Firm signs on to Science Based Targets initiative to help ensure environmental progress

CHICAGO--(BUSINESS WIRE)--Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., has committed to a science-based goal of achieving net zero greenhouse gas (GHG) emissions by 2030. This commitment is part of the global effort to limit the planet’s temperature rise to 1.5 degrees or less.

To ensure it meets its goal, Grant Thornton has formally signed on to the Science Based Targets initiative (SBTi) to validate that Grant Thornton’s carbon-reduction goals are in line with scientific recommendations to address climate change.

Grant Thornton plans to achieve its net zero goal by reducing business travel, better using its office space and increasing energy efficiency across its operations. The firm may also use carbon credits and other investments in the future to account for any residual carbon emissions.

The net zero goal complements a range of firmwide sustainability efforts described in Grant Thornton’s 2020 sustainability report. In addition, earlier this year, Grant Thornton committed to an absolute reduction of GHG emissions by 55% by 2030.

“The time for strong and clear action to limit climate change has arrived,” said Brad Preber, CEO of Grant Thornton. “By adopting a net zero emissions goal, Grant Thornton is fully committing to a science-based strategy to sustainably serve our clients and our communities by the end of this decade. We understand the need to act quickly to reduce our environmental footprint in a timeframe that maximizes the benefit.”

According to Beatrix Bernauer, chief risk and compliance officer at Grant Thornton: “In recent years, Grant Thornton has made sustainability central to our operating philosophy and fully integrated it into our growth strategy. Our new net zero emissions goal represents the maturation of this effort.”

Grant Thornton’s efforts are consistent with Grant Thornton International Ltd.’s recent commitment under the Net Zero Financial Service Providers Alliance — an effort linked to the Glasgow Financial Alliance for Net Zero, or GFANZ.

About Grant Thornton LLP
Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton, which has revenues of $1.97 billion and operates more than 50 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.

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Largest acquisition in company history will drive scale and operating synergies in North American Land platform

• Accelerates strategy to drive higher and more ratable returns
• Will drive significant margin, earnings per share and cash flow accretion
• Liquidity profile will remain strong post-acquisition

MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT) today announced that a wholly-owned subsidiary of the company has signed a definitive agreement to acquire Flyers Energy Group (“Flyers”) from the Dwelle family, who have been engaged in the petroleum marketing industry for more than 40 years. The total purchase price for the acquisition will be approximately $775 million, of which $675 million will be paid at closing, consisting of cash and at the company’s option, up to $50 million of World Fuel Services common stock. The remaining $100 million will be paid in equal installments over the two years following completion of the transaction. The transaction will be principally funded with cash-on-hand with the balance drawn from the company’s revolving credit facility.

Flyers is headquartered in Auburn, California with 475 employees and 2021 estimated revenue of $2.4 billion. The company provides fleet fueling, fuel supply and lubricants distribution to more than 12,000 customers across the United States. Flyers’ leading national network of cardlock locations facilitates high volume - high frequency fueling to meet the needs of commercial fleets, 24 hours a day/365 days a year.

This acquisition is a reflection of World Fuel Services’ ongoing strategy to accelerate growth in its core business activities, drive enhanced operating efficiencies and generate long-term shareholder value. The addition of Flyers’ cardlock network will also provide a highly efficient, low-cost operating model with stable and ratable business activity to complement the company’s Land segment activities in North America.

“The acquisition of Flyers will significantly expand the breadth of our land business in North America, further enhancing our supply and distribution capabilities as well as our fleet fueling platform,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation.

“The Flyers business is a perfect business and cultural fit for World Fuel given the relative markets in which we operate, and we are comfortable that our phenomenal Flyers team members will be at home with World Fuel,” said Walt Dwelle, Managing Partner, Flyers Energy Group.

“Our continued strong cash flow generation contributed to a $796 million cash position at the end of the third quarter. This positions us well to complete this strategic acquisition while continuing to maintain a strong and liquid balance sheet to further grow our core businesses and capitalize on additional strategic investment opportunities,” said Ira M. Birns, executive vice president and chief financial officer.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected be completed within 60 to 90 days.

BofA Securities, Inc. acted as exclusive financial advisor to World Fuel Services in the transaction, and Norton Rose Fulbright and Kirkland & Ellis acted as legal advisors. DCA Partners acted as financial advisor to Flyers Energy Group, and Weintraub Tobin acted as legal advisor.

World Fuel Services’ management will further discuss and review a presentation about the transaction on this evening’s earnings conference call scheduled for 5:00pm Eastern Time. The live conference call will be accessible by telephone and via webcast. Instructions on how to join this evening’s call is available on the company’s website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations with respect to the impact of the acquisition on our land business, supply and distribution capabilities and our fleet fueling platform, Flyers’ ability to provide a highly efficient, low-cost operating model with stable and ratable business activity, our position to complete the transaction while maintaining a strong and liquid balance sheet, as well as the timing for closing and funding of the purchase price. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to obtain required consents and regulatory approvals as well as satisfy closing conditions, our ability to effectively integrate and derive the expected benefits from the acquisition, our ability to capitalize on new market opportunities, potential liabilities, limited indemnities and the extent of any insurance coverage, our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, particularly for those customers most significantly impacted by the pandemic, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, adverse conditions in the markets or industries in which we or our customers and suppliers operate such as the current global economic environment as a result of the coronavirus pandemic, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to capitalize on new market opportunities, risks related to the complexity of U.S. tax legislation and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the current administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

Ira M. Birns, Executive Vice President & Chief Financial Officer

Glenn Klevitz, Vice President, Treasurer & Investor Relations
(305) 351-4763

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a third quarter 2021 common unit distribution of $0.40 per unit. The third quarter common unit distribution will be paid on November 12, 2021 to holders of record as of November 8, 2021.

NuStar Energy L.P.’s Board of Directors also declared a third quarter 2021 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on December 15, 2021 to holders of record as of December 1, 2021.

A conference call with management is scheduled for 10:00 a.m. CT on Thursday, November 4, 2021, to discuss the financial and operational results for the third quarter of 2021. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 9989773. International callers may access the discussion by dialing 661/378-9931, passcode 9989773. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 9989773. International callers may access the playback by dialing 404/537-3406, passcode 9989773. The playback will be available until 12:00 p.m. CT on December 4, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/qiscvwwz or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at www.nustarenergy.com/Sustainability.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar Energy L.P.’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar Energy L.P., are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#InvestorDay--UGI Corporation (NYSE: UGI) announced today that it will host an investor day virtually on December 2, 2021 from 10:00 a.m. to 12:00 p.m. ET. Roger Perreault, President and CEO, and other key members of the executive leadership team will outline the company’s strategic plan, growth drivers and financial objectives.

Participants are invited to pre-register at https://ugiinvestorday.gcs-web.com/investor-day. A replay of the webcast and the slide presentation will be available after the meeting on UGI’s corporate website at https://www.ugicorp.com/investors/financial-reports/events-and-presentations.

INVESTOR DAY WEBCAST AND DIAL-IN DETAILS
Webcast Link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=CF0124F6-6BAB-4BFA-9898-BA2D1ABF16AE
Toll-Free Attendee Dial-In: (833) 942-2352
International/Toll Attendee Dial-In: (206) 596-9809
Event Plus Passcode: 5317909

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

Investor Relations
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202

ANN ARBOR, Mich.--(BUSINESS WIRE)--The Coretec Group, Inc. (OTCQB: CRTG), developers of engineered silicon and 3D volumetric displays, has announced a shareholder call for November 17, 2021 at 10 AM EST. The company will host a Q&A conference call to discuss the company’s accomplishments and future initiatives.

Matthew Kappers, Chief Executive Officer, Matthew Hoffman, Chief Financial Officer, and Simon Calton, Director, will discuss the company’s recent achievements and future plans, as well as answer questions from the investment community and news media.

As described in the recent press releases, The Coretec Group has made significant progress including a $6 million investment in the company. It has entered into research agreements with key partners and expanded its patent portfolio. In addition, the company has made key additions to its management team and board of directors. These successes will be further explained on the call.

At a later date, the company will be providing the necessary information for participating in the shareholder call.

About The Coretec Group

The Coretec Group, Inc. is developing a portfolio of engineered silicon to improve energy-focused verticals, including electric vehicle and consumer batteries, solid-state lighting (LEDs), and semiconductors, as well as 3D volumetric displays and printable electronics. The Coretec Group serves the global technology markets in energy, electronics, semiconductor, solar, health, environment, and security.

For more information, please visit www.thecoretecgroup.com. Follow The Coretec Group on Twitter and LinkedIn.

Forward-Looking Statements:

The statements in this press release that relate to The Coretec Group’s expectations with regard to the future impact on the Company’s results from operations are forward-looking statements, and may involve risks and uncertainties, some of which are beyond our control. Such risks and uncertainties are described in greater detail in our filings with the U.S. Securities and Exchange Commission. Since the information in this press release may contain statements that involve risk and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results. We make no commitment to disclose any subsequent revisions to forward-looking statements. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity.

The Coretec Group, Inc.
Lindsay McCarthy
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SCE Talent Fills Senior Management Positions, Ensuring a Seamless Transition

ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison (SCE), the principal subsidiary of Edison International (NYSE: EIX), today announced a series of senior executive changes.

After a 35-year career at the utility, Kevin Payne, president and chief executive officer of SCE, will retire effective Dec. 1. SCE Executive Vice President of Operations Steven Powell will succeed Payne as president and CEO of SCE.

Jill Anderson, currently senior vice president of Customer Service at SCE, will succeed Powell as executive vice president of Operations. Lisa Cagnolatti, a 22-year career veteran at SCE before retiring in 2018, will return to the company and fill the role of senior vice president of Customer Service. These changes take effect Dec. 1.

“Kevin has had a profound impact on SCE as its president and CEO, particularly with his customer-centric focus and in leading our significant efforts in wildfire risk mitigation and transforming our safety culture. He made important and impactful contributions advocating for and advancing the company’s clean energy strategy to benefit all customers,” said Pedro Pizarro, president and CEO of Edison International. “During his 35 years at SCE, we all benefited from Kevin’s wisdom, support and positive influence. His most lasting impact is his caring — as a dynamic, thoughtful and incredibly well-respected leader who championed diversity, equity and inclusion and modeled our values.”

“I am extremely grateful and humbled by the privilege I have had to lead 13,000 dedicated SCE employees in safely delivering clean and reliable electric service to our 15 million customers,” Payne said. “I have great confidence in Steve, Jill and Lisa’s abilities to lead SCE now and well into the future.”

Powell has held a variety of positions of progressing responsibility since joining SCE in 2000, including leadership positions in resource planning and strategy, gas and power procurement and SCE’s plug-in electric vehicle readiness efforts. He has a Bachelor of Science degree in chemical engineering from the University of California, Los Angeles (UCLA) and earned an MBA from the UCLA Anderson School of Management.

“I look forward to partnering with Jill, Lisa and my talented co-workers as we work together to decarbonize electricity and partner with customers to electrify transportation and buildings and ensure no communities are left behind in creating a clean energy future,” Powell said.

Anderson was previously senior vice president of Strategic Planning and Power Supply at SCE, where she drove strategy, resource planning, energy procurement and management, and the operations of the company’s power generation fleet. Anderson earned her MBA from New York University and a Bachelor of Science degree in mechanical engineering from Boston University. She joined SCE in 2018.

At SCE, Cagnolatti held a series of leadership roles in Transmission and Distribution and Customer Service. She served as the vice president of the Customer Service Operations Division and also the vice president of Business Customer Division. Since retiring from SCE, she has been an executive-in-residence at Arizona State University’s W.P. Carey School of Business. Cagnolatti received her MBA from Pepperdine University and Bachelor of Science degree in engineering from UCLA.

“Steve, Jill and Lisa bring exceptional experience and qualifications to their new roles. I am excited about them being part of our dedicated and diverse senior management team,” Pizarro added.

About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

Media Contact: Chris Abel, (626) 302-2255

DUBLIN--(BUSINESS WIRE)--The "Power Sector Mergers, Acquisitions and Investment Trend Annual Review - 2020" report has been added to ResearchAndMarkets.com's offering.

"Power Sector Mergers, Acquisitions and Investment Trend Annual Review" report is an essential source of data and trend analysis on the mergers and acquisitions (M&As) and financings in the power industry.

The report provides detailed information on M&As, equity/debt offerings, private equity, venture financing and partnership transactions registered in the power industry in the year 2020.

The report portrays detailed comparative data on the number of deals and their value in the last six months, subdivided by deal types, segments and geographies. Additionally, the report provides information on the top financial advisory firms in the power industry.

Scope

• Analyze market trends for the power market in the global arena
• Review of deal trends in wind, fossil fuels, solar, hydro, biopower, geothermal, energy efficiency, energy storage, energy infrastructure, and nuclear energy markets.
• Analysis of M&A, Equity/Debt Offerings, Private Equity, Venture Financing and Partnerships in the power industry
• Summary of power deals globally in the last six months
• Information on the top deals that took place in the power industry
• Geographies covered include - North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa
• League Tables of financial advisors in M&A and equity/debt offerings. This includes key advisors such as Morgan Stanley, Credit Suisse, and Goldman Sachs

Key Topics Covered:

1 Table of Contents

1.1 List of Tables

1.2 List of Figures

2 Power Industry, Global, Deals Summary

2.1 Power Industry, Global, Deals Analysis, 2020

2.2 Power Industry, Global, Deals Analysis, 2020 by Quarter

2.3 Power Industry, Global, Number of Deals by Type, 2020

2.4 Power Industry, Global, Top Deals by Value, 2020

2.5 Power Industry, Global, Top Deals, Summaries, 2020

2.6 Power Industry, Global, Top Deal Makers, 2020

3 Power Industry, Global, Deals Summary, by Type

3.1 Power Industry, Global, Deals by Type, 2016-2020

3.2 Power Industry, Global, Mergers and Acquisition Deals, 2020

3.3 Power Industry, Global, Asset Transaction Deals, 2020

3.4 Power Industry, Global, Asset Finance Deals, 2020

3.5 Power Industry, Global, Project Finance Deals, 2020

3.6 Power Industry, Global, Self Funded Projects, 2020

3.7 Power Industry, Global, Equity Offering Deals, 2020

3.8 Power Industry, Global, Debt Offering Deals, 2020

3.9 Power Industry, Global, Private Equity Deals, 2020

3.10 Power Industry, Global, Venture Capital Deals, 2020

3.11 Power Industry, Global, Partnership Deals, 2020

4 Power Industry, Global, Deals Summary, by Sector

4.1 Power Industry, Global, Solar Deals, 2020

4.2 Power Industry, Global, Wind Deals, 2020

4.3 Power Industry, Global, Biopower Deals, 2020

4.4 Power Industry, Global, Fossil Fuels Deals, 2020

4.5 Power Industry, Global, Hydro Deals, 2020

4.6 Power Industry, Global, Energy Efficiency Deals, 2020

4.7 Power Industry, Global, Energy Infrastructure Deals, 2020

4.8 Power Industry, Global, Geothermal Deals, 2020

4.9 Power Industry, Global, Nuclear Deals, 2020

4.10 Power Industry, Global, Energy Storage Deals, 2020

5 Power Industry, Deals Summary, by Geography

5.1 Power Industry, North America Deals, 2020

5.2 Power Industry, Europe Deals, 2020

5.3 Power Industry, Asia-Pacific Deals, 2020

5.4 Power Industry, Rest of the World Deals, 2020

6 Power Industry, Global, Top Financial Advisors

6.1 Power Industry, Global, Top Financial Advisors, Mergers and Acquisitions, 2020

6.2 Power Industry, Global, Top Financial Advisors, Equity Offerings, 2020

6.3 Power Industry, Global, Top Financial Advisors, Debt Offerings, 2020

7 Power Industry, Global, Top Legal Advisors

7.1 Power Industry, Global, Top Legal Advisors, 2020

For more information about this report visit https://www.researchandmarkets.com/r/1a9rcc

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT)

Third-Quarter 2021 Highlights

• Total gross profit of $197.5 million, down 8% year-over-year
• GAAP net income of $21.7 million, or $0.34 per diluted share
• Adjusted net income of $22.7 million, or $0.36 per diluted share
• Adjusted EBITDA of $63.4 million

“A strengthening economy combined with easing global travel restrictions contributed to another strong year-over-year increase in aviation activity,” stated Michael J. Kasbar, chairman and chief executive officer. “Despite lingering effects of the pandemic and ongoing supply chain disruptions, we are well positioned to drive growth in our core business activities while serving the evolving energy requirements of our customers.”

For the third quarter, our aviation segment generated gross profit of $113.0 million, an increase of 16% year-over-year, principally related to increased volumes driven by the continued recovery in demand for travel, partially offset by a reduction in our government-related activity in Afghanistan which concluded in the quarter. Our marine segment generated gross profit of $21.9 million, a decrease of 32% year-over-year, driven by a decline in average margins in the core resale business. Our land segment generated gross profit of $62.6 million, a decrease of 26% year-over-year, principally related to the sale of the MultiService payment solutions business last year.

“Despite steadily increasing fuel prices, we generated $83 million of cash flow from operations during the third quarter and $223 million during the first nine months of the year,” said Ira M. Birns, executive vice president and chief financial officer. “Our solid balance sheet enables us to fund today’s announced acquisition of Flyers Energy, while still maintaining significant liquidity to support future growth and deliver long-term shareholder value.”

COVID-19 Update

Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular, which has continued into 2021. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns. The ultimate global recovery from the pandemic will be dependent on, among other things, actions taken by governments and businesses to contain and combat the virus, including any variant strains, the speed and effectiveness of vaccine production and global distribution, as well as how quickly, and to what extent, normal economic and operating conditions can resume on a sustainable basis globally.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures (collectively, the “Non-GAAP Measures”), including adjusted net income attributable to World Fuel Services, adjusted diluted earnings per common share, and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Non-GAAP Measures exclude acquisition and divestiture related expenses, restructuring costs, impairments, gains or losses on the extinguishment of debt and gains or losses on business dispositions primarily because we do not believe they are reflective of our core operating results.

We believe that the Non-GAAP Measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance of the Company and to provide greater transparency as supplemental information to our GAAP results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of the Non-GAAP Measures may not be comparable to the presentation of such metrics by other companies. Adjusted diluted earnings per common share is computed by dividing adjusted net income attributable to World Fuel Services and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested restricted stock units outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Investors are encouraged to review the reconciliation of these Non-GAAP Measures to their most directly comparable GAAP financial measures in this press release and on our website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations about our position to drive growth in our core business activities, our ability to support future growth and deliver long term shareholder value, as well as the ultimate impact of the coronavirus pandemic on us. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, particularly for those customers most significantly impacted by the pandemic, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, adverse conditions in the markets or industries in which we or our customers and suppliers operate such as the current global economic environment as a result of the coronavirus pandemic, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to capitalize on new market opportunities, risks related to the complexity of the U.S. and foreign tax legislation and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the new administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. In addition, other current or potential risks and uncertainties related to the coronavirus pandemic include, but are not limited to: notices from customers, suppliers and other third parties asserting force majeure or other bases for their non-performance, losses on hedging transactions with customers arising from the volatility in fuel prices, heightened risk of cybersecurity issues as digital technologies may become more vulnerable and experience a higher rate of cyber-attacks in a remote connectivity environment, reduction of our global workforce to adjust to market conditions, including increased costs associated with severance payments, retention issues, and an inability to hire employees when market conditions improve, the impact of asset impairments, including any impairment of the carrying value of our goodwill in our aviation and land segments, as well as other accounting charges if expected future demand for our products and services materially decreases, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

-- Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts --

World Fuel Services Corporation
Ira M Birns, 305-428-8000
Executive Vice President & Chief Financial Officer

Glenn Klevitz, 305-428-8000
Vice President, Treasurer & Investor Relations

Supply Demand is creating challenges, but Port Houston is working diligently

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met Tuesday for its regular monthly meeting. Port Houston Chairman Ric Campo opened the meeting by expressing his appreciation for all “the people working together to keep the cargo moving.”

Chairman Campo acknowledged the unprecedented challenges that increased demand in the supply chain has created, but “people show up every day working together to keep cargo moving.”

In his report to the Port Commission, Executive Director Roger Guenther said that Houston is not immune to the challenges that ports across the nation are experiencing, as retailers rebuild their inventory to meet high demand. He noted that Houston docks are full, and the average ship waits about 60 hours before calling the port. However, Port Houston has been able to mitigate significant impacts on truck-turn times despite the increase in historic cargo volumes.

Guenther said, “We are working together with labor to turn ships around as quickly as possible.” He said that since January, the International Longshoremen’s Association (ILA) has been able to increase the numbers of people working ships on both the day and night shifts.

Guenther said he expects “the inherent continued growth of cargo at a rapid pace after the pandemic,” and plans are to sustain the accelerated investment in infrastructure. During the meeting, the Port Commission approved a more than $2 million purchase of 16 additional energy-efficient yard tractors for the container yards, supported by a grant from the Seaport and Rail Yard Areas Emission Reduction Program (SPRY), to help reduce emissions of NOx by 93%.

The Port Commission also authorized up to $400 million bond issuance to support the Houston Ship Channel widening and deepening program, Project 11.

The next Port Commission meeting is Thursday, November 18.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.

Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Companies to Focus on Decarbonization to Support Clean Energy Transition

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has signed a memorandum of understanding (MOU) with Bulgarian Energy Holding EAD for the consideration of new nuclear units in Bulgaria. Bulgarian Energy Holding is comprised of a group of companies engaged in the electricity generation, supply and transmission, natural gas transmission, supply and storage and coal mining market in Bulgaria.

“This new agreement exemplifies Fluor’s strategy to deliver decarbonization solutions in support of the world’s clean energy transition journey,” said Jim Breuer, group president of Fluor’s Energy Solutions segment. “Fluor has unparalleled experience in the nuclear industry. Coupled with its investment and demonstrated project capabilities with NuScale Power’s unique small modular reactor technology, Fluor is positioned as a leader in this global imperative.”

Fluor and Bulgarian Energy Holding have agreed to cooperate in evaluating potential program management services, front-end engineering, evaluation of the existing coal-fired fleet for potential nuclear small modular reactor re-purposement projects, and the assessment of the Bulgarian supply chain and other related services.

“The necessity of implementing safe and reliable clean energy power at Kozloduy is well understood in Bulgaria and eastern Europe,” said Valentin Nikolov, chief executive officer, Bulgarian Energy Holding. “Fluor is a leading engineering, procurement, construction and project management services company in the energy transition space. Coupled with NuScale’s small modular nuclear reactor technology, we can achieve European and Bulgarian policy goals in a more diversified power market, improve the security of energy supply and add sufficient value for the national gross domestic product.”

Fluor has been serving the nuclear industry for more than 70 years including the design and construction support of more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 megawatts of electricity using a safer, smaller and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.

NuScale is headquartered in Portland, Oregon, and has offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

Brian Mershon
Media Relations
469.398.7621

Jason Landkamer
Investor Relations
469.398.7222

DUBLIN--(BUSINESS WIRE)--The "Coastal Surveillance Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Coastal Surveillance Systems estimated at US$31.2 Billion in the year 2020, is projected to reach a revised size of US$38.9 Billion by 2027, growing at a CAGR of 3.2% over the analysis period 2020-2027.

Command & Control, one of the segments analyzed in the report, is projected to record a 3.3% CAGR and reach US$7.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Communications segment is readjusted to a revised 3.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $9.2 Billion, While China is Forecast to Grow at 3.1% CAGR

The Coastal Surveillance Systems market in the U.S. is estimated at US$9.2 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$6.9 Billion by the year 2027 trailing a CAGR of 3.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Computers Segment to Record 2.7% CAGR

In the global Computers segment, USA, Canada, Japan, China and Europe will drive the 2.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.8 Billion in the year 2020 will reach a projected size of US$3.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.3 Billion by the year 2027.

Select Competitors (Total 41 Featured):

• CONTROP Precision Technologies Ltd.
• Elbit Systems Ltd.
• Frequentis AG
• Indra Sistemas SA
• Kelvin Hughes Ltd.
• Kongsberg Gruppen ASA
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Raytheon Company
• Rolta India Ltd.
• SAAB AB
• Selex ES SpA
• Signalis
• Terma A/S
• Thales Group
• Tokyo Keiki, Inc.
• Vissim AS

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• Influencer Market Insights
• World Market Trajectories
• Rise in Coastal Security Amidst Growing Terrorism Threats and Regional Conflicts Creates Growth Opportunities for Coastal Surveillance Market
• Impact of COVID-19 and a Looming Global Recession
• Increasing Cases of Illegal Coastal Activities Make Implementation of Coastal Surveillance a Must
• Rapid Growth in Situational Awareness Drives Costal Surveillance Operations
• Increase in Asymmetric Warfare Offers Immense Potential for Growth of Coastal Surveillance Market
• Efficient Maritime Traffic Management System - Need of the Hour
• Surge in Demand for Submarine Periscope and Radar Antennas in Coastal Surveillance Centers
• Challenges
• Emergence of Stealth Technology: A Major Challenge
• Defense Budget Cuts: Another Growth Restraint

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/4k5f3y

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

• Shareholder webcast and conference call with Ian Robertson, Co-Chair of the Board of Directors, Paulo Misk, President and CEO, Ernest Cleave, CFO and Paul Vollant, VP of Commercial will be conducted at 9:00 a.m. ET on Thursday, November 11, 2021

TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) will release its third quarter 2021 financial results on Wednesday, November 10, 2021, after the close of market trading. Additionally, the Company will host a webcast and conference call to discuss its third quarter 2021 operating and financial results on Thursday, November 11 at 9:00 a.m. ET.

Details of the webcast and conference call are listed below:

About Largo

Largo is a Canadian-based company that has historically been solely committed to the production and supply of high-quality vanadium products. The Company believes that the development and sale of vanadium-based electrical energy storage systems to support the planet's on-going transition to renewable energy presents both an attractive economic opportunity for the use of the Company's vanadium products and an opportunity to enhance the Company's sustainability. Consequently, the Company is in the process of vertically integrating its highly efficient vanadium production operations with its vanadium-based energy storage technology to create a unique competitive advantage in the rapidly growing long duration energy storage market. The Company is confident that using its VPURE^TM and VPURE+^TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil, in its VCHARGE± vanadium redox flow battery technology results in a competitive and practical long duration energy storage product.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit www.largoresources.com.

Investor Relations:
Alex Guthrie
Senior Manager, External Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 416-861-9797

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the third quarter ended September 30, 2021.

Highlights include:

• Reported third quarter revenues of $155.1 million, net income of $0.1 million and operating cash flow of $33.9 million;
• Delivered third quarter Adjusted EBITDA of $26.2 million and free cash flow of $31.0 million;
• Reduced net leverage ratio to 1.86x as of September 30, 2021 from 1.98x as of June 30, 2021;
• Completed a replacement and refinancing of its entire credit agreement to, among other things, extend the maturity date of all of the Company's total debt outstanding to September 8, 2025; and
• Announced recently that its Board of Directors authorized the Company to repurchase up to 5% of its total common shares outstanding, or approximately 715,000 common shares, over the next twelve months.

“In the third quarter of 2021, Civeo made significant progress towards our financial objectives. We replaced and refinanced our entire credit agreement, announced the board authorization of a share repurchase program and generated significant free cash flow in a tough operating environment. During the quarter we reduced our total leverage ratio below 2.0x and reduced our aggregate total debt below $200 million" stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "While we are encouraged by these significant achievements, the Company remains focused on operating safely, generating free cash flow and reducing our debt balance."

Carolyn Stone, Civeo's Senior Vice President and Chief Financial Officer, added “We were pleased to announce our new bank agreement, which provides the Company with four years of tenor. This longer tenor affords us the flexibility to evaluate other capital allocation priorities, such as our recently announced share repurchase program and potential growth opportunities."

Third Quarter 2021 Results

In the third quarter of 2021, Civeo generated revenues of $155.1 million and reported a net income of $0.1 million, or $0.00 per diluted share. During the third quarter of 2021, Civeo produced operating cash flow of $33.9 million, Adjusted EBITDA of $26.2 million and free cash flow of $31.0 million.

By comparison, in the third quarter of 2020, Civeo generated revenues of $142.9 million and reported net income of $6.5 million, or $0.39 per diluted share. During the third quarter of 2020, Civeo produced operating cash flow of $35.4 million, Adjusted EBITDA of $36.0 million and free cash flow of $34.4 million.

Overall, the increase in revenues in the third quarter of 2021 compared to 2020 was primarily due to an increase in billed rooms in the oil sands lodges and Canadian mobile camp activity. The decrease in Adjusted EBITDA in the third quarter to 2021 compared to 2020 was primarily driven by $3.6 million of other income in the third quarter of 2020 related to proceeds from the Canadian Emergency Wage Subsidy ("CEWS") program and increased labor costs in our Australian business during the third quarter of 2021.

(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Please see the reconciliations to GAAP measures at the end of this news release.)

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the third quarter of 2021 to the results for the third quarter of 2020.)

Canada

During the third quarter of 2021, the Canadian segment generated revenues of $84.1 million, operating income of $6.1 million and Adjusted EBITDA of $19.8 million, compared to revenues of $71.8 million, operating income of $1.0 million and Adjusted EBITDA of $21.3 million in the third quarter of 2020. Adjusted EBITDA for the third quarter of 2021 did not include any other income related to proceeds from CEWS. The third quarter of 2020 Adjusted EBITDA included $3.6 million of other income related to proceeds from CEWS. Results from the third quarter of 2021 reflect the impact of a strengthened Canadian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $4.4 million and $1.0 million, respectively.

On a constant currency basis, the Canadian segment experienced an 11% period-over-period increase in revenues largely driven by a 21% year-over-year increase in billed rooms, primarily in the oil sands lodges, related to increased customer activity as a result of the recovery of oil prices from the impact of COVID-19. Adjusted EBITDA for the Canadian segment decreased 7% year-over-year primarily due to the lack of other income related to proceeds from CEWS, partially offset by an increase in billed rooms coupled with increased mobile camp activity.

Australia

During the third quarter of 2021, the Australian segment generated revenues of $65.1 million, operating income of $4.4 million and Adjusted EBITDA of $14.8 million, compared to revenues of $64.7 million, operating income of $9.9 million and Adjusted EBITDA of $21.5 million in the third quarter of 2020.

On a constant currency basis, the Australian segment experienced 2% lower period-over-period revenues, driven by a 4% year-over-year decrease in billed rooms due to subdued customer maintenance activity in the Bowen Basin. Adjusted EBITDA from the Australian segment decreased 31% year-over-year due to lower village occupancy in the Bowen Basin, as well as higher labor costs across the village and integrated services businesses.

U.S.

The U.S. segment generated revenues of $5.9 million, operating loss of $2.1 million and negative Adjusted EBITDA of $0.5 million in the third quarter of 2021, compared to revenues of $6.4 million, operating loss of $3.2 million and negative Adjusted EBITDA of $1.5 million in the third quarter of 2020. Revenues and Adjusted EBITDA increased year-over-year primarily due to increased occupancy in the U.S. lodges.

Financial Condition

As of September 30, 2021, Civeo had total liquidity of approximately $78.2 million, consisting of $73.3 million available under its revolving credit facilities and $4.9 million of cash on hand.

Civeo’s total debt outstanding on September 30, 2021 was $195.2 million, a $31.6 million decrease since June 30, 2021. The decrease consisted of $25.1 million in debt payments from cash flow generated by the business and favorable foreign currency translation of $6.5 million.

Civeo reduced its net leverage ratio to 1.86x as of September 30, 2021 from 1.98x as of June 30, 2021.

During the third quarter of 2021, Civeo invested $3.4 million in capital expenditures, up from $2.4 million during the third quarter of 2020.

Full Year 2021 Guidance

For the full year of 2021, Civeo is raising the lower end of its previously provided revenue and Adjusted EBITDA guidance range to $570 million to $580 million and $95 million to $100 million, respectively. This guidance is based on our expectations as of today and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic. The Company is maintaining its full year 2021 capital expenditure guidance to $15 million to $20 million.

Conference Call

Civeo will host a conference call to discuss its third quarter 2021 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and using the conference ID 13724492#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13724492#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 29,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

- Financial Schedules Follow -