HOUSTON--(BUSINESS WIRE)--#cyberdefense--Siemens Energy recently completed the commissioning of one feed and sales gas train and one refrigeration compression train for the Pipestone Processing Facility in Grand Prairie, Alberta, Canada. The Pipestone Processing Facility is owned by Keyera Partnership, a subsidiary of Keyera Corp.
The feed and sales gas train features two high-efficiency DATUM centrifugal compressors and a gearbox, driven by a 40-megawatt SGT-750 industrial gas turbine. The refrigeration train consists of a gearbox and an electric motor-driven DATUM compressor with a variable frequency drive. The project is the first application of this generation of gas turbine for a gas processing plant in North America.
The dry-low emissions (DLE) combustion system of the SGT-750 turbine offers world-class emission performance and fuel flexibility over a wide load range. The turbine can achieve single-digit NOₓ emission levels down to a 20% load. The compression train also includes a waste heat recovery unit, which will enhance processing efficiency and further contribute to reducing the plant’s carbon footprint.
The facility has a total sour gas processing capacity of 200 million cubic feet per day (with acid injection capabilities), along with 24,000 barrels per day of raw condensate processing capacity and associated water disposal facilities.
A flexible long-term service contract is in place between Siemens Energy and Keyera Partnership. As part of the agreement, Siemens Energy will provide tailored maintenance services to Keyera Partnership for the SGT-750 installation.
“The fact that Siemens Energy was selected for both compression trains with a long-term service contract is a testament to confidence not only in the technical capabilities of our equipment but also in our ability to ensure smooth, on-time delivery and execution,” said Patrice Laporte, Head of North America Industrial Applications Products for Siemens Energy. “The high efficiency of the DATUM compressors, coupled with the low-emissions profile and industry-leading fuel efficiency of the SGT-750 gas turbine, will enable the Pipestone facility to ensure compliance with applicable Canadian regulations and achieve a lower carbon footprint relative to other processing facilities of comparable size.”
This press release and a press picture are available at www.siemens-energy.com/press
For further information on the SGT-750 gas turbine, please see http://bit.ly/38B6XSx
For further information on centrifugal compressors, visit http://bit.ly/3sLE6TY
For further information on service programs, visit http://bit.ly/3ivJAgB
Follow us on Twitter at: www.twitter.com/siemens_energy
Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020. www.siemens-energy.com.
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HOUSTON--(BUSINESS WIRE)--SANDRIDGE MISSISSIPPIAN TRUST I (OTC: SDTTU) today announced a quarterly distribution for the three-month period ended December 31, 2020 (which primarily relates to production attributable to the Trust’s interests from September 1, 2020 to November 30, 2020) of approximately $0.1 million, or $0.0029 per unit. The Trust makes distributions on a quarterly basis on or about the 60th day following the completion of each quarter. The distribution is expected to occur on or before February 26, 2021 to holders of record as of the close of business on February 12, 2021.
During the three-month production period ended November 30, 2020, average natural gas and natural gas liquids (“NGL”) prices increased compared to the three-month period ended August 31, 2020. Combined sales volumes slightly decreased compared to the previous period. As no additional development wells will be drilled, the Trust’s production is expected to decline each quarter during the remainder of its life.
As described in the Trust’s annual and quarterly reports filed with the Securities and Exchange Commission (the “SEC”), the trust agreement governing the Trust requires the Trust to dissolve and commence winding up of its business and affairs if cash available for distribution for any four consecutive quarters, on a cumulative basis, is less than $1.0 million. As cash available for distribution for the four consecutive quarters ended September 30, 2020, on a cumulative basis, totaled approximately $815,000, the Trust was required to dissolve and commence winding up beginning as of the close of business on November 13, 2020 (the “dissolution trigger date”). Accordingly, the Trustee is required to sell all of the Trust’s assets, either by private sale or public auction, and distribute the net proceeds of the sale to the Trust unitholders after payment, or reasonable provision for payment, of all Trust liabilities, which is expected to include the establishment of cash reserves in such amounts as the Trustee in its discretion deems appropriate for the purpose of making reasonable provision for all claims and obligations of the Trust, including any contingent, conditional or unmatured claims and obligations, in accordance with the Delaware Statutory Trust Act. The sale process will involve costs that will reduce the amounts of any distributions to unitholders during the winding up period. As required by the trust agreement, the Trustee has engaged a third-party advisor to assist with the marketing and sale of the Trust’s assets. As provided in the trust agreement, SandRidge has a right of first refusal with respect to any sale of assets to a third party. The Trustee expects to complete the sale of the Trust’s assets and distribute the net proceeds of the sale to the Trust unitholders by the third quarter of 2021, and the Trust units are expected to be canceled shortly thereafter. Pending the sale or sales of the royalty interests, the Trust anticipates that it will continue to receive income from the royalty interests and will continue to make quarterly distributions to unitholders to the extent there is available cash after payment of Trust expenses and additions to cash reserves. The Trust will remain in existence until the filing of a certificate of cancellation with the Secretary of State of the State of Delaware following the completion of the winding up process.
The Trust owns royalty interests in oil and natural gas properties in the Mississippian formation in Alfalfa, Garfield, Grant and Woods counties in Oklahoma and is entitled to receive proceeds from the sale of production attributable to the royalty interests. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of actual production volumes, oil, natural gas and NGL prices, and the amount and timing of the Trust’s administrative expenses, among other factors. All Trust unitholders share distributions on a pro rata basis.
Volumes, average prices and distributable income available to unitholders for the period were (dollars in thousands, except average prices and per unit amount):
Sales Volumes |
|
||
Oil (MBbl) |
5 |
||
NGL (MBbl) |
17 |
||
Natural Gas (MMcf) |
186 |
||
Combined (MBoe) |
54 |
||
Average Price |
|
||
Oil (per Bbl) |
$ |
38.06 |
|
NGL (per Bbl) |
$ |
10.62 |
|
Natural Gas (per Mcf) |
$ |
1.83 |
|
Natural Gas (per Mcf) including impact of post-production expenses |
$ |
1.15 |
|
Revenues |
$ |
732 |
|
Expenses |
556 |
||
Distributable income |
$ |
176 |
|
Additional cash reserve |
96 |
|
|
Distributable income available to unitholders |
$ |
80 |
|
Distributable income per unit (28,000,000 units issued and outstanding) |
$ |
0.0029 |
|
As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $35,000 or 3.5% of the funds otherwise available for distribution to Trust unitholders each quarter to gradually increase cash reserves for the payment of future known, anticipated or contingent expenses or liabilities by a total of approximately $1,425,000. In light of the early termination of the Trust, the Trustee has elected to withhold approximately $96,000, the remaining amount needed to reach its targeted cash reserve. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds.
Pursuant to Internal Revenue Code Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons ("ECI") should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at 30% of gross income unless the rate is reduced by treaty. This is intended to be a qualified notice by SandRidge Mississippian Trust I to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b), and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold at the highest marginal rate on the distribution made to non-U.S. persons. The Tax Cuts and Jobs Act (the "TCJA") enacted in December 2017 treats a non-U.S. holder's gain on the sale of Trust units as ECI to the extent such holder would have had ECI if the Trust had sold all of its assets at fair market value on the date of the exchange. The TCJA also requires the transferee of units to withhold 10% of the amount realized on the sale of exchange of units (generally, the purchase price) unless the transferor certifies that it is not a nonresident alien individual or foreign corporation. Pending the finalization of proposed regulations under IRC Section 1446, the IRS has suspended this new withholding obligation with respect to publicly traded partnerships such as the Trust, which is classified as a partnership for federal and state income tax purposes.
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders; expectations regarding the timing of the completion of the sale process and the winding up of the Trust, including the cancellation of the Trust units; expectations regarding the costs involved in the sale process; and statements regarding the possibility of future distributions to unitholders during the winding up period. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from SandRidge with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively impacted by prevailing low commodity prices, which have declined sharply since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the announcement in March 2020 of planned production increases by Saudi Arabia and could remain low for an extended period of time or decline further. Continued low oil, NGL and natural gas prices will reduce revenues to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses, and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither SandRidge nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by SandRidge Mississippian Trust I is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, and all of its other filings with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
SandRidge Mississippian Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
DUBLIN--(BUSINESS WIRE)--The "Global Amphibious Landing Craft Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.
The publisher has been monitoring the amphibious landing craft market and it is poised to grow by $483.62 million during 2021-2025 progressing at a CAGR of 3% during the forecast period.
The report on amphibious landing craft market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the upgrade of capabilities to counter emerging threats, increasing commercial adoption of amphibious landing craft, and increase in number of joint operations fueling procurement.
The amphibious landing craft market analysis includes type segment and geographical landscapes. This study identifies the integration of directed-energy weapons (DEWs) as one of the prime reasons driving the amphibious landing craft market growth during the next few years. Also, advent of hybrid drive trains in AAVs, and induction of amphibious ships into naval forces will lead to sizable demand in the market.
Companies Mentioned
The report on amphibious landing craft market covers the following areas:
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.
Key Topics Covered:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation by Type
6. Customer Landscape
7. Geographic Landscape
8. Vendor Landscape
9. Vendor Analysis
10. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/70micg
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.1525 per ET common unit ($0.61 on an annualized basis) for the fourth quarter ended December 31, 2020. The announced quarterly distribution is consistent with the distribution for the third quarter of 2020 and will be paid on February 19, 2021 to unitholders of record as of the close of business on February 8, 2021.
Fourth Quarter and Full Year 2020 Earnings Release and Conference Call
In addition, Energy Transfer plans to release earnings for the fourth quarter and full year 2020 on Wednesday, February 17, 2021, after the market closes. The company will conduct a conference call on Wednesday, February 17, 2021 at 4:00 p.m. Central Time/5:00 p.m. Eastern Time to discuss quarterly results and provide a company update including an outlook for 2021. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET, through its ownership of Energy Transfer Operating, L.P., also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
The information contained in this press release is available on our website at energytransfer.com.
Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795
Media Relations:
Vicki Granado
214-840-5820
Agreement Marks Key Milestone in Ecological Restoration Plan
HOUSTON--(BUSINESS WIRE)--#RES--RES and the Klamath River Renewal Corporation (KRRC) today announced that they have signed a contract for RES to provide restoration services in connection with the removal of four dams on the Klamath River. The agreement between RES and KRRC finalizes habitat restoration, maintenance, and liability transfer responsibilities for a fixed price, opening the door to a successful restoration of native vegetation and anadromous fish habitat along the historical, pre-dam path of the Klamath River.
The agreement confirms RES’ role as lead restoration contractor. The design and management plans described in the agreement fulfill the stringent permitting criteria of regulatory agencies involved in the project, including the Federal Energy Regulatory Commission (FERC), fisheries agencies in California and Oregon, and the U.S. Army Corps of Engineers.
“We are proud to have RES as our partner in accomplishing our shared vision of a renewed river system,” said Mark Bransom, CEO of the Klamath River Renewal Corporation. “Restoration is not some small task tagged on to a dam removal project. Extensively treating the thousands of acres in the project footprint following dam deconstruction – from planting native vegetation and stabilizing soils to ensuring tributary connectivity and controlling invasive species – is vital to achieving our overarching goal of recovering declining fish populations. We selected RES because of their successful track record permitting thousands of projects, many at the landscape-level, creating rich, high-functioning ecosystems with each one.”
The primary goal of the dam removal is reopening access to more than 400 miles of historical anadromous fish habitat, including critical spawning areas. Achieving that goal includes reconnecting tributaries to the Klamath River, and the restoration contract covers the design, construction, and long-term management of 18,000 feet of high-priority tributaries. It also includes revegetation of 2,200 acres of new ground set to be exposed once reservoirs behind the dams are drawn down. The restoration plan minimizes temporary impacts on landowners, agriculture, and recreational users of the river while accelerating its return to the full ecological functioning of historical times.
“Our vision for this project encompasses both RES’ experience in restoration at scale, and the ecological knowledge of the Native American tribes whose culture and livelihood depend on a healthy river and salmon population,” said Sam Burley, RES general counsel. “Part of our excitement about this project reflects our deep engagement with the Yurok, Karuk, and other Tribes. We believe it is critical to integrate their knowledge into our plan as we move to implement a shared vision of renewal for the Klamath River and the species and communities that depend on it.”
As part of the contract, RES voluntarily assumes liability for the success of the ecological restoration, including responsibility for one of the project’s primary post-dam removal challenges: the stabilization of sediment left behind after reservoirs are drawn down.
“We are both proud and humbled to be leading this restoration,” said Darrell Whitley, RES president and CEO. “Our approach to all our projects is one of long-term stewardship, ensuring that our design, implementation, and adaptive management result in sites that are self-sustaining and provide the expected ecological uplift. That fundamental belief has never been more important than for this project. This is true restoration, returning an ecosystem to its historical condition after 100 years of impacts. Its benefits will be felt throughout the watershed and all the way downstream to the Pacific Ocean, touching not just the landscape and ecosystem, but also the people that depend on the river for their health, well-being, and livelihoods.”
About RES
RES (Resource Environmental Solutions) is restoring a resilient earth for a modern world, project by project. As the nation’s largest ecological restoration company, RES provides environmental mitigation, stormwater and water quality, and climate and flooding resilience solutions with a focus on full delivery, long-term stewardship, and guaranteed performance. RES designs, builds, and sustains sites that preserve the environmental balance, restoring our land and waters to enhance lives for generations to come.
For more information, visit www.res.us.
Gaye Denley
Director, Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it. | 303.815.5211
HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.111 per unit for the fourth quarter of 2020 ($0.444 per unit on an annualized basis), the same amount as distributed in the prior quarter. The distribution is payable on February 19, 2021, to unitholders of record at the close of business on February 10, 2021.
Fourth Quarter 2020 Earnings Release Date and Conference Call Information
The Partnership plans to report fourth quarter 2020 financial and operating results after market close on Wednesday March 3, 2021. The Partnership will host a conference call and webcast regarding fourth quarter 2020 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, March 4, 2021.
To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (877) 266-7551 domestically or +1 (339) 368-5209 internationally, conference ID 3094936. Participants are advised to dial in at least five minutes prior to the call.
An audio replay of the conference call will be available for thirty days by dialing (800) 585-8367 domestically or +1 (404) 537-3406 internationally, conference ID 3094936. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USDG”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USDG, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal, which is expected to be placed into service late in the second quarter or early in the third quarter of 2021. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on USDG’s website is not part of this press release.
Qualified Notice to Nominees
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the amount and timing of the Partnership’s fourth quarter 2020 cash distribution and the business prospects of the Partnership and USDG. Words and phrases such as “plans,” “expects,” “will,” “pursuing,” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests, USDG’s projects and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership’s business and outlook. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include those as set forth under the heading “Risk Factors” in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission. The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Category: Earnings
Investor Relations Contacts:
Adam Altsuler, (281) 291-3995
Senior Vice President and Chief Financial Officer
Jennifer Waller, (832) 991-8383
Director, Financial Reporting and Investor Relations
DUBLIN--(BUSINESS WIRE)--The "Biorefinery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 6th edition of this report. The 183-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Biorefinery Market to Reach US$1.4 Trillion by the Year 2027
Amid the COVID-19 crisis, the global market for Biorefinery estimated at US$679.8 Billion in the year 2020, is projected to reach a revised size of US$1.4 Trillion by 2027, growing at a CAGR of 10.5% over the analysis period 2020-2027.
Industrial Biotechnology, one of the segments analyzed in the report, is projected to grow at a 9.9% CAGR to reach US$693.2 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Physico-Chemical segment is readjusted to a revised 11.7% CAGR for the next 7-year period. This segment currently accounts for a 38.4% share of the global Biorefinery market.
The U.S. Accounts for Over 28.8% of Global Market Size in 2020, While China is Forecast to Grow at a 14% CAGR for the Period of 2020-2027
The Biorefinery market in the U.S. is estimated at US$196.1 Billion in the year 2020. The country currently accounts for a 28.85% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$253.2 Billion in the year 2027 trailing a CAGR of 14% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 9.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR while Rest of European market (as defined in the study) will reach US$253.2 Billion by the year 2027.
Thermochemical Segment Corners a 8.9% Share in 2020
In the global Thermochemical segment, USA, Canada, Japan, China and Europe will drive the 8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$45.4 Billion in the year 2020 will reach a projected size of US$78 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$202.2 Billion by the year 2027, while Latin America will expand at a 10% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/62nfpy
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LOS ANGELES--(BUSINESS WIRE)--Faraday Future, a global shared intelligent mobility ecosystem company and China’s largest privately owned automotive group, Zhejiang Geely Holding Group, have jointly signed a framework cooperation agreement. The two sides will cooperate in technology and engineering support, and will explore the possibility of using OEM production services provided by the joint venture between Foxconn and Geely.
At the same time, Geely Holding Group has also signed a subscription agreement to become a minority investor in Faraday Future in connection with the previously announced business combination between Faraday Future and Property Solutions Acquisition Corp. (NASDAQ: PSAC), which remains subject to customary terms and conditions including the consummation of such business combination.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF’s vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
FOLLOW FARADAY FUTURE:
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release references a proposed transaction between PSAC and FF. PSAC intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed business combination between PSAC and FF. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, which was filed with the SEC on November 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/consent solicitation statement/prospectus that PSAC intends to file with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the framework cooperation agreement or proposed business combination; the inability to recognize the anticipated benefits of the proposed framework cooperation agreement or business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed framework cooperation agreement or business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transactions do not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
FOR FARADAY FUTURE
Investors:
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DUBLIN--(BUSINESS WIRE)--The "Biogas - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 8th edition of this report. The 140-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Biogas Market to Reach $42.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Biogas estimated at US$30.3 Billion in the year 2020, is projected to reach a revised size of US$42.7 Billion by 2027, growing at a CAGR of 5% over the period 2020-2027.
Electricity & Heat, one of the segments analyzed in the report, is projected to record 4.7% CAGR and reach US$22.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vehicle Fuel segment is readjusted to a revised 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $8.9 Billion, While China is Forecast to Grow at 4.7% CAGR
The Biogas market in the U.S. is estimated at US$8.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.6 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/xmhj8i
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LONDON--(BUSINESS WIRE)--#GlobalOffshoreOilandGasSeismicEquipmentandAcquisitionsMarket--The offshore oil and gas seismic equipment and acquisitions market is expected to grow by USD 1.39 billion, progressing at a CAGR of over 7% during the forecast period.
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The rise in deepwater and ultra-deepwater E&P projects is one of the major factors propelling market growth. However, factors such as overcapacity constraints with seismic vessel fleets will hamper the market growth.
More details: https://www.technavio.com/report/offshore-oil-and-gas-seismic-equipment-and-acquisitions-market-industry-analysis
Offshore Oil And Gas Seismic Equipment And Acquisitions Market: Technology Landscape
By technology, 3D seismic survey segment is going to have a lucrative growth during the forecast period. About 18% of the market’s overall growth is expected to originate from Germany.
Offshore Oil And Gas Seismic Equipment And Acquisitions Market: Geographic Landscape
By geography, Europe is going to have a lucrative growth during the forecast period. About 27% of the market’s overall growth is expected to originate from Europe. Norway and the UK are the key markets for Offshore Oil and Gas Seismic Equipment and Acquisitions in Europe.
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Landing String Equipment Market by Application and Geography - Forecast and Analysis 2021-2025: The landing string equipment market size has the potential to grow by USD 310.00 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.21%.
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Petroleum Sorbent Pads Market by End-user and Geography - Forecast and Analysis 2021-2025: The petroleum sorbent pads market size has the potential to grow by USD 32.29 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 5.31%.
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Companies Covered:
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Key Topics Covered:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TECHNOLOGY
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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DUBLIN--(BUSINESS WIRE)--The "Europe Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product" report has been added to ResearchAndMarkets.com's offering.
The Europe offshore pipeline market is expected to grow from US$ 4,959.17 million in 2019 to US$ 6,612.02 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027.
Increasing demand for natural gas and crude oil drives the growth of the Europe offshore pipeline market. The markets in the UK and Germany are presenting the most considerable growth. The robust surge in petrochemical demand in Europe resulted in increased consumption. Rise in industrial production and high demand for trucking services boost the need for petrochemicals, thereby fueling the growth of the market across the region. Moreover, growing air traffic volumes across Europe is another factor increasing oil consumption. Europe is witnessing high demand for natural gas owing to rise in use of natural gas in diverse industrial sectors. Surge in demand for oil & gas is attributed to increasing industrialization and urbanization. Several oil & gas companies across the region are increasing their offshore exploration & production (E&P) activities to meet the constantly rising energy demand. One of the significant oil & gas pipeline projects across Europe is Nord Stream 2 Gas Pipeline (Russia), which may get launched by the end of 2020. Rising demand for oil & gas increases E&P activities, which, in turn, supports the growth of the Europe offshore pipeline market.
Countries in Europe, especially the UK and Russia, are adversely affected by the COVID-19 pandemic. In Europe, several countries are suffering an economic downturn and decline in business activities across the oil & gas sector due to the drop in oil prices in the first quarter of 2020. Many of these countries are implementing drastic measures on activities of imports and exports, and shipment of goods by partially closing their borders. The restrictions are hindering the demand for energy in various industry verticals, which restrains the growth of Europe offshore pipeline market.
The impact of the COVID-19 outbreak varies from country to country across Europe as countries are reporting a surge in the number of confirmed cases, and are imposing stringent and more extended lockdown or social isolation. The measures are disrupting businesses industry verticals and the demand for oil commodities. The lockdown is hindering the offshore pipeline market in Europe owing to the disruption in oil & gas sector across countries. However, several industries across a few countries are reopening and subsequently are driving the demand for energy is expected to resume the construction of oil & gas activities to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for offshore pipelines across Europe during the forecast period.
Based on product, the refined products segment led the Europe offshore pipeline market in 2019. The refined products segment comprises pipelines used to distribute all oil & gas related refined final products to the customers. For instance, the distribution of natural gas is mostly done through pipelines. Also, liquid fertilizers are primarily transmitted through long distances pipelines. Additionally, LNG transported through ships requires short pipelines for connecting the vessel and onshore storage tanks. The surge in industrialization and urbanization across Europe is expected to accelerate the demand for refined products in coming years, which would drive the Europe offshore pipeline market during the forecast period.
Reasons to Buy
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/bbo4ps
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Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
LEAWOOD, KS--(BUSINESS WIRE)--Tortoise today announced the tax characterization of 2020 distributions paid to common stockholders of each of the funds listed below:
2020 Tax Characterization of Distributions |
|
|
|
|
|
|
||||||
|
TYG |
NTG |
TTP |
NDP |
TPZ |
TEAF |
||||||
Qualified Dividend Income |
0% |
0% |
0% |
0% |
8% |
19% |
||||||
Ordinary Dividend Income |
0% |
0% |
0% |
0% |
49% |
39% |
||||||
Return of Capital |
100% |
100% |
100% |
100% |
43% |
42% |
||||||
Long-Term Capital Gain |
0% |
0% |
0% |
0% |
0% |
0% |
||||||
Additional information regarding the tax characterization of the 2020 distributions is available at www.TortoiseEcofin.com.
A copy of the information is also available upon request by calling (866) 362-9331.
Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
Annual Report
The adviser also announced today the release of the combined 2020 annual stockholders' report, including all of these funds. The annual report is available online at cef.tortoiseecofin.com. Please call (866) 362-9331 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to request a hard copy of this report free of charge.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “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 fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
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LONDON--(BUSINESS WIRE)--#GlobalLubricantsMarket--The lubricants market is poised to grow by 1.77 mn tons during 2020-2024, progressing at a CAGR of almost 1% during the forecast period.
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The report on the lubricants market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.
The report offers an up-to-date analysis regarding the current global market scenario and the overall market environment. The market is driven by increasing demand from end-user industries.
The lubricants market analysis includes product segment and geography landscape. This study identifies the high growth of the construction industry in APAC as one of the prime reasons driving the lubricants market growth during the next few years.
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
The lubricants market covers the following areas:
Lubricants Market Sizing
Lubricants Market Forecast
Lubricants Market Analysis
Companies Mentioned
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Key Topics Covered:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE:FTI) (Paris:FTI) (ISIN:GB00BDSFG982):
ADVERTISEMENT. This announcement is an advertisement relating to the intention of the Company (as defined below) to proceed with the listing and admission of shares in Technip Energies (the "Shares") on Euronext Paris (the "Listing"). This announcement does not constitute a prospectus.
If and when the Listing is launched, further details about the Listing will be included in a prospectus to be published by the Company in relation to the Listing (the "Prospectus"). Once the Prospectus has been approved by the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) (the “AFM”) and passported to the Autorité des marchés financiers, the Prospectus will be published and made available at no cost through the corporate website of the Company (www.technipenergies.com). Any potential investor should make their investment solely on the basis of information that will be contained in the Prospectus. Potential investors should read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the Shares. The approval of the Prospectus by the AFM should not be understood as an endorsement of the quality of the Shares and the Company (as defined below).
Technip Energies (the “Company”) will today host its virtual Capital Markets Day in connection with TechnipFMC's previously announced plan to separate into two industry-leading independent, publicly traded companies: TechnipFMC and Technip Energies. The transaction is expected to be structured as a spin-off of a majority stake in TechnipFMC’s Technip Energies segment. The separation is expected to be completed in the first quarter of 2021, subject to customary conditions and regulatory approvals.
The virtual Capital Markets Day will be held today at 14:00 CET. A live webcast and an accompanying presentation will be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com.
Arnaud Pieton, Chief Executive Officer of Technip Energies, stated, “Technip Energies is a leading engineering and technology company for the energy transition. We have world leading market positions in LNG, ethylene and hydrogen, and we are central to powerful energy transition themes – from decarbonization to carbon-free solutions – to meet today’s and tomorrow’s energy challenges. We have growing positions on break-through technologies in green hydrogen, sustainable chemistry and CO2 management. Today, our extensive backlog and a breadth of commercial opportunities provide strong revenue visibility and medium-term margin expansion potential. Our asset light business and strong balance sheet provide a solid platform to support our growth ambitions and high return-on-invested capital through the cycle. Ultimately, we aim to be the reference investment platform for the Energy Transition.”
Technip Energies is one of the world’s largest Engineering and Technology (E&T) companies. With its broad offering of project capabilities, technologies, products and services, the Company is ideally positioned to accelerate the Energy Transition. The Company has over 15,000 employees globally across 34 countries and can point to over 60 years of successful operations. Technip Energies, which is incorporated in the Netherlands, will be headquartered in Paris. The Company will have its shares listed on the Euronext Paris stock exchange under the ticker “TE” with American depositary receipts (“ADRs”). Based on the 12 months to June 20, 2020, Technip Energies is a €6 billion revenue company supported by a significant €13.2 billion backlog as of June 30, 2020.
A compelling investment proposition
Our value proposition is characterized by the following:
Pioneering downstream and gas evolution. Technip Energies has a competitive and differentiated offering to address significant market opportunities in LNG and gas monetization, offshore and downstream. The Company is a partner of choice globally, with a 50-year track record and leading positions in the attractive markets of LNG and ethylene. The Company sees robust long-term demand for gas and downstream, with both LNG and downstream playing a critical role in the energy transition. The Company’s innovations around decarbonization and efficiency are enabling sustainable solutions for greenfield and revamp projects.
Accelerating the energy transition. Technip Energies, with its process engineering and process technology capabilities, is focused on accelerating the energy transition. The Company possesses an extensive and evolving proprietary technology portfolio and has significant expertise in technology integration and scale-up. It intends to leverage its pioneering mindset to remain at the forefront as the market evolves towards new energy chains. The structural market shift towards hydrogen, sustainable chemistry and low-carbon infrastructures is viewed by the Company as a significant opportunity.
Leveraging capabilities to expand opportunity set. Technip Energies is expanding into new growth areas in services, energy transition and other selected industries. Technip Energies has expanded its advisory and high-value services through Genesis and its project management consultancy offering. Through applying its core skills and capabilities in energy molecule transformation, the Company is able to integrate offshore, hydrogen process and architecture design to unlock new energy possibilities. Further, it will selectively expand into other industries such as Life Sciences and Agritech, primarily with a services value proposition.
Providing outstanding delivery. Technip Energies’ global team of ~15,000 professionals consist of industry-leading engineering, technical and project management expertise. This highly talented workforce supports a value proposition underpinned by strong project execution, a leading process technology portfolio and robust risk management processes. The Company’s track-record includes many of the world's largest and most iconic energy projects, clearly demonstrating its front-runner spirit. The Company is enhancing its project execution capabilities by integrating digital into its project processes and believes that a digital transformation of Technip Energies will drive internal efficiencies and enhance its services offering.
Offering financial strength and stability. Technip Energies will illustrate its financial strengths and demonstrate a solid foundation for sustainable shareholder returns. Being largely a backlog-based business, the Company has strong top-line and margin visibility. Its contracting model supports an early cash conversion of earnings. These factors combined with an asset light business and strong balance sheet provide the platform for high returns on invested capital and support a long-term dividend policy target.
ESG – Our pledge for a better tomorrow. Technip Energies aims to be recognized as a reference ESG company through strong ESG principles, business alignment to the energy transition and integration of a sustainability strategy throughout its processes and business development. Technip Energies intends to propose its sustainability strategy within its first year as an independent company, and thereafter issue a yearly sustainability report with scorecard. As a best practice, the Company intends to support the ten principles of the United Nations Global Compact as well as the 17 UN Sustainable Development Goals.
Market Overview
Technip Energies has a substantial annual market opportunity set of over €100 billion with high-growth potential in identified growth and upside markets, supported by a significant base in traditional markets, which are also evolving towards lower carbon markets.
Base Markets – LNG, downstream and offshore. The Company has a highly competitive offering to address the significant market opportunity in LNG, offshore and downstream, where in aggregate it has identified an annual addressable market opportunity of over €70 billion, with growth led by GDP. Technip Energies is a market leader in LNG and has proprietary technologies for gas processing and NGL recovery units. It has the industry’s most comprehensive reference list for floating LNG (FLNG), and a pioneering position in the market for gas FPSOs. In downstream, the Company has leading proprietary technology and equipment in petrochemicals and a leading market position in ethylene.
Growth Markets – Hydrogen, Sustainable Chemistry, CO2 Management. The Company has identified growth markets within the energy transition domain, notably in hydrogen, sustainable chemistry, and CO2 management. In these markets it sees an annual addressable market of over €15 billion, with medium-term growth potential of 5-15% per annum. Technip Energies is a world leader in hydrogen having delivered its proprietary steam reforming technology to over 270 plants, representing over 35 per cent of the global installed base. In sustainable chemistry, which includes biofuels, biochemistry and the circular economy, Technip Energies has an established business with multiple references, proprietary technologies and notable alliances. In CO2 management it has over 50 references for CO2 removal units and a strategic alliance with Shell CANSOLV® for CO2 capture technology.
Upside Markets – Adjacent markets of carbon free portfolio expansion, services and other industries. Through leveraging its core competencies, Technip Energies intends to grow its services business lines, expand its energy transition addressable markets, and move into adjacent industries. Technip Energies has identified an annual addressable opportunity in these upside markets of than €15 billion, with medium-term growth potential of 5-15% per annum. In Services, the Company already has established business lines in Advisory & Consulting, Digital Plant Performance and Project Management Consulting. The Company plans to build on its established offshore expertise to develop a greater presence in full-scale carbon-free marine projects. It also intends to leverage its expertise and experience to deliver new innovations to the emerging markets of offshore hydrogen and offshore floating wind. Additionally, Technip Energies will expand selectively into other industries such as Life Sciences and Agritech.
Company Guidance1
|
2020e |
2021e |
Medium-Term Outlook |
Revenue |
€5.9 – 6.1 billion2 |
€6.5 – 7.0 billion |
Single-digit growth, constant currency; backlog execution & substantial pipeline |
EBIT margin3 |
5.6% - 5.8%
|
5.5% - 6.0% (exc. one-off cost of €30m) |
Target 100bps+ increase for medium term |
Effective tax rate |
30 – 35% |
30 – 35% |
No material deviation from 2021e |
1 Financial information is presented under adjusted IFRS framework, which records Technip Energies’ proportionate share of equity affiliates and restates the share related to non-controlling interests. |
2 2020 revenue guidance reflects foreign exchange movements in H2 2020 versus backlog calendarization calculated as of June 30, 2020. |
3 Adjusted recurring EBIT: adjusted profit before net financial expense and income taxes adjusted for items considered as non-recurring. Depreciation and amortization expense for 2021 expected to be in line with 2019 with implied Adjusted Recurring EBITDA in a range from 6.9% to 7.4% of Adjusted Revenues. |
The historical financial information presented in this press release and during the Capital Markets Day consists of IFRS special-purpose financial statements – carved out from the consolidated financial statements of TechnipFMC – prepared for the purposes of the spin-off and present the historical financial information of Technip Energies in the format that it intends to report its financial results in the future beginning with the publication of Technip Energies' statutory consolidated financial statements for fiscal year 2021.
As Technip Energies did not operate as a stand-alone entity in the past, the historical financial information may not be indicative of Technip Energies' future performance and what its combined results of operations, financial position and cash flows would have been, had Technip Energies operated as an entity separate from TechnipFMC for the periods presented.
Capital Structure
Technip Energies has secured a senior unsecured bridge term loan for €650 million (for one year with two six-month extension options) and a revolving credit facility (RCF) of €750 million. Expected outstanding commercial paper of €125 million as of spin-off date fully backstopped by the RCF. There are no financial covenants on the debt instruments. The Company has been provided by S&P Global a BBB – negative outlook – credit rating. Technip Energies’ opening balance sheet is expected to have a gross debt of €750 million, and cash and cash equivalents of €3.1 billion.
Agenda
The virtual Capital Markets Day will comprise of comprehensive presentations from members of the Technip Energies Leadership Team.
14:00 – 14:30 CET |
Opening Remarks |
Philip Lindsay, Head of Investor Relations, Technip Energies |
Introduction |
Arnaud Pieton, CEO Technip Energies |
|
14:30 – 15:45 CET |
Pioneer downstream and gas evolution |
Alain Poincheval, Fellow Executive Project Director, Technip Energies |
Accelerate the energy transition |
Stan Knez, SVP Process Technology, Technip Energies |
|
Leverage capabilities to expand opportunity set |
Charles Cessot, SVP Strategy, Technip Energies |
|
15:45 – 16:15 CET |
Q&A |
|
16:15 – 16:30 CET |
Break |
|
16:30 – 17:45 CET |
Outstanding delivery
|
Marco Villa, COO Technip Energies Magali Castano, SVP People & Culture, Technip Energies |
Financial strength and delivery |
Bruno Vibert, CFO Technip Energies |
|
17:45 – 18:30 CET |
Closing Remarks |
Arnaud Pieton, CEO Technip Energies |
Q&A |
||
Additional details on the virtual Capital Markets Day of Technip Energies
The Capital Markets Day event will be held today, Thursday, January 28, 2021, at 14:00 CET. A live webcast and an accompanying presentation will be available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com. An archived replay of the webcast will be available on the same website for a duration of one year. Supplemental information containing selected financial information for Technip Energies for the years ended December 31, 2017, 2018 and 2019, and for the six months ended June 30, 2020, is also available in the Investor Relations section of TechnipFMC’s website at www.technipfmc.com.
Prospectus
In advance of the spin-off, Technip Energies will publicly file a definitive version of the registration statement on Form F-1 (the "F-1") and will publish a European prospectus that has been approved by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and passported to the French Autorité des marchés financiers. The F-1 and European prospectus will include carve-out financials for the years ended December 31, 2017, 2018 and 2019 and for the six months ended June 30, 2020 under IFRS as adopted by the European Union. The F-1 and the European prospectus will also contain a description of the risks that relate to the Company's industry and business, operations and financial conditions, including the following key risks:
Important Information for Investors and Security holders
Forward-looking statements
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as “expect,” “plan,” “intend,” “would,” “will,” and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, and include any statements with respect to the potential separation of the Company into TechnipFMC and Technip Energies, the expected financial and operational results of TechnipFMC and Technip Energies after the potential separation and expectations regarding TechnipFMC’s and Technip Energies’ respective capital structures, businesses or organizations after the potential separation. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from TechnipFMC's historical experience and TechnipFMC's present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see TechnipFMC's risk factors set forth in TechnipFMC's filings with the U.S. Securities and Exchange Commission, which include TechnipFMC's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, TechnipFMC's filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority, as well as the following:
TechnipFMC cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. TechnipFMC undertakes no obligation to publicly update or revise any of its forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Disclaimers
This press release is intended for informational purposes only for the shareholders of TechnipFMC, the majority of whom reside in the United States, the United Kingdom and Europe. This press release does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Prospectus Regulation”), and Technip Energies’ shares will be distributed in circumstances that do not constitute “an offer to the public” within the meaning of the Prospectus Regulation.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
+1 281 260 3665
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Phillip Lindsay
Director Investor Relations (Europe)
+44 (0) 20 3429 3929
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Media relations
Christophe Bélorgeot
Senior Vice President Corporate Engagement
+33 1 47 78 39 92
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Brooke Robertson
Public Relations Director
+1 281 591 4108
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The Port’s Future is Bright
HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority held its first meeting of the year on Tuesday.
Port Chairman Ric Campo began the meeting by expressing his appreciation for the efforts of Houston Ship Channel partners, including federal officials and industry stakeholders and Port Authority staff, as Project 11 (the Houston Ship Channel Improvement program) achieved two significant milestones.
Earlier this month, Project 11 received a “new start” designation, and $19.5 million in federal funds were included in the U.S. Army Corps of Engineers 2021 work program to support its work to widen and deepen the channel. This followed authorization of Project 11 in the Water Resources and Development Act of 2020, as part of a larger legislative package passed by Congress in December.
“The significance of this appropriation is tremendous, as it paves the way to a clearer and smoother path to the start of construction,” Chairman Campo said. He underlined the importance of the designation, adding that “there is only one new start designation for a major deep-water channel in the U.S. each year.”
Chairman Campo emphasized that channel partners “were essential in pushing this decision over the top in the 11th hour.” Chairman Campo also laid out key priorities to keep Project 11 moving forward to be “turning dirt” later this year.
Executive Director Roger Guenther highlighted achievements and accomplishments made in 2020 in his staff report to the Commission.
He said that despite the challenges due to the pandemic, Port Houston handled 2.99 million twenty-foot equivalent container units (TEU) in 2020. This mark fell “just shy” of last year’s record by only 828 TEU. Guenther described that as “about a half-day’s work on one ship with three gangs (work crews) working.”
In his report, Guenther also said that there is a bright future for the port that “can only get better” saying that the public container terminals have taken off with a rapid start in 2021. He showcased an aerial photo of the first ship to use six cranes that boasted the second-largest lift count (cranes moving containers from ships) on a vessel operation at Port Houston’s public facilities.
Guenther said that this activity demonstrates the “pent-up demand” by carriers to bring larger vessels to the port, and the urgency to complete Project 11.
The staff briefing included an update and discussion on the Port Authority’s recent draft Disparity Study and Small Business Development Program. Port Authority staff has been “working diligently” on developing recommendations “for a race- and gender- conscious supplier diversity program for Port Commission consideration.”
Chairman Campo said, “Initial discussions will take place with the Commission’s Procurement and Small Business Task Force, to develop elements of a MWBE program to enhance the Port Authority’s Small Business program.”
He described the process to include creating policy, identifying resources, developing a budget, and defining program activities, with an advisory and peer review.
Chairman Campo said, “We will push forward to identify steps to successful preparation and implementation of this program.”
Port Houston has also released its Clean Air Strategy Plan draft: https://porthouston.com/environment/air-quality/.
The Clean Air Strategy Plan Draft will be available for public comment until Feb. 24. The public may email comments to: This email address is being protected from spambots. You need JavaScript enabled to view it..
The next regular Port Commission meeting is scheduled for Feb. 23.
About Port Houston
For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.
Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--Regulatory News:
Olivier de Langavant, Chief Executive Officer at Maurel & Prom (Paris:MAU), stated:
“In a year marked by a particularly difficult economic environment, Maurel & Prom demonstrated its responsiveness by taking immediate action to address the difficulties encountered. Despite a sharp drop in crude prices and reduced output due to OPEC quotas, we managed to reduce net debt during the year, thereby proving the effectiveness of the action plan introduced in March. We are now looking to keep up these efforts, as well as initiatives enabling us to take advantage of this period to put Maurel & Prom in the best possible position for its long-term development.ˮ
Key indicators for 2020
|
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Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
|
12 months 2020 |
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12 months 2019 |
Change 2020 vs 2019 |
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|
M&P working interest production |
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|
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|
|
Gabon (oil) |
bopd |
19,594 |
16,675 |
16,245 |
15,096 |
|
16,896 |
|
19,828 |
-15% |
Angola (oil) |
bopd |
4,213 |
4,003 |
3,793 |
3,725 |
|
3,933 |
|
1,879¹ |
109% |
Tanzania (gas) |
MMcfd |
30.7 |
25.4 |
33.1 |
36.7 |
|
31.5 |
|
33.8 |
-7% |
Total |
boepd |
28,916 |
24,919 |
25,549 |
24,937 |
|
26,076 |
|
27,340 |
-5% |
|
|
|
|
|
|
|
|
|
|
|
Average sale price |
|
|
|
|
|
|
|
|
|
|
Oil |
$/bbl |
56.5 |
23.0 |
46.6 |
45.0 |
|
40.1 |
|
67.2 |
-40% |
Gas |
$/BTU |
3.32 |
3.33 |
3.31 |
3.31 |
|
3.32 |
|
3.26 |
2% |
|
|
|
|
|
|
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|
|
Sales |
|
|
|
|
|
|
|
|
|
|
Gabon |
$m |
83 |
37 |
65 |
57 |
|
242 |
|
454 |
-47% |
Angola |
$m |
13 |
7 |
10 |
10 |
|
40 |
|
31 |
30% |
Tanzania |
$m |
8 |
9 |
11 |
16 |
|
43 |
|
34 |
26% |
Valued production |
$m |
103 |
52 |
85 |
83 |
|
324 |
|
519 |
-37% |
Drilling activities |
$m |
5 |
1 |
0 |
0 |
|
6 |
|
12 |
|
Trading of third-party oil |
$m |
0 |
0 |
0 |
0 |
|
0 |
|
7 |
|
Restatement for lifting imbalances and inventory revaluation |
$m |
-28 |
8 |
-15 |
34 |
|
-1 |
|
-34 |
|
Consolidated sales |
$m |
80 |
62 |
70 |
117 |
|
330 |
|
504 |
-35% |
¹ 4,484 bopd for M&P working interest during the asset-holding period (1 August to 31 December 2019).
M&P’s working interest production for 2020 stood at 26,076 boepd, down 5% from 2019 (27,340 boepd). This decline was largely due to production cuts on the Ezanga permit in Gabon (16,896 bopd for M&P working interest in 2020 versus 19,828 bopd in 2019) after OPEC established new quotas.
The average sale price of oil was $40.1/bbl versus $67.2/bbl in 2019, a drop of 40%.
The Group’s valued production (income from production activities, excluding lifting imbalances) was $324 million, down 37% from 2019. The restatement of lifting imbalances net of inventory revaluation had a neutral effect overall and resulted in a downwards adjustment of $1 million. After inclusion of the $6 million earned from the activities of the drilling subsidiary (Caroil), Group consolidated sales for the year totalled $330 million.
Production activities
M&P’s working interest oil production (80%) on the Ezanga permit was 16,896 bopd (total production: 21,120 bopd) in 2020, down 15% from 2019. The company took advantage of the period of low crude prices to temporarily suspend production at certain wells, starting in May 2020, in order to improve reservoir conditions for the long term. This effort has subsequently continued under the quotas established by OPEC, of which Gabon is a member.
In January 2021, production at the Ezanga field was still limited to 19,000 bopd (or 15,200 bopd for M&P working interest). It is expected that this constraint will be gradually relaxed during the first half of 2021.
M&P’s working interest gas production (48.06%) on the Mnazi Bay permit stood at 31.5 MMcfd (total production: 65.5 MMcfd) in 2020, a slight drop of 7% compared to 2019.
This decline was offset at the sales level by the allocation of additional rights to M&P. These rights related to corporate income tax now being charged to the partner TPDC, pursuant to the production sharing contract. Consequently, M&P sales in Tanzania rose by 26% to $43 million, versus $34 million in 2019.
M&P’s working interest production (20%) in Block 3/05 in 2020 was 3,933 bopd (total production: 19,663 bopd). Despite the drop in crude oil prices, valued production was up by 30% ($40 million versus $31 million in 2019) due to the asset being included over the entire period (versus just five months in 2019).
Group reserves as at 31 December 2020
The Group's reserves correspond to the volumes of technically recoverable hydrocarbons representative of the Group’s share of interests in permits currently in production plus those revealed by discovery and delineation wells that can be operated commercially. These reserves were certified as at 31 December 2020 by DeGolyer and MacNaughton in Gabon, Angola and France, and by RPS Energy in Tanzania.
The Group’s 2P reserves stood at 182.9 MMboe at 31 December 2020, including 120.1 MMboe of proven reserves (1P). The change from 2019 was due to production in the year just ended, with no significant revision in 2020.
2P reserves for M&P working interest:
|
Oil (MMbbl) |
Oil (MMbbl) |
Oil (MMbbl) |
Gas (Bcf) |
MMboe |
|
Gabon |
Angola |
France |
Tanzania |
|||
31/12/2019 |
138.6 |
14.8 |
0.8 |
225.4 |
|
191.9 |
Production |
-6.2 |
-1.4 |
0.0 |
-11.4 |
|
-9.5 |
Revision |
0.0 |
1.3 |
-0.6 |
0.1 |
|
0.7 |
31/12/2020 |
132.4 |
14.6 |
0.2 |
214.0 |
|
182.9 |
O/w 1P reserves |
89.0 |
11.8 |
0.1 |
115.3 |
|
120.1 |
or |
67% |
81% |
46% |
54% |
|
66% |
Note that these figures do not take into account the 20.46% interest held by M&P in Seplat, which is one of Nigeria’s main operators listed on the London and Lagos stock exchanges. For the record, Seplat’s 2P reserves stood at 509 MMboe at 1 January 2020 (or 104 MMboe for the 20.46% stake held by M&P).
In addition, due to the international sanctions against Venezuela’s state oil company PDVSA, the activity of M&P, relating to its stake in the company PRDL, is limited for the time being to operations related solely to the safety of staff and assets, and to environmental protection. Consequently, no reserve to date has been retained as regards this share.
Financial position
The Group’s cash position at 31 December 2020 stood at $168 million, versus $212 million at 30 June 2020 and $231 million at 30 September 2020. Net debt fell in 2020 from $469 million to $455 million after a $77-million debt repayment ($75 million for the Term Loan and $2 million for the Shareholder Loan).
The $43 million debt of the Gabon Oil Company (GOC) associated with its entry on the Ezanga permit in 2019, and corresponding to the amount owed to M&P in respect of the pre-2018 carrying cost, has now been validated through a procedure to obtain an expert opinion from the ICC (International Chamber of Commerce). These $43 million, which are not included in the cash position of $168 million at 31 December 2020, are subject to procedures in order to obtain them quickly.
The cost-cutting initiatives that began in March 2020 and the asset impairments recorded during the first half of 2020 significantly lowered the Group’s breakeven in terms of net income. The breakeven is now $45/bbl (excluding exceptional items and share of Seplat’s earnings) based on current production figures. As far as the cash breakeven is concerned, this is less than $30/bbl before debt servicing.
Français |
|
|
Anglais |
pieds cubes |
pc |
cf |
cubic feet |
millions de pieds cubes par jour |
Mpc/j |
mmcfd |
million cubic feet per day |
milliards de pieds cubes |
Gpc |
bcf |
billion cubic feet |
baril |
B |
bbl |
barrel |
barils d’huile par jour |
b/j |
bopd |
barrels of oil per day |
millions de barils |
Mb |
mmbbls |
million barrels |
barils équivalent pétrole |
bep |
boe |
barrels of oil equivalent |
barils équivalent pétrole par jour |
bep/j |
boepd |
barrels of oil equivalent per day |
millions de barils équivalent pétrole |
Mbep |
mmboe |
million barrels of oil equivalent |
For more information, visit www.maureletprom.fr
This document may contain forward-looking statements regarding the financial position, results, business and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris
CAC All-Tradable – CAC Small – CAC Mid & Small – Eligible PEA-PME and SRD
Isin FR0000051070/Bloomberg MAU.FP/Reuters MAUP.PA
Maurel & Prom
Press, shareholder and investor relations
Tel: +33 (0)1 53 83 16 45
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NewCap
Financial communications and investor relations/Media relations
Louis-Victor Delouvrier/Nicolas Merigeau
Tel: +33 (0)1 44 71 98 53/+33 (0)1 44 71 94 98
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ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced it has commenced an underwritten public offering, subject to market and other conditions, of shares of its common stock pursuant to an effective shelf registration statement. In addition, VSE intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the shares of common stock offered in the public offering.
VSE expects to use the net proceeds from this offering for general corporate purposes, which may include among other things, financing strategic acquisitions, working capital requirements for new program launches, and repaying outstanding borrowings under its revolving credit facility.
William Blair & Company, L.L.C. and Canaccord Genuity LLC are acting as joint book-running managers and representatives of the underwriters for the offering.
A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering is being made only by means of a preliminary prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available free of charge on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to this offering of securities may also be obtained from William Blair & Company, L.L.C., Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or Canaccord Genuity LLC, 99 High Street, 12th Floor, Boston, MA 02110, Attention: Syndicate Department, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent they are not recitations of historical fact, constitute "forward looking statements" within the meaning of applicable U.S. federal securities laws. All such statements are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of such safe harbor provisions.
“Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements.
These statements speak only as of the date of this press release and we undertake no ongoing obligation, other than that imposed by law, to update these statements. These statements relate to, among other things, our intent, belief or current expectations with respect to: our future financial condition, results of operations or prospects; our business and growth strategies; and our financing plans and forecasts. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may differ materially from those contained in or implied by the forward-looking statements as a result of various factors, some of which are unknown, including, without limitation:
You are advised, however, to consult any further disclosures we make on related subjects in our periodic reports on Forms 10-K, 10-Q or 8-K filed or furnished to the SEC.
INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Electrification enables lower fuel costs, reduced maintenance costs, and reduced equipment downtime to significantly decrease operating expenses
BOULDER, Colo.--(BUSINESS WIRE)--#Airports--A new report from Guidehouse Insights examines the electrification opportunities and barriers for seaport cargo handling equipment, airport ground support equipment, and forklifts, providing global market forecasts through 2030.
As the world relies more on shipping and air transit for commerce, emissions from cargo handling equipment are expected to increase. Electrification and low emissions fuels are likely to be crucial in reducing the environmental impacts of this equipment, and are supported by favorable cost economics and supportive decarbonization mandates. Click to tweet: According to a new report from @WeAreGHInsights, by 2030, sales of global electric cargo handling equipment are expected to exceed 1.5 million pieces and account for 60% of total equipment sales.
“Compared with non-electric cargo handling equipment, the price of electric powertrains can be more costly upfront, but lower fuel costs of electricity, reduced maintenance costs, and reduced equipment downtime can significantly decrease operating expenses for fleets,” says Raquel Soat, research analyst with Guidehouse Insights. “Additionally, some cargo handling equipment fleets might be able to participate in grid services such as vehicle-to-grid (V2G), and many will likely use managed charging, which can greatly decrease electrification costs.”
Despite favorable market conditions and an uptick in electric cargo handling equipment volumes, market barriers still exist. According to the report, the availability of electric equipment for niche and heavy duty use cases is limited and technology issues are a consideration. Finally, use cases that do not allow for much downtime, such as busy seaports, might not have the optimal utilization factors for electrification at this point.
The report, Market Data: Cargo Handling Equipment Electrification, provides an outlook on the cargo handling equipment (CHE) population and sales for airport ground support equipment (GSE), seaport CHE, and Classes 1-5 forklifts. Forecasts are provided for the following global regions: North America, Europe, Organisation for Economic Co‑operation and Development Asia Pacific, China, the Rest of Asia Pacific, Latin America, India, and the Middle East & Africa. The report provides insights through 2030 and forecasts on a baseline scenario that accounts for all current market conditions, availability, incentives, and emissions/decarbonization standards. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. Headquartered in McLean, VA., the company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Cargo Handling Equipment Electrification, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, today announced that it has entered into an exclusive, life-of-program distribution agreement with Pratt & Whitney Canada. Under the terms of the agreement, VSE Aviation will be the exclusive global licensed distributor for new radial parts and inventory of Pratt & Whitney Canada’s APS500 Auxiliary Power Unit (APU) for commercial applications.
Under the terms of the agreement, VSE Aviation is appointed the exclusive licensed distributor for more than 1,500 aftermarket parts and components supporting Pratt & Whitney Canada’s APS500 and the Embraer Regional Jet (ERJ), De Havilland Canada DHC-8 (Dash 8), Gulfstream, Bombardier and Textron aircraft platforms. The agreement term is for the commercial life of the program. The program will be implemented and executed throughout 2021.
“We are very pleased to announce this partnership to support Pratt & Whitney Canada’s APS500 at global MROs, regional airlines and business jet repair centers,” stated John Cuomo, President and CEO of VSE Corporation. “This new award highlights VSE Aviation’s strong technical product expertise and depth of experience managing complex global distribution programs serving the commercial, business jet, and general aviation aftermarket. Further, this award positions us to significantly grow our presence as a leading distributor of flight-critical components, while continuing to leverage the differentiated value proposition we deliver to our customers.”
“This long-term agreement expands our relationship with Pratt & Whitney Canada into APU parts distribution and grows our addressable market into new regional jet platforms, while also broadening our core business jet product portfolio,” stated Ben Thomas, Group President, VSE Aviation. “This announcement, together with our recently announced landing gear initiative, reflects our increased focus on serving high-value products in niche markets. We look forward to supporting Pratt & Whitney Canada as their exclusive solutions partner for this APU in the years ahead.”
“As the APS500 OEM, we will continue to manufacture the APU and provide spare parts to VSE Aviation under an exclusive distribution license,” stated Satheeshkumar Kumarasingam, Vice President of Customer Service, Pratt & Whitney Canada. “We initiated this transaction as part of our ongoing efforts to increase the availability of spare parts to APS500 customers around the world. Given VSE Aviation’s extensive reach into secondary aviation markets, they are well positioned to increase service levels associated with the APS500.”
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
FORWARD LOOKING STATEMENTS
This release contains statements that, to the extent they are not recitations of historical fact, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward-looking statements in this news release, see VSE’s public filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and VSE specifically disclaims any obligation to update these statements in the future.
INVESTOR RELATIONS CONTACT: Noel Ryan | Phone: 720.778.2415
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has set a target to reduce its greenhouse gas emissions by 25 percent by 2030. This goal represents combined Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emission reductions on a mass basis (metric tons per year) compared with 2017 baseline levels. The Company has published a detailed plan outlining its strategic priorities on its corporate website at www.clevelandcliffs.com.
Lourenco Goncalves, Chairman, President and Chief Executive Officer said, “We at Cleveland-Cliffs acknowledge that one of the most important issues impacting our planet is climate change. The American steel industry is one of the cleanest and most energy efficient in the world, and therefore the utilization of steel Made in the USA is a decisively positive move to protect the planet against massive pollution embedded in the steel produced in other countries.”
Mr. Goncalves added: “In the past year Cleveland-Cliffs has transformed itself into the largest flat-rolled steel producer in North America. As a company currently employing more than 25,000 people, the vast majority of them in good paying middle-class union jobs, our commitment to operating our business in an environmentally and socially responsible manner remains our priority. As we continue to grow the company going forward, we will vigorously pursue the opportunities we have outlined in our Greenhouse Gas Reduction Commitment, and will be transparent with our stakeholders by regularly reporting on our progress.”
Cleveland-Cliffs’ plan is based on its execution of the following five strategic priorities:
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest supplier of iron ore pellets in North America. In 2020, Cleveland-Cliffs acquired two major steelmakers, AK Steel Corporation and ArcelorMittal USA LLC, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Cleveland-Cliffs’ fully integrated portfolio includes custom-made pellets and Hot Briquetted Iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tin and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.
MEDIA CONTACT:
Patricia Persico
Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
Paul Finan
Vice President, Investor Relations
(216) 694-6544
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