Paramount is welcomed into Empowered Ventures ESOP Holding Company
CARMEL, Ind.--(BUSINESS WIRE)--Empowered Ventures, an employee-owned holding company based in Carmel, IN, is pleased to announce the acquisition of Paramount Plastics (Paramount), a custom plastics thermoforming company that serves the recreational vehicle, marine, and specialty vehicle industries.
Founded by the Prugh & Lim family in 1982 and based in Elkhart, Indiana, Paramount has been an innovator, winning multiple design awards and developing unique, non-commodity products. Paramount differentiates itself with market-leading product quality, exceptional customer service and reliability, and superior engineering capabilities.
“I am thrilled to welcome the entire Paramount team to Empowered Ventures,” said Empowered Ventures President & CEO, Chris Fredericks. “As an employee-owned holding company, we help companies like Paramount by providing a relatively easy buyout process that results in the employees joining our diversified ESOP. We are grateful to be entrusted with Paramount’s future and excited to work with the existing leadership team.”
“Selling Paramount has been a bittersweet process for our family,” said Rex Lim, former President and co-founder along with Jessie Prugh and Dennis Lim. “Since starting Paramount nearly forty years ago, we’ve worked hard to build a business on which so many employees and customers depend. We are very happy to have found a buyer, Empowered Ventures, that will look out for Paramount and the people we care about for the long-term.”
Joining Empowered Ventures reinforces Paramount’s commitment to excellent service and quality and enables the company to continue expanding its capabilities. With the acquisition, Paramount’s employees join the Empowered Ventures ESOP, which owns 100% of Empowered Ventures and its operating companies. Empowered Ventures brings strategic assistance and resources to support Paramount's continued growth and success.
“With Empowered Ventures’ support and the continuing dedication of Paramount’s employees, together, we will keep growing the business and meeting the ever-evolving needs of our customers,” said Curtis Elliott, former General Manager and newly named President of Paramount Plastics. “I’m excited to lead Paramount and proud to partner with Empowered Ventures.”
“When employees become owners, they immediately become more engaged, invested, and strategic,” said Spencer Springer, Vice President of Empowered Ventures. “Succession planning can be an overwhelming process. Working with Empowered Ventures enables an owner to sell their business while confidently leaving it in the hands of those who know it best – an ideal scenario for a company like Paramount. All our businesses have a bright future with employees leading the way.”
To learn more, visit Paramount at www.paramountplastics.com and Empowered Ventures at www.empowered.ventures.
About Empowered Ventures
Founded in 2020 by leading fabric supplier TVF, which transitioned to an Employee Stock Ownership Plan (ESOP) in 2010, Empowered Ventures is an employee-owned holding company based in Carmel, IN. Empowered Ventures helps successful small businesses with ownership succession planning by providing a long-term home for companies and employees. Empowered Ventures is not a fund, has no outside investors and uses its own capital to fund acquisitions. All employees of companies owned by Empowered Ventures join its employee ownership program.
About Paramount Plastics
Founded in 1982, Paramount Plastics is a thermoformed plastic products manufacturer based in Elkhart, IN. Industry leading recreational vehicle, marine, and specialty vehicle manufacturers depend on Paramount for their most challenging tool making, vacuum forming, and vinyl wrapping projects due to Paramount’s design and manufacturing capabilities. Paramount’s talented and dedicated team takes tremendous pride in helping its customers navigate supply chain challenges by providing exceptional service, reliability and quality.
Contact for Empowered Ventures:
Chris Fredericks
317.249.8722
This email address is being protected from spambots. You need JavaScript enabled to view it.
Contact for Paramount Plastics:
Curtis Elliott
574.264.2143
This email address is being protected from spambots. You need JavaScript enabled to view it.
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that it has started foundation construction for all remaining production areas at its Hanford, California manufacturing plant, including body, propulsion, warehouse, and vehicle assembly. Interior foundation work in the production area is now well advanced, major mechanical systems, including electrical and plumbing, are being installed now, and FF will begin installation of production and assembly equipment soon.
“Reaching the start of our third production milestone is an important feat for the company, keeping production of the next generation of intelligent techluxury EVs on-schedule,” said FF Vice President of Manufacturing, Matt Tall. “Ensuring exemplary foundational construction is key, as the FF 91 manufacturing strategy calls for cutting-edge technology and the ability to personalize the vehicle, setting FF apart from traditional OEM mass production.”
A link to an updated video on FF’s progress can be seen here: https://youtu.be/-FmbXcZjjTU
FF is building out a state-of-the-art facility that uses highly skilled craftsmanship and leading-edge automated production processes to rival the top luxury automakers of the world. Since going public in July, FF has now reached three of its seven production milestones, including completing installation of pilot equipment in the FF pre-production build area and completing work to secure a Certificate of Occupancy, clearing the path for FF pre-production builds at the Hanford plant.
Now, FF has reached the start of its third production milestone at the Hanford plant, with more to come including:
“FF has secured the resources needed, and has a detailed plan to adopt a bespoke, high-quality, luxury-focused production setup at our Hanford plant,” said FF Global CEO Dr. Carsten Breitfeld. “The benefit of building from the ground up is that we can implement innovation throughout the production process, building more confidence that FF will deliver the FF 91 Futurist on time next year.”
The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-ability cars and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office.
Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve.
Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online.
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, Faraday Future was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Intelligent and Internet and the “E” stands for Ecosystem and Electric. FF is not just an EV company, but also an internet and technology company, an AI product company, a software company, and a user ecosystem company. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, Faraday Future’s first flagship product FF 91 Futurist is equipped with exceptional product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF and the results of the FF special committee investigation; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 and NT 10-Q recently filed by FF and other documents filed by FF from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
Investors: This email address is being protected from spambots. You need JavaScript enabled to view it.
John Schilling
Media: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tim Gilman
Media: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Anti Static Oil Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.
The Anti Static Oil Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments.
Market Players in the Anti Static Oil Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence. Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Anti Static Oil Market industry during the outlook period.
Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Anti Static Oil Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Anti Static Oil Market industry along with a detailed predictive and prescriptive analysis to 2028.
Anti Static Oil Market Insights - Latest Trends, Drivers, Opportunities, and Challenges
Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Anti Static Oil Market. Enterprises should incorporate digitally connected processes and focus on operational efficiency, diversifying supply sources, and cost management to create opportunities in the Anti Static Oil Market during the forecast period. Uneven recovery in different end markets and geographies is a key challenge in understanding and analyzing the Anti Static Oil Market landscape.
Anti Static Oil Market Structure - Competition, Strategies and Company Profiles
While catering to the short-term needs of the market, Anti Static Oil Market players can address this uncertainty with a clear revision of the product portfolio and a lucid long-term strategy with scenario planning. Investing in innovation, identifying emerging applications, and developing sensible business models to generate sustained growth are the winning strategies in the future Anti Static Oil Market. The report presents detailed profiles of top companies serving the Anti Static Oil Market value chain along with their strategies for the near, medium, and long term period.
Anti Static Oil Market Segmentation - Regional Analysis of different Anti Static Oil Market Product Types, Applications, and End-Users
Near saturated demand in Europe coupled with comparatively slower momentum in China, after many years of exceptional growth trajectory are limiting the Anti Static Oil Market demand from these regions. However, the fast-paced recovery of developing nations from the COVID impact is expected to bolster the Anti Static Oil Market demand.
The research estimates global Anti Static Oil Market revenues in 2021, considering the Anti Static Oil Market prices, supply, demand, and trade analysis across regions. A detailed market share, penetration, and shift in demand for different types, applications, and geographies in the Anti Static Oil Market from 2021 to 2028 is included.
The report covers North America, Europe, Asia Pacific, Middle East, Africa, and LATAM Anti Static Oil Market statistics from 2020 to 2028 with further division by leading product types, applications, and use cases of Anti Static Oil Market. The status of the Anti Static Oil Market in 16 key countries over the world is elaborated to enable an in-depth understanding of the Anti Static Oil Market industry.
Research Scope
For more information about this report visit https://www.researchandmarkets.com/r/fckarq
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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
TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE:HP) (“H&P” or the “Company”) today announced that it has released its inaugural Sustainability Report outlining the Company’s sustainability efforts and performance data.
President and CEO John Lindsay commented, “We are pleased to have issued H&P’s inaugural sustainability report highlighting our efforts to maintain impactful corporate stewardship. H&P has long recognized the importance of promoting sustainability across the organization and the broader oil and gas value chain. This report provides greater transparency into how we operate as a Company and we believe such transparency is important to our investors.”
The report aligns with leading sustainability reporting frameworks regarding environmental, social and governance (“ESG”) matters, including the Sustainability Accounting Standards Board (“SASB”), the Global Reporting Initiative (“GRI”), and the Task Force on Climate-related Financial Disclosures (“TCFD”). A copy of H&P’s 2021 Sustainability Report and related 2021 Performance Data can be downloaded here.
About Helmerich & Payne, Inc.
Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.
Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com.
Dave Wilson, Vice President of Investor Relations
918-588-5190
This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.
Bringing State-of-the-Art Geostatistical Algorithms to the Geomodeling Community to Solve Complex Geospatial Problems
EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq:BSY), the infrastructure engineering software company, today announced that its Seequent business unit has acquired Denver-based Advanced Resources and Risk Technology, LLC (AR2Tech), a developer of geostatistical software applications. The acquisition provides Seequent with state-of-the-art geostatistics algorithms, technology, and IP for complex geospatial problem solving, complementing its geological modeling solutions and workflows, to help solve earth, environmental, and resources challenges.
AR2Tech represents a new generation of geostatistics and spatial data analysis solutions for mining, environmental sciences, and energy. Its state-of-the-art, high-performance algorithms and workflows for cloud and desktop enable users to create and optimize a diverse set of models, even with millions of cells, without performance bottlenecks. AR2Tech’s algorithm library can be applied to a wide range of geostatistical modeling and data science methods, supporting functions that are data-centric and rely on machine learning. Solutions can be used stand alone or integrated with other software, including Seequent’s Leapfrog 3D geological modeling solutions.
Mining companies use AR2Tech’s solutions for geostatistical modeling for conditional simulation and estimation models of complex orebodies, with algorithms customized for specific deposits. Environmental sciences professionals use customized workflows for data management, spatial evaluation, and risk assessment, designed for applications including stochastic simulation of the subsurface for water modeling, sampling evaluation and strategy, integration of remote sensing data in the geostatistical model, and characterization of pollutants.
Graham Grant, chief executive officer of Seequent, said, “We’re delighted to welcome to Seequent the elite and talented AR2Tech team in Denver and Brazil. AR2Tech’s technology stack and world-leading expertise in geostatistics, geomodeling, and spatial data integration strengthen Seequent’s capabilities in these areas. The acquisition will help accelerate our development of new geostatistics solutions and create seamless end-to-end workflows with Seequent’s advanced modeling solutions. We’re excited to make this investment for our mining, environmental, civil, and energy users to take geomodeling to the next level.”
AR2Tech founder Dr. Alexandre Boucher said, “We’re proud to be joining Seequent and sharing our cloud-first approach to solving geosciences challenges. With Seequent, we will realize our goal of bringing the next generation of geostatistical algorithms to the geomodeling community. We have developed and optimized algorithms for geomodeling for over a decade, including conditional simulations for risk and uncertainty studies. Combining forces with Seequent, we can create new practical and accessible solutions for geoscience professionals.”
For more information, please visit https://www.ar2tech.com/.
##
About Seequent
Seequent, a Bentley company, is a world leader in the development of powerful geoscience analysis, modeling, and collaborative technologies for understanding geoscience and engineering design solutions. Our solutions enable people to analyze complex data, manage risk, and ultimately make better decisions about earth, environment, and energy challenges.
Seequent software is used on large-scale projects globally, including road and rail tunnel construction, groundwater detection and management, geothermal exploration, subsea infrastructure mapping, resource evaluation, and subterranean storage of spent nuclear fuel.
Seequent’s global footprint includes its Christchurch-based HQ and R&D centers in Christchurch and Canada with a network of offices across Asia/Pacific, Africa, South America, North America, and Europe, servicing organizations with leading subsurface solutions in over 100 countries. For more information, please visit www.seequent.com or follow Seequent on LinkedIn or Twitter.
About Bentley Systems
Bentley Systems (Nasdaq:BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, Seequent’s leading geosciences software portfolio, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $800 million in 172 countries.
© 2021 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, Leapfrog, MicroStation, ProjectWise, Seequent, and the Seequent logo are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries.
Press:
Christine Byrne
+1 203 805 0432
This email address is being protected from spambots. You need JavaScript enabled to view it.
Follow us on Twitter:
@BentleySystems
PG&E Has Pre-Positioned Nearly 400 Crews to Restore Power Safely and as Quickly as Possible
Vegetation Crews Have Been Working Ahead of Storms to Keep Trees and Limbs Away from Powerlines During the Storm
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) crews are responding to local outages from a powerful storm now moving through Northern and Central California.
PG&E has nearly 400 power restoration crews pre-staged, including 278 troublemen, who are the energy company’s first responders to an outage. The company has also stockpiled power poles, power lines, transformers, and other electric equipment at yards throughout its service territory to help crews restore power as quickly as possible.
PG&E has activated its Emergency Operations Center and 17 regional and local operations emergency centers to assign staff and resources to the restoration efforts as necessary. In advance of the storm, vegetation-management crews have been working to keep trees and limbs away from powerlines.
Since midnight Sunday, crews have restored power to nearly 16,000 customers. As of 1 p.m. today, about 30,000 customers were experiencing storm-related outages.
PG&E meteorologists, along with experts from the National Weather Service, are predicting gusty winds, widespread rain, heavy mountain snow and isolated thunderstorms will continue across the company’s service region through much of the week.
Weather stations reported heavy rainfall and strong winds, with gusts as high as 77 mph in Livermore in Alameda County, and rain accumulation of nearly 10 inches over 48 hours at Middle Peak Mt. Tam in Marin County.
High winds are expected along the Central Coast and Central Valley through early Tuesday with gusts up to 50 mph in some areas. Snow levels in the Sierra Nevada will also be significant above 5,000 feet, with the potential for multiple feet of snow, particularly across the northern end of the range.
PG&E’s meteorology team uses a Storm Outage Prediction Model that incorporates real-time weather forecasts, coupled with 30 years of historical storm data and system knowledge to show where and when storm impacts will be most severe. This model enables the company to pre-stage crews and equipment as storms approach to enable rapid response to outages.
Keeping Customers Informed
PG&E knows how important it is to keep its customers informed. Customers can view real-time outage information on its website outage center and search by a specific address, by city or by county. This site has been updated to include in-language support for 16 languages.
Additionally, customers can sign up for outage notifications by text, email or phone. PG&E will inform customers about the cause of an outage, when crews are on their way, the estimated restoration time, and when power is restored.
Storm Safety Tips
Other tips can be found at www.pge.com/beprepared.
About PG&E
PG&E, 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
The strategic acquisition will see Rocket Lab add the world’s largest production line of high-performing space solar cells to the Company’s growing space systems business
LONG BEACH, Calif.--(BUSINESS WIRE)--$RKLB--Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced it has signed a definitive agreement to acquire SolAero Holdings, Inc. (SolAero), a premier supplier of space solar power products and precision aerospace structures for the global aerospace market, for $80 million in cash. The acquisition is expected to close in the first quarter of 2022.
The acquisition aligns with Rocket Lab’s growth strategy of vertical integration to deliver a comprehensive space solution that spans spacecraft manufacture, satellite subsystems, flight software, ground operations, and launch. As one of only two companies producing high-efficiency, space-grade solar cells in the United States, SolAero’s space solar cells are among the highest performing in the world, and support civil space exploration, science, defense and intelligence, and commercial markets. In combining with Rocket Lab, SolAero will tap into the Company’s resources and manufacturing capability to boost high-volume production, making high-performing space power technologies available at scale.
“SolAero is a highly complementary addition to Rocket Lab’s vertically integrated business model and strengthens our ability to streamline space for our customers by delivering complete space mission solutions,” said Rocket Lab founder and CEO, Peter Beck. “SolAero has established itself as a premier provider of solar technologies, enabling trailblazing missions that have expanded scientific horizons and advanced commercial space. By combining our innovative teams, industry-leading technologies, and strong resources, we can advance space exploration and enable our customers to push the boundaries of what’s possible in orbit. We are absolutely thrilled to welcome the SolAero team to the Rocket Lab family.”
“We are very excited to join the outstanding team at Rocket Lab and contribute to their track record of innovation and on-orbit success,” said SolAero President and CEO, Brad Clevenger. “As Rocket Lab builds on its capability to provide complete mission solutions, SolAero is a natural fit for Rocket Lab. We look forward to becoming an integral part of Rocket Lab’s Space Systems business while continuing to offer all of our customers premier capability and value.”
Founded in 1998 and headquartered in Albuquerque, New Mexico, SolAero’s solar cells, solar panels, and composite structural products have supported more than 1,000 successful space missions with 100% reliability and mission success to date. Over the past two decades, SolAero’s products have played key roles in some of the industry’s most ambitious space missions, including supplying power to NASA’s Parker Solar Probe and Mars Insight Lander, the largest solar array ever deployed on the surface of Mars, and several Cygnus Cargo Resupply Missions to the International Space Station. SolAero also led the development and manufacturing of the solar panel on Ingenuity, the helicopter that successfully flew on Mars in April this year, marking the first ever powered, controlled flight on a planet other than Earth.
SolAero technology has also made commercial constellations possible, providing power to OneWeb’s broadband constellation. Most recently, SolAero has been selected to supply Solar Power Modules for the Power and Propulsion Element of NASA’s Gateway as part of NASA’s Artemis lunar exploration plans, which will enable future missions to Mars.
The addition of SolAero’s 425-strong team brings Rocket Lab’s total headcount to more than 1,100 employees across its space manufacturing complexes, test facilities, and launch sites in California, Virginia, Colorado, Maryland, Toronto, New Zealand and now Albuquerque, New Mexico. The SolAero team will continue to be led by President and CEO Brad Clevenger at SolAero’s 154,696 ft² (14,372 m²) production facilities in Albuquerque, New Mexico.
The SolAero merger is Rocket Lab’s third proposed acquisition announced this year, following the acquisition of space software company ASI Aerospace LLC in October 2021, and spacecraft separation systems company Planetary Systems Corporation, which was completed in December 2021.
Rocket Lab will host a conference call for investors at 2:00 p.m. PST (5:00 p.m. EST) today to discuss the agreement. The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events
About Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, spacecraft components, satellites and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle and the Photon satellite platform and is developing the Neutron 8-ton payload class launch vehicle. Since its first orbital launch in January 2018, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 109 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s Photon spacecraft platform has been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand, one of which is currently operational, and a second launch site in Virginia, USA which is expected to become operational in early 2022. To learn more, visit www.rocketlabusa.com.
Forward-Looking Statements
This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements, including without limitation expectations regarding the timing, completion, and benefit of the SolAero acquisition, are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including risks related to the global COVID-19 pandemic, including risks that the SolAero acquisition may not be consummated on the timetable that we expect or at all, that its financial and operating performance may not meet our expectations, or that we may not realize the benefits of the proposed acquisition or be able to successfully integrate into our business without substantial additional costs or in a manner that negatively impacts our business or operating results; risks related to government restrictions and lock-downs in New Zealand and other countries in which we operate that could delay or suspend our operations; delays and disruptions in expansion efforts; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased congestion from the proliferation of low Earth orbit constellations which could materially increase the risk of potential collision with space debris or another spacecraft and limit or impair our launch flexibility and/or access to our own orbital slots; increased competition in our industry due in part to rapid technological development and decreasing costs; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; failure of our launch vehicles, satellites and components to operate as intended either due to our error in design in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated timeframe or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in the prospectus dated October 7, 2021 related to our Registration Statement on Form S-1 (File No. 333-259757), which was filed with the Securities and Exchange Commission pursuant to Rule 424(b) on October 7, 2021 and elsewhere (including that the impact of the COVID-19 pandemic may also exacerbate the risks discussed therein). There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
+ Rocket Lab Media Contact
Morgan Bailey
This email address is being protected from spambots. You need JavaScript enabled to view it.
End-to-end support, from container shipping to logistics, fundraising and maritime expertise, have maximized hospital ships’ life-changing impact for thousands of people
GARDEN VALLEY, Texas--(BUSINESS WIRE)--This month MSC Group and Mercy Ships are celebrating a unique ten-year partnership focused on bringing hope and healing in Africa.
Mercy Ships is an international charity that uses hospital ships to provide free healthcare services and medical capacity building for poor and underserved communities without easy access to medical facilities, providing lifesaving and life-changing surgeries for thousands.
Operating hospital ships involves transporting large amounts of essential supplies across the world to provide safe surgery and training. Mercy Ship’s partnership with the MSC Group and MSC Foundation helps meet these and wider needs, with the MSC Group’s cargo business having grown to become a world leader in container shipping and logistics, while MSC Cruises is now the third-largest cruise brand in the world.
MSC Group has used these growing resources to provide Mercy Ships with rapidly increasing support over the past ten years, enabling it to concentrate its resources on delivering vital healthcare and medical training in sub-Saharan Africa.
Initially, the idea was to provide container shipping to keep the hospital ship Africa Mercy® supplied, and a total of over 500 containers have been transported free of charge to date.
However, the strength of the MSC Group’s commitment meant that its cargo businesses in Africa also immediately became involved to help the hospital ship establish its services effectively in every port. The infrastructure support and logistical expertise now provided on the ground ranges from MSC's local shipping agency and MSC/TiL terminals handling cargo, to MSC and MEDLOG offering free logistics, storage and inland transportation services. From the very start, this has included building a “wall” of empty containers around the docked ship to create a safe hospital compound.
MSC Cruises stepped in very soon afterwards, providing maritime best practice and ship management expertise to support the Mercy Ships crew. The MSC Group has in addition mobilized its client and partner networks to provide fundraising assistance, enabling the implementation of a program to combat Ebola amongst others.
In 2019, the partnership was extended to event sponsorships and programmatic funding through the newly formed MSC Foundation, including for a women’s healthcare initiative in Sierra Leone and PPE shipments to Mercy Ships partners in 11 African nations during the COVID pandemic.
Thanks to this comprehensive end-to-end support, now led and coordinated by the MSC Foundation, Mercy Ships has been able to perform 19,740 surgeries and 218,100 dental procedures during the partnership, while providing medical training for 15,150 participants.
As Mercy Ships Founder Don Stephens explained, “MSC Foundation is our lifeline, literally. They bring all our consumables. That means everything we use – for the galley, housekeeping, but especially the medical – is shipped to us by MSC. That’s MSC Foundation and Mercy Ships partnering together to go far. We’re in this for a long-term partnership that will bring sustainable, transformational development to the people of Africa.”
The partnership now includes the newest Mercy Ship, the Global Mercy® which heads to Senegal in 2022, following final outfitting in the Port of Antwerp and a spring send-off from Rotterdam. MSC Group provided logistical support and the container delivery of supplies needed to build the Global Mercy.
Celebrating the tenth anniversary of the partnership, Diego Aponte, MSC Group President, commented: “When embarking on this partnership, we understood that MSC’s global reach, expanding ocean and landside networks and expertise in shipping and logistics would be a perfect fit for Mercy Ships, enabling us both to achieve greater impact. What Mercy Ships has been able to accomplish as a result is truly extraordinary! We are delighted to celebrate its success and are extremely proud of everything we are doing together.”
EMBED VIDEO: https://vimeo.com/593485526/be4815fe9b
ABOUT MSC GROUP
A shipping conglomerate
Headquartered in Geneva, Switzerland, and privately owned, the MSC Group is a global business engaged in the transport and logistics sector.
The Group encompasses a Cargo Division with MSC Mediterranean Shipping Company (MSC), Terminal Investment Limited (TiL), MEDLOG, and a Passenger Division led by MSC Cruises and complemented by Mediterranean passenger ferries with Grandi Navi Veloci (GNV) and SNAV.
The MSC Group was founded in 1970 by Captain Gianluigi Aponte in Brussels, Belgium. Captain Aponte started the Company with one small conventional ship, the MV Patricia. As containerisation took place and the globalisation of the world economy evolved, MSC grew to become a leader in global container shipping.
Alongside the success of the container shipping business, the Aponte family sought to diversify the MSC Group, launching a highly successful cruises company, passenger ferries, and investing in port terminal infrastructure.
Today, the Group employs 100,000 people across the globe.
ABOUT MSC FOUNDATION:
The non-profit MSC Foundation implements the MSC Group’s marine conservation, humanitarian and sustainable development commitments worldwide, utilizing MSC’s global reach and unique knowledge of the sea to protect and nurture our blue planet, its peoples and our shared cultural heritage.
Concentrating on four areas – the Environment, Community Support, Education and Emergency Relief – the Foundation encourages the sustainable management and protection of ecosystems, empowers vulnerable communities around the world to realize their full potential, promotes equitable and inclusive quality education to foster enduring individual and collective development, and helps disaster-struck populations toward recovery.
The Foundation works to achieve this both independently and with trusted partners: independently, by leveraging MSC Group engagement in designing and managing projects, connecting communities, raising awareness and mobilizing the financial support of thousands of people; and together with partners that have a strong innovative vision or track record for effective action.
ABOUT MERCY SHIPS:
Mercy Ships uses hospital ships to deliver free, world-class healthcare services, capacity building, and sustainable development to those with little access in the developing world. Founded in 1978 by Don and Deyon Stephens, Mercy Ships has worked in more than 55 developing countries, providing services valued at more than $1.7 billion and treating more than 2.8 million direct beneficiaries. Our ships are crewed by volunteers from over 60 nations, with an average of over 1,200 volunteers each year. Professionals including surgeons, dentists, nurses, healthcare trainers, teachers, cooks, seamen, engineers, and agriculturalists donate their time and skills. With 16 national offices and an Africa Bureau, Mercy Ships seeks to transform individuals and serve nations one at a time. For more information click on www.mercyships.org
Raphael Weinberger
MSC Foundation
Chemin Rieu 12-14, 1208
Geneva, Switzerland
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://mscfoundation.org
Laura Rebouché
U.S. National Media Relations Director
Mercy Ships
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://mercyships.org/press
TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE:WMB) announced today that John D. Porter has been appointed Senior Vice President and Chief Financial Officer (CFO), overseeing all financial aspects of the company, effective Jan. 1, 2022. Porter will replace John Chandler, who announced his planned retirement from Williams earlier this year. Chandler will serve as a strategic advisor until his retirement date in March 2022. Porter currently serves as Williams Vice President, Chief Accounting Officer, Controller and Financial Planning and Analysis.
Also announced and effective Jan. 1, 2022, Mary Hausman will assume the Vice President, Chief Accounting Officer (CAO) and Controller role held by Porter. Hausman will be responsible for all accounting, reporting and commodity risk control functions. Hausman currently serves as Staff Vice President, Internal Audit.
“John’s deep understanding of our business and his relationships with the financial community make him the ideal candidate for our next CFO, and Mary’s strong background in financial reporting, planning and analysis position her as a natural successor for the CAO position,” said Williams President and CEO Alan Armstrong. “Both John and Mary bring a depth of experience and knowledge in all aspects of corporate finance and financial planning that will allow us to continue to move the company forward and deliver value to our stakeholders.”
About John D. Porter
Porter began his career in public accounting and first joined Williams in 1998 as Supervisor of Revenue Accounting. In 2001 he relocated to Denver, serving in various finance and accounting roles for Forest Oil Corporation, an exploration and production company. Porter returned to Williams in 2005, serving in roles of increasing responsibility across the finance and accounting organization, including Director of Investor Relations, Assistant Controller of Williams Partners, L.P., Director of Accounting—Master Limited Partnerships, and Manager of Financial Reporting. Prior to his current role, Porter served as Vice President, Enterprise Financial Planning and Analysis and Investor Relations, overseeing Williams’ forecasting and budgeting process while also developing and managing relationships with research analysts, institutional and individual investors and retail brokers.
Porter is a Certified Public Accountant and earned his Bachelor of Science degree in accounting from Oklahoma State University. He is active in the Tulsa community, serving on the Gilcrease Museum National Advisory Board and the OSU School of Accounting Advisory Board and volunteering his time with the Tulsa Bike Club.
About Mary Hausman
Over the course of her 28-year career, Hausman has held roles of increasing responsibility in auditing, internal controls, financial planning and analysis and reporting. She joined Williams in 2019 as Director of Special Projects and was promoted to her current role of Staff Vice President, Internal Audit, later that same year. Prior to joining Williams, Hausman spent 17 years at Berkshire Hathaway Energy, serving in various roles of increasing responsibility, including Vice President and Chief Accounting Officer for subsidiary NV Energy from 2013-2019. From 2007 to 2013, she was Controller at subsidiary Kern River Gas Transmission Company, responsible for financial planning and analysis, financial reporting and filings with the Federal Energy Regulatory Commission. Prior to that, she spent six years in public accounting at Deloitte.
Hausman is a Certified Public Accountant and a Certified Internal Auditor. She received her Bachelor of Science in accounting from Kansas State University.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com
MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723
INVESTOR CONTACTS:
Danilo Juvane
(918) 573-4614
LONDON--(BUSINESS WIRE)--#insurance--Ambitious plans to reduce carbon emissions, protect communities and natural habitat and mobilise finance, agreed to by world leaders at the United Nations COP26 meeting, are likely to impact the (re)insurance industry, creating a range of opportunities and challenges.
A new Best’s Special Report, “Insurance Innovation Under the Spotlight After COP26”, states that (re)insurers are in a position to make a unique contribution to the climate risk innovation that governments around the world are looking to encourage.
According to the report’s authors, strengthening the resilience of policyholders through enhanced loss prevention, adaptation and efficient claims payments are key areas where insurers can be most effective in supporting the ambitions of COP26.
AM Best has noted that (re)insurers are already playing an important role in the development of sustainable finance, notably through investment strategies for their large global asset portfolios, which may take the form of investing in assets like solar and wind parks.
However, the report points out that greener does not necessarily mean better, in terms of performance or credit quality. Therefore, to manage the potentially higher investment risk, a number of (re)insurers choose to integrate ESG factors holistically within the investment portfolio rather than giving them complete priority over other investment objectives.
To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=315682.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Jessica Botelho-Young, CA
Associate Director, Analytics
+44 20 7397 0310
This email address is being protected from spambots. You need JavaScript enabled to view it.
Ghislain Le Cam, CFA, FRM
Director, Analytics
+44 20 7397 0268
This email address is being protected from spambots. You need JavaScript enabled to view it.
Richard Banks
Director, Industry Research – EMEA
+44 20 7397 0322
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
This email address is being protected from spambots. You need JavaScript enabled to view it.
AKRON, Ohio--(BUSINESS WIRE)--#bitcoin--Magellan Scientific, LLC (“Magellan” or the “Company”) announces the execution of a long-term exclusive agreement with Anax Power (“Anax”) to use Anax’s proprietary technology to generate zero-emission electricity from natural gas flows to power Magellan’s distributed data centers using 500kW Anax Turboexpanders (“ATE”).
Magellan and Anax are actively working to lower the carbon intensity of digital asset mining. Under the exclusive agreement, Magellan and Anax will jointly develop projects utilizing Anax’s technology to power distributed data centers for digital asset (e.g. Bitcoin) mining applications. These projects will help Midstream Companies, Interstate Pipeline Companies, Utilities and Local Distribution Companies (“LDC”s) accelerate their net-zero goals.
The ATE uses waste energy to generate carbon-free power from the pressure letdown process in natural gas transmission pipelines which will be used in Magellan’s off-grid distributed data centers.
"We are thrilled to partner with Magellan to power the bitcoin network. We believe in the long-term growth of the crypto ecosystem, and Anax wants to play a role in helping the industry grow in a sustainable way. Pairing the ATE with Magellan’s bitcoin mining data centers provides a practical approach to monetize the ATE’s clean, distributed power,” said Joe Longo, Anax’s CEO.
Brent Breon, VP of Power and Power Systems of Magellan Scientific, LLC stated, “Our strategic partnership with Anax adds to our already existing 100MW of power capacity for our U.S. based Bitcoin mining operations. There are thousands of locations across North America that can utilize this carbon-free power generation technology.”
Magellan Scientific is a digital asset technology company and operator of decentralized, off-grid data centers. Magellan focuses on off-grid, decentralized digital asset production in North America. The Company’s operations support the expanding digital asset infrastructure and advanced computing systems within North America. Magellan has 100MW of power capacity directed to high-performance computing applications.
Anax Power is a New Jersey-based clean energy technology company that builds, markets, and develops projects around the 500kW Anax Turboexpander. Anax is headquartered in Wharton, New Jersey, one of the state’s economic opportunity zones.
Brent D. Breon
VP-Power & Power Systems
This email address is being protected from spambots. You need JavaScript enabled to view it.
330-546-4609
www.magellanscientific.com
Michael Longo
Head of Business Development
This email address is being protected from spambots. You need JavaScript enabled to view it.
201-401-8603
www.anaxpower.com
Twitter: @AnaxPower
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today the execution of a 15-year gas supply agreement (GSA) with a subsidiary of Norsk Hydro ASA (“Hydro”) for the supply of natural gas to the Alunorte Alumina Refinery in Pará, Brazil.
“The long-term partnership between Hydro and NFE will greatly benefit the state of Pará and Barcarena community,” said Wes Edens, Chairman and CEO of New Fortress Energy. “Supply of natural gas from NFE’s Barcarena LNG terminal will support Hydro in shifting Alunorte to cleaner fuels and will significantly advance Brazil’s energy transition.”
Under the GSA, NFE has agreed to supply Hydro with 29.5 TBtu of natural gas annually (equivalent to approximately 1 million gallons of LNG per day) to the refinery from NFE’s Barcarena LNG receiving and regasification terminal located in the state of Pará. The conversion from oil-based fuel supply to natural gas will reduce the refinery’s annual CO2 emissions by an estimated 700,000 tonnes per annum and support Hydro's global commitment to reduce greenhouse gas emissions by 30% by 2030.
“We are committed to invest in developing the world’s largest alumina refinery, and to reduce the greenhouse gas emissions,” said John Thuestad, Executive Vice President for Hydro Bauxite & Alumina. “The fuel switch is a milestone in our sustainability strategy and an important demonstration of our commitment to support local development in Pará state.”
When completed in 2022, NFE’s Barcarena LNG terminal is expected to be the sole point of LNG imports in the state of Pará and the North region of Brazil. The terminal will support industrial development and reduce emissions and pollution in the environmentally sensitive Amazon region by providing a cleaner, affordable and reliable alternative to oil-based fuels.
About New Fortress Energy
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the supply of natural gas to the refinery including the location from where we will supply and the expected annual quantities and delivery dates; the date we anticipate the terminal to be completed and ready to supply natural gas; the date the refinery is expected to complete the conversion to natural gas; the expected impact on Brazil’s energy market and on the refinery’s annual emissions; and the refinery will be an important gas consumer and an enabler for establishing LNG supply in the Pará state.
These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the approval and execution of a definitive sales and purchase agreement; the development, construction or commissioning schedule of our LNG terminal or the conversion of the refinery may be longer than we expect; the funding of the project may not be possible on the terms we expect; we will be unable to operationalize our plans for the rights and key permits to develop the terminal; and that we will not be able to provide natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements, even though our situation may change in the future.
IR:
Joshua Kane
(516) 268-7455
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced a management promotion and an addition to the Board of Directors.
MANAGEMENT PROMOTION
Northern’s Chief Operating Officer, Adam Dirlam, has been promoted effective immediately to serve as President.
“During an incredibly transformational year for our company, it has become clear that Adam is ready and deserving of the role of President,” commented Nick O’Grady, Chief Executive Officer. “As we continue to build and scale Northern, Adam’s growing role in our business and execution capabilities warrant a title commensurate with his responsibilities.”
NEW BOARD MEMBER
Jennifer Pomerantz has been appointed to serve as an independent director on Northern’s Board of Directors. Ms. Pomerantz most recently served as Chairman and CEO of American Natural, a lifestyle brand of convenience stores and fuel logistics solutions, which she founded in 2011. Prior to founding that business, she launched and served as a Portfolio Manager for global natural resources strategies for Citadel Asset Management’s Surveyor Capital and JP Morgan’s Highbridge Capital Management. Ms. Pomerantz began her career in investment banking, covering power and energy for Bank of America.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.
More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.
Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.
KSI Alliance to provide integrated solutions from concept to EPC project delivery
VANCOUVER, British Columbia--(BUSINESS WIRE)--#carboncapture--Svante and Kiewit Energy Group Inc. have entered into a Memorandum of Understanding (MoU) to establish a strategic alliance to pursue industrial carbon capture projects under development by industrial carbon emitter clients in the U.S. and Canada including cement, SMR hydrogen, refineries, chemicals, steel, ammonia and pulp & paper facilities. The KSI Alliance will work as a highly collaborative, integrated team to offer clients a “one-stop-shop” common business development and construction approach from pre-construction services phase to engineering, procurement and construction (EPC) project delivery.
The carbon capture projects will employ Svante’s solid sorbent technology to capture carbon dioxides directly from industrial post-combustion diluted flue gases as a non-intrusive “end-of-the-pipe’’ solution to produce pipeline-grade pure CO2 for safe storage.
“We are very proud to become the engineering and construction partner of Svante for the deployment of this novel technology, which allows us to leverage our expertise in building carbon capture plants”, said David Claggett, senior vice president, Kiewit Energy Group Inc. “New technologies have the greatest probability of success when deployed with an integrated project delivery approach by organizations skilled at driving cost and schedule certainty.”
“Kiewit is a market leader in North America for CCS deployment, having more than 5,500 tons/day of installed capacity to date with further 60,000 tons/day of FEED studies currently underway. Kiewit and Svante are ready and capable of taking the next phase of plant capacity scale-up on the path to decarbonization of hard-to-abate industries such as cement and blue hydrogen” said Claude Letourneau, President and CEO of Svante.
Through this collaboration, both companies intend to address the critical need of lowering the capital cost of the capture of the carbon dioxide emitted from industrial facilities in order to achieve the world’s net-zero carbon goals required to stabilize the climate. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy more than 2,000 carbon capture and carbon removal plants by 2040. This is equivalent of putting about two world-class plants into operation each week over the next 20 years.
About Svante
Svante offers companies in emissions-intensive industries a viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO2MENT Pilot Plant Project – a partnership between Lafarge (Holcim) and TotalEnergies – is operating a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 TPD demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 TPD demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. In addition, several feasibility studies for commercial scale carbon capture projects ranging from 500 to 4,500 TPD are underway in North America and Europe.
Svante has partnered with Kiewit to provide engineering, procurement and construction (EPC) services for two US DOE funded carbon capture projects. On September 1, 2020, the United States Department of Energy’s National Energy Laboratory Technology (DOE-NETL) awarded $1,500,000 in federal funding for cost-shared development to support the initial engineering analysis and advancement of the LH CO2MENT Colorado first-of-a-kind commercial project of up to 1.5 million tonnes per year of CO2; and $13,000,000 in federal funding for the cost-shared development to support the design, construction and operation of a second-of-a-kind engineering-scale carbon capture plant at Chevron’s Kern River oil field in the San Joaquin Valley, California.
Svante has attracted more than USD$195 million in investment since it was founded in 2007 including the recent CDN$25 million investment from the Government of Canada’s Strategic Innovation Fund. Svante is building scalable supply chain for active capture materials to address a broad carbon capture and removal solutions offering at Gigaton scale. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu, and Chairman Steven Berkenfeld, former Head of Industrial & Cleantech Practice at Barclays Capital. To learn more about Svante’s technology, click here or visit Svante’s website www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).
About Kiewit
Kiewit is one of North America’s largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned organization operates through a network of subsidiaries in the United States, Canada, and Mexico. Kiewit offers construction and engineering services in a variety of markets including transportation; oil, gas and chemical; power; building; water/wastewater; industrial; and mining. Kiewit had 2020 revenues of $12.5 billion and employs 27,000 staff and craft employees. For more information on Kiewit’s projects and carbon capture capabilities, click here or visit our website.
Svante
Julia McKenna (Media)
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (778) 985 5722
Kiewit
Angela Nemeth (Media)
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 402-952-4627
Sandra McDonough Brings Years of Industry Experience
PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural Holding Company’s (NYSE: NWN) board of directors has elected a new member, Sandra McDonough, effective January 1, 2022.
McDonough most recently served as president and CEO of Oregon Business & Industry (OBI), Oregon’s largest statewide general business organization. She joined OBI in 2018, after serving 14 years as the president and CEO of the Portland Business Alliance, greater Portland’s chamber of commerce.
Prior to her time leading the PBA, McDonough spent two decades in the energy industry, including as Vice President, External Affairs, for PG&E National Energy Group and Vice President, Communications and External Affairs, for PG&E Gas Transmission Northwest, in California. Before that she was a newspaper reporter for The Oregonian and Seattle Times.
A native Portlander, McDonough graduated from the University of Oregon with bachelor’s degrees in German and journalism. In 2018 she was honored with the school’s Pioneer Award for her advocacy for higher education and ongoing commitment to the university. She has served in multiple community service and advocacy leadership roles during her career, including serving as a director for New Avenues for Youth, a Portland-based organization that serves homeless and other marginalized youth. She also serves on the U.S. Bank community board in Oregon as well as the Regence community advisory board.
“We are very excited to welcome Sandi to our board. She has proved over her career to be an accomplished, strong leader,” said Malia H. Wasson, NW Natural Holdings’ board chair. “Her deep understanding of the communities we serve and her expertise in the utility industry will provide great value to the work we are doing.”
McDonough was also elected to the board of directors of Northwest Natural Gas Company (NW Natural), the company’s wholly owned subsidiary, starting January 1, 2022.
ABOUT NW NATURAL HOLDINGS
Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon and has been doing business for over 160 years in the Pacific Northwest. It owns NW Natural Gas Company (NW Natural), NW Natural Renewables Holdings (NW Natural Renewables), NW Natural Water Company (NW Natural Water), and other business interests. We have a longstanding commitment to safety, environmental stewardship and the energy transition, and taking care of our employees and communities. Learn more in our latest ESG Report.
NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 780,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural owns and operates 20 Bcf of underground gas storage capacity in Oregon.
Additional information is available at nwnaturalholdings.com.
Media Contact:
David Roy
(503) 610-7157
Investor Contact:
Nikki Sparley
(503) 721-2530
SHEFFIELD, England--(BUSINESS WIRE)--SCF Partners (“SCF”) is pleased to announce its investment in Powerstar EMSc (UK) Ltd. (“Powerstar”), a leading provider of power resiliency, microgrids, and energy efficiency equipment to customers worldwide. Dr. Alex Mardapittas, Powerstar’s founder and CEO, will continue to serve in his current role as the company enters its next phase of growth.
Powerstar, headquartered in Sheffield, United Kingdom, designs and manufactures behind-the-meter hardware and software technologies that help commercial and industrial customers reach their net zero carbon goals. It has provided voltage optimization, power resiliency, energy storage, EV charging, and transformer equipment to customers on five continents worldwide. With a focus on helping clients solve unique energy problems affecting their business, Powerstar’s expertise enables a fully bespoke solution that meets the customer’s exact needs.
“We are very excited to enter the next phase of our ambitious growth plans, ” said Dr. Mardapittas. “The need for a resilient and efficient power supply has never been greater than today, and our partnership with SCF will allow us to build on the record growth that Powerstar has seen over the past year.”
“SCF is pleased to partner with Powerstar and its exceptional technical team,” added Colin Welsh, International Partner at SCF. “Powerstar’s customized technology solutions that enable customers to reduce power costs while improving reliability and mitigating their carbon footprint will only grow in importance as the grid becomes more volatile and the global economy works to achieve net zero goals.”
About Powerstar
Founded in 2001 and headquartered in Sheffield, United Kingdom, Powerstar is a market-leading smart energy solutions provider. It designs and manufactures power resilience technologies that protect customer operations from disruption while enabling net zero goals. Powerstar’s highly capable technical team uses modelling and simulation capabilities to create a digital twin of the customer’s site, ensuring that its customized solution will perform reliably. Powerstar supports commercial and industrial users in the manufacturing, healthcare, data centre, retail & distribution, defence, and public sectors. To learn more, visit www.powerstar.com.
About SCF Partners
Founded in 1989, SCF provides equity capital and strategic growth assistance to build leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 70 platform companies and made more than 400 additional acquisitions to develop 17 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas, and has offices in Calgary, Singapore, and Aberdeen. Learn more at www.scfpartners.com.
Dr. Alex Mardapittas
Chief Executive Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company") (TSX:KEI, OTCQB:KGEIF) would like to remind its shareholders of the upcoming deadlines and essential details of its previously announced rights offering (the “Rights Offering”) made to the holders of common shares of the Company (“Common Shares”) of record at the close of business (Pacific Time) on December 1, 2021.
The rights (“Rights”) will expire at 2:00 p.m. (Pacific Time) on December 29, 2021 (the "Expiry Time"), after which time unexercised Rights will be void and of no value.
However, most shareholders who own Common Shares through a broker or other intermediary will be required to exercise their Rights in advance of the Expiry Time, because many intermediaries have earlier cut off times.
The Company recommends that all shareholders contact their broker or financial advisor now, to ensure that they can participate by the applicable cut off time.
Further, it is important to note that December 27 and 28 are public holidays in Canada, and the Rights agent, Computershare Investor Services Inc., will not receive any exercises of Rights on those days.
Rights Offering Terms
The Company issued one Right (TSX:KEI.RT) for each outstanding Common Share. Each Right is exercisable to acquire 0.5435 Common Shares of the Company, upon payment of the subscription price of $0.07 per Common Share (called the “Basic Subscription Privilege”). Fractional shares will not be issued and any fractions will be rounded down to the nearest whole number. To illustrate: an eligible holder of 10,000 shares as of the record date would be issued 10,000 Rights, which would entitle the holder to subscribe for 5,435 shares (10,000 x 0.5435) for an aggregate price of C$380.45 (5,435 x C$0.07). Additional information is provided in the Company's rights offering circular dated November 23, 2021 (the "Rights Offering Circular"), which is available as set out below.
Shareholders who fully exercise their Rights will be entitled to subscribe pro rata for additional Common Shares in the Rights Offering, if available, as a result of unexercised Rights prior to the Expiry Time, subject to certain limitations set out in the Rights Offering Circular.
A rights offering notice (“Notice”) and Rights DRS advice statements (“Rights DRS”) were mailed to each registered shareholder of the Company resident in Canada and certain other eligible jurisdictions as at the record date. Registered shareholders who wish to exercise their Rights must forward the completed Rights DRS, together with the applicable funds, to the Rights agent, Computershare Investor Services Inc., on or before the Expiry Time. Eligible shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.
Further details of the Rights Offering are contained in the Notice of Rights Offering and Rights Offering Circular, which were filed on SEDAR under the Company's profile at www.sedar.com and are available at the Company’s website at www.kolibrienergy.com from your dealer representative or by contacting Gary Johnson by telephone at 805-484-3613, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320. The Company is also registering the offer and sale of the shares issuable on exercise of the Rights on a Form F-7 registration statement under the U.S. Securities Act of 1933, as amended. Shareholders in the United States should also review the Company’s Registration Statement on Form F-7 which was filed with the United States Securities and Exchange Commission and can be found at www.sec.gov and may also be obtained by contacting Gary Johnson by telephone at 805-484-3613, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or at 3623 Old Conejo Road, Suite 207, Newbury Park, California 91320.
The Rights Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. No offer, solicitation or sale of these securities shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” as such term is used in the United States, including statements regarding completion of the Offering and the Company will receive all necessary regulatory, stock exchange and third party approvals in respect of the Rights Offering. Forward-looking information and statements are based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that required regulatory approvals will be available when required. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information or statements in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid and that the Company may not be able to receive of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange for the Offering. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
For further information, contact:
Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com
SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN) today announced the proposed underwritten block trade (the “Offering”) of 63,976,376 shares of its common stock (the “Common Stock”) by certain shareholders who received their shares as part of Southwestern Energy’s acquisition of Indigo Natural Resources LLC (the “Selling Stockholders”). The shares will be offered from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale. Southwestern Energy will not sell any shares of its Common Stock in the Offering and will not receive any proceeds from the sale by the Selling Stockholders of shares of their Common Stock.
J.P. Morgan Securities LLC is acting as the sole book-running manager for the Offering. The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective May 22, 2020. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov.
Alternatively, J.P. Morgan Securities LLC will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:
J.P. Morgan Securities LLC
Attention: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions
1155 Long Island Avenue, Edgewood, NY 11717
Email at This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone at 1-866-803-9204
This news release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Southwestern Energy
Southwestern Energy is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. Southwestern Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution.
Forward-Looking Statements
Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. Forward-looking statements relate to future events, including, but not limited to statements regarding the Offering, including the size thereof. The words “believe,” “expect,” “anticipate,” “plan,” “predict,” “intend,” “seek,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, Southwestern Energy expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: closing the GEPH Merger, the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Investor Contact
Brittany Raiford
Director, Investor Relations
(832) 796-7906
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--HMH, a premier drilling solutions provider, has been awarded the contract to deliver a pressure control system to Guangzhou Marine Geological Survey (GMGS). The system will comprise of a blowout preventer (BOP) stack, including the new SeaONYX V.2 control system, a SeaPrime Pod control system, PR2 H4 Connectors, as well as an 8,202 ft. (2,500 meter) riser package.
The total contract value is worth approximately USD $77 million and follows up on the contract awarded by GMGS to HMH’s subsidiary entity MHWirth AS on September 2, 2021 for the delivery of a topside drilling equipment package worth approximately USD $83 million.
Pete Miller, Chairman and CEO of HMH stated, “This project is the first major contract awarded to HMH since the creation of the new company in October and marks an important milestone for HMH. We were awarded these contracts through the combined efforts of employees across the company. This confirms the strategic nature of the merger and shows what our dedicated employees can accomplish together. We would also like to thank GMGS for putting their trust in us and look forward to working with them in the years ahead."
The combined scope of these contracts will be installed onboard a drillship operated by GMGS with an expected delivery date around December 2023.
About HMH
HMH is an independent company formed in October of 2021, through the merger of Baker Hughes’ (NYSE: BKR) Subsea Drilling Systems business (SDS) and Akastor ASA’s (Oslo: AKAST) wholly owned subsidiary, MHWirth AS (MHWirth).
HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. HMH aims to support the industry’s transition toward more energy-efficient solutions, as well as deploying technologies and service solutions to make the sector more competitive through increased drilling efficiency. Moreover, the Company’s service and technology portfolio will be utilized as a springboard for future growth, both within drilling services and when pursuing opportunities towards adjacent industries such as renewables and mining.
For further information, please visit homepage: https://hmhw.com/
HMH Media Relations
John Stout
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today that its Board of Directors has declared a quarterly cash dividend as part of the initiation of a recurring quarterly dividend program. The initial quarterly dividend of $0.15 per share will be paid on January 21, 2022 to stockholders of record as of January 5, 2022. The Company intends to increase its dividend per share by a double-digit percentage annually.
Capital Allocation Policy
AECOM’s capital allocation policy is built on a commitment to return substantially all available cash flow to stockholders. The initiation of a quarterly dividend program is consistent with the Company’s capital allocation policy and complements the Company’s expected ongoing share repurchase program.
“The initiation of a quarterly dividend payment with the intent to increase it by double digits annually is a significant milestone in our history that affirms our ongoing intention to consistently return capital to our stockholders,” said Troy Rudd, AECOM’s chief executive officer. “Today’s announcement reflects the confidence we have in our operating performance and outlook for organic growth, the strength of our balance sheet, and our expectation for continued compounding of earnings at a high rate and strong free cash flow. We intend to continue to repurchase stock as part of our capital allocation program, with dividends complementing repurchases as we seek to enhance total shareholder return and attract the broadest investor base possible.”
AECOM also reiterated its financial guidance for fiscal 2022, which includes its expectation for adjusted1 EPS of between $3.20 and $3.40 and adjusted1 EBITDA2 of between $880 and $920 million, as well as another year of strong free cash flow3 between $450 million and $650 million. In addition, the Company reiterated its long-term financial targets, including its expectation for adjusted1 EPS of at least $4.75 in fiscal 2024, which reflects the raised guidance provided on the Company’s fourth quarter earnings announcement. This guidance also includes an expectation for a 15% segment adjusted1 operating margin4 by fiscal 2024, and continued high conviction in delivering on its 17% longer-term margin goal.
The declaration and payment of future dividends are subject to the sole discretion of the Board of Directors.
1 |
Excludes the impact of non-operating items, such as non-core operating losses and transaction-related expenses, restructuring costs and other items. See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures. |
2 |
Net income before interest expense, tax expense, depreciation and amortization. |
3 |
Free cash flow is defined as cash flow from operations less capital expenditures, net of proceeds from equipment disposals. |
4 |
Reflects segment operating performance, excluding AECOM Capital and G&A. |
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure and power construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Non-GAAP Financial Information
This press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial measures such as adjusted EPS, adjusted EBITDA, and free cash flow provide a meaningful perspective on its business results as the Company utilizes this information to evaluate and manage the business. We use adjusted EBITDA and adjusted EPS to exclude the impact of non-operating items, such as amortization expense, taxes and non-core operating losses to aid investors in better understanding our core performance results. We use free cash flow to represent the cash generated after capital expenditures to maintain our business.
Our non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables at the back of this release. The Company is unable to reconcile its non-GAAP long-term financial targets due to uncertainties in these non-operating items as well as other adjustments to net income.
FY2022 GAAP EPS Guidance based on Adjusted EPS Guidance |
|
|
|
|
|
|||||
(all figures approximate) |
Fiscal Year End 2022 |
|
||||||||
GAAP EPS Guidance |
|
$2.94 to $3.17 |
|
|||||||
Adjusted EPS excludes: |
|
|
|
|||||||
Amortization of intangible assets |
|
$0.13 |
|
|||||||
Amortization of deferred financing fees |
|
$0.03 |
|
|||||||
Restructuring expenses |
|
$0.20 to $0.14 |
|
|||||||
Tax effect of the above items |
|
($0.10) to ($0.07) |
|
|||||||
Adjusted EPS Guidance |
|
$3.20 to $3.40 |
|
|||||||
|
|
|||||||||
FY2022 GAAP Net Income Attributable to AECOM from Continuing Operations Guidance based on Adjusted EBITDA Guidance |
|||||||
(in millions, all figures approximate) |
|
|
|
Fiscal Year End 2022 |
|
||
GAAP net income attributable to AECOM from continuing operations guidance* |
|
$430 to $467 |
|
||||
Adjusted net income attributable to AECOM from continuing operations excludes: |
|
|
|
||||
Amortization of intangible assets |
|
$19 |
|
||||
Amortization of deferred financing fees |
|
$5 |
|
||||
Restructuring expenses |
|
$30 to $20 |
|
||||
Tax effect of the above items |
|
($14) to ($11) |
|
||||
Adjusted net income attributable to AECOM from continuing operations |
|
$470 to $500 |
|
||||
Adjusted EBITDA excludes: |
|
|
|
||||
Depreciation |
|
$155 |
|
||||
Adjusted interest expense, net |
|
$90 |
|
||||
Tax expense, including tax effect of above items |
|
$165 to $175 |
|
||||
Adjusted EBITDA Guidance |
|
|
$880 to $920 |
|
|||
____________________ * Calculated based on the mid-point of AECOM’s fiscal year 2022 EPS guidance Note: Variances in tables are due to rounding.
|
|
||||||
FY2022 GAAP Operating Cash Flow Guidance based on Free Cash Flow Guidance |
||||||
(in millions, all figures approximate) |
Fiscal Year End 2022 |
|||||
Operating cash flow guidance |
|
$610 to $810 |
||||
Capital expenditures, net of proceeds from equipment disposals |
|
($160) |
||||
Free cash flow guidance |
|
$450 to $650 |
||||
Media:
Brendan Ranson-Walsh
Vice President, Global Communications & Corporate Responsibility
1.213.996.2367
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Will Gabrielski
Senior Vice President, Finance & Treasurer
1.213.593.8208
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.