614
This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today reported record open interest across its environmental complex as participants price climate risk.

The environmental complex - which includes futures and options connected to ICE’s European (EUA) and California Carbon allowances (CCA), Regional Greenhouse Gas Initiative (RGGI) and renewable energy credits (RECs) - hit record open interest of approximately 2.65 million contracts on November 12, 2020.

Alongside this record growth in liquidity, the number of participants trading ICE’s carbon markets has grown by more than 40% since 2017. Participants based in North America were the strongest contributor to this growth, increasing by more than 70% since 2017. Meanwhile, the number of participants trading both European and North American carbon markets at ICE has grown by approximately 85% since 2017.

“Liberalized markets are critical to the energy transition as they enable competition between energy sources and in doing so help change behavior by attributing a cost to pollution,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “This record activity, coupled with the growth in the number of participants trading these markets, reflects the fundamental role market-based mechanisms like carbon cap and trade schemes play in pricing climate risk.”

Companies subject to carbon cap and trade programs and renewable standards use ICE’s markets to meet obligations and manage their risk in the most cost-effective way and policy makers rely on price signals from environmental markets, such as those traded on ICE, to gauge the effectiveness of their programs and ensure desired outcomes.

As a growing number of companies sign up for voluntary commitments around the world, increasingly diverse stakeholders are turning to ICE’s markets to offset their carbon footprint, invest in green attributes or benchmark their internal cost of carbon. Investors use the price signals from ICE’s markets and indices to help assess climate transition risk in their portfolios, and access liquidity pools for managing risk and allocating capital to benefit from energy transition opportunities.

ICE has been a leader in environmental markets for nearly two decades. ICE has a range of additional solutions including Sustainability Indices that serve as fixed income sustainable benchmarks that account for Environmental, Social and Governance (ESG) factors. These include the ICE Global Carbon Futures Index, which is part of the ICE Carbon Index Family, and measures the performance of a long-only basket of ICE EUA futures contracts, ICE California Carbon Allowance futures contracts, and ICE Regional Greenhouse Gas Initiative futures contracts. Alongside this, the MSCI ESG Index Futures listed on ICE Futures US offer customers a variety of ESG-related futures for benchmarking and managing risk.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.

Source: Intercontinental Exchange

ICE-CORP

ICE Media Contact
Rebecca Mitchell
+44 7951 057351
This email address is being protected from spambots. You need JavaScript enabled to view it.

ICE Investor Contact:
Warren Gardiner
770-835-0114
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (Nasdaq: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of container-based structures, announced today that its Clarity Mobile Venture (“CMV”) partnership with Clarity Lab Solutions has been selected as a Trusted Testing Partner (TTP) for Hawaii’s COVID-19 travel testing program.

“Our scalable solution for COVID-19 testing has various use-cases, and CMV’s pre-travel service has been in serious demand,” stated Daniel Leger, President and Co-Founder of Clarity Lab Solutions. “With the knowledge of SG Blocks and their deployable modular laboratories and Clarity Lab Solutions’ experience in molecular diagnostics, we were able to fulfill the requirements put forth by Hawaii’s Department of Health to become a Trusted Testing Partner.”

“This is a huge step for our CMV partnership into the rapidly-growing and highly-profitable mobile laboratory market,” stated Paul Galvin, Chief Executive Officer of SG Blocks. “Our ability to combine Clarity’s PCR testing expertise and lab certification, with SG Blocks’ modular, efficient and quickly-deployable testing facilities positions us to assist Hawaii’s efforts to resume normal business and leisure travel activity as quickly and safely as possible.”

CMV has the ability to provide testing services that fulfill TTP requirements around the country and is currently in discussions for launching testing sites in localities that are ideal for testing passengers travelling to Hawaii. Initially, testing will be available in Southern California.

Hawaii’s COVID-19 travel testing program requires that all travelers, five years and older, arriving in the State of Hawaii may bypass the state’s mandatory 14-day quarantine by taking a COVID-19 Nucleic Acid Amplification Test (NAAT) from a trusted testing partner, including CMV. Partners were selected based on their ability to administer the test and expand the testing network, with the goal of making it easier to safely travel to Hawaii. The state will accept COVID-19 test results from the new partners starting November 17, 2020.

About SG Blocks:

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel^TM, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions and includes statements such as making it easier to safely travel to Hawaii. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to construct, deliver and deploy testing facilities to assist Hawaii’s efforts to resume normal business and leisure travel as planned, the Company’s ability to position itself for future profitability, , the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Media:
Rubenstein Public Relations
Christina Levin
Account Director
212-805-3029
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors:
Stephen Swett
(203) 682-8377
This email address is being protected from spambots. You need JavaScript enabled to view it.

Invited to collaborate with Lawrence Livermore National Lab’s application for $1.5M in matching funds from the US Department of Energy

PHOENIX--(BUSINESS WIRE)--Western Rare Earths (WRE) is beginning development of Critical Minerals mining projects in Arizona and Wyoming. Critical Minerals are just that—critical—especially for technology companies recently targeted to be cut off from their Chinese supply chain. The same is true for Green Tech industries; electric vehicles, wind turbines and fuel cells all require Critical Minerals. The most critical may be those in the Rare Earths Elements (REE) supply chain. WRE’s parent company, American Rare Earths Limited (traded on the ASX as ARR), is looking to collaborate with US investors in support of WRE’s efforts to deliver inputs for a reduced carbon future and less dependence on China. Notably, just to meet the production projections of electric vehicle manufacturers, the REE mining industry must double production by 2030.

WRE CEO, Marty Weems, considers it most advantageous that Joe Biden is emerging as the winner of the US Presidential election. Mr. Biden has put forth a $2T USD Clean Energy Spending Plan and has signaled support for domestic REE and Critical Minerals mining as recently as two weeks prior to the election which echoes his party’s position on addressing the Climate Crisis and boosting Critical Minerals production.

Today WRE published a JORC 2012 compliant Technical Report on its La Paz Rare Earth (LPRE) project in Arizona. In the report, recently-appointed Chief Technical Consultant, Mr. Jim Guilinger, a leading Critical Minerals exploration expert, has provided new insights to the LPRE project.

Highlights of today’s announcements include:

• The La Paz County project has claim control of more than 5,100 acres, yet the current defined resource sits within only 525 of those acres; leaving room to expand as WRE looks to onshore hundreds of jobs into a high poverty area.
• The company’s leadership plans to produce a Preliminary Economic Assessment (PEA) in the second half of 2021, requiring further surface sampling, metallurgical testing, additional sample drilling, plus planning the mine and related processing.
• The topography lends itself to increase the resource when WRE completes drilling to double the previous depth.
• In addition to WRE’s resource of the Critical Minerals known as REE, of which there is only one producer in the USA, WRE has located Scandium at the LPRE project which can alloy with Aluminum to reduce the weight of vehicle or airplane frames by as much as 30%. In 2021, WRE expects to be able to upgrade the current REE resource size and separately establish a maiden resource for Scandium, thus, dramatically improving the value potential of the project.
• WRE is poised to collaborate with leading US universities and national laboratories on cutting-edge new processes that will be more environmentally sustainable. Committed to Responsible Mining practices, WRE has set the goal to build the first carbon negative mine in North America.
• WRE recently accepted an exclusive invitation from the Lawrence Livermore National Laboratory and a major university for WRE to join their application for up to $1.5M USD in Department of Energy funding for processing research on WRE feedstocks. This work could advance sustainable bio-tech processing that may be up to 40% more efficient than traditional solvent processing. This funding opportunity is via the US Department of Energy’s (DOE) Technology Commercialization Fund (TCF) to prove commercial viability of promising new technology deemed important to US National interests in partnership with private industry.

Marty Weems, CEO of Western Rare Earths, comments “We are energized to develop the La Paz Project further, along with our Wyoming project. We continue good progress with an upcoming drilling campaign and several high efficiency processing paths to explore under the guidance of world-class technical experts. There is plenty of work to do and high priority opportunities upon which we are laser focused to execute. We are honored and humbled to have the opportunity to collaborate with the prestigious Lawrence Livermore National Laboratory on their TCF funding application to the DOE.”

About Western Rare Earths (WRE): Focused on alleviating a supply deficit hindering the rapid growth of EVs, Renewable Energy and High-Tech Defense arenas, WRE’s Critical Minerals development work answers Government push in the US, EU, E Asia & India as well as market pull by double digit CAGR of EV motors and Wind Turbines. WRE has assembled a world class technical team and leadership to advance development of multiple mining projects and collaborate on disruptive sustainable biotech processing of Critical Minerals.

Marty Weems +1 623.469.0000

• Fisker and Magna achieve Preliminary Product Specification, a key engineering and purchasing gateway, on the Fisker Ocean product program

LOS ANGELES--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (“Fisker”) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – today confirmed that the company and Magna International Inc. (collectively with its affiliates, “Magna”) had completed the Preliminary Product Specification (PPS) gateway, a key engineering and purchasing milestone for the Fisker Ocean SUV. This milestone confirms preliminary specifications and targeted performance on key components and subsystems, as well as timing for all subsequent gateways through to the planned start of production in Q4, 2022.

“Today’s announcements demonstrate our team’s ability to set aggressive targets and achieve them on time,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “Completing these important engineering and purchasing milestones demonstrates how well the Fisker and Magna teams are working together and keeping our rapid, capital-light product development program on-track towards the delivery of the all-electric Fisker Ocean SUV, expected to commence in Q4 2022.”

On Oct. 15, 2020, Fisker and Magna announced they had entered into agreements to provide the framework for strategic platform sharing and manufacturing cooperation for the Fisker Ocean SUV. The Fisker Ocean will initially be manufactured exclusively by Magna in Europe, where it currently produces several high-quality vehicles on behalf of global brands. Fisker and Magna have agreed to work together to continue to develop new technologies that will accelerate innovation across multiple automotive systems and architectures for Fisker vehicles.

For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into platform and manufacturing contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fisker Inc.
Simon Sproule, SVP, Communications
310.374.6177 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Dan Galves, VP, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.

--(BUSINESS WIRE)--#BillGross--AirMiners:

About AirMiners

AirMiners is the place for entrepreneurs, engineers, and scientists, and designers working to extract carbon from the air. It exists to support the global carbon negative community with networking, education, inspiration and access to funding. AirMiners recently announced the AirMiners Accelerator to help entrepreneurs succeed with carbon removal innovations. To find out more about AirMiners, follow on Twitter @airminers or our LinkedIn.

About Idealab

Founded in 1996 by Bill Gross, Idealab is the world’s leading and longest running technology incubator. The company’s mission is to create and operate pioneering technology companies. During its more than two decades, Idealab has started more than 150 companies, created more than 10,000 jobs, and had more than 45 successful IPOs and acquisitions. Companies started by Idealab have raised more than $3.5 billion. The current Idealab portfolio includes companies innovating in sectors ranging from cleantech, artificial intelligence, robotics, and autonomous mobility to enterprise software.

About EarthX

EarthX convenes the world's largest environmental expo, conference and film festival, and is a member of IUCN, International Union for Conservation of Nature. EarthxTV, launched Fall of 2020 is a web-based platform for balanced, inclusive environmental conversations, programs, emerging media and films. Founded in 2011 by environmentalist and businessman Trammell S. Crow, the Texas-based 501(c)(3) nonprofit organization promotes environmental awareness and impact through conscious business, nonpartisan collaboration and community-driven sustainable solutions. Earthx2020 was held virtually in April and drew over 550,000 visitors worldwide. Visit www.EarthX.org or follow us @earthxorg on Instagram, Twitter and Facebook.

Marie Domingo - This email address is being protected from spambots. You need JavaScript enabled to view it. - (650) 888-5642
Stacy Williams - This email address is being protected from spambots. You need JavaScript enabled to view it. - (970) 819-0839
Karen Fleig - This email address is being protected from spambots. You need JavaScript enabled to view it. - (214) 207-9221

AKRON, Ohio--(BUSINESS WIRE)--$BW #NaturalGas--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal segment will supply equipment to upgrade burners and provide other boiler related equipment for a power plant in North America to allow it to utilize cleaner-burning natural gas as its main fuel. The contract is valued at approximately $3 million.

“As utilities look to perform maintenance and upgrades to their existing fleets, B&W has the depth of knowledge and expertise to supply these components and perform a broad range of services that allow customers to produce power more cleanly and efficiently,” said B&W Chief Operating Officer Jimmy Morgan. “We see continued opportunities in this market as more U.S. plants look to utilize natural gas to generate power.”

B&W will supply natural gas valve trains and other burner related components for the plant’s boiler. Material delivery is scheduled for early 2021.

In addition to steam generation and related auxiliary equipment, B&W’s field engineers can provide expert support for emissions control systems, heat recovery steam generators, and other power plant equipment.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on LinkedIn and learn more at www.babcock.com.

About B&W Thermal

Babcock & Wilcox Thermal designs, manufactures and erects steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil & gas, and industrial sectors. Babcock & Wilcox Thermal has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and more.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the execution and completion of a contract to supply components for a natural gas upgrade at a power plant in North America. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the third quarter of 2020.

Highlights for the Third Quarter and Recent Events

-- Reported net loss attributable to Diamond S of $9.7 million, or net loss of $0.24 basic and diluted earnings per share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $27.1 million.

-- Net debt at September 30, 2020 was $611.1 million, implying a net debt to asset value leverage ratio of 39% based on broker valuations as of June 2020. At quarter end, total free liquidity available to the Company above bank minimum cash requirements was $124.3 million.

-- Agreed to sell a 2009-built MR vessel, the Atlantic Mirage, which is expected to be delivered to the buyers in late Q4 2020. The sale of the vessel is expected to generate approximately $7 million in net proceeds before settlement of working capital.

Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “In these challenging market conditions, we are focused on maintaining safe operations and generating the highest possible cash flow in the spot market. To that end, we are pleased with the performance of our new commercial manager, the Norient Product Pool, who absorbed 28 of our MR vessels during the third quarter and outperformed industry benchmarks. Another priority in this environment is ensuring liquidity and maintaining the strong position of our balance sheet. Our recent agreement to sell one of our MR vessels reinforces our view of the underlying value of our enterprise. We are selling a 2009-built MR tanker for $16.4 million. This asset sale is a tangible marker of the value of our fleet, which is well in excess of our current market capitalization. We will continue to prove out the inherent value of DSSI and, especially given the positive long term outlook for our market, we expect to see the disconnect between our intrinsic value and our share price diminish.”

Third Quarter 2020 Results

Reported net loss attributable to Diamond S for the third quarter of 2020 was $9.7 million, or net loss of $0.24 basic and diluted earnings per share, compared to a net loss of $25.9 million, or $0.65 per basic and diluted share, for the third quarter of 2019, which included the impact of a loss on vessel sales of $18.3 million, or $0.46 per share. The decrease in net income for the third quarter of 2020 compared to the adjusted net income for the third quarter of 2019 is primarily related to weaker tanker market conditions.

The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $79.7 million for the third quarter of 2020 compared to $81.6 million for the third quarter of 2019. Net revenues from the Crude Fleet were $29.4 million in the third quarter of 2020 compared to $23.3 million for the third quarter of 2019. The increase in net revenues for the Crude Fleet were primarily due to a solid start to the quarter as a result of the carryover of strong rates from the first half of 2020. Net revenues from the Product Fleet were $50.3 million in the third quarter of 2020 compared to $58.3 million for the third quarter of 2019. The decrease in net revenues in the Product Fleet was principally driven by weaker market conditions. The weak market conditions were driven by demand destruction caused by the global pandemic, and the unwinding of the floating storage cycle, which effectively increased the supply of available ships.

Vessel expenses were $44.8 million for the third quarter of 2020 compared to $41.8 million for the third quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, increased by $3.0 million primarily due to additional expenses incurred for crew bonuses, increased costs of crew reliefs, testing, quarantine and logistics for delivery of services and materials to the vessels as a result of the global pandemic.

Depreciation and amortization expense was $29.1 million in the third quarter of 2020 compared to $28.8 million for the third quarter of 2019.

General and administrative expenses were $7.7 million in the third quarter of 2020 compared to $7.6 million for the third quarter of 2019.

Interest expense was $7.0 million in the third quarter of 2020 compared to $13.0 million for the third quarter of 2019. Interest expense decreased in the third quarter of 2020 due to a lower average debt balance as a result of debt repayments and a decrease in the effective interest rate. Total gross debt outstanding as of September 30, 2020 was $748.5 million, or 16% lower compared to September 30, 2019.

Other income, which consists primarily of interest income, was less than $0.1 million in the third quarter of 2020, compared to $0.5 million for the third quarter of 2019.

Liquidity

As of September 30, 2020, the Company had $120.3 million in cash and restricted cash and $60.0 million available under its revolving credit facility. Available liquidity as of September 30, 2020 was $124.3 million, net of $56.0 million in restricted cash and minimum cash required by debt covenants.

Outlook

Tanker market conditions are expected to remain under pressure during the fourth quarter of 2020, driven by weak demand for crude oil and refined products as a result of the global pandemic. The typical seasonal market strength is expected to be muted as oil inventories continue to draw from onshore storage and demand has not materially recovered. Tanker supply remains balanced based on pre-pandemic demand levels, and the number of vessels on order nearly matches the number of vessels that might be expected to be scrapped, based on the average useful life of a vessel.

As of November 12, 2020, approximately 58% of Crude Fleet revenue days operating in the spot market in the fourth quarter have been fixed at an average rate of approximately $6,800 per day. In the Product Fleet, 59% of revenue days operating in the spot market have been fixed at an average rate of approximately $9,000 per day in the fourth quarter of 2020. The Product Fleet includes a weighted average blend of MR2 vessels, fixed on 60% of revenue days at an average rate of $9,400 per day, and MR1 vessels, fixed on 53% of fourth quarter revenue days at an average rate of $6,000 per day.

Conference Call

The Company will hold a conference call on November 16, 2020 at 8:00 a.m. Eastern Time to discuss its results for the third quarter of 2020.

To access the call, participants should dial +1 866 211-4137 for domestic callers and +1 647 689-6723 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 6646328.

A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.

An audio replay of the conference call will be available starting at 11 a.m. ET on Monday November 16, 2020 through Monday, November 23, 2020 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 6646328.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements including statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Some of the factors that could cause our actual results or conditions to differ materially include unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off‐hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone.

TCE revenue, TCE per day, earnings before interest, taxes, depreciation and amortization (“EBITDA”), and EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance (“Adjusted EBITDA”) are non-GAAP financial measures that are presented in this press release and that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of TCE revenue, TCE per day, EBITDA and Adjusted EBITDA.

Reconciliation of Voyage Revenue to TCE per Day

Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA

EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance.

Investor Relations Inquiries:
Robert Brinberg
Tel: +1-212-517-0810
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based company, today reported net income for the three months ended September 30, 2020 of $2,182,000 or ($0.43) per share, compared to a net loss of $2,320,000 or ($0.45) per share for the three months ended September 30, 2019.

For the three months ended September 30, 2020, the Company recorded net revenue from continuing operations of $82,000 and net income from discontinued operations of $2,100,000. For the three months ended September 30, 2019, the Company recorded $22,000 from continuing operations and a loss of $2,342,000 from discontinued operations.

On August 31, 2020 the Company sold its entire oil and gas operation for $85,000 to an independent third party. In prior years the Company has accrued a liability of $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the wells the Company recorded a gain of $2,138,000.

In September 2019 the Company wrote down the accounting value of its oil and gas reserves by $2,285,000.

For the three months ended September 30, 2020 the Company reported other income of $84,000 which represents a tax refund for taxes paid in prior years.

The Company continues to own approximately 190 acres of land located in Parkersburg West Virginia. Located on the land are four structures totaling approximately 53,000 square feet. Of this total area the main industrial / office building contains approximately 24,800 square feet of which approximately 16,000 square feet is leased at a rate of $101,000 per annum.

New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
This email address is being protected from spambots. You need JavaScript enabled to view it.

Formerly known as OOC Oil & Gas Blockchain Consortium, this association is known for offering best-of-industry solutions for cost reductions and process improvement

HOUSTON--(BUSINESS WIRE)--Blockchain for Energy, formerly the OOC Oil & Gas Blockchain Consortium, has launched with a new name and brand to be better positioned to meet its members’ needs. While sporting a new look and name may seem like it brings different offerings, the consortium still offers the same aspirations and objectives for the energy industry.

This rebrand was the culmination of months of planning and strategy work to help the consortium team execute on its mission to build a network of business partners, who collaboratively identify and develop industry solutions that create efficiencies and reduce costs.

“We looked to mature the brand and Blockchain for Energy as a whole in order to ensure we were positioned for long-term growth,” says Rebecca Hofmann, chairman of Blockchain for Energy. “Our ambitions and those of our members have not changed. If anything, they have increased and are further amplified with this effort.”

The updated brand represents the association’s core values both in the present day and how its leaders envisioned these values in the future. This meant making bold choices to show that Blockchain for Energy provides a collaborative, transformative and forward-thinking approach and always delivers on its promises. The brand represents these core values through the chosen color scheme, typeface and the strong link-chain logo.

“Blockchain for Energy is here to provide its members best in industry solutions utilizing the benefits of blockchain technology,” Hofmann says. “We have been leading the way on driving alignment across our membership and harmonizing blockchain-related guidelines. This enables our members to realize the value of blockchain solutions within their organizations and across industry ecosystems.”

Moving forward, the Blockchain for Energy team will turn its attention to further developing its Commodity Transport, Integrated Joint Venture Management and Seismic Entitlement solutions. Additionally, it will focus on continued growth and expansion, evaluating new memberships and developing other use cases that will help drive value across the energy industry.

About Blockchain for Energy

Blockchain For Energy is an association of industry leaders partnering to create solutions using blockchain and related technologies. By identifying and evaluating industry use cases, we collaboratively develop frameworks and guidelines that help our members reduce costs, improve timelines, and eliminate dispute-driven delays. To learn more about us and our commitment to solving pain points and increasing efficiencies for the energy industry, please visit www.blockchainforenergy.net.

Gino Valverde
+1 (917) 208-5518
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Corporation reports EPS of $0.07 per diluted share for Q3 2020 despite continued impact of COVID-19 pandemic on end-market demand, sequentially higher than Q2 2020 EPS.
• Return to profitability extends for fourth consecutive quarter.
• $19.3 million gross proceeds from equity offering completed in Q3.
• Total debt of $32.6 million reduced by $38.3 million (54%) from $70.9 million at December 31, 2019.

CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation" or “Ampco-Pittsburgh”) reported net income for the three and nine months ended September 30, 2020, of $1.0 million, or $0.07 per diluted share, and $5.8 million, or $0.43 per diluted share, respectively. By comparison, the Corporation incurred a net loss of $(5.1) million, or $(0.40) per diluted share, and $(24.1) million, or $(1.91) per diluted share, for the same periods of the prior year which respectively included losses of $(0.27) and $(0.72) per diluted share from discontinued operations.

Sales from continuing operations were $75.7 million and $241.5 million for the three and nine months ended September 30, 2020, respectively, compared to $90.9 million and $300.9 million for the three and nine months ended September 30, 2019, respectively. The decrease is primarily attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to pandemic-related customer deferrals in the flat-rolled steel and aluminum markets and, to a lesser extent, reduced demand for other forged engineered products, primarily in the oil and gas market.

Remarking on the quarter’s results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “Ampco-Pittsburgh has continued to perform amidst the challenges presented by this pandemic. Despite significant plant downtime experienced in the quarter to manage through the contraction and handle scheduled maintenance activities, we extended our positive net earnings performance for a fourth consecutive quarter. The Forged and Cast Engineered Products segment delivered improved results for the quarter compared to prior year, while the Air and Liquid Processing segment remained a stable force with results equaling prior year. Our successful equity raise during Q3 strengthened our balance sheet considerably and with significant liquidity and operating leverage, we are well positioned to capitalize on recovery in our end markets.”

Operating cash flow generation year-to-date and the proceeds from the equity offering completed during the quarter have allowed the Corporation to reduce its total debt balance by 54% from $70.9 million at December 31, 2019, to $32.6 million at September 30, 2020.

The Corporation reported income from continuing operations for the three and nine months ended September 30, 2020, of $0.2 million and $4.4 million, respectively, compared to losses of $(1.3) million and $(14.0) million, respectively, for the same periods of the prior year. Income from continuing operations for the nine months ended September 30, 2020, includes $0.8 million in subsequent proceeds from a 2018 business interruption claim (“Proceeds from Business Interruption Insurance Claim”). By comparison, loss from continuing operations for the nine months ended September 30, 2019, includes $4.6 million in excess costs of the Corporation’s Avonmore, PA cast roll manufacturing facility (“Avonmore”) which was sold in September 2019 (“Excess Costs of Avonmore”), $1.7 million in professional fees and employee severance costs associated with the Corporation’s overall restructuring plan (“Restructuring-Related Costs”), and $1.4 million in bad debt expense for a cast roll customer who had filed for bankruptcy protection (“Bad Debt Expense”). Additionally, loss from continuing operations for the nine months ended September 30, 2019, includes an impairment loss (“Impairment Charge”) of $10.1 million associated with the write-down of certain assets of Avonmore in anticipation of its sale.

Excluding the Proceeds from the Business Interruption Insurance Claim from the current year operating results and the Bad Debt Expense, the Excess Costs of Avonmore, the Restructuring-Related Costs, and the Impairment Charge from prior year operating results, as applicable, adjusted income (loss) from continuing operations, which is not based on U.S. generally accepted accounting principles (“GAAP”), was $0.2 million and $3.7 million for the three and nine months ended September 30, 2020, and $(0.1) million and $3.7 million for the three and nine months ended September 30, 2019, respectively. Adjusted income from continuing operations was approximately comparable to the prior year periods, despite decreases in sales of approximately 17% and 20%, respectively, for the three and nine months ended September 30, 2020, driven principally by the pandemic. Although the current year periods benefited from lower raw material costs, reduced SG&A expense and, for the year-to-date period, improved roll pricing, these factors were approximately offset by the pandemic-driven impacts of the lower shipment volumes and net unfavorable plant absorption from lower production levels in the Forged and Cast Engineered Products segment. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other income – net for the three months ended September 30, 2020, improved in comparison to the prior year primarily due to dividend income of $1.2 million from one of the Corporation’s Chinese joint ventures in the current period. On a year-to-date basis, however, lower interest expense and lower foreign exchange transaction losses in 2020 could not offset the impact of net gains recorded in 2019 from the curtailment of pension and postretirement plans and special termination benefit costs associated with the Avonmore cast roll plant exit.

The income tax benefit for the nine months ended September 30, 2020, includes a benefit of $3.5 million for the additional tax loss carryback provisions included in the CARES Act.

Segment Results

Forged and Cast Engineered Products

Sales for the three and nine months ended September 30, 2020, declined 19% and 25% from the respective prior year periods primarily due to customers deferring shipments for mill rolls in response to pandemic-related market impacts and, to a lesser extent, lower demand for other forged engineered products, primarily in the oil and gas market. Operating results for the three months ended September 30, 2020, improved compared to prior year. While the segment was adversely impacted by the lower volume of shipments and net unabsorbed costs associated with the temporary idling of certain of its forged and cast roll manufacturing facilities in response to lower demand, elimination of the Excess Costs of Avonmore, and a reduced cost structure due to restructuring and efficiency improvements more than offset the impact to operating results.

Air and Liquid Processing

Sales for the Air and Liquid Processing segment for the three and nine months ended September 30, 2020, were slightly below prior year levels. Operating income for the quarter was approximately equal to the prior year level yet continues to exceed prior year on a year-to-date basis.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Tuesday, November 17, 2020, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the quarter ended September 30, 2020. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10148835/dac17764c3. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

• Participant Dial-in (Toll Free): 1-844-308-3408
• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

Non-GAAP Financial Measures

The Corporation presents non-GAAP adjusted income from continuing operations as a supplemental financial measure to GAAP financial measures regarding the Corporation’s operational performance. This non-GAAP financial measure excludes unusual items affecting comparability, as described more fully in the footnotes to the attached “Non-GAAP Financial Measures Reconciliation Schedule,” including the Impairment Charge, the Restructuring-Related Costs, the Excess Costs of Avonmore, and the Proceeds from Business Interruption Insurance Claim, which the Corporation believes are not indicative of its core operating results. A reconciliation of this non-GAAP financial measure to income (loss) from continuing operations, the most directly comparable GAAP financial measure, is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

The Corporation has presented non-GAAP adjusted income from continuing operations because it is a key measure used by the Corporation’s management and Board of Directors to understand and evaluate the Corporation’s operating performance and to develop operational goals for managing the business. Management believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the operating results of the Corporation, enhancing the overall understanding of the Corporation’s past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by management in its financial and operational decision-making. Non-GAAP adjusted income from continuing operations should be used only as a supplement to GAAP information, in conjunction with the Corporation’s condensed consolidated financial statements prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted income from continuing operations rather than GAAP income (loss) from continuing operations. Among other things, the Excess Costs of Avonmore, which are excluded from the non-GAAP financial measure, necessarily reflect judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation’s other operations and in anticipating how the Corporation will conduct business following the sale of Avonmore, which was completed on September 30, 2019.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This press release may include, but is not limited to, statements about operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K, and Part II of the Quarterly Report on Form 10-Q. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.