DUBLIN--(BUSINESS WIRE)--The "Africa Oilfield Services Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The Africa oilfield services market is expected to grow at a CAGR of over 2% during the forecast period of 2020 - 2025

Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the Africa oilfield services market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the Africa oilfield services market in the coming years.

The drilling services segment is expected to lead the market for oilfields services, reasons being an increase in exploration activities and oil discoveries in recent years. With wells being drilled going farther away from land and into the sea and being drilled deeper than before the market oilfield services are expected to grow in the forecast period.

Advancements in the deepwater and ultra-deepwater drilling activities in the region and increasing primary energy consumption are expected to create ample opportunity for the market players in the coming years.

Nigeria is expected to dominate the market, owing to the increased exploration activity in the country to compensate for declining fields elsewhere, and recent oil discoveries.

Key Market Trends

Drilling Services to Dominate the Market

Drilling services make up for the biggest share in the oilfield services market, with drilling and completion services combined accounting for over 50% of the market.

• Oil and gas production has always been on an increase even when oil prices went down in 2014 because of the ever-increasing demand for oil and gas. This, in turn, requires an increase in oilfield services for more production from existing and new wells, signifying an increase in the oilfield services market.
• The active rig count has been on the rise in recent years, with around 920 active rigs in September 2016 to 1130 in September 2019, showing an increase in drilling activity and hence the oilfield services market.
• With the increasing crude oil prices, the upstream investment is expected to grow significantly and bring several projects online, thereby, driving the market.
• Almost all the easy oil being already discovered the wells now being drilled are deeper and more complex than before, also deep and ultra-deep-water drilling operations are also on the rise. Both factors have led to a growth in demand for oilfield services market.

Nigeria to Dominate the Market

Nigeria is expected to dominate in the region in the forecast period, the increased pressure on oil & gas companies to discover new oil and gas reserves to compensate for reducing hydrocarbon production from existing and aging fields is expected to drive the market.

Competitive Landscape

The Africa oilfield services market is partially fragmented with several small and big players operating in the market. Some of the key players in this market include Schlumberger Limited, Petrofac Ltd., Weatherford International Plc, Baker Hughes Company, Halliburton Company, among others.

Key Topics Covered:

1 INTRODUCTION

1.1 Scope of the Study

1.2 Market Definition

1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Market Dynamics

4.4.1 Drivers

4.4.2 Restraints

4.5 Supply Chain Analysis

4.6 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Service Type

5.1.1 Drilling Services

5.1.2 Completion Services

5.1.3 Production Services

5.1.4 Other Services

5.2 Location

5.2.1 Onshore

5.2.2 Offshore

5.3 Geography

5.3.1 Nigeria

5.3.2 Angola

5.3.3 Algeria

5.3.4 Rest of Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Transocean Ltd

6.3.2 Basic Energy Services inc.

6.3.3 China Oilfield Services, Ltd

6.3.4 ENSCO International, Inc.

6.3.5 Weatherford International PLC

6.3.6 Nabors Industries, Inc.

6.3.7 Schlumberger Limited

6.3.8 Baker Hughes Company

6.3.9 Petrofac Ltd.

6.3.10 Halliburton Company

6.3.11 TechnipFMC Plc

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/48ejnn.

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Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) will host its 2021 Annual Meeting of Shareholders on Wednesday, May 12, at 9 a.m. CDT in a virtual-only format via live webcast.

The meeting can be accessed at http://www.virtualshareholdermeeting.com/PSX2021 or the Phillips 66 Investors site at www.phillips66.com/investors under “Events and Presentations.”

Shareholders of record as of the close of business on March 17, 2021, can attend the virtual annual meeting by using the 16-digit control number included on the proxy card, voting instruction form or notice.

Shareholders who do not intend to vote or submit a question during the virtual meeting and other interested parties may access the meeting as guests.

Participants should allow 15 to 30 minutes before meeting time for check-in procedures. A replay of the webcast will be archived on the Investors site approximately 24 hours after the close of the meeting, and a transcript also will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of March 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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• Industry’s first TÜV safety and cybersecurity certified bypass and alarm management software improves protection of people, production and profits
• Digitalization and data analytics help reduce plant operating risks, unscheduled downtime and production loss
• Easy-to-use, easy-to-engineer offer helps improve ROI¹ and TCO² to drive profitable safety

BOSTON--(BUSINESS WIRE)--#Innovation--Schneider Electric, the leader in digital transformation of energy management and automation, has released an improved version of its EcoStruxure™ Triconex^TM Safety View, the industry’s first dual safety- and cybersecurity-certified bypass and alarm management software application.

Industrial process safety systems are designed to help prevent unsafe operating conditions, as well as to bring the plant to a safe state, sometimes via a shutdown, when operating conditions become unsafe. Because of their critical role in helping to protect people, assets, production and the environment, safety systems are always “on.” During everyday operations, there are instances where bypasses need to be implemented or critical alarms suppressed, which directly impacts the overall levels of operational risk and the safety of the plant. Every time this happens, the performance of protection functions is impacted, which increases cumulative risk and the likelihood of an incident, which means increased risk to the company’s people, production, and profits.

During these high-risk times, operations need to know what has been bypassed and then manage the elevated risks, paying attention to critical process conditions and critical alarms affecting production and profitability. EcoStruxure Triconex Safety View allows operators to see both the bypass status that impacts the level of risk reduction in place, as well as the critical alarms required to operate the plant safely when risks are high. And because the software has been certified by TÜV Rheinland as Security Level 1 (SL1) compliant per IEC 62443-4-2 and Systematic Capability 3 (SC3) compliant per IEC 61508 for use in safety-related applications up to Safety Integrity Level 3 (SIL3), it meets stringent requirements for safety, cybersecurity, risk reduction and continuous operation in the oil and gas, refining, petrochemicals, power and other high-hazard, risk-intensive industries.

Better safety risk management yields superior performance

Better bypass management, which EcoStruxure Triconex Safety View provides, can help companies better manage their safety risks, including risks that threaten the performance of their operations. Therefore, it contributes to better overall business performance, including better productivity, better profitability, and better sustainability.

“Our customers are under increasing pressure to cut costs, drive profitability and meet sustainability targets,” said Hany Fouda, Vice President Systems Portfolio, Process Automation, Schneider Electric. “To achieve these goals, as well as to improve their operating and business decision making, they frequently implement new digital and other operating strategies to increase the productivity, efficiency, reliability and security of their assets and operations. But regardless of their strategic direction, and no matter where they are in their digital transformations, the safety of their operations must never be compromised. Because EcoStruxure Triconex Safety View provides operators with a real-time view into the conditions of the plant, they can better and more quickly manage risks to their people, production and profits. Ultimately, EcoStruxure Triconex Safety View can help drive superior safety performance, which in turn helps deliver better profitability and better sustainability in the long term.”

Providing visibility to improve uptime, ROI and TCO

Because EcoStruxure Triconex Safety View is proven to improve uptime while helping to reduce operating, maintenance and engineering costs, it provides measurable improvements to the profitability of the operation, as well as quicker ROI and better total cost of ownership.

Empowering control room operators to make the best decisions is critical to safe operations. EcoStruxure Triconex Safety View allows companies to better manage and reduce not only known risks that jeopardize the safety of the operation, but to identify, mitigate and avoid future risks.

With enhanced digital capabilities, including its ability to extract and textualize real-time operating data, EcoStruxure Triconex Safety View provides a better real-time view into the risks that come with system start-ups, shutdowns and other critical process transitions. By arming operators, maintenance engineers and plant personnel with the right data at the right time, they can quickly and efficiently bring the plant back to a safe operating state.

“Emerging IIoT digital technologies, such as Triconex Safety View, provide companies new opportunities to empower better operating and business decision making while facilitating new ways of working,” Fouda said. “As an independently verified and dual-certified product, EcoStruxure Triconex Safety View removes the engineering burden of ensuring a bypass solution is suitable for use in safety-related applications where cybersecurity is mandatory. It is the ideal solution because it enables a consistent approach to bypass management across multiple sites; it requires less engineering effort when modifying or performing updates; and it has lower overall support and maintenance costs.”

To learn more about Schneider Electric’s EcoStruxure Triconex Safety View, check out these resources:
- Visit the website
- Watch the video

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

Discover Life Is On

Follow us on: Twitter Facebook LInkedIn YouTube Instagram Blog

____________________________
¹ Return On Investment
² Total Cost of Ownership

Schneider Electric Media Relations – Thomas Eck, Phone: 917-797-4974, E mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) posted its first quarter 2021 earnings release and presentation in the Investors section of the Company’s website. Interested parties can access the information by using the following link: www.avangrid.com.

In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Tuesday, May 4, 2021 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.

Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at https://www.avangrid.com

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-499-3809

The Transaction Will Include the Acquisition of 20% of Doral LLC, Extension of Credit Facilities and Direct Investments in Projects

PHILADELPHIA--(BUSINESS WIRE)--A substantial investment transaction for Migdal Insurance, Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, in Global Energy Generation LLC (Doral LLC).

The transaction outline, which is still being formulated and is subject to the signing of detailed transaction documents and completion of due diligence, includes, inter alia, an investment of approximately $110 million, the bulk of which will be invested at the closing, and the remainder subject to meeting pre-defined near-future milestones, in exchange for 20% of Doral LLC.

As part of the deal, Migdal Insurance will also participate in the first stage (480 MWdc) of Doral LLC's mega solar project in Indiana, with an estimated investment of $100 million. Doral LLC will retain its majority holding position and control of the project.

The Indiana solar project, which is expected to enter construction in 2021, covers over 12,000 acres, and has a total capacity estimated at 1.65 gigawatts. This is one of the most significant photovoltaic projects in the U.S.

The first phase of the project has already received most of the required approvals, and a PPA (Power Purchase Agreement) with AEP Energy Partners Inc., a subsidiary of American Electric Power (Nasdaq: AEP) and one of the largest electric energy wholesale suppliers in the U.S has already been signed, constituting one of the largest solar power purchase agreements in the PJM market.

In addition, Migdal Insurance will provide Doral LLC with a credit facility of an additional $130 million on terms to be set forth in definitive agreements. Migdal’s investment will total approximately $355 million. The investment scope may be increased by hundreds of millions of dollars in the foreseeable future as more projects mature.

Doral LLC

Doral LLC, the entrepreneurial platform of Doral Renewable Energy Resources Group Ltd (Doral Group) in the U.S, was founded by Doral Group and Clean Air Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 6 GWdc under development, Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750MW(dc) + 1,400MWh of storage facilities in Israel.

Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.

Nick Cohen, President & CEO, Doral LLC:

“The investment partnership strengthens Global Energy Generation’s (Doral LLC’s) competitive advantage in the U.S. as it expands its ~3,000 megawatt renewables portfolio. Our renewables projects platform is aligned with the market drive towards carbon neutrality, and is focused on locating and harvesting unique high-quality renewable energy projects from scratch in the most attractive markets in the US, such as PJM. The management team is continuously focused on growth with a long-term owner operator view for its projects. With Migdal’s support, together with Doral's leadership, we can continue to attract the best people and projects in the market and we can accelerate our growth plans. This remarkable milestone follows our recent announcement on the execution of a PPA with AEP Energy Partners Inc., one of the largest electric energy wholesale suppliers in the U.S., for the first stage (480 MWdc) of our Mammoth project in Indiana (1,650 MWdc in total) which shall enter into construction during Q4 of this year."

According to Guy Fischer, Head of Migdal Insurance’s Investment Division: “Our significant investment in Doral's operations reflects our great faith in the field and specifically in Doral's operations. The investment synergizes with Migdal's strategy of investing in core infrastructure, along with its ESG policy. As part of this policy, Migdal has committed to investing $1 Billion a year in Net Positive investments, and this investment is another pillar of our activity in the field this year."

"We are pleased to join as significant partners in Doral, along with Mr. Nick Cohen and his team, whom we have identified as having impressive entrepreneurial capabilities. Migdal has an option for additional financing that may reach an additional $300 million, thus, a total investment of $600 million in the first phase of this partnership”.

Yaki Noyman, CEO, Doral Group:

"The connection with Migdal Insurance, which we consider a strategic partner, is expected to strengthen and speed up Doral's extensive operations in North America. Doral's uniqueness and its outstanding competitive advantage in initiating and developing large scale renewable energy projects, together with Migdal's business acumen and financing capabilities, add significant growth opportunities for Doral, especially now as the Biden Administration's new infrastructure program will provide a boost to the U.S. renewable energy sector."

MEDIA:
Maya Ziv Wolf
Corporate Media Relations
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended March 31, 2021.

Results exceed expectations across all key metrics

• Net income of $425 million, or $0.35 per diluted share (EPS)
• Adjusted EPS of $0.35 per diluted share – up 35% from 1Q 2020
• Cash flow from operations (CFFO) of $915 million – up $128 million or 16% from 1Q 2020
• Available funds from operations (AFFO) of $1.029 billion – up $109 million or 12% from 1Q 2020
• Adjusted EBITDA of $1.415 billion – up $153 million or 12% from 1Q 2020; up 6% excluding favorable winter storm effects
• Record gathering volumes of 13.6 Bcf/d; record contracted transmission capacity of 22.8 Bcf/d
• Debt-to-Adjusted EBITDA at quarter end: 4.2x
• Guidance midpoints for Adjusted EBITDA and AFFO increase by $100 million
• Dividend coverage ratio is 2.07x (AFFO basis)

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

“Our natural gas business strategy continues to deliver consistently strong cash flow with first-quarter Adjusted EBITDA up 12 percent from last year, driven in part by record gathering volumes particularly in the Northeast. Severe winter weather in February boosted marketing margins and upstream sales from unusually high prices, but even excluding these weather effects, our Adjusted EBITDA was up 6 percent, underscoring the stability of our earnings regardless of external factors.”

“We continued our pace of execution in the first quarter, placing Southeastern Trail into full service in early January and progressing on Transco’s Leidy South project to bring additional gas from Appalachia to growing demand centers along the Atlantic Seaboard by next winter. We also filed our FERC application for the Regional Energy Access pipeline expansion, a low-impact project being designed in a manner that is adaptable to future renewable energy sources like clean hydrogen and RNG blending.”

Armstrong added, “As one of the nation’s largest clean energy infrastructure providers, we have a huge opportunity to leverage our natural gas-focused business as the world moves to a low-carbon future, while helping customers and the United States meet climate goals. We believe clean, affordable and reliable natural gas is an important component of today’s fuel mix and should be prioritized as one of the most important tools to aggressively displace more carbon-intensive fuels around the world.”

GAAP Measures

• First-quarter 2021 net income improved by $943 million over the prior year, reflecting $128 million of higher commodity margins in 2021 and $21 million from recently acquired upstream operations, while lower Haynesville gathering revenues were substantially offset by increased earnings from Northeast G&P equity-method investments. The improvement over last year also reflects the absence of $1.2 billion in pre-tax charges in 2020 related to impairments of equity-method investments, goodwill and goodwill at an equity investee, of which $65 million was attributable to noncontrolling interests. The provision for income taxes changed unfavorably by $345 million primarily due to higher pre-tax income.
• The severe winter weather impact in February 2021 and the associated effect on commodity prices is estimated to have had a net favorable impact on our pre-tax results of approximately $77 million, primarily within our commodity margins and results from upstream operations.
• Cash flow from operations for the first quarter of 2021 increased as compared to 2020 primarily due to the previously described commodity margin improvement in 2021.

Non-GAAP Measures

• Adjusted EBITDA increased by $153 million over the prior year, driven by the previously described benefits from commodity margins and recently acquired upstream operations, while lower Haynesville gathering revenues were substantially offset by increased contributions from Northeast G&P equity-method investments. Even excluding the net favorable impact of the severe winter weather impact in February 2021, Adjusted EBITDA was higher than the prior year.
• Adjusted Income improved by $116 million over the prior year driven by similar changes.
• Available Funds From Operations increased by $109 million, largely reflecting the previously described improved commodity margins in 2021.

Business Segment Results & Form 10-Q

Williams' operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Other. For more information, see the company's first-quarter 2021 Form 10-Q.

Transmission & Gulf of Mexico

• First-quarter 2021 Modified and Adjusted EBITDA decreased slightly compared to the prior year, as small increases in service revenues, commodity margins, and investee EBITDA were offset by higher operating and administrative costs. An increase in natural gas transmission service revenues related to recent expansion projects was partially offset by lower gathering volumes in the Gulf of Mexico.

Northeast G&P

• First-quarter 2021 Modified and Adjusted EBITDA increased over the prior year driven by higher gathering volumes on our Bradford and Marcellus South systems, along with the benefit of an increased ownership in Blue Racer Midstream, acquired in November 2020.
• Gross gathering volumes for first-quarter 2021, including 100% of operated equity-method investments, increased by 11% over the same period in 2020.

West

• First-quarter 2021 Modified and Adjusted EBITDA increased over the prior year primarily due to an estimated $55 million net favorable impact from the February 2021 severe winter weather, $50 million of higher commodity marketing margins driven by higher prices and the absence of prior year inventory impacts, and lower operating and administrative costs. These favorable changes were partially offset by lower Haynesville gathering revenues from lower rates and volumes, as well as lower investee EBITDA driven by reduced transportation volumes on Overland Pass Pipeline.

Other

• First-quarter 2021 Modified and Adjusted EBITDA includes $30 million from our recently acquired oil and gas producing properties. Of this amount, we estimate that approximately $22 million is attributable to the February 2021 severe winter weather.

2021 Financial Guidance

The company now expects 2021 Adjusted EBITDA between $5.2 billion and $5.4 billion and Available Funds from Operations between $3.7 billion and $3.9 billion, both a $100 million midpoint increase from guidance originally issued in February 2021. As well, the leverage ratio midpoint has been updated to ~4.2x versus ~4.25x prior for year-end 2021. The company is keeping intact 2021 growth capex guidance between $1 billion to $1.2 billion. Importantly, Williams expects to generate positive free cash flow (after capital expenditures and dividends), allowing it to retain financial flexibility.

Williams' First-Quarter 2021 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' first-quarter 2021 earnings presentation will be posted at www.williams.com. The company’s first-quarter 2021 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, May 4, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: http://www.directeventreg.com/registration/event/5942459

A webcast link to the conference call is available at www.williams.com. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com

MEDIA CONTACT:
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(800) 945-8723

INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

HOUSTON--(BUSINESS WIRE)--#SB--S&B Infrastructure, Ltd. (S&B) announced today it has acquired Technology Associates, Inc. (TAI). TAI is known for its innovative maritime solutions and technical expertise. TAI will continue its operations as TAI Engineers, LLC. This is a strategic acquisition that allows S&B to also position itself as a leading government and commercial engineer of world-class vessels.

“This acquisition strengthens our capabilities to design and build even larger government and commercial maritime projects,” said Daniel Rios, S&B Infrastructure President. “We acquired TAI because of our clients’ ever-evolving needs and the organization’s focus on safety, integrity, and client trust—all key values of S&B. The deal marks a win for clients as we deliver projects with even greater certainty—safely on time and within budget.”

The acquisition enables S&B to provide total marine solutions for commercial and governmental clients worldwide. The entire TAI team—approximately 80 maritime professionals, located primarily in New Orleans, La. and Vishakhapatnam, India—will join S&B. TAI has been around for decades, with professionals working on marine projects worldwide for commercial and government clients. TAI has and is performing key projects for the U.S. Coast Guard, U.S. Navy, NOAA, U.S. Army, U.S. Army Corps of Engineers and many other clients and agencies.

“This is an exciting opportunity for TAI, its management and staff, and the continued growth of TAI,” said Anil Raj P. E., founder and president of TAI. “The synergies between S&B’s diverse technical capabilities and large engineering footprint, coupled with the maritime expertise of TAI Engineers, will allow the company to offer significantly enhanced expertise, resources and products, to the benefit of our clients.”

Raj will remain as the president of TAI and will continue to manage day-to-day operations.

“Our growing team is looking forward to providing our marine clients innovative, quality, and cost-effective solutions for their greatest challenges,” said Rios.

About S&B Infrastructure, Ltd.

S&B Infrastructure, Ltd. has been in existence since 1994, making it one of the largest privately-owned engineering and construction firms in Texas. S&B provides planning, multi-discipline engineering design, and construction services in the following market sectors: transportation, federal, public works, pipeline, and facilities. S&B provides services to both public- and private-sector clients. S&B Infrastructure, Ltd. is part of the broader S&B family of companies, including S&B Engineers and Constructors, Ltd. Connect with us on LinkedIn.

Lindsay Szeszycki, Director of Communications and Marketing
S&B Engineers and Constructors, Ltd.
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518.879.2101

FORT WORTH, Texas--(BUSINESS WIRE)--Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it has completed a sale-leaseback transaction related to certain real property in Los Angeles County, California. The purchase price for the property consisted of $10.5 million, subject to a holdback of approximately $2.6 million for certain improvements to be constructed at the property. The Company is entitled to reimbursement of any remaining balance of said holdback funds to the extent not fully expended for the intended purpose. The Company has entered into a simultaneous lease of the property for an initial term of three years.

About Basic Energy Services

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The Company’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Our operations are focused in prolific basins that have historically exhibited strong drilling and production economics in recent years as well as natural gas-focused shale plays characterized by prolific reserves. Specifically, the Company has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. We provide our services to a diverse group of over 2,000 oil and gas companies. Additional information on Basic Energy Services is available on the Company’s website at www.basices.com.

Safe Harbor Statement

This release includes “forward-looking statements” within the meaning of the federal and securities laws. Forward-looking statements are not statements of historical fact and reflect Basic’s current views about future events. The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although Basic believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions and estimates, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. These risks and uncertainties include without limitation, risks associated with a future closing of the transaction and settlement of the holdback described therein and the satisfaction of the conditions thereto. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that the transactions will be consummated or that anticipated future results will be achieved. Any forward-looking statement speaks only as of the date on which such statement is made and Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Trey Stolz
Director of Financial Planning & Analysis
Basic Energy Services, Inc.
817-334-4100

• Strong sequential bookings growth with $945 million of bookings, representing an increase of over 16% compared to the prior three-quarter’s average

• Significant operating income improvement with reported and adjusted operating income up 132% and 41%, respectively

• Flowserve 2.0 transformation program continued to drive results, including a 250 basis point improvement in adjusted operating margin despite 4.1% revenue decrease

• GAAP EPS increased over 22% and Adjusted EPS increased over 47%

• Retired approximately $410 million of long-term Euro-denominated debt

• Raised full-year 2021 Revenue and Adjusted EPS guidance, reaffirmed all other metrics

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights (all comparisons to the 2020 first quarter, unless otherwise noted)¹

• Reported Earnings Per Share (EPS) of $0.11 and Adjusted EPS² of $0.28
  • Reported EPS includes after-tax adjusted items of $22.6 million, including realignment costs, below-the-line foreign exchange impacts and debt retirement costs

• Total bookings were $945.0 million, down 3.3%, or 6.0% on a constant currency basis and up 14.5% on a sequential basis
  • Original equipment bookings were $487.7 million, or 52% of total bookings, up 2.7%, or down 0.1% on a constant currency basis and up 20.5% on a sequential basis
  • Aftermarket bookings were $457.3 million, or 48% of total bookings, down 8.9%, or 11.5% on a constant currency basis and up 8.8% on a sequential basis

• Sales were $857.3 million, down 4.1%, or 7.0% on a constant currency basis
  • Original equipment sales were $406.9 million, down 9.9%, or 13.1% on a constant currency basis
  • Aftermarket sales were $450.4 million, up 1.9%, or down 0.9% on a constant currency basis

• Reported gross and operating margins were 29.3% and 6.5%, respectively
  • Adjusted gross and operating margins ³ were 30.4% and 8.1%, respectively 

• Backlog at March 31, 2021 was $1.9 billion, up 1.6% versus December 31, 2020

“Flowserve delivered a strong start to 2021, including a 47% increase in adjusted EPS year-over-year while generating 15 percent sequential bookings growth,” said Scott Rowe, Flowserve’s president and chief executive officer. “Our decisive cost actions in 2020, combined with other Flowserve 2.0 transformation activities, were key to our first quarter performance, as adjusted operating income increased over $20 million from last year.”

Rowe concluded, “Our first quarter results support our conviction that Flowserve is strongly positioned to benefit as the global economic recovery continues and as COVID subsides. The investment cycle in our core end markets is appearing to inflect as we see meaningful progress with vaccinations driving increased mobility around the world. We are increasingly confident that our focus on growth, product innovation and initiatives to support our customers’ energy transition and emission reduction efforts will position Flowserve well to return to earnings growth early in 2022, driving value for our shareholders and our customers.”

Revised 2021 Guidance⁴

Flowserve today revised certain of the full-year metrics of our 2021 target range. Previously announced metrics not shown below are reaffirmed as of today. The revised categories and the new range include:

Consistent with the prior range, Flowserve’s 2021 Adjusted EPS target range excludes expected realignment charges of approximately $25 million, as well as the potential impact of below-the-line foreign currency effects and certain other discrete items. In a change to our approach for 2021, Flowserve 2.0 transformation-related expenses of approximately 5 cents per share will now be included in both our reported and adjusted EPS.

First Quarter 2021 Results Conference Call

Flowserve will host its conference call with the financial community on Tuesday, May 4^th at 11:00 AM Eastern. Scott Rowe, president and chief executive officer, as well as other members of the management team will be presenting. The call can be accessed by shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section.

¹ Prior period comparisons are impacted by certain accounting revisions. Reference Flowserve’s Form 8-K filed on November 5, 2020 and Form 10-Q for the period ending March 31, 2021 for additional details.
² See Reconciliation of Non-GAAP Measures table for detailed reconciliation of reported results to adjusted measures.
³ Adjusted gross and operating margins are calculated by dividing adjusted gross profit and adjusted operating income, respectively, by revenues. Adjusted gross profit and adjusted operating income are derived by excluding the adjusted items. See reconciliation of Non-GAAP Measures table for detailed reconciliation.
⁴ Adjusted 2021 EPS excludes realignment expenses, the impact from other specific discrete items and below-the-line foreign currency effects and utilizes year-end 2020 FX rates and approximately 131 million fully diluted shares.
^_ FX impact is calculated by comparing the difference between the actual average FX rates of 2020 and the year-end 2020 spot rates both as applied to our 2021 expectations, divided by the number of shares expected for 2021.

About Flowserve

Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon first-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.