DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR) (“Ingersoll Rand”) announced that KKR Renaissance Aggregator L.P. (the “Selling Stockholder”) intends to offer for sale in an underwritten secondary offering 14,924,081 shares of common stock of Ingersoll Rand pursuant to a registration statement filed by Ingersoll Rand with the U.S. Securities and Exchange Commission (the “SEC”). No shares are being sold by Ingersoll Rand. The Selling Stockholder will receive all of the proceeds from this offering.

Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are acting as the underwriters for the offering.

A registration statement relating to these securities has been filed with the SEC and has become effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these 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.

The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, email: This email address is being protected from spambots. You need JavaScript enabled to view it. and Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146.

Forward Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to, the risks, uncertainties and factors set forth under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

Media:
Misty Zelent
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Investor Relations:
Chris Miorin
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Mercy Ships secures plans to further outfit the Global Mercy™ in Europe as ship nears delivery date

GARDEN VALLEY, Texas--(BUSINESS WIRE)--#HopeandHealing--Mercy Ships announced this week that the Global Mercy™ has now completed deep water sea trials, one of the final milestones in the countdown towards the hospital ship’s delivery, equipping, maiden voyage and launch into service to sub-Saharan Africa in 2022.

Deep water trials are designed to test the vessel during extended sailing time to ensure that all systems are fully operational and in line with strict standards and specifications. Tests include engine performance and fuel consumption, navigation and radio equipment, emergency systems, speed tests, maneuverability, engine, and thruster tests as well as safety evaluations.

“These deep-water trials represent a critical checklist before delivery of our new purpose-built ship to become the platform for service it is designed to be. Trials systematically test operational aspects by putting the vessel through paces for an extended period at sea. I am pleased to say that the Global Mercy successfully passed every test,” stated Jim Paterson, Marine Executive Consultant for Mercy Ships. “We are then left with some finishing touches in the interior, particularly the hospital area before we take delivery,” Paterson added.

Robert Corley, Chief Operations Officer, confirmed that after Mercy Ships takes final delivery of the vessel, the ship will make its maiden voyage to Belgium as a guest of the Port of Antwerp. While docked, the Global Mercy will complete several months of final outfitting and crewing. This includes installation of medical equipment and IT systems as well as stocking the vessel with supplies through the Mercy Ships European Distribution Center in the Netherlands. The visit to Europe will culminate in a final send-off from Rotterdam for the ship’s first voyage to Africa. Mercy Ships also plans to hold an Africa commissioning event for the arrival of the Global Mercy in Dakar in early 2022, at the start of the ship's first field service in Senegal.

The purpose-designed hospital decks represent the unique heart of the ship, consisting of six operating theatres and hospital wards for 200 patients, laboratory, general outpatient, ophthalmology, and dental clinics. The ship has space for up to 950 persons in port including 641 crew, comprised of volunteers from around the globe. The Global Mercy is especially equipped with first-class training facilities to allow Mercy Ships to contribute to the sustainable support of essential surgical and related skills for local healthcare professionals when docked.

Mercy Ships expects to more than double the charity’s current impact with both life-changing surgeries and training of healthcare professions during the anticipated 50-year lifespan of the vessel.

The Global Mercy represents an international collaboration. With an overall length of 174-meters, a beam of 28.6 meters, with a Gross Tonnage of 37,000, the ship is a tailored Passenger Ship-class vessel. As the first of its kind, the ship has undergone construction at Tianjin Xingang Shipyard, with project management by Stena RoRo AB of Gothenburg, Sweden, and construction design by Deltamarin of Turku, Finland. The French ship brokerage company Barry Rogliano Salles (BRS) was instrumental in helping negotiate the contract. The new ship is classed by Lloyd’s Register in the UK who was in attendance to witness these important tests. The Global Mercy is flagged by Malta and will initially serve within Africa.

As the world’s largest purpose-built civilian hospital ship, the Global Mercy has received wide attention from all over the world from the very beginning of its construction in 2015. The Global Mercy has a design draft of 6.15 meters and a service speed of 12 knots. This new vessel is the first ship built from design to implementation by the charity as all previous ships were adapted from other purposes. The Global Mercy will join the current Mercy Ship, Africa Mercy in service to sub-Saharan and Central Africa.

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 directly benefitting more than 2.8 million people. 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

For More Information Contact: Laura Rebouche’
U.S. National Media Relations Director, Mercy Ships
This email address is being protected from spambots. You need JavaScript enabled to view it.
Sea trial B’roll here: https://vimeo.com/540774984/cfccb272e9
Hi-res photos and general Mercy Ships B-Roll video footage are available upon request.

ABOUT STENA RoRo AB:

Since 1977, Stena RoRo has led the development of new RoRo and RoRo-passenger concepts (RoPax). We specialize in custom-built vessels, as well as standardized RoRo and RoPax ships. The company leases about fifteen vessels to operators worldwide, both to other Stena companies and third parties. Stena RoRo specializes above all in applying its technical expertise to the design and production of new ships and the conversion of existing ships for delivering tailored transport solutions to its customers. We call this “Stenability”. Since 2013, we have been responsible for the design and building supervision of the Mercy Ships new hospital vessel the Global Mercy – the world's largest civilian hospital ship. www.stenaroro.com

Per Westling, CEO, Stena RoRo AB
Tel: +46 31 855154
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the first quarter of 2021.

Highlights for the First Quarter and Recent Events

• Reported net loss attributable to Diamond S of $33.6 million, or net loss of $0.84 basic and diluted earnings per share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $5.2 million. The reported net loss includes one-time items associated with the entry into the Merger Agreement (as such term is defined herein) of $4.8 million. Excluding the Merger Agreement expenses, the net loss was $28.8 million, or $0.72 per share.
• Net debt at March 31, 2021 was $560.0 million, implying a net debt to asset value leverage ratio of approximately 44% based on broker valuations as of December 2020. At quarter end, total free liquidity available to the Company above bank minimum cash requirements was $78.8 million.
• Delivered two vessels, the Aias and Amoureux, previously announced as sold, to their buyers in early January and mid-February 2021, respectively.
• On March 31, 2021, the Company announced that on March 30, 2021, Diamond S, International Seaways, Inc., a Republic of the Marshall Islands corporation (“INSW”), and Dispatch Transaction Sub, Inc., a Republic of the Marshall Islands corporation and wholly-owned subsidiary of INSW (“Merger Sub”), had entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Diamond S and INSW have agreed, subject to the terms and conditions of the Merger Agreement, to effect a stock-for-stock merger of their respective businesses whereby Merger Sub will merge with and into Diamond S, resulting in Diamond S surviving the merger as a wholly owned subsidiary of INSW (the “Merger”). Subsequent to the Merger, INSW and Diamond S shareholders will own approximately 55.75% and 44.25% of the combined company, respectively, using fully diluted share counts as of March 30, 2021. The Merger will create the second largest US-listed tanker company by vessel count and the third largest by deadweight (“dwt”). The Merger is expected to close in the third quarter of 2021, subject to approval by the shareholders of INSW and Diamond S, regulatory approvals and other customary closing conditions.
• As of May 7, 2021, approximately 50% of Crude Fleet revenue days operating in the spot market in the second quarter of 2021 have been fixed at an average rate of approximately $12,300 per day. In the Product Fleet, approximately 52% of revenue days operating in the spot market in the second quarter of 2021 have been fixed at an average rate of approximately $10,800 per day. The Product Fleet includes a weighted average blend of MR2 vessels, fixed for approximately 53% of second quarter revenue days at an average rate of $10,800 per day, and MR1 vessels, fixed for approximately 40% of second quarter revenue days at an average rate of $10,400 per day.

First Quarter 2021 Results

Reported net loss attributable to Diamond S for the first quarter of 2021 was $33.6 million, or net loss of $0.84 basic and diluted earnings per share. Excluding one-time items associated with the Merger of $4.8 million, the net loss was $28.8 million or $0.72 per share compared to a net income of $45.0 million, or $1.13 per basic and $1.12 per diluted share, for the first quarter of 2020. The decrease in net income for the first quarter of 2021 compared to the first quarter of 2020 is primarily related to weaker tanker market conditions driven by the global pandemic.

The Company groups its business primarily by commodity transported and segments its fleet into a 14-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 13 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $54.7 million for the first quarter of 2021 compared to $135.0 million for the first quarter of 2020. Net revenues from the Crude Fleet were $15.7 million in the first quarter of 2021 compared to $62.3 million for the first quarter of 2020. The decrease in net revenues for the Crude Fleet were primarily due to the continued impact of the pandemic on global oil demand. Net revenues from the Product Fleet were $39.0 million in the first quarter of 2021 compared to $72.7 million for the first quarter of 2020. The decrease in net revenues in the Product Fleet were driven by the same factors as the Crude Fleet.

Vessel expenses were $41.9 million for the first quarter of 2021 compared to $41.5 million for the first quarter of 2020. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, increased by $0.4 million primarily due to timing of crew reliefs and logistics for delivery of services.

Depreciation and amortization expense was $28.1 million in the first quarter of 2021 compared to $28.8 million for the first quarter of 2020. The decrease of $0.7 million is due to the decrease in depreciation and amortization expense related to the sales of the Aias and Amoureux, which were delivered in Q1 2021.

General and administrative expenses were $6.5 million in the first quarter of 2021 compared to $8.1 million for the first quarter of 2020. The decrease of $1.6 million in the first quarter of 2021 is attributable to the strategic change in commercial managers in the Product Fleet, which transitioned from an in-house MR desk of salaried employees to external managers in the Norient Product Pool, a decline in travel expenses due to the pandemic and a decline in legal and accounting professional fees.

Other corporate expenses was $4.8 million for the three months ended March 31, 2021, which primarily consist of legal invoices and investment bank opinion fees related to the Merger Agreement.

Interest expense was $6.2 million in the first quarter of 2021 compared to $11.4 million for the first quarter of 2020. Interest expense decreased in the first quarter of 2021 due to a lower average debt balance as a result of debt repayments and a decrease in the effective interest rate. Total gross debt outstanding as of March 31, 2021 was $657.6 million compared to $855.7 million as of March 31, 2020, or 23% lower than the gross debt outstanding as of March 31, 2020.

Other income, which consists primarily of interest income, was less than $0.1 million in the first quarter of 2021, compared to $0.3 million for the first quarter of 2020.

Liquidity

As of March 31, 2021, the Company had $82.1 million in cash and restricted cash and $53.0 million available under its revolving credit facility. Available liquidity as of March 31, 2021 was $78.8 million, net of $56.3 million in restricted cash and minimum cash required by debt covenants.

Conference Call

Following the previously announced entry into a Merger Agreement and pendency of the Merger, the Company will not be hosting a conference call in conjunction with is first quarter 2021 earnings release and does not expect to do so in future quarters. Please direct any questions regarding this earnings release to Diamond S Shipping’s Investor Relations, This email address is being protected from spambots. You need JavaScript enabled to view it..

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 64 vessels on the water, including 13 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company is making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated. Some of the factors that could cause our actual results or conditions to differ materially include, but are not limited to, unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off‐hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

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

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

Reconciliation of Voyage Revenue to TCE per Day

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

EBITDA represents net income (loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA are presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. EBITDA and Adjusted EBITDA do not represent, and should not be considered a substitute for, net income (loss) or cash flows from operations determined in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of our results reported under GAAP. Some limitations are:

• EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
• EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
• EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.

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

Transaction clears all material near-term debt maturities

DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) announced today that it has successfully completed the amendment and extension of its reserve based lending (“RBL”) facility.

As part of the amendment, Kosmos elected to lower the overall facility size from $1.5 billion to $1.25 billion to reduce reliance on the RBL facility and commitment costs following the successful completion of the Company’s senior notes issuance in February 2021. The amendment includes a two-year tenor extension, with the RBL facility’s final maturity now in March 2027.

In conjunction with the spring re-determination, the Company’s lending syndicate approved a borrowing base capacity of $1.24 billion with current outstanding borrowings of $1.0 billion. The slight reduction in borrowing capacity includes the impact of a lower long-term oil price deck, agreed in March 2021 with the bank syndicate. Total commitments as of May 7, 2021 were $1.21 billion, with the Company expecting to increase total commitments to $1.25 billion in the second quarter of 2021 as additional lenders complete their final credit approval process. The margin increased by 50 basis points compared to the previous facility, reflecting the current banking market environment, with a margin of LIBOR +375 basis points within the first three years of the amended RBL facility.

In line with the Company’s focus on sustainability, the amendment includes a mechanism for two environmental, social and governance (“ESG”) key performance indicators (“KPIs”) to impact the margin based upon delivering emissions targets and achieving certain third party ESG ratings. The KPIs are expected to be agreed upon at the September 2021 redetermination.

The RBL facility is secured against the Company’s production assets in Ghana and Equatorial Guinea with the first amortization payment scheduled for March 2024. Kosmos’ gas assets in Mauritania and Senegal remain unencumbered.

“We are pleased to have successfully completed this RBL amendment and extension, and we thank our bank group for its continued support. Following the recent senior notes offering, Kosmos has increased liquidity and cleared any material debt maturities until late 2024. For the first time, we are incorporating ESG KPIs into our RBL framework, which will offer an economic incentive to maintain and further improve our strong ESG credentials. With two important financing transactions completed so far in 2021, the Company is well positioned to meet its strategic and financial objectives for the year,” said Neal Shah, Chief Financial Officer.

About Kosmos Energy

Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations
Thomas Golembeski
+1-214-445-9674
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced that Double Eagle Energy Holdings III LLC (“Double Eagle III”), which is majority owned by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), and Q-FPP (VII) Subsidiary, LLC (“Quantum Sub”), which is majority owned by funds managed by affiliates of Quantum Energy Partners (Double Eagle III and Quantum Sub together, the “Selling Stockholders”), intend to offer for sale 6,000,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), pursuant to the Company’s shelf registration statement previously filed with the Securities and Exchange Commission. Approximately 64.13% of the shares are being sold by Double Eagle III and 35.87% of the shares are being sold by Quantum Sub.

The offering consists entirely of secondary shares to be sold by the Selling Stockholders. The Selling Stockholders will receive all of the net proceeds from the offering. Pioneer is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of shares in the offering. Pioneer issued the shares on May 4, 2021, as part of the consideration for its acquisition of DoublePoint Energy.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will act as the underwriters for this offering.

When available, copies of the prospectus supplement and accompanying prospectus related to the offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attention: Prospectus Department, Telephone: 1 (866) 471-2526, Facsimile: 1 (212) 902-9316, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, USA 11717, Telephone: 1 (888) 603-9204, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.. An electronic copy of the preliminary prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering will be made pursuant to an effective shelf registration statement, which was previously filed by Pioneer with the Securities and Exchange Commission, and a prospectus supplement and accompanying prospectus, which will be filed by Pioneer with the Securities and Exchange Commission.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining, storage and export facilities, Pioneer’s ability to implement its business plans or complete its development activities as scheduled, the financial strength of counterparties to Pioneer’s credit facility, investment instruments and derivative contracts and purchasers of Pioneer’s oil, natural gas liquids and gas production, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks, and acts of war or terrorism. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q for the quarter ended March 31, 2021, and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.

Pioneer Natural Resources Company Contacts:

Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Michael McNamara - 972-969-3592
Greg Wright - 972-969-1770

Media and Public Affairs
Tadd Owens - 972-969-5760

DALLAS--(BUSINESS WIRE)--Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE: KOS) announced today its financial and operating results for the first quarter of 2021. For the quarter, the Company generated a net loss of $91 million, or $0.22 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss⁽¹⁾ of $33 million, or $0.08 per diluted share for the first quarter of 2021.

FIRST QUARTER 2021 HIGHLIGHTS

• Net Production⁽²⁾ - 53,100 barrels of oil equivalent per day (boepd) with sales of 36,500 boepd, resulting in a material net underlift position of approximately 1.3 million barrels of oil
• Phase One of the Greater Tortue LNG project ~58% complete at quarter end
• Completion of an upsized $450 million offering of senior notes due 2028
• Post-quarter end, successful reserve-based lending (RBL) redetermination and extension
• Revenues - $176 million, or $53.66 per boe
• Production expense - $46 million, or $13.91 per boe
• General and administrative expenses - $22 million, $14 million cash expense and $8 million non-cash
• Capital expenditures:
  • $44 million Base Business capital expenditures
  • $73 million Mauritania and Senegal
• Net cash used in operating activities - $47 million

Commenting on the Company’s first quarter 2021 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “This month marks the tenth anniversary of Kosmos’ listing on the New York Stock Exchange. In those ten years, Kosmos has evolved from a frontier explorer to a full-cycle E&P with a diverse reserve base that has increased nearly seven-fold, building the platform for continued success over the next ten years. In the first decade of the company's history, we maintained a strong focus on corporate responsibility, leading on transparency and positioning the business to deliver value to our stakeholders through the energy transition.

2021 is off to a strong start with momentum building across the business. We have begun infill drilling activities in Ghana and the Gulf of Mexico, will soon begin drilling in Equatorial Guinea, and are on track to deliver our production and cash flow targets for the year. Progress also continues on the Greater Tortue Project in Mauritania and Senegal, with Phase one 58% complete at the end of the first quarter. We have taken important steps to create a more permanent capital structure with the bond offering and the recently-completed RBL extension, which increased liquidity and cleared all material near-term debt maturities.”

FINANCIAL UPDATE

In the first quarter of 2021, 1.5 cargos were lifted from a forecast 12.5 cargos for the full year 2021. As a result of the timing mismatch between production and the lifting of cargos, there was a material underlift of approximately 1.3 million barrels of oil in the first quarter.

In March 2021, Kosmos successfully closed a $450 million offering of senior notes due 2028. The net proceeds from the offering were used to partially pay down the RBL facility and revolving credit facility as well as for working capital purposes.

In May 2021, Kosmos successfully completed an amendment and restatement of the RBL facility in conjunction with the spring redetermination. The amendment reduced the facility size to $1.25 billion and extended the facility by two years, with a final maturity of March 2027. The borrowing base was finalized, with a more conservative price deck, at $1.24 billion with $1.0 billion currently outstanding.

The base business net capital expenditure for the first quarter of 2021 was approximately $44 million, in-line with Company guidance. Net capital expenditures related to Mauritania and Senegal in the first quarter were $73 million.

Kosmos exited the first quarter of 2021 with approximately $2.2 billion of net debt⁽¹⁾ and available liquidity of around $0.8 billion. The increase in net debt in the quarter was driven by the material underlift, Mauritania and Senegal capital expenditures and the National Oil Company loan payments, as well as working capital. Kosmos base business free cash flow guidance for 2021 remains unchanged.

OPERATIONAL UPDATE

Production

Total net production in the first quarter of 2021 averaged approximately 53,100 boepd⁽²⁾, in line with prior guidance.

Ghana

Production in Ghana averaged approximately 22,400 barrels of oil per day (bopd) net in the first quarter of 2021. As forecasted, Kosmos lifted one cargo from Ghana during the first quarter.

At Jubilee, production averaged approximately 70,400 bopd gross during the quarter. Kosmos and its partners continue to focus on higher reliability in Ghana as demonstrated by floating production, storage and offloading (FPSO) vessel uptime at Jubilee of around 98% in the first quarter and consistent water injection at the highest levels since 2012. Gas offtake to the government of Ghana of around 110 million standard cubic feet per day in the quarter is almost double the level seen in 2019. At TEN, production averaged approximately 38,800 bopd gross for the first quarter with FPSO uptime of 99%.

In early 2021, the Jubilee Catenary Anchor Leg Mooring (CALM) buoy was commissioned with the first offloading taking place in February. The CALM buoy will replace the need for shuttle tankers and is expected to reduce operating expenses going forward.

Infill drilling has resumed in the second quarter with drilling planned for three wells on Jubilee and one on TEN in 2021. A long-term rig contract has been entered into for the Maersk Venturer, which arrived on location early in the second quarter. A Jubilee producer well has finished drilling and the rig has now moved to drill a water injector well at Jubilee, after which we expect to complete both wells. The expected impact of these two wells is to increase production by 15,000-20,000 barrels of oil per day gross.

U.S. Gulf of Mexico

Production in the U.S. Gulf of Mexico averaged approximately 20,500 boepd net (81% oil) during the first quarter.

In late-February, the Kodiak-2 well was brought back online after successful remediation of the subsea infrastructure issue identified in the fourth quarter of 2020. In April, the Kodiak-3 infill well was also brought online.

After the encouraging results from the Tornado-4 water injection well last year, drilling of the Tornado-5 infill well is now planned by the operator in the second quarter and expected online in the third quarter.

In January 2021, Kosmos announced an oil discovery at the Winterfell infrastructure-led exploration (ILX) well (drilled at a Kosmos working interest 17.5%), which encountered approximately 26 meters (85 feet) of net oil pay in two intervals. During the first quarter, Kosmos worked with partners on an appraisal plan for Winterfell, which is expected to begin with a well in the third quarter. This appraisal well is expected to drill the fault block to the northwest of the discovery, which has the same seismic signature as Winterfell, with an exploration tail into a deeper horizon. The Winterfell discovery is located within tie back distance to several existing and planned host facilities.

Kosmos plans to drill a second ILX well at Zora with a 37.5% operated working interest in the third quarter. The Zora prospect is a Miocene target in the same play as nearby analogous fields such as Odd Job, Horn Mountain and Marmalard. The permits to drill the well have all been received and a rig has been contracted. The Zora prospect is located near multiple other prospects where Kosmos has built a material interest and is in close proximity to several potential host facilities, which could facilitate a low cost and lower carbon development in the event of success.

Equatorial Guinea

Production in Equatorial Guinea averaged approximately 30,200 bopd gross and 10,200 bopd net in the first quarter of 2021. As forecasted, Kosmos lifted 0.5 cargos from Equatorial Guinea during the quarter.

The Okume upgrade project is nearing completion, adding additional power, water injection and gas lift capacity necessary for further facilities de-bottlenecking and additional electrical submersible pumps (ESPs). In April, partners commenced the second phase of the planned ESP program and upgraded the G-19 flowline, which has significantly enhanced production from that well.

A rig has also been contracted for the upcoming infill drilling campaign, which is expected to arrive in country later this quarter to drill the three wells planned this year.

Mauritania & Senegal

The momentum in Kosmos' production activities in the first quarter can also be seen in the Company's development project. Phase one of the Greater Tortue Ahmeyim LNG project ended the first quarter around 58% complete with material progress across all of the major workstreams, including the FPSO, Floating LNG vessel, hub terminal (concrete breakwater) and subsea infrastructure. The partnership is targeting Phase one to be around 80% complete by year end.

Kosmos expects completion of the FPSO sale and lease-back in the second quarter of 2021 as previously communicated. The process remains on track with documentation being finalized and the government approval process well underway.

(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure
(2) Production means net entitlement volumes. In Ghana and Equatorial Guinea, this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of Mexico, this means those volumes net to Kosmos' working interest and net of royalty.

Conference Call and Webcast Information

Kosmos will host a conference call and webcast to discuss first quarter 2021 financial and operating results today at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-877-407-3982. Callers in the United Kingdom should call 0800 756 3429. Callers outside the United States should dial 1-201-493-6780. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.

About Kosmos Energy

Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also maintain a sustainable proven basin exploration program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.

Non-GAAP Financial Measures

EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) loss on extinguishment of debt, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results. The Company defines net debt as the sum of notes outstanding issued at par and borrowings on the RBL Facility and Corporate revolver less cash and cash equivalents and restricted cash.

We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos (including, but not limited to, the impact of the COVID-19 pandemic), which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Investor Relations
Jamie Buckland
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Media Relations
Thomas Golembeski
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ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE:DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the quarter ended March 31, 2021.

Highlights for the First Quarter Ended March 31, 2021:

• Adjusted net income¹ of $58.0 million, or $2.83 per share, for the three months ended March 31, 2021 compared to $33.3 million, or $1.34 per share, for the three months ended March 31, 2020, an increase of 74.2%.
• Operating revenues of $132.1 million for the three months ended March 31, 2021 compared to $106.2 million for the three months ended March 31, 2020, an increase of 24.4%.
• Adjusted EBITDA¹ of $96.3 million for the three months ended March 31, 2021 compared to $71.9 million for the three months ended March 31, 2020, an increase of 33.9%.
• Total contracted operating revenues were $1.2 billion as of March 31, 2021, with charters extending through 2028 and remaining average contracted charter duration of 2.9 years, weighted by aggregate contracted charter hire.
• Charter coverage of 91% for the next 12 months based on current operating revenues and 88% in terms of contracted operating days.
• Initiated a regular quarterly dividend with a dividend of $0.50 per share of common stock for the first quarter of 2021. The dividend is payable on June 9, 2021 to stockholders of record as of May 27, 2021.

Danaos’ CEO Dr. John Coustas commented:

"The dramatic turnaround and strength of the market which we experienced in the beginning of the year continues unabated, if not stronger. The continuation of the pandemic and the ensuing slowdown in the terminal operations have exacerbated demand and the liner sector is at the limit of its capacity. The blockage of the Suez Canal further contributed to the disruption in the supply chain and conditions will likely not normalize before the end of the year, possibly after the peak season.

Liner companies are reporting record profits and, more importantly, are signing multi-year contracts at significantly higher levels which will keep their profitability at elevated levels. On the non-operating owners front, charter rates have skyrocketed to levels not seen for at least 10 years and what is more important duration has been significantly increased so that vessels over 4,000 TEU can secure 4+ years employment at very healthy levels.

This euphoria due to the sharp increase in rates and confidence that the market will remain strong has led to a dramatic increase in newbuilding ordering. As a result, the orderbook now stands at 17% of the existing fleet which is higher compared to the 9% nadir at the end of 2020 but still much lower than the 50% it reached in 2008.

Fortunately, the lack of shipyard capacity and the hesitance of many market participants to order vessels with conventional fuel propulsion both are inhibiting factors for new orders and are keeping a lid on excessive ordering. In any event, the recently ordered vessels will not deliver until at least 2023, and the next two years should be lean in terms of fleet supply growth. We believe that the expected strong demand growth post pandemic will comfortably absorb the existing orderbook.

As far as Danaos is concerned we are currently in the best ever position and reaping the benefits of the current market environment. On April 12th we completed our refinancing on very competitive terms and also positioned the company successfully in the US bond market, giving us access to a very significant pool of capital. The amortization profile of our debt is resulting in significant free cash flow for growth opportunities.

The stellar performance of the liner sector had a number of significant consequences for us. First, our shareholding in ZIM is today valued at around $400 million. Secondly, the dramatic cash flow generation of Zim and HMM induced them to redeem early the bonds which we were holding so we will have a $75 million cash injection in the second quarter of 2021. Thirdly, the liner sector performance also eliminates counterparty risk for the foreseeable future.

On the chartering front every fixture we concluded was done at a new record level. These fixtures are beginning to take effect and we expect to see improved metrics for every single quarter for this year.

Our strong financial standing and optimistic view for the future has led the Board to decide to reinstate a fixed quarterly dividend of $0.50 per share. Danaos has been repositioned as a growth company and has handsomely rewarded its shareholders through a dramatic share appreciation of greater than 1,000% since our November 2019 equity offering. We believe that our new fixed dividend will both expand our shareholder base to a new group of yield driven institutional investors and also enhance liquidity of the stock.

All the right steps that the company has undertaken in the last couple of years have been greatly appreciated by the market and we will continue along the same path in the future."

Three months ended March 31, 2021 compared to the three months ended March 31, 2020

During the three months ended March 31, 2021, Danaos had an average of 60.0 containerships compared to 55.7 containerships during the three months ended March 31, 2020. Our fleet utilization for the three months ended March 31, 2021 was 98.6% compared to 91.3% for the three months ended March 31, 2020. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 95% in the three months ended March 31, 2020.

Our adjusted net income amounted to $58.0 million, or $2.83 per share, for the three months ended March 31, 2021 compared to $33.3 million, or $1.34 per share, for the three months ended March 31, 2020. We have adjusted our net income in the three months ended March 31, 2021 for the change in fair value of our investment in ZIM of $247.9 million, a non-cash fees amortization and accrued finance fees charge of $5.0 million and stock-based compensation of $4.1 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $24.7 million in adjusted net income for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 is attributable mainly to a $25.9 million increase in operating revenues, a partial collection of common benefit claim of $3.9 million from Hanjin Shipping, a $2.5 million decrease in net finance expenses and a $0.3 million increase in the operating performance of our equity investment in Gemini Shipholdings Corporation (“Gemini”), which were partially offset by a $7.9 million increase in total operating expenses.

On a non-adjusted basis, our net income amounted to $296.8 million, or $14.47 earnings per diluted share, for the three months ended March 31, 2021 compared to net income of $29.1 million, or $1.17 earnings per diluted share, for the three months ended March 31, 2020.

Operating Revenues
Operating revenues increased by 24.4%, or $25.9 million, to $132.1 million in the three months ended March 31, 2021 from $106.2 million in the three months ended March 31, 2020.

Operating revenues for the three months ended March 31, 2021 reflect:

• a $10.5 million increase in revenues in the three months ended March 31, 2021 compared to the three months ended March 31, 2020 due to the incremental revenue generated by the newly-acquired vessels; and
• a $15.4 million increase in revenues in the three months ended March 31, 2021 compared to the three months ended March 31, 2020 mainly as a result of higher charter rates and improved fleet utilization.

Vessel Operating Expenses
Vessel operating expenses increased by $5.1 million to $31.1 million in the three months ended March 31, 2021 from $26.0 million in the three months ended March 31, 2020, primarily as a result of the increase in the average number of vessels in our fleet and by an increase in the average daily operating cost of $5,954 per vessel per day for vessels on time charter for the three months ended March 31, 2021 compared to $5,522 per vessel per day for the three months ended March 31, 2020. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration in the three months ended March 31, 2021. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 4.9%, or $1.2 million, to $25.8 million in the three months ended March 31, 2021 from $24.6 million in the three months ended March 31, 2020 mainly due to the acquisition of five vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs increased by $0.2 million to $2.5 million in the three months ended March 31, 2021 from $2.3 million in the three months ended March 31, 2020.

General and Administrative Expenses
General and administrative expenses increased by $5.1 million to $10.9 million in the three months ended March 31, 2021, from $5.8 million in the three months ended March 31, 2020. The increase was mainly due to a $4.6 million increase in stock-based compensation and increased management fees due to the increased size of our fleet.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $0.2 million to $4.2 million in the three months ended March 31, 2021 from $4.0 million in the three months ended March 31, 2020 primarily as a result of the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense decreased by 7.4%, or $1.2 million, to $15.1 million in the three months ended March 31, 2021 from $16.3 million in the three months ended March 31, 2020. The decrease in interest expense is attributable to:

(i) a $2.0 million decrease in interest expense due to a decrease in average cost of debt service by approximately 1.5%, which was partially offset by a $70.3 million increase in our average debt (including leaseback obligations), to $1,614.5 million in the three months ended March 31, 2021, compared to $1,544.2 million in the three months ended March 31, 2020; and

(ii) a $0.8 million increase in the amortization of deferred finance costs and debt discount related to our debt.

Our total outstanding debt as of March 31, 2021, reflects an additional amount of $300 million relating to our Senior Notes issued in February 2021, with net proceeds of $294.4 million placed in an escrow account. These net proceeds were used, together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each drawn in April 2021, to refinance a substantial majority of our outstanding senior secured indebtedness on April 12, 2021. See “Recent Developments”.

As of March 31, 2021, our outstanding debt, net of $294.4 million escrowed net cash proceeds from the Senior Notes and gross of deferred finance costs, was $1,306.8 million and our leaseback obligation was $117.5 million compared to our outstanding debt of $1,396.3 million and our leaseback obligation of $134.3 million as of March 31, 2020.

Interest income increased by $0.3 million to $2.0 million in the three months ended March 31, 2021 compared to $1.7 million in the three months ended March 31, 2020.

Change in fair value of investments
The change in fair value of investments of $247.875 million relates to the change in fair value of our shareholding interest in ZIM, which completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021. We currently own 10,186,950 ordinary shares of ZIM, which were valued at $247.95 million as of March 31, 2021 compared to the book value of these shares of $75 thousand as of December 31, 2020.

Other finance costs, net
Other finance costs, net decreased by $0.2 million to $0.4 million in the three months ended March 31, 2021 compared to $0.6 million in the three months ended March 31, 2020.

Equity income on investments
Equity income/(loss) on investments increased by $0.3 million to $1.8 million of income on investments in the three months ended March 31, 2021 compared to a $1.5 million income on investments in the three months ended March 31, 2020 due to the improved operating performance of Gemini, in which the Company has a 49% shareholding interest.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended March 31, 2021 and March 31, 2020.

Other income, net
Other income, net was $4.0 million in income in the three months ended March 31, 2021 compared to $0.2 million in the three months ended March 31, 2020. The increase was mainly due to the collection from Hanjin Shipping of $3.9 million as a partial payment of common benefit claim and interest.

Adjusted EBITDA
Adjusted EBITDA increased by 33.9%, or $24.4 million, to $96.3 million in the three months ended March 31, 2021 from $71.9 million in the three months ended March 31, 2020. As outlined above, the increase is mainly attributable to a $25.9 million increase in operating revenues, a partial collection of common benefit claim of $3.9 million from Hanjin Shipping and a $0.3 million increase in the operating performance of our equity investees, which were partially offset by a $5.7 million increase in total operating expenses. Adjusted EBITDA for the three months ended March 31, 2021 is adjusted for change in fair value of investments of $247.9 million and stock based compensation of $4.9 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Dividend Payment

On May 10, 2021 we declared a dividend of $0.50 per share of common stock for the first quarter of 2021, which is payable on June 9, 2021 to stockholders of record as of May 27, 2021. We intend to pay regular quarterly dividends on our common stock. Payments of dividends are subject to the discretion of our board of directors, provisions of Marshall Islands law affecting the payment of distributions to stockholders and the terms of our credit facilities, which permit the payment of dividends so long as there has been no event of default thereunder nor would occur as a result of such dividend payment, and will be subject to conditions in the container shipping industry, our financial performance and us having sufficient available excess cash and distributable reserves.

Recent Developments

On April 12, 2021, the Company refinanced a substantial majority of its outstanding senior secured indebtedness with the proceeds from a $815 million senior secured credit facility with Citibank N.A. and National Westminster Bank plc, a $135 million sale leaseback agreement with Oriental Fleet International Company Limited, an affiliate of COSCO Shipping Lease Co., Ltd., with respect to five vessels, and the net proceeds of the Company’s February 2021 offering of $300 million of 8.500% Senior Notes due 2028.

Conference Call and Webcast

On Tuesday, May 11, 2021 at 9:00 A.M. ET, the Company's management will host a conference call to discuss the results.

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 844 802 2437 (US Toll Free Dial In), 0800 279 9489 (UK Toll Free Dial In) or +44 (0) 2075 441 375 (Standard International Dial In). Please indicate to the operator that you wish to join the Danaos Corporation earnings call.

A telephonic replay of the conference call will be available until May 18, 2021 by dialing 1 877 344 7529 (US Toll Free Dial In) or 1-412-317-0088 (Standard International Dial In) and using 10156175# as the access code.

Audio Webcast
There will also be a live and then archived webcast of the conference call on the Danaos website (www.danaos.com). Participants of the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Slide Presentation
A slide presentation regarding the Company and the containership industry will also be available on the Danaos website (www.danaos.com).

About Danaos Corporation

Danaos Corporation is one of the largest independent owners of modern, large-size containerships. Our current fleet of 65 containerships aggregating 403,793 TEUs, including five vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity. Our fleet is chartered to many of the world's largest liner companies on fixed-rate charters. Our long track record of success is predicated on our efficient and rigorous operational standards and environmental controls. Danaos Corporation's shares trade on the New York Stock Exchange under the symbol "DAC".

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the impact of the COVID-19 pandemic and efforts throughout the world to contain its spread, including effects on global economic activity, demand for seaborne transportation of containerized cargo, the ability and willingness of charterers to perform their obligations to us, charter rates for containerships, shipyards performing scrubber installations, drydocking and repairs, changing vessel crews and availability of financing; Danaos’ ability to achieve the expected benefits of the 2021 debt refinancing and comply with the terms of its new credit facilities and other financing agreements; the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

Visit our website at www.danaos.com.

Appendix

Fleet Utilization

Danaos had 51 unscheduled off-hire days in the three months ended March 31, 2021. The following table summarizes vessel utilization and the impact of the off-hire days on the Company’s revenue.

Fleet List

The following table describes in detail our fleet deployment profile as of May 10, 2021:

Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
+30 210 419 6480
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Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
+30 210 419 6400
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Investor Relations and Financial Media
Rose & Company
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Partnership to Expand Energy Flexibility in Japan and Leverage Kiwi Power’s Decade of Experience

LONDON & TOKYO--(BUSINESS WIRE)--Kiwi Power, a veteran global energy technology company backed by ENGIE, has partnered with ENECHANGE Ltd., a Japanese leader in energy technology innovation that is publicly traded and working with hundreds of suppliers, to bring its advanced distributed energy resource platform to Japan. Kiwi Power’s technology will support the expansion of flexibility programs in the nation, increasing grid reliability and distributed energy resource monetisation opportunities across Japan’s fast growing, $136+ billion power trading market.

Clean energy in Japan has proliferated rapidly since the Great East Japan Earthquake in 2011. Most recently, Japanese Prime Minister Yoshihide Suga announced the country’s “Green Growth Strategy,” with the aim of achieving carbon-neutrality by 2050. This increase in renewables and a more diverse power mix has paved the way for a growing demand for energy flexibility programs to help balance supply and demand on the nation’s grid.

Kiwi Power’s partnership with ENECHANGE will bring Japanese energy players in the Commercial & Industrial (C&I) sectors the technology and confidence to participate in the country’s emerging flexibility programs. Kiwi Power’s energy technology platform, featuring Virtual Power Plant (VPP) capabilities, is one of the only solutions to provide software and hardware to its clients, making it easy for Japanese energy players to get started and begin to monetise their underutilised energy assets. Kiwi Power also brings ENECHANGE and its clients extensive expertise from a decade of experience developing the flexibility markets in the UK, which shares characteristics with Japan as an island nation.

“Kiwi Power is committed to helping Japan realize carbon neutrality by 2050 and grid flexibility is key to making the country’s energy transition economically feasible,” said Jay Zoellner, CEO of Kiwi Power. “We are beyond thrilled to be working with ENECHANGE as our distribution partner in the Japanese market. As the Japanese market opens up, we expect to see billions of dollars of value and grid efficiency unlocked through our technology.”

Yohei Kiguchi, CEO of ENECHANGE Co., Ltd., is equally enthusiastic about the partnership. “We’ve been eagerly following the global trends in the VPP sector and it is clear that Kiwi Power has a globally competitive solution,” he said. “ Kiwi Power has a strong track record and has been recognized by global leaders like ENGIE, and our alliance presents a fantastic opportunity. The combination of Kiwi Power's technology and ENECHANGE's network present a strong foundation for growth in the Japanese market.”

In 2019, Kiwi Power was named as one of the winners in the Japan Energy Challenge (renamed ENECHANGE Insight Ventures in 2021) and has since been engaged with ENECHANGE in supporting Japan’s energy transition.

About Kiwi Power

Kiwi Power is a leading global energy technology company delivering distributed energy technology and expertise. The company has over a decade of experience as a market leader, ranking #1 in execution for VPPs by Guidehouse Insights and winning the S&P Global Grid Edge award in 2020. Our simple, yet powerful technology solution, combined with an attractive commercial model and our expertise, gives clients the confidence to participate in the growing flexibility markets and to maximize the value of their distributed energy resources. For more information, visit https://www.kiwipowered.com.

About ENECHANGE

ENECHANGE is an energy technology company that promotes a decarbonized society using digital technology under the banner of "Creating the Future of Energy." We are developing services centered on data utilization related to the 4Ds of Energy: deregulation (liberalization), digitalization, decarbonization, and decentralization. Our roots are found in the Cambridge Energy Data Lab in the UK, a country with advanced energy liberalization. ENECHANGE has a UK subsidiary, SMAP Energy Limited, which focuses on smart meter data analysis technology with a global network.

Kiwi Power
Tori Bentkover
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ENECHANGE
Tokiko Nakata, Public Relations Officer, ENECHANGE Co., Ltd.　
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Kirsty Bouwers
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Proceeds to be used for general corporate purposes, including clean energy growth initiatives, potential future acquisitions and reduction of net leverage

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on May 7, 2021 it closed an underwritten registered public offering of 4,000,000 shares of its 7.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share with a liquidation preference of $25.00 per share (the “Preferred Stock”), at an offering price of $25.00, for gross proceeds of approximately $100 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

B&W granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Preferred Stock in connection with the offering, which option remains in effect.

The Preferred Stock is expected to begin trading on the NYSE under the symbol “BW PRA” within 30 business days of the closing date.

The offering resulted in net proceeds of approximately $95.7 million after deducting underwriting discounts and commissions, but before expenses. B&W intends to use the net proceeds of the offering for general corporate purposes, including clean energy growth initiatives, potential future acquisitions and reduction of net leverage.

Dividends on the Preferred Stock will be paid when, as and if declared by the Company’s Board of Directors at the annual rate of 7.75% of the $25.00 liquidation preference per year (equivalent to $1.9375 per year). Dividends on the Preferred Stock will be payable quarterly when, as and if declared in arrears on March 31, June 30, September 30 and December 31 of each year. The first dividend on the Preferred Stock, when, as and if declared, will be paid on June 30, 2021, for less than a full quarter after the initial issuance of the Preferred Stock and covering the period from the first date the Preferred Stock is issued and sold through, but not including, June 30, 2021.

“We continue to see new opportunities globally for both organic and inorganic growth of our renewable and environmental technologies, including waste-to-energy, hydrogen production and carbon capture technologies with the potential to drive a world-wide industrial transformation to a green environmental future,” said Kenneth Young, B&W’s Chairman and CEO. “We are also seeing acquisition opportunities within the thermal services sector with the potential to achieve immediate synergies and higher margins, leveraging the strength of our experienced management team.”

“Our significant cost reductions and strengthened balance sheet put B&W in a very favorable position to compete globally on mature and emerging technologies,” Young continued. “Looking forward, we remain focused on increasing the value of our stock and returns to shareholders as we profitably grow our Renewable, Environmental and Thermal segments, including deploying our waste-to-energy and carbon capture technologies to help meet critical climate goals, and pursuing our more than $5 billion 3-year pipeline of identified project opportunities.”

B. Riley Securities, Inc. served as the lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., National Securities Corporation and William Blair & Company acted as joint book-running managers for the offering. Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as lead manager for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc., Incapital LLC and Wedbush Securities Inc. acted as co-managers for the offering.

The Preferred Stock was offered under an effective shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (“SEC”) on April 22, 2021 and declared effective by the SEC on April 30, 2021. The offering was made only by means of the prospectus supplement dated May 4, 2021 and the accompanying base prospectus dated April 30, 2021. Copies of the prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offering of Preferred Stock and intended use of net proceeds. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 8, 2021, under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable) and the prospectus supplement related to the offering of the Preferred Stock. These factors should be considered carefully, and the Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.

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

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

SANTA MONICA, Calif.--(BUSINESS WIRE)--The Battery Show & EV Tech Europe Digital Days, a three-day digital event connecting the global advanced battery and EV/HEV tech community, today announced the companies that will be featured in the Virtual Product Showcase. Integrated with the conference and exhibition, the Showcase will spotlight technologies and solutions from the industry's leading suppliers, giving attendees and press exclusive access to cutting-edge product demos from Aceleron, ESI Automotive, Geyser Batteries, Graco, Parker Hannifin/LORD Corporation, and Sensata Technologies.

To tune into the event and Product Showcase presentations:

• Attendees can register here;
• Press can register here.

Scheduled for 18-20 May, the digital event is designed to meet the changing needs of the advanced battery and EV sectors that are currently undergoing unprecedented growth on a global scale. The Product Showcase is a well-established program that brings attention to the industry's most technical and innovative products and solutions available on the market. Each company is allotted 15 minutes to present a product demo followed by an in-depth Q&A between the presenter and attendees; presentations will take place throughout the three-day event.

"Rapid technological advancements in battery production have yielded the ability to store more energy than ever, thus transforming how power systems are applied in EV/HEV vehicles," said Rob Shelton, group event director, Digital Days, Informa Markets. "Engineers must be privy to the products and solutions on the forefront that are driving innovation and advancement—the Virtual Product Showcase serves as an interactive program for design engineers to learn from the best."

Select Virtual Product Showcase presentations include:

Aceleron

Truly committed to a circular economic model, Aceleron exists to bring sustainability and innovation to the Tech industry by revolutionising the linear economy's traditional battery manufacturing methods with their next-gen advanced storage, the Essential. At the core of the Essential is their Patented Circa™ Platform. This state-of-the-art assembly technology is engineered for the future, making the Essential the world's 1st Serviceable, Upgradeable and Recyclable Lithium Iron Phosphate battery. Designed with its applications' lifespan in mind, the Essential storage solution allows partner service providers to take apart, repair easily, and enhance the battery, giving it a new extended life. The Essential's performance reaches new heights, at up to 200A+ peak power with more capacity than ever before. Aceleron aspires to accelerate access to cleaner energy storage worldwide and futureproof the technology to significantly increase battery life, optimise material use and reduce waste. Their advanced clean technology will help positively impact the environment, economy, and society. For more information, visit www.aceleronenergy.com.

ESI Automotive

Powered by efficiency at the digital event, ESI Automotive is highlighting its high-performance technologies for electric vehicles (EVs) at The Battery Show & EV Tech Europe Digital Days. Experts will show how system-level solutions can help meet the EV challenges of range, power, and reliability. ESI Automotive will demonstrate how its portfolio of materials solutions can extend range by offering the lowest cost per kilowatt, delivering 40% more power, and providing 30 times more reliability. Chris Klok, Director Vehicle Electrification Strategy, will give a presentation on 18 May at 11:15 am: 'High-performance materials for electronics - Improving Range, Power, and Reliability of electric vehicles.' He will address solutions for die-attach, soldering, and plating. These enable EV inverters to be more efficient, last longer, have a smaller footprint, and be produced cost-effectively in high volumes. Visitors will have the opportunity to book meetings with experts about EVs and upcoming projects. Enabling technology for electric vehicles. Already on it. For more information, visit www.esiauto.com.

Geyser Batteries

48V bipolar power modules: safe and sustainable hybrid electrochemistry. This industry update reports on the recent advances in the development of 48V power batteries for industrial customers and update the automation and corresponding scale-up of manufacturing of Geyser Batteries' bipolar modules. The update outlines the next steps in further industrialization of Geyser Batteries' proprietary electrochemistry and unique know-how in bipolar design. Geyser Batteries is a brainchild of scientists with decades of experience in developing and manufacturing electrochemical power sources and supercapacitors utilizing bipolar design. The company was incorporated in 2018 in Helsinki, Finland to industrialise and expand the adoption of the disruptive energy storage technology invented by the founding team. Geyser Batteries is being built with a vision that the future is electric, and that electrification shall be sustainable and accountable. It is the full lifecycle of an electric solution that counts to make sure that the sum of all the changes it brings creates a positive impact on the planet. For more information, visit www.geyserbatteries.com.

Graco

For almost 100 years, Graco has been a leader in fluid handling equipment. We have been at the forefront of technologies and innovations that provided considerable contributions to many bonding, sealing ant thermal interface (TIM) applications in the automotive and electric vehicles battery market. Just as the automotive industry moves from combustion engines to EV batteries, Graco is also investing in electric-driven solutions for its pumping, metering, mixing, and dispensing equipment. At the core of this new technology is the APD – electric motor. This electric servo-driven motor offers superior control and is able to provide more significant energy efficiency as it no longer needs pressurized air. While noise can be an issue in a production environment, the electric motor can reduce the sound level to less than 80dBa. Graco strives to provide customers with A+ customer service. And with worldwide offices, engineering centers, and dedicated employees, we can give you the service and support you need. For more information, visit www.graco.com.

Sensata Technologies

Sensata Technologies will be featuring Battery Management Systems and Advanced Switching solutions from its product brands, recently acquired BMS provider Lithium Balance, and contactor and fuse expert, GIGAVAC. They will host an on-demand webinar about the new Lithium Balance i-BMS battery management system which features high voltage measurement accuracy, a compact hardware design and everything needed to manage and maintain a long-life, performant and safe battery.

Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users in the automotive, heavy vehicle & off-road, industrial and aerospace industries.

Earlier this year, Sensata announced the full acquisition of Denmark-based Battery Management System (BMS) provider, Lithium Balance, accelerating Sensata's efforts in electrification and clean energy markets.

Since its founding in 2006 as a start-up at the Danish Technological Institute, Lithium Balance has pushed battery-based electrification forward by developing the next generation BMS technologies for lithium ion batteries, including its XOLTA brand of fully modular, cloud connected energy storage systems (ESS).

Sensata’s prior acquisitions such as Gigavac in 2018 have helped position the company as a leading provider of mission critical high voltage protection on EVs and in the charging infrastructure. These additions further expand Sensata’s portfolio to offer battery management solutions to a variety of vehicle OEMs and integrated energy storage solutions to commercial and industrial customers. For more information, please visit www.sensata.com.

Please visit here for the full The Battery Show & EV Tech Europe Digital Days Virtual Product Showcase schedule and conference agenda, please visit here.

Follow The Battery Show & EV Tech Europe Digital Days on social media: #TheBatteryShow

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About Informa Markets – Engineering:

Informa Markets' Engineering portfolio is the leading B2B event producer, publisher, and digital media business for the world's $3-trillion advanced, technology-based manufacturing industry. Our print and electronic products deliver trusted information to the engineering market and leverage our proprietary 1.3-million-name database to connect suppliers with buyers and purchase influencers. We produce more than 50 events and conferences in a dozen countries, connecting manufacturing professionals from around the globe. The Engineering portfolio is organized by Informa, the world's leading exhibitions organizer that brings a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

About Informa Markets

Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Engineering, Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and, do business through face-to-face exhibitions, specialist digital content and, actionable data solutions. As the world's leading exhibitions organizer, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

Lauren Lloyd
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310-266-4792

DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT) announced today that the company will hold its Investor Day in Denver, Colorado, on Thursday, June 17, 2021. The Liberty leadership team will be discussing macro trends in the energy industry, technology driving the next phase of the shale revolution and Liberty’s ESG strategic initiatives, technology leadership and financial outlook.

Technology and innovation are at the foundation of smarter, more valuable service. The Liberty Investor Day is where they come to life. Liberty’s transformative acquisition of Schlumberger’s North American frac business takes our leadership position to new heights, supporting our industry’s efficiency and sustainability efforts and Liberty’s efforts to drive superior shareholder returns. Learn how Liberty is pushing the frontiers of digital technology in the service industry in a safe, efficient and responsible way to achieve these goals.

The Investor Day will provide investors with an opportunity to engage in interactive presentations, experience the latest technology and equipment on site, get direct access to experts from the Liberty team, engage with leadership from the greater Denver oil and gas community and visit a frac site.

The conference will include presentations and discussions with Chris Wright, Chief Executive Officer, Ron Gusek, President, Michael Stock, Chief Financial Officer, Dr. Leen Weijers, VP of Technology, Jim Brady VP of Operations and other business executives and technology leadership. The conference agenda is as follows, and is subject to change (all times listed in MT):

• 9:00am to 10:00am: Energy is Important: Why and How Liberty is Driving Change
  • Macro trends in the energy industry, technology driving the next phase of the shale revolution, Liberty’s ESG strategic initiatives
• 10:00am to 11:30am: Technology: Below the Surface - Big Data, Physics, Innovation and the Future
  • Connecting reservoirs to the customer, fraconomics, well spacing and development strategies, completion optimization, perforations, clustering, diversion, frac diagnostics, production optimization and the future
• 11:30am to 12:30pm: Lunch Presentation
  • Mystery Guest – Energy and the Current Narrative
• 12:30pm to 2:00pm: Technology: Above the Surface - Next Generation of Equipment and Service
  • Efficiency, equipment, emissions, automation, supply chain, risk reduction, digitization and the future
• 2:00pm to 2:30pm: Financial Overview and Outlook
• 2:30pm to 3:00pm: Open Forum – Whatever You Want to Talk About!
• 3:00pm to 4:00pm: Equipment Tour
• 4:00pm: Happy Hour with Executives from the Wider Colorado Oil & Gas Community