Official start of delivery of Muskrat Falls block of energy to Nova Scotia marks key milestone in the Maritime Link project.

HALIFAX, Nova Scotia--(BUSINESS WIRE)--NSP Maritime Link Inc. (NSPML) announced today that Nalcor Energy will commence delivery of the ‘Nova Scotia Block’ of clean energy from the Muskrat Falls hydroelectric project through the Maritime Link transmission system to Nova Scotia by August 15, 2021.

"We constructed the Maritime Link transmission project as part of a long-term vision for a regional energy transition,” said Rick Janega, Emera’s Chief Operating Officer, Canada and Caribbean. “This transformative project will deliver clean, renewable energy to customers for generations to come and it is the first step in the regional transmission interconnections that will move us toward achieving net zero CO2 emissions by 2050 in Nova Scotia.”

“We are committed to delivering cleaner and reliable energy that is affordable to our customers and this is an important step in our transition away from coal,” says NS Power President & CEO, Peter Gregg. “With the arrival of the NS Block, we are on track to generate approximately 60% of our electricity from renewable sources by 2022 and this will help us achieve our shared goal of 80% renewable by 2030.”

The Maritime Link project was completed on time and within budget. The Link is a 500-megawatt transmission system comprised of overland and subsea components and includes the longest submarine electricity connection in North America, running from Cape Ray, Newfoundland & Labrador to Point Aconi, Nova Scotia. Construction of the project received regulatory approval in 2013 and was completed in 2017, with the transmission system placed into service in January 2018.

“Given its size and scope, we could never have reached this goal without the hard work, commitment and collaboration of our many partners and stakeholders,” continued Janega. “We have many people to thank for ensuring we delivered this project’s value to the region, including our Indigenous partners, Nalcor, the federal government, the provincial governments in Newfoundland and Labrador and Nova Scotia, our many local, regional and national stakeholders, and our team of employees, contractors and suppliers.”

With delivery of the Nova Scotia Block of energy scheduled to begin, NSPML will file its final Project Capital Cost application with the Nova Scotia Utility and Review Board (NSUARB) today.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

About the Maritime Link Project

The Maritime Link is a 500 MW high voltage direct current (HVdc) transmission interconnection. The Project includes two 170 km subsea cables across the Cabot Strait, with almost 50 km of overland transmission in Nova Scotia and more than 300 km of overland transmission on the island of Newfoundland.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

Media contact
Jennifer Parker
(902) 222-3601
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RICHMOND, Va.--(BUSINESS WIRE)--The Board of Directors of NewMarket Corporation (NYSE: NEU) declared a quarterly dividend in the amount of $2.10 per share on the common stock of the Corporation. The dividend is payable October 01, 2021 to NewMarket shareholders of record at the close of business on September 15, 2021.

NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden or sharp raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from recent or future acquisitions, or our inability to successfully integrate recent or future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2020 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Sustainable grid solutions reduce costs by 65% and support the delivery of low-cost, renewable power

PITTSBURGH--(BUSINESS WIRE)--Emerson (NYSE: EMR) today announced the completion of a digital transformation project to increase the reliability of clean energy generation at Golden Valley Electric Association’s (GVEA) Eva Creek wind farm. The project improves the management of Alaska’s largest wind farm.

Rural Alaskan communities are on the front line of climate change, given the region’s extreme weather. As the largest electric utility serving northern Alaska, GVEA and its Eva Creek wind farm supply nearly 25MW of reliable, low-cost electricity to customers, while reducing fossil fuel usage.

Emerson’s sustainable grid solutions have delivered fast results, increasing the reliability of GVEA’s wind turbines and contributing to a 65% reduction in operations and maintenance costs.

“Emerson is a key collaborator in our goal to increase access to clean energy for our customers in northern Alaska,” said Frank Perkins, GVEA vice president of power supply. “Our investment in a common automation platform helps us efficiently incorporate more renewable energy and minimize our carbon footprint.”

Emerson’s solutions simplify management of the Eva Creek wind farm and provide more accurate equipment diagnostics and analytics for forecasting and dispatch. The end-to-end solution incorporates Emerson’s Ovation™ automation platform and OSI monarch™ software to expertly help utilities achieve a more resilient, responsible and smarter power grid.

“Increased visibility into Eva Creek operations enables GVEA to further safeguard the reliable operation of this critical source of renewable energy for northern Alaska,” said Bob Yeager, president of Emerson’s power and water solutions business. “With Emerson’s comprehensive portfolio of sustainable grid solutions, GVEA is well positioned to optimize operations across its entire power system, from generation to meter.”

Emerson has been ranked as the leading distributed control systems provider for the global power generation industry, according to Omdia.¹

About Emerson

Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial and Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.

Additional resources:

• Follow news from Emerson’s Power & Water Solutions business on Twitter: http://twitter.com/OvationUsers
• Emerson’s solutions for wind farm automation
• Join the Emerson Exchange 365 Community

• Connect with Emerson via Twitter Facebook LinkedIn YouTube

Emerson
Denise Clarke
512-587-5879
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WINONA, Minn.--(BUSINESS WIRE)--As the commercial trucking industry moves forward in developing alternative fuel equipment, Fastenal is helping to drive innovation. Since early 2020, the supply chain organization has participated in a long-term test program of two battery electric Freightliner eM2 box trucks within its Los Angeles metro area operations. In that same spirit of environmental sustainability and innovation, the company also recently completed a short-term pilot of a pre-series battery electric Class 8 truck, the Freightliner eCascadia.

The participation stemmed from a collaboration between Penske Truck Leasing and Daimler Trucks North America to test commercial electric trucks in real-world situations and drive future improvements to the technology. Fastenal, which supports business partners with last-mile logistics as part of its supply chain management services, has been a valuable test case.

“Fastenal has been a tremendous partner in the testing of these electric vehicle (EV) units,” said Paul Rosa, senior vice president of procurement and fleet planning at Penske Truck Leasing. “Their sustainability goals and efforts along with their innovative way of thinking and approaching the future of our industry made them a natural fit to run EVs. We look forward to continuing to work together with Fastenal towards a more sustainable future.”

“The program is helping us understand where electric vehicles might fit into our future,” said Dan Florness, Fastenal’s president and CEO. “It also gives us a chance to help accelerate the development of commercial EV technology.”

For over a year, Fastenal has been utilizing the two eM2 box trucks to run daily delivery routes from its Santa Fe Springs trucking terminal to surrounding branches and customer-specific Onsite locations. Together the trucks travel nearly 900 miles per week to service 16 Fastenal locations spanning from Inglewood in the west, to Santa Ana in the south, to Ontario in the east.

“The eM2 vehicles have performed well for us,” said Kevin Larson, Fastenal’s VP of transportation. “Our drivers really like the instant torque and performance, and the trucks have proven to be highly reliable over time, with very few downtime days.”

Fastenal was running the eCascadia tractor on a roughly 120-mile daily line haul normally run by a diesel tractor. The vehicle took off from Santa Fe Springs in the morning, headed north to pick up a full trailer in Valencia, then returned to Santa Fe Springs, where the load was broken up into multiple local routes (two of which are run by the eM2s). With the eCascadia test now complete, Penske can continue to focus on program development and Fastenal will continue to be a partner in this space as they work together on more sustainable transportation options.

The Penske and Daimler commercial EV testing program is supported by the South Coast Air Quality Management District (South Coast AQMD), whose $15.7 million grant helped fund the program. South Coast AQMD focuses on improving air quality in large portions of Los Angeles, Orange County, Riverside and San Bernardino counties, including the Coachella Valley.

About Penske Truck Leasing

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske Truck Leasing operates more than 349,000 vehicles and serves customers from more than 1,300 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit www.pensketruckleasing.com to learn more.

About Fastenal

Fastenal helps customers simplify and realize product and process savings across their supply chain. We sell a broad offering of products spanning more than nine major product lines – from fasteners and tools to safety and janitorial supplies. These products are efficiently distributed to manufacturing facilities, job sites, and other customer locations through local service teams and point-of-use FMI^® (Fastenal Managed Inventory) solutions, including industrial vending technology and bin stock programs. Our distribution system supports over 3,200 in-market locations (a combination of branches and customer-specific Onsite locations), primarily in North America but also in Asia, Europe, and Central and South America, each providing tailored inventory, flexible service, and custom solutions to drive the unique goals of local customers. These in-market servicing locations are supported by sixteen regional distribution centers, a captive logistics fleet, robust sourcing, quality and manufacturing resources, and multiple teams of industry specialists and support personnel – all working toward Fastenal’s common goal of Growth Through Customer Service^®.

Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.

FAST-G

Ellen Stolts
Director of Accounting - Reporting and Reconciliation
507.313.7282

LEMONT, Ill.--(BUSINESS WIRE)--As climate change drives more frequent extreme weather events, companies must find ways to adapt and plan for the future. But how can they know how changes in climate will impact their assets and their business strategy? And what can they do to identify and address issues before they affect customers?

The largest state public power entity in the U.S., the New York Power Authority (NYPA), is addressing these challenges by assessing how its ability to generate, transmit and deliver electricity may be affected by climate change. For the first time, NYPA is evaluating its comprehensive climate risk with the help of the U.S. Department of Energy’s (DOE) Argonne National Laboratory. Also in collaboration with the Electric Power Research Institute (EPRI) and the Columbia Center on Global Energy Policy, the study will help NYPA plan investments in its infrastructure and strengthen its resilience against all hazards, including major weather events.

Using state-of-the-art climate and infrastructure system modeling techniques, and a powerful supercomputer, Argonne’s interdisciplinary team of scientists and engineers will determine the risks a changing climate poses to NYPA’s infrastructure and investment strategy.

Argonne’s experts will also develop a climate resiliency plan that will inform how NYPA mitigates any potential risks. By addressing these issues now, NYPA can protect and position its business so it can continue to reliably produce and deliver power to New Yorkers.

“Large power utilities like NYPA need to anticipate and prepare for the possible impacts of extreme weather events to better address and harden our infrastructure and to better inform our business decisions,” said Adrienne Lotto, vice president, chief risk and resilience officer at NYPA. ​

Argonne is a world leader in creating hyperlocal climate model simulation datasets and has the most detailed climate projections available in the U.S. Argonne’s approach uses historical climate data and some of the world’s best climate models to project future climate in a very localized area — down to the size of a neighborhood — up to 50 years in the future.

While most climate models can only look at changes over a large area — typically 100 square kilometers — Argonne’s models assess climate risks at the scale needed for businesses to understand, for example, how specific buildings and equipment could be damaged by flooding or high winds.

To learn more, contact This email address is being protected from spambots. You need JavaScript enabled to view it.. Read the full release here.

Christopher J. Kramer
Head of Media Relations
Argonne National Laboratory
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Office: 630.252.5580

HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced a net loss of $0.8 million, or $(0.06) per diluted share, on revenue of $23.1 million for its third quarter ended June 30, 2021. This compares with a net loss of $2.3 million, or ($0.17) per diluted share, on revenue of $22.7 million for the third quarter of the prior year period.

For the nine-months ended June 30, 2021, the Company recorded revenue of $75.4 million compared to revenue of $66.3 million during the prior year period. The Company reported a net loss of $9.0 million, or $(0.67) per diluted share compared to a net loss of $15.4 million, or $(1.14) per diluted share for the prior year period.

Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies (the “Company”) said, “With all aspirations and best efforts directed toward a global economic recovery from the COVID-19 pandemic, it is encouraging to see that revenue in our third fiscal quarter, ended June 30, 2021, slightly exceeded last year’s third quarter. Even more encouraging, in these first nine months of fiscal year 2021, our combined revenue reflects an increase of almost 14% over last year's similar period. The increases come despite a significant reduction in both periods of revenue received from rentals of our OBX marine nodal recording systems. As previously reported, certain follow-on surveys that intended to utilize our OBX systems were delayed or canceled due to COVID-19 restrictions and lockdowns, leaving these systems underutilized. Notably however, rental revenue in this third quarter more than doubled in comparison to the preceding quarter, providing some indication of OBX demand improving as new projects go forward.”

Wheeler continued, “In opposition to lower revenue from our Oil and Gas Markets segment, revenue from our Adjacent Markets segment represents major year-over-year increases for both the three- and nine-month periods ended June 30, 2021. The respective increases of 84% and 30% for the three- and nine-month periods can be attributed in both periods to a variety of factors, including stronger sales of our smart water meter cables and connectors, higher utilization of our contract manufacturing services, and greater demand for our graphic imaging products. When recovery from the COVID-19 pandemic gains traction, we believe demand for these products will maintain an upward climb. We believe, the steady overall growth exhibited in our Adjacent Markets segment is evidence that our deep-rooted expertise in innovative engineering and manufacturing continues to bring ever-increasing technological value to an expanding market. Our recently announced acquisition of Aquana, LLC further bolsters our commitment to deliver state-of-the-art IoT technology solutions to the diversified, yet highly aligned industry of ‘smart-city’ initiatives. The cloud-based control and data management provided by the Aquana platform helps both water utilities and property managers conserve critical water resources and reduce their costs. Our Quantum Technology Sciences subsidiary, which forms our Emerging Markets segment, contributed $1.1 million to third quarter revenue, bringing the nine-month year-to-date total to $10.0 million. The majority of revenue for both periods is from completion efforts toward the contract awarded to Quantum by the Department of Homeland Security in April of 2020. The contract called for providing the U.S. Border Patrol with a highly effective border and perimeter security solution utilizing our sophisticated sensor-based systems in conjunction with ultra-advanced analytics. Taken together, our Adjacent and Emerging Markets segments combined to generate 45% of revenue in both the three- and nine-month periods ended June 30, 2021.”

Oil and Gas Markets Segment

The Company’s Oil and Gas Markets segment generated $12.6 million in revenue for the three-months ended June 30, 2021, compared to $17.5 million during the equivalent year ago period, a decrease of 27.8%. For the nine-month period ended June 30, 2021, revenue from this segment totaled $41.5 million compared to $47.5 million during the equivalent year-ago period, a decrease of 12.5%. The decreases for both periods are the result of reduced rentals of the Company’s wireless OBX nodal marine systems and reduced demand for our traditional marine products. The three-month period decrease of revenue is partially offset by a $2.9 million sale of the Company’s land-based wireless seismic products. The nine-month period’s decrease is partially offset by the recognition of revenue from the sale of a $12.5 million land-based wireless recording system, delivered to a customer one year ago, a $9.9 million sale of used OBX rental equipment to the former lessee of the equipment and a $2.9 million third quarter sale of the Company’s land-based wireless seismic products.

For the three- and nine-month periods ended June 30, 2021, the Company’s traditional seismic products generated $2.0 million and $3.7 million respectively, reflecting a 66.8% increase for the three-month period and a 32.7% decrease for the nine-month period one year ago. The Company does not believe the increase in revenue for the three-months period ending June 30, 2021, is necessarily a sign of recovery of demand for these products. Demand for the Company’s traditional seismic products for the nine-month period declined due to reductions in seismic exploration by oil and gas companies. The reduction of demand for oil and gas is a consequence of the impacts from COVID-19 on travel and overall economic activity that continues to negatively affect demand for these products.

For the three- and nine-month periods ended June 30, 2021, the Company’s wireless seismic products generated revenue of $9.6 million and $36.1 million respectively. These figures represent a respective decrease of 40.1% and 12.0% when compared to $16.1 million and $41.1 million for the equivalent three- and nine-month periods a year ago. Reduction in revenue for the recent three- and nine-month periods are both due to lower utilization of our OBX rental fleet caused by effects from the COVID-19 pandemic. Offsetting the reduction for the three-month period is a $2.9 million sale of land-based wireless seismic products. The reduction in revenue for the nine-month period is largely offset by the recognition of $12.5 million of revenue related to land-based wireless seismic products delivered to a customer in the prior year, a $9.9 million sale of used OBX rental equipment to the former lessee of the equipment and the $2.9 million third quarter sale of land-based wireless seismic products. The Company believes as worldwide COVID-19 related lockdowns and travel restrictions come to an end, higher levels of utilization of the Company’s OBX rental equipment will be achieved, as planned projects will be resumed or commenced.

For the three- and nine-month periods ended June 30, 2021, the Company’s reservoir seismic products generated revenue of $1.1 million and $1.7 million respectively. This reflects increases of $0.8 million for both periods when compared to the three- and nine-month periods last year. The increase in both periods is due to a higher level of performed engineering services. The Company believes the foremost opportunity for meaningful revenue from these products resides in future contracts for the design, manufacture, and deployment of permanent reservoir monitoring (PRM) systems. The Company is engaged in several discussions at various stages with multiple oil and gas producers regarding PRM systems. The Company believes that increased energy demands, brought on by a global recovery from the COVID-19 pandemic, will help increase demand for oil and gas, and that its PRM systems provide the preeminent tool for oil and gas companies to maximize production from existing assets at lower costs and reduced carbon footprint.

Adjacent Markets Segment

For the three- and nine-month periods ended June 30, 2021, revenue from the Company’s Adjacent Markets segment totaled $9.4 million and $23.9 million respectively. These figures represent an increase of 83.6% and 30.4% respectively when compared with $5.1 million and $18.3 million for the three- and nine-month periods one year ago. The increase in both periods is largely the result of increased sales of the Company’s smart water meter cable and connector products, higher demand for its contract manufacturing services, and increased demand in imaging products. The Company is encouraged by the increased demand for our products but cannot reasonably determine if this marks the beginning of a recovery from the impact of the COVID-19 pandemic for this operating segment.

Emerging Markets Segment

For the three- and nine-month periods ended June 30, 2021, the Company’s Emerging Markets segment generated revenue of $1.1 million and $10.0 million respectively. This compares with $88,000 and $557,000 in the equivalent three- and nine-month periods a year ago. The increase in revenue in both periods with respect to last year is the result of fulfilling much of the contract with the Customs and Border Protection, U.S. Border Patrol. The contract, awarded in April 2020 to the Company’s Quantum subsidiary, provides an advanced technology border and perimeter security solution to the Department of Homeland Security. The Company believes additional contracts will follow as the efficacy and value of its unique seismic acoustic technologies and innovative data analytics are fully deployed and demonstrated. Management further believes its systems are fully aligned and complimentary to the U.S. government’s stated intentions of deploying high technology means and methods to protect U.S. borders.

Balance Sheet and Liquidity

For the nine months ended June 30, 2021, the Company used $7.5 million in cash and cash equivalents from operating activities. The Company used $1.7 million of cash for investment activities that included $10.0 million in proceeds from the sale of used rental equipment and $2.1 million in proceeds from the sale of an investment in a debt security, which were offset by $9.7 million, net, used for the purchase of short-term investments and $4.0 million used for investments to property, plant, and equipment and rental equipment. The Company used $3.6 million in financing activities for purchases of treasury stock pursuant to a stock buyback program authorized by the Company’s Board of Directors. The stock buyback program authorizes the Company to repurchase up to $5.0 million of its common shares in the open market. As of August 4, 2021, the Company has repurchased a total of 553,588 shares for approximately $4.7 million since the adoption of the program. The Company has authorized an additional $2.5 million for the stock buyback program. On June 30, 2021, Geospace had $30.0 million in cash, cash equivalents, and short-term investments compared with $32.7 million on September 30, 2020. In addition, on June 30, 2021, the Company had $17.7 million in available borrowing from its credit agreement with Frost Bank, of which no borrowed amounts were outstanding. Thus, the Company’s total liquidity as of June 30, 2021, was $47.7 million. The Company additionally owns unencumbered property and real estate in both domestic and international locations.

Wheeler concluded, “Recoveries from the effects of the COVID-19 pandemic have made great progress in many parts of the world. However, the emergence of the Delta variant and increasing case numbers in many areas pose some caution to hard optimism. Nonetheless, we are encouraged by the results achieved in the first nine months of the fiscal year. Demand for our OBX systems shows incremental improvement, even though some project opportunities have moved further out in time. In addition, progress has been made in our discussions with major oil and gas producers for Permanent Reservoir Monitoring (PRM) systems, and we believe a tender for a PRM system could be released before the end of our fiscal year. The growing interest of oil and gas producers in using our PRM systems to better manage their fields has never been higher, and the depth of investigative inquiry brought about in these discussions reflects serious opportunities over the next several years. Meanwhile, we continue to expand the growing profile of advanced products and services offered in our Adjacent Markets segment. We believe the integration of Aquana’s innovations with our existing technology catalog creates multiple opportunities for future growth in this segment. And in our Emerging Markets segment, we believe additional contracts will follow for our Quantum subsidiary as the deployed systems for the U.S. Border Patrol begin to demonstrate their profound value. In light of these opportunities, in conjunction with our strong debt-free balance sheet, our outlook on the future remains positive and optimistic.”

Conference Call Information

Geospace Technologies will host a conference call to review its fiscal year 2021 third quarter financial results on August 6, 2021, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (877) 876-9176 (US) or (785) 424-1670 (International). Please reference the conference ID: GEOSQ321 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding our expected operating results, the adoption, results and success of our transaction with Aquana, LLC, future demand for our Quantum security solutions the adoption and sale of our products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels and continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, inability to realize value from bonds, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.

Rick Wheeler
President and CEO
TEL: 713.986.4444
FAX: 713.986.4445

Company to Contribute $300,000 to Red Cross for Shelter Activations and Other Services for Displaced, Impacted Residents

SAN FRANCISCO--(BUSINESS WIRE)--As drought-fueled wildfires continue to burn across several western states including California, the American Red Cross is deploying volunteers and opening shelters to provide services to displaced and impacted residents and communities. Pacific Gas and Electric Company (PG&E) is continuing its longtime partnership with the Red Cross, providing $750,000 to the organization for emergency preparedness and disaster response. As part of this contribution, $300,000 will support wildfire relief and recovery efforts in PG&E’s service area this fire season, including current wildfire response in Butte, Lassen, Nevada, Placer, Plumas and Trinity counties.

“Responding to disasters is a team effort and no single organization can do it alone,” said Jennifer Adrio, Regional CEO for the American Red Cross Northern California Coastal Region. “That’s why our partnership with PG&E is so vitally important. As part of the world’s largest humanitarian organization, the Red Cross has the unique ability to utilize PG&E’s generous donation to reach more people in need, more quickly.”

In addition to the funding for Red Cross services for wildfire evacuees, PG&E is also contributing $50,000 to support local nonprofit relief efforts. This includes $5,000 in support of Lost Sierra Food Project in Plumas County, where some evacuated residents are beginning to return home; and $10,000 in support of the Almanor Foundation Wildfire Relief Fund, which is providing emergency relief and support through grants to nonprofits and agencies, primarily for residents impacted by wildfires.

“Our hearts are with every member of our communities who has lost their home or business to wildfire in recent days, and with those who have had to evacuate their homes for safety. As this wildfire season continues to test us all, we are so grateful for the American Red Cross and its compassionate volunteers who provide the basic needs of food and shelter to our neighbors in their time of need. We are so thankful for the many nonprofit organizations and volunteers who work tirelessly to care for those impacted by wildfires,” said PG&E Corporation Chief Executive Officer Patti Poppe.

These charitable donations will come from PG&E shareholders, not PG&E customers.

How You Can Help

Financial gifts of any amount support the Red Cross mission to help people affected by disasters big and small. Donations for wildfire relief help the Red Cross to shelter families, serve meals, support emergency responders, deliver relief supplies, provide medical care, and create recovery plans. To support current or ongoing wildfire relief and recovery efforts in California, donors can contribute online here, or send checks to the Red Cross designated to “Western Wildfires.”

PG&E’s partnership with the Red Cross began in 1986. Last year, PG&E and The PG&E Corporation Foundation contributed a total of $750,000 to the Red Cross for emergency preparedness and disaster response, including wildfire relief and recovery efforts. Funding included support for the Red Cross California Wildfires Relief Fund for evacuation shelters and community support, which included a place to sleep, warm meals, health services and support services counseling.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

HOUSTON--(BUSINESS WIRE)--Whiting USA Trust II (the “Trust”) (OTC:WHZT) announced today that the Trust will make a distribution to unitholders in the third quarter of 2021, which relates to net profits generated during the second quarterly payment period of 2021. Unitholders of record on August 19, 2021 will receive a distribution of $0.180407 per unit, which is payable on or before August 27, 2021 (the “August 2021 distribution”).

As of the date of this press release, 99.9% of the Trust’s total 18,400,000 units outstanding were held by Cede & Co. (The Depository Trust Corporation’s nominee) as the official unitholder of record. The record date of August 19, 2021 for this distribution is only applicable to unitholders of record such as Cede & Co., and the ex-date, as set by The Financial Industry Regulatory Authority, Inc., or FINRA, actually determines which street name holders will be eligible to receive the August 2021 distribution.

Sales volumes, net profits and selected performance metrics for the quarterly payment period (mainly affected by April 2021 through June 2021 oil prices and March 2021 through May 2021 gas prices) were:

The Trust’s net profits interest (“NPI”), which is the only asset of the Trust other than cash reserves held for future Trust expenses, represents the right to receive 90% of the net proceeds from Whiting’s interests in certain existing oil and natural gas properties located primarily in the Rocky Mountains, Permian Basin, Gulf Coast and Mid-Continent regions of the United States until the NPI terminates on December 31, 2021.

Status of the Trust

Although oil and gas prices have improved since the lows experienced during 2020, oil and gas prices have historically been volatile and may fluctuate widely in the future. The Trust is unable to predict future commodity prices or future performance and distributions to unitholders are significantly impacted by low oil and natural gas prices and may be reduced to zero, as was the case during the second, third and fourth quarters of 2020 and first quarter of 2021. Additionally, in the current commodity price environment, the Trust’s distributions have increased sensitivity to fluctuations in operating and capital expenditures and commodity price differentials.

Trust Termination

After the NPI terminates on December 31, 2021, it is anticipated that the Trust will make a final quarterly distribution, if any, no later than March 1, 2022, to the Trust unitholders of record on the 50^th day following December 31, 2021, and the Trust will wind up its affairs and terminate. After the termination of the Trust, it will pay no further distributions. Consequently, after the payment of the August 2021 distribution, the Trust expects to make only two further distributions, one in November 2021 and the final one in March 2022.

The market price of the Trust units will decline to zero at the termination of the Trust, which will occur after the termination of the NPI. As described in the Trust’s public filings, since the assets of the Trust are depleting assets, a portion of each cash distribution paid on the Trust units, if any, should be considered by investors as a return of capital, with the remainder being considered as a return on investment.

Forward-Looking Statements

This press release contains forward-looking statements, including all statements made in this press release other than statements of historical fact. No assurances can be given that such statements will prove to be correct. The estimated time when the market price of the Trust units should decline to zero is based on the economic rights of the Trust units. The trading price of the Trust units is affected by factors outside of the control of the Trust or Whiting, including actions of market participants, among others. Other important factors that could cause actual results to differ materially include fluctuations in oil and natural gas prices, the effect, impact, potential duration or other implications of the COVID-19 pandemic, or any government response to such pandemic, expenses of the Trust, risks inherent in the operation, production and development of oil and gas, future production and development costs, uncertainty of estimates of oil and natural gas reserves and production, and other risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 and in its other filings with the Securities and Exchange Commission (the “SEC”). The Trust’s annual, quarterly and other reports filed under the Securities Exchange Act of 1934, as amended, are available electronically from the website maintained by the SEC at http://www.sec.gov. Statements made in this press release are qualified by the cautionary statements made in this press release. The Trustee does not intend, and assumes no obligation, to update any of the statements included in this press release.

Whiting USA Trust II
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
(512) 236-6555

DUBLIN--(BUSINESS WIRE)--The "Global Floating Rigs Market (Value, Volume): Analysis By Type (Drillship, Semisubmersible), Application, By Region, By Country (2021 Edition): Market Insights, Covid -19 Impact, Competition and Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Floating Rigs Market was valued at USD 61940.35 Million in the year 2020.

The report presents the analysis of Floating Rigs market for the historical period of 2016-2020 and the forecast period of 2021-2026.

The global Floating Rigs market is witnessing lucrative growth owing to stringent regulatory standards regarding environment conservation, supportive government policies on energy conservation, as well as growing consumer awareness about product quality. The continuous rise in demand of oil and gas in Asia Pacific region is driving the demand of rigs from last few years.

Owing to low production cost in Asian countries backed with rising industrialisation, manufacturers are investing in economies such as India and China which is propelling the market growth.

The market is also expected to register a boom in demand post Covid-19 pandemic situation attributable to the demand for the oil and gas slightly increased in August 2020, as several leading manufacturers started production of the offshore drilling. Additionally, growth in the rig industry due to technological advancements, rise in population, and increase in demand of crude oil and natural gas are major factors expected to drive the Floating Rigs market during the forecast period.

Ultra-Deepwater is considered to be anything more than midwater (7000-12000 ft or 2134-3658 meters). Ultra-Deepwater Floaters are equipped with high-pressure mud pumps and are capable of drilling in water depths of 7,500 feet or greater.

Ultra-deepwater is expected to be the most rapid source of future demand growth for floating MDUs (Mobile Drilling Units). Ultra-deep fields are increasingly explored and developed and it is anticipated that a greater share of floaters will be deployed in deeper water, maximising their capabilities.

The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Baker Hughes, Schlumberger Limited, Aban Offshore Limited, Diamond Offshore Drilling, Ensco Plc, Noble Corporation, Transocean, Halliburton, Maersk Drilling, Keppel Offshore & Marine.

Key Target Audience

• Floating Rigs Vendors
• Oil and Gas Companies
• Consulting and Advisory Firms
• Government and Policy Makers
• Regulatory Authorities

Key Topics Covered:

1. Report Scope and Methodology

1.1 Scope of the Report

1.2 Research Methodology

1.3 Executive Summary

2. Strategic Recommendations

3. Floating Rigs Market: Product Overview

4. Floating Rigs Market: Sizing and Forecast

4.1 Market Size, By Value, Year 2016-2020

4.2 Market Size, By Value, Year 2021-2026

4.3 Market Size, By Volume, Year 2016-2020

4.4 Market Size, By Volume, Year 2021-2026

4.5 Impact of COVID-19 on Global Floating Rigs Market

4.6 Global Economic & Industrial Outlook

5. Floating Rigs Market Segmentation, By Type (Value)

5.1 Global Floating Rigs Market: Segment Analysis

5.2 Competitive Scenario of Global Floating Rigs Market: By Type (2020 & 2026)

5.3 By Drillship Market Size and Forecast (2016-2026)

5.4 By Semisubmersible- Market Size and Forecast (2016-2026)

6. Floating Rigs Market Segmentation, By Application (Value)

6.1 Global Floating Rigs Market: Segment Analysis

6.2 Competitive Scenario of Global Floating Rigs Market: By Application (2020 & 2026)

6.3 By Shallow Water - Market Size and Forecast (2016-2026)

6.4 By Deepwater - Market Size and Forecast (2016-2026)

6.5 By Ultra-Deepwater - Market Size and Forecast (2016-2026)

7. Global Floating Rigs Market: Regional Analysis

7.1 Competitive Scenario of Global Floating Rigs Market: By Region (2020 & 2026)

8. Americas Floating Rigs Market: An Analysis

9. Europe Floating Rigs Market: An Analysis

10. Asia Pacific Floating Rigs Market: An Analysis

11. Global Floating Rigs Market Dynamics

11.1 Global Floating Rigs Market Drivers

11.2 Global Floating Rigs Market Restraints

11.3 Global Floating Rigs Market Trends

12. Market Attractiveness and Strategic Analysis

12.1 Market Attractiveness

12.1.1 Market Attractiveness Chart of Global Floating Rigs Market - By Type (Year 2026)

12.1.2 Market Attractiveness Chart of Global Floating Rigs Market - By Application (Year 2026)

12.1.3 Market Attractiveness Chart of Global Floating Rigs Market - By Region (Year 2026)

13. Competitive Landscape

13.1 Global Leading Floating Rigs company market share, 2019

14. Company Profiles (Business Description, Financial Analysis, Business Strategy)

14.1 Baker Hughes

14.2 Schlumberger Limited

14.3 Aban Offshore Limited

14.4 Diamond Offshore Drilling, Inc.

14.5 Ensco Plc

14.6 Noble Corporation

14.7 Transocean

14.8 Halliburton

14.9 Maersk Drilling

14.10 Keppel Offshore & Marine

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
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• Revenue of $137 million, 20% sequential increase
• Net loss of $22 million and diluted EPS of negative $3.87
• Adjusted EBITDA of $7 million
• Operating cash flow of $4 million and free cash flow of $4 million

HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced second quarter 2021 revenue of $137 million, an increase of $23 million from the first quarter 2021. Net loss for the quarter was $22 million, or $3.87 per diluted share, compared to a net loss of $30 million, or $5.28 per diluted share, for the first quarter 2021. Excluding $7 million, or $1.21 per share of special items, adjusted net loss was $2.66 per diluted share in the second quarter 2021, compared to an adjusted net loss of $3.95 per diluted share in the first quarter 2021. Adjusted EBITDA was $7 million in the second quarter 2021, an improvement of approximately $5 million from the first quarter 2021.

Special items in the second quarter 2021, on a pre-tax basis, included a $4 million loss on extinguishment of debt, $3 million of restructuring and other charges, and $1 million of inventory impairments, slightly offset by $1 million of foreign exchange gains. See Tables 1-5 for a reconciliation of GAAP to non-GAAP financial information.

Cris Gaut, Chairman and Chief Executive Officer, remarked, “Our revenue growth significantly outpaced the activity increase in the second quarter. FET has the premium products and solutions our customers need in order to improve their efficiency and safety as they put drilling and completions equipment to work. Orders were strong, led by increasing momentum in drilling and subsea capital equipment and continued demand for our short-cycle consumable completions products. Our book-to-bill ratio of 1.16 is a positive indicator of FET's future results.

“FET revenue growth for the second quarter was $23 million, or 20%. EBITDA grew by $5 million from the first quarter 2021, but was somewhat constrained by significant increases in raw material and freight costs. While we expect supply chain inflation will continue to impact us in the third quarter, we are increasing prices to offset these higher costs.

“With current oil and natural gas prices, we expect a further increase in U.S. and international drilling and completion activity during the second half of 2021. Based on this increasing activity and our growing backlog, we are forecasting third quarter revenue to be between $145 and $155 million and EBITDA of $7 to $9 million. Assuming continued activity growth through the end of the year and some pricing improvement, we anticipate fourth quarter EBITDA will be between $10 and $14 million.

“We repurchased $42 million principal amount of convertible notes in the second quarter. We do not expect further convertible note repurchases will be required under the terms of our indenture as a result of the sale of our ABZ and QVA valve brands at the end of 2020. We ended the second quarter with $259 million principal amount of debt outstanding and net debt of $198 million, a $144 million decrease over the last eighteen months.

“I am encouraged by the improving market conditions and confident in FET's strategy to continue growing in existing and new energy markets.”

Segment Results

Drilling & Downhole segment revenue was $62 million and orders were $81 million, an increase of 26% and 39%, respectively, from the first quarter 2021. The increase in revenue and orders was primarily due to drilling capital equipment orders and shipments for international customers. The revenue increase also reflects higher demand for artificial lift products and consumable products in connection with increasing drilling activity levels. Segment adjusted EBITDA was $7 million, a $4 million sequential increase resulting from the higher revenue levels and ongoing cost management. Drilling & Downhole operations focus primarily on capital equipment and consumable products for global drilling, well construction, artificial lift and subsea markets.

Completions segment revenue was $47 million, a sequential increase of $9 million, or 23%, and orders were $47 million, inline with orders in the first quarter 2021. The revenue increase was driven by higher demand from our pressure pumping service customers and increased sales of coiled tubing due to higher well completions. Segment adjusted EBITDA was $6 million, up $2 million from the first quarter due to manufacturing efficiencies from higher sales volumes. The Completions segment designs and manufactures products for the coiled tubing, stimulation and intervention markets.

Production segment revenue was $29 million, an increase of $1 million, or 5% from the first quarter 2021. Higher sales of well-site production equipment were offset by lower revenues from valve customers in the downstream market. Orders in the second quarter were $31 million, a 6% sequential decrease, due to the timing of large orders received for well-site processing equipment in the first quarter 2021. Segment adjusted EBITDA was negative $2 million, a $1 million sequential decline from the first quarter 2021, due to inflationary pressures on costs. The Production segment manufactures land well site production equipment, desalination process equipment, and a wide range of valves for upstream, midstream and process industry customers.

FET (Forum Energy Technologies) is a global company, serving the crude oil, natural gas, and renewable energy industries. FET is headquartered in Houston, TX with quality manufacturing, efficient distribution, and service facilities conveniently located to support the major energy-producing regions of the world. For more information, please visit www.f-e-t.com.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including any statement about the Company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release.

These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the severity and duration of the COVID-19 pandemic and related repercussions resulting from the negative impact on demand for oil and natural gas, the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the Company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the Company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business, and other important factors that could cause actual results to differ materially from those projected as described in the Company's filings with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.