Oil

Syndicate content
Contains the last 10 releases
Updated: 1 year 15 weeks ago

DEINOVE and FLINT HILLS RESOURCES enter the second stage of their partnership in animal feed

31 May 2017 - 11:30am

DEINOVE AND FLINT HILLS RESOURCES ENTER THE SECOND STAGE OF THEIR PARTNERSHIP IN ANIMAL FEED

  • The partnership aims to develop and market new natural additives for animal feed.
  • The first phase led to the successful selection of several bacterial strains.
  • Flint Hills Resources continues to provide funding for the project.

             
Montpellier, 31 May 2017 (6:30pm CEST) - DEINOVE (Alternext Paris: ALDEI), a biotech company that discovers, develops and produces high-value compounds from rare bacteria, notably from the Deinococcus genus, announces the start of the second phase of the animal nutrition R&D project initiated with FLINT HILLS RESOURCES in November 2015.

FLINT HILLS RESOURCES, a subsidiary of KOCH INDUSTRIES - one of the largest private companies in the world - is a leader in refining, petrochemicals and biofuels in the United States.

The project, initiated in 2015 and financed by FLINT HILLS RESOURCES, aims to develop a nutritional supplement for animal feed. This first phase successfully selected several bacterial strains from DEINOVE's library producing the targeted compounds. Scheduled to be completed by end of 2017 the second phase will aim to:

  • Produce the additives in sufficient quantities to test their beneficial effects on the target animal species and analyze the results obtained;
  • Optimize the fermentation parameters;
  • Define the technical and economic conditions for the development of the production process.

On the basis of efficacy tests, one or two strains may be selected for the industrialization step. If successful, both partners will consider the terms and conditions of a licensing agreement for the technology developed during this project for an actual commercialization.

"We are very satisfied with the progress of this collaborative project and the initial results obtained. We look forward to the efficacy testing stage," stated Kevin GRAY, Innovation Director of FLINT HILLS RESOURCES.

Emmanuel PETIOT, CEO of DEINOVE, added: "The progress of this project confirms our choice: animal nutrition is a growing market and seriously looking for innovation. Thanks to the wealth and performance of our micro-organisms, our solutions can concretely enable manufacturers to increase the value of their products."


ABOUT FLINT HILLS RESOURCES, LLC

Flint Hills Resources, LLC, through its subsidiaries, is a leading refining, chemicals and biofuels company with operations primarily in the Midwest and Texas. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than $13 billion since 2002. Flint Hills Resources' subsidiaries produce and market gasoline, diesel, jet fuel, asphalt, ethanol, biodiesel, olefins, polymers, intermediate chemicals, as well as base oils, corn oil and dried distillers grain.
Flint Hills Resources operates ethanol plants in Arthur, Fairbank, Iowa Falls, Menlo and Shell Rock, Iowa, Fairmont, Nebraska, and Camilla, Georgia. The plants have a combined annual capacity of 820 million gallons of ethanol.
The refining business operates refineries in Minnesota (Rosemount) and Texas (Corpus Christi), with a combined crude oil processing capacity of more than 600,000 barrels per day. The petrochemical business includes production facilities in Illinois and Texas. The asphalt business produces and markets product in the Midwest. A subsidiary owns an interest in a lubricants base oil facility in Louisiana.
The company is based in Wichita, Kansas, and its more than 5,000 employees strive to create value for customers and society.
More information about the company is available at FHR.com.

ABOUT DEINOVE

DEINOVE (Alternext Paris: ALDEI) is a biotech company that discovers, develops and produces compounds with industrial value from rare microorganisms, for the healthcare, nutrition and cosmetics markets.
These innovative production methods represent a sustainable and competitive alternative.
For this, DEINOVE relies on two key assets:

  • A unique strain bank with 6,000 rare bacteria that have not yet been exploited, mainly of the Deinococcus genus;
  • A genetic, metabolic and fermentation engineering platform that enables them to customize these natural micro-factories, transforming them into new industry standards.

Based in Montpellier, DEINOVE employs approximately 50 employees and has nearly 160 international patent applications. The Company has been listed on Alternext since April 2010.
More information on www.deinove.com

Contacts

Emmanuel Petiot
CEO
Ph.: +33 (0)4 48 19 01 28
emmanuel.petiot@deinove.com

  Coralie Martin
Communication and IR Manager
  Ph.: +33 (0)4 48 19 01 60
coralie.martin@deinove.com ALIZE RP, Press Relations
Caroline Carmagnol/Wendy Rigal
Ph.: +33 (0)1 44 54 36 66
deinove@alizerp.com  

 

 

 

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/e22513f4-8f31-4102-857a-2bb7533a559f

Categories: State

DNO ASA: Mandatory Notification of Trade

31 May 2017 - 9:39am

Oslo, 31 May 2017 - DNO ASA, the Norwegian oil and gas operator, today purchased 1,800,000 own shares at an average price of NOK 7.7797 per share.

The purchase is part of the share buyback program initiated on 24 March 2017.

Following this transaction, DNO holds 22,650,000 own shares.

--

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
Tel: +47 911 57 197

--

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Oman, Somaliland, Tunisia and Yemen.

--

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Categories: State

Neste announces final tender offer results

31 May 2017 - 7:39am

Neste Corporation
Stock Exchange Release
31 May 2017 at 3.30 pm (EET)

Neste announces final tender offer results

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES , THE TENDER OFFERS  OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Neste Corporation (the "Company") announces today the final results of the invitation to the holders of its EUR 400,000,000 4.00 per cent. notes due 18 September 2019 (ISIN: FI4000047360) (the "2019 Notes") and EUR 500,000,000 2.125 per cent. notes due 17 March 2022 (ISIN: FI4000148671) (the "2022 Notes", and together with the 2019 Notes, the "Notes") to tender their Notes for cash on the terms and conditions set out in the tender offer memorandum dated 18 May 2017 (the "Tender Offer Memorandum") (the "Tender Offers"). Capitalised terms used in this release but not defined have the meanings given to them in the Tender Offer Memorandum.

At the Expiration Deadline of 4:00 p.m. (Finnish time) on 30 May 2017, valid Tender Instructions of EUR 252,753,000 in aggregate nominal amount of 2019 Notes and EUR 178,700,000 in aggregate nominal amount of 2022 Notes were received pursuant to the Tender Offers.

The Company announces that (subject to satisfaction or waiver of the New Issue Condition on or prior to the Settlement Date) it will accept for purchase EUR 252,753,000 in aggregate nominal amount of the 2019 Notes and EUR 178,700,000 in aggregate nominal amount of 2022 Notes (the "2022 Final Acceptance Amount") pursuant to the Tender Offers.

Accordingly, pursuant to the terms and conditions of the Tender Offer Memorandum, all valid tenders will be accepted in full with no proration of Notes.

The purchase price of the 2019 Notes is EUR 1,091.29 per EUR 1,000.00 in nominal amount of the 2019 Notes. The purchase price of the 2022 Notes is equal to 105.989 per cent. of the nominal amount of the 2022 Notes based on the 2022 Purchase Yield of 0.840 per cent., which is the sum of the 2022 Purchase Spread of 70 basis points and the 2022 Interpolated Mid Swap Rate of 0.140 per cent. Accrued and unpaid interest will be paid in respect of all Notes validly tendered and delivered and accepted for purchase.

Whether the Company will accept for purchase any Notes validly tendered in the Tender Offers is subject (unless such condition is waived by the Company on its sole and absolute discretion), without limitation, to the completion of the issue the New Notes.

The Settlement Date is expected to be 7 June 2017.  All Notes purchased by the Company pursuant to the Tender Offers will be cancelled. Notes which have not been validly tendered and accepted for purchase pursuant to the Tender Offers will remain outstanding.

Nordea Bank AB (publ) acts as Dealer Manager and Nordea Bank AB (publ), Finnish Branch acts as Tender Agent for the Tender Offers. Information in respect of the Tender Offers may be obtained from the Dealer Manager: email: NordeaLiabilityManagement@nordea.com / tel: +45 61612996.

For more information, please contact:

Mika Rydman, Vice President and Group Treasurer, Neste, tel: +358 10 458 4710
Olli Kivi, Manager, Corporate Finance, Group Treasury, Neste, tel. +358 10 458 4683

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable choices for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner, whose expertise, R&D and sustainable practices are widely respected. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the 100 most sustainable companies in the world. Read more: neste.com/en

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the New Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of New Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the New Notes. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as "relevant persons"). In addition, this communication is, in any event only directed at persons who are "qualified investors" pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Categories: State

Golar LNG dividend information

31 May 2017 - 7:36am

Reference is made to the first quarter 2017 report released on May 31, 2017. Golar LNG will be trading ex-dividend of a total dividend of $0.05 per share on June 14, 2017. The record date will be June 16, 2017 and the dividend will be paid on or about July 5, 2017. 

Golar LNG Limited
Hamilton, Bermuda
31 May, 2017

Categories: State

Interim results for the period ended 31 March 2017

31 May 2017 - 7:08am

Highlights

·         Golar LNG Partners LP ("Golar Partners" or "the Partnership") reports net income attributable to unit holders of $23.6 million and operating income of $54.9 million for the first quarter of 2017.

·         Generated distributable cash flow of $36.4 million1 for the first quarter with a distribution coverage ratio of 0.891.

·         Issued new $250 million LIBOR plus 6.25% senior unsecured bond in the Nordic market principally to refinance existing bond indebtedness.

·         Issued 5.175 million new common units together with 0.1 million general partner units raising gross proceeds of $119.4 million.

·         Secured new LNG carrier contract for LNG carrier Golar Grand.

Subsequent Events

  • Put option in respect of FSRU Golar Tundra exercised and entry into a purchase option agreement for up to a 25% interest in FLNG Hilli Episeyo.
  • Declared an unchanged distribution for the first quarter of $0.5775 per unit.

 

Financial Results Overview

Golar LNG Partners LP reports net income attributable to unit holders of $23.6 million and operating income of $54.9 million for the first quarter of 2017 ("the first quarter" or "1Q"), as compared to net income attributable to unit holders of $71.4 million and operating income of $72.1 million for the fourth quarter of 2016 ("the fourth quarter" or "4Q") and net income attributable to unit holders of $16.8 million and operating income of $56.1 million for the first quarter of 2016.

(USD '000) Q1 2017 Q4 2016 Q1 2016 Total Operating Revenues 101,385   114,942   101,065   Adjusted EBITDA 2 79,677   97,377   81,131   Operating Income 54,921   72,091   56,092   Interest Income 1,173   969   1,524   Interest Expense (18,247 ) (16,983 ) (13,695 ) Other Financial Items (6,903 ) 20,555   (20,709 ) Taxes (3,491 ) (2,822 ) (3,450 ) Net Income attributable to Golar Partners Owners 23,554   71,443   16,750   Net Debt 3 1,173,315   1,264,336   1,252,093  

As anticipated, total operating revenues decreased, from $114.9 million in the fourth quarter to $101.4 million in the first quarter. The $13.5 million decrease is largely due to two scheduled events.  Firstly the winter down-time period for the FSRU Golar Igloo during January and February and secondly, in anticipation of her new charter, the LNG carrier Golar Grand was taken out of layup and dry-docked, which resulted in 46 days off-hire during 1Q.

Operating expenses at $17.1 million were $3.7 million higher than the prior quarter. A general increase in repairs and maintenance costs, in particular in relation the Golar Igloo during the winter down-time period, together with mobilizing crew and preparing the Golar Grand for reactivation account for most of the increase.

Administration costs and depreciation and amortization at $2.6 million and $24.8 million respectively, were in line with 4Q.

Interest expense at $18.2 million for the first quarter was higher than the fourth quarter interest of $17.0 million. The cost of servicing the new February 2017 $250 million bond, net of savings as a result of the part-redemption of the 2012 bond it was issued to refinance, accounts for most of the increase.  Other financial items recorded a loss of $6.9 million for 1Q compared to a $20.6 million gain in 4Q. Although swap rates continued to increase resulting in incremental non-cash mark-to-market interest rate swap gains, these were a total of $2.7 million as compared to $23.4 million in 4Q. 1Q other financial items also include an accounting loss of $3.8 million relating to the largely offsetting foreign exchange gain and loss on the 2012 Norwegian Krone Bond and the related currency swap from December 31, 2016 to repayment date and the transfer of the accumulated loss from other comprehensive income to the income statement as a result of the cessation of hedge accounting in 1Q for the 2012 bond cross currency swap. This is in addition to the $2.7 million premium paid upon the partial buy-back of the 2012 bond.

The tax charge for the quarter at $3.5 million was $0.7 million higher than 4Q.

As a result of the foregoing 1Q distributable cash flow1 was lower at $36.4 million compared to $57.9 million in the fourth quarter. The distribution coverage ratio1 declined accordingly from 1.53 to 0.89 in 1Q.

Commercial Review

In March 2017 the Partnership secured new business for the Golar Grand.  In anticipation of this the vessel was removed from layup in February and relocated to Singapore for dry-dock which completed on April 14, 2017.  Golar Grand subsequently commenced service under her new charter on May 5, 2017. This new time charter is for a period of up to a maximum of 9 years with a major international oil and gas company (the "New Charter"). The Golar Grand is currently on charter with Golar LNG Limited ("Golar LNG") and will therefore be sub-chartered back from Golar LNG, at the same rate as the New Charter, for the initial period of the New Charter until the Golar LNG charter ends in October 2017. The New Charter is for an initial fixed period of 2 years with a series of extension options up to the maximum charter period of 9 years.

The Partnership's operating income before depreciation derived from the Golar Grand will be unchanged until October 2017 when the Golar LNG charter ends. Assuming initial extension options for up to 5 years are exercised the New Charter is expected to generate on average approximately $10 million of operating income before depreciation per annum over the full 5 year term.

Golar Partners is continuing to work on specific recontracting opportunities for FSRU Golar Spirit and LNG carrier Golar Mazo. Chartering opportunities for Golar Mazo and LNG carrier Golar Maria should improve as a function of an expected improvement in the LNG shipping market moving forward. Evidence of an increased interest in term LNG carrier contracts is provided by the Golar Grand New Charter.

The FSRU Golar Tundra remains anchored off the coast of Ghana and the project has made limited recent progress.  In light of this Golar Partners has elected to exercise its right (the "Put Right") to require Golar to repurchase the company ("Tundra Corp"), the disponent owner and operator of the FSRU, the Golar Tundra, at a price equal to the original purchase price (the "Put Sale") paid by the Partnership in its acquisition of Tundra Corp in May 2016 (the "Purchase Price").  In connection with the exercise of the Put Right, the Partnership and Golar have entered into an agreement pursuant to which the Partnership has agreed to sell Tundra Corp to Golar on the date of the closing of the Put Sale (the "Put Sale Closing Date") in return for Golar's promise to pay an amount equal to approximately $107 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount").  The Deferred Purchase Price and the Additional Amount shall be due and payable by Golar on the earlier of (a) the date of the closing of the acquisition of the Hilli Shares (as defined below) and (b) March 31, 2018.  The closing of the Put Sale is expected to occur during June 2017, subject to customary closing conditions.

The Partnership has agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash payment on the Put Sale Closing Date in exchange for Golar granting to the Partnership the option (the "Golar Hilli Purchase Option") to purchase, at fair market value, up to a 25% equity interest (the "Hilli Shares") in Golar Hilli Corp. ("Hilli Corp"), the owner of the FLNG vessel Hilli Episeyo.

Under the new agreement with Golar, the Partnership has the ability to exercise the Golar Hilli Purchase Option at any time on or before March 31, 2018. There can be no assurance that the Partnership will exercise the Hilli Purchase Option or that it will consummate an acquisition of the Hilli Shares.  The acquisition by the Partnership of the Hilli Shares will be subject to, among other things, the approval by the Conflicts Committee of the Partnership's board of directors of the decision to purchase the Hilli Shares, the fair market value to be paid for the Hilli Shares and the other terms of the purchase.

In addition, the purchase agreement for the Hilli Shares will provide that the Partnership will not be required to consummate the purchase of the Hilli Shares if, among other things, the Hilli Episeyo shall not have been delivered to and accepted by Perenco Cameroon SA and Societe Nationale Des Hydrocarbures ("Perenco") and commenced its commercial operation under the eight year Liquefaction Tolling Agreement with Perenco for the first two of four liquefaction trains of Hilli Episeyo.  The purchase price to be paid by the Partnership for the Hilli Shares would be reduced by the sum of the unpaid Deferred Purchase Price plus the unpaid Additional Amounts on the date of the closing of the Hilli Shares.

A 25% interest in the Hilli Shares is effectively 50% of the two liquefaction trains, out of a total of four, that have been contracted to Perenco.

It is not expected that the Partnership would be acquiring exposure to any oil price linked elements of the tariff under the Perenco contract or to the potential expansion of utilized capacity of Hilli Episeyo from two trains to four trains. Taking into consideration the new equity raised in February 2017, it is not expected that the Partnership will require any further funding in order to complete the acquisition.

 

Operational Review

The fleet performed well during the quarter achieving 100% availability during scheduled 1Q operations.

Following its scheduled winter down-time period from January 1 the FSRU Golar Igloo recommenced operations in Kuwait on February 27.

On February 14 Golar Grand was removed from lay-up and relocated to Singapore for dry-dock. Positioning, dry-dock and other repairs collectively took 59 days, 46 of which fell in 1Q and 13 in 2Q. After leaving the yard on April 14 the vessel proceeded to the delivery point for her new charterers on May 5.

Ahead of its Petrobras charter end date in June, the FSRU Golar Spirit began preparations for departure.  It is unlikely that the projects being considered for this vessel will be in a position to commence operations in the near term after leaving Brazil.  Layup options during this intervening period are therefore being considered with a view to the location of prospective potential employment opportunities.

Financing and Liquidity

On February 1, 2017 the Partnership placed a USD 250 million non-amortizing 2021 maturing bond in the Nordic bond market.  The bond priced at 3-month LIBOR plus 6.25% and the Partnership subsequently entered into interest rate swaps to hedge the aggregate principal of the bond such that the all-in interest cost for the $250 million is 8.194%. The listing process for the bond is progressing well.

As at March 31, 2017 NOK 971 million of the 2012 issued bond had been repurchased and to date NOK 996 million of the NOK 1,300 million has been repurchased.

On February 7, 2017 the Partnership announced an underwritten offering of 4,500,000 common units representing limited partner interests in the Partnership. The underwriter subsequently exercised an option to acquire a further 675,000 common units ahead of closing on February 13, 2017. To maintain its 2% stake, our general partner Golar GP LLC acquired a further 94,714 general partner units.  The offering raised gross proceeds of $119.4 million to be used for general partnership purposes, including, subject to agreement, the acquisition of a part share in the Hilli Episeyo.

As of March 31, 2017, the Partnership had cash and cash equivalents of $166.9 million and available and undrawn revolving credit facilities of $150.0 million. The increase in cash and available undrawn revolving facilities reflects receipt of the equity offering and bond proceeds offset by repurchases of the October maturing 2012 bonds and repayment of $125 million of revolving debt. Total debt and capital lease obligations net of total cash balances (net debt3) (excluding the Golar Tundra debt) was $1,173.3 million as of March 31, 2017.

Based on the above net debt3 amount and annualized4 first quarter 2017 Adjusted EBITDA2, Golar Partners' net debt3 to Adjusted EBITDA2 ratio was 3.7.

As of March 31, 2017, Golar Partners had interest rate swaps with a notional outstanding value of approximately $1,427.6 million (including swaps with a notional value of $457.5 million in connection with the Partnership's bonds) representing approximately 105% of total debt and capital lease obligations net of long-term restricted cash.  This percentage is inflated in part due to the $125 million revolver repayment.

The average fixed interest rate of swaps related to bank debt is approximately 1.63% with an average maturity of approximately 3.9 years as of March 31, 2017.

Outstanding bank debt as of March 31, 2017 was $939.6 million, which had average margins, in addition to LIBOR, of approximately 2.53%. The Partnership also has a 2020 maturing $150.0 million Norwegian USD bond with a swapped all-in rate of 6.275%, the 2021 maturing $250 million Norwegian USD bond with a swapped all-in rate of 8.194% and the balance of an October 2017 maturing Norwegian Krone (NOK) bond with a fixed rate of 6.485%. With respect to the October maturing NOK bond, NOK 971 million had been repaid as at March 31, 2017. The Partnership has a currency swap to hedge the NOK exposure for the remaining NOK 329 million. As the bonds are repurchased a corresponding share of the cross currency swap is terminated. The total swap liability as at March 31, 2017, which also includes an interest rate swap element, was $20.0 million and the restricted cash securing this swap liability was $5.3 million.

Corporate and Other Matters

As of March 31, 2017 there were 70,661,522 units outstanding in the Partnership, of which 22,265,522, exclusive of earn-out units but including 1,413,231 General Partner units, are owned by Golar, representing a 31.5% interest in the Partnership.

On April 26, 2017, Golar Partners declared an unchanged distribution for the fourth quarter of $0.5775 per unit. This distribution was paid on May 12, 2017 on total units of 70,661,522.

Total outstanding options as at 31 March were 99,000. The issued options have an initial exercise price of $20.55 per unit and vest over a three year period.

Outlook

Operating earnings for 2Q 2017 are expected to be positively impacted by a full quarters earnings from the Golar Igloo as it returns to service after its winter down-time period. Golar Grand earnings are also expected to improve as a result of the completion of its drydock in 2Q although there will be some reduction in revenues and additional voyage costs associated with the 13 day balance of its dry-dock related off-hire and subsequent positioning of the vessel for its new charter.

There will also be a substantial positive impact on 2Q as a result of the termination payment receivable in respect of the FSRU Golar Spirit which will complete its charter with Petrobras on June 23, 2017.  This one-off termination fee will be partly offset by the loss of charter-hire and revenues thereafter together with costs incurred positioning the Golar Spirit for temporary layup. The termination fee is approximately equivalent to 62% of the Adjusted EBITDA2 that would have otherwise been earned between June 2017 and August 2018 when the charter was originally due to end.

Although the new rate for the initial 2-year term of the new Golar Grand charter is lower than its current rate, the Partnership is pleased to have taken its first step toward addressing its LNG carrier re-contracting requirement.  Approximately 34 million tonnes of new LNG production is expected to come to market during 2017, most of which will be in the second half of the year.  This coincides well with the end-2017 expiring Golar Maria and 60% owned Golar Mazo charters.

Work continues with regard to securing new employment for the FSRU Golar Spirit and specific opportunities have been identified.  The market for smaller capacity FSRUs is quite active as the cost of significant unutilised capacity on larger FSRU's can undermine the economics of a switch to gas in smaller markets. Smaller units like the Golar Spirit are therefore able to provide a more economical solution.

The lack of progress of the Ghana FSRU project for which Golar Tundra was chartered has been disappointing. However, the proposed swap of the Golar Tundra, together with the proceeds from the February equity offering, into a potential transaction to acquire up 25% of the FLNG Hilli Episeyo is very positive for Golar Partners. The acquisition would, if consummated as planned, add approximately 44% to effective revenue backlog and increase revenue backlog years5 of the Partnership's vessels from 4.4 years to 6.4 years. It would further diversify the Partnerships revenue streams as well as help offset the recontracting risk of the Partnerships vessels that come off contract in 2017. The acquisition would also, if concluded, give significant support to distributions going forward. The positive effects are enhanced by the fact that the proposed Hilli Episeyo purchase can be concluded without raising additional equity.

1Distributable cash flow is a non-GAAP financial measure used by investors to measure the performance of master limited partnerships. Distribution coverage ratio represents the ratio of distributable cash flow to total cash distributions paid. Please see Appendix A for a reconciliation to the most directly comparable GAAP financial measure.

2Adjusted EBITDA: Earnings before interest, other financial items, taxes, depreciation and amortization and non-controlling interest. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance. Please see Appendix A for a reconciliation to the most directly comparable GAAP financial measure.

3 Net Debt is defined as short-term debt and current portion of long-term debt plus long-term debt plus obligations under capital leases less cash and cash equivalents less restricted cash.

4Annualized means the figure for the quarter multiplied by 4.

5 Revenue backlog divided by annualized current quarter revenues

 FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning future events and Golar Partners' operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result," "plan," "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond Golar Partners' control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:

·        statements about market trends in the floating storage unit (or FSU), floating storage and regasification unit (or FSRU), liquefied natural gas (or LNG) carrier and floating liquefied natural gas vessel (or FLNG) industries, including charter rates, factors affecting supply and demand, and opportunities for the profitable operations of FSRUs, LNG carriers and FLNGs;

·        statements about Golar Partners' and Golar's ability to retrofit vessels as FSRUs or FLNGs and the timing of the delivery and acceptance of any such retrofitted vessels by their respective charterers;

·        Golar Partners' ability to increase distributions and the amount of any such increase;

·        Golar Partners' ability to integrate and realize the expected benefits from acquisitions and potential acquisitions, including the FLNG Hilli Episeyo;

·        our estimates of anticipated revenue and adjusted EBITDA2 generated by the FLNG Hilli Episeyo;

·        Golar Partners' anticipated growth strategies;

·        the effect of the worldwide economic slowdown;

·        turmoil in the global financial markets;

·        fluctuations in currencies and interest rates;

·        the liquidity and creditworthiness of Golar Partners customers;

·        general market conditions, including fluctuations in charter hire rates and vessel values;

·        changes in Golar Partners' operating expenses, including dry-docking and insurance costs and bunker prices;

·        Golar Partners' future financial condition or results of operations and future revenues and expenses;

·        the repayment of debt and settling of interest rate swaps;

·        Golar Partners' and Golar LNG Limited's ability to make additional borrowings and to access debt and equity markets;

·        planned capital expenditures and availability of capital resources to fund capital expenditures;

·        the exercise of purchase options by the Partnership's charterers;

·        Golar Partners' ability to maintain long-term relationships with major LNG traders;

·        our ability to leverage the relationships and reputation of Golar, Golar Power Limited (or Golar Power) and OneLNG S.A. (or OneLNGSA )in the LNG industry;

·        Golar Partners' ability to purchase vessels from Golar, Golar Power and OneLNGSA in the future;

·        Golar Partners' continued ability to enter into long-term time charters, including our ability to re-charter the Golar Spirit, the Golar Mazo and the Golar Maria following the expected termination or expiration of their respective time charters in 2017;

·        Golar Partners' ability to maximize the use of its vessels, including the re-deployment or disposition of vessels no longer under long-term time charter;

·        timely purchases and deliveries of newbuilding vessels;

·        future purchase prices of newbuildings and secondhand vessels;

·        Golar Partners' ability to compete successfully for future chartering and newbuilding opportunities;

·        acceptance of a vessel by its charterer;

·        termination dates and extensions of charters;

·        the expected cost of, and Golar Partners' ability to comply with, governmental regulations, maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to Golar Partners' business;

·        availability of skilled labor, vessel crews and management;

·        Golar Partners' general and administrative expenses and its fees and expenses payable under the fleet management agreements and the management and administrative services agreement;

·        the anticipated taxation of Golar Partners and distributions to Golar Partners' unitholders;

·        challenges by authorities to the tax benefits Golar Partners previously obtained;

·        estimated future maintenance and replacement capital expenditures;

·        Golar Partners' ability to retain key employees;

·        customers' increasing emphasis on environmental and safety concerns;

·        potential liability from any pending or future litigation;

·        potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;

·        future sales of Golar Partners' securities in the public market;

·        Golar Partners' business strategy and other plans and objectives for future operations; and

·        other factors listed from time to time in the reports and other documents that Golar Partners files with the U.S. Securities and Exchange Commission.

Factors may cause actual results to be materially different from those contained in any forward-looking statement. Golar Partners does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Golar Partners' expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

 

May 31, 2017

Golar LNG Partners L.P.

Hamilton, Bermuda

Questions should be directed to:

c/o Golar Management Ltd - +44 207 063 7900

Brian Tienzo - Chief Finance Officer

Graham Robjohns - Chief Executive Officer

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/842e71e2-dc9f-44b0-bdc5-5596d2883229

Categories: State

Interim results for the period ended 31 March 2017

31 May 2017 - 6:58am

Highlights

·         Operating Loss and EBITDA* in the quarter reported a loss of $41.4 million and $16.2 million, respectively, compared to a 4Q loss of $32.7 million and $15.9 million.

·         Issued a $402.5 million 2.75% five-year unsecured convertible bond with a capped call that gives an effective conversion premium and price of 75% and $48.86, respectively.

·         Repaid balance of the 2012 five-year convertible bond and refinanced the debt facility in respect of LNG carrier Golar Crystal.

·         Secured firm two-year contract for Golar Grand commencing 2Q 2017 and a 12-month contract for a carrier commencing 1Q 2018.

Subsequent Events

·         OneLNG's Fortuna joint venture executes Umbrella Agreement with the Republic of Equatorial Guinea to establish the fiscal and legal framework for the Fortuna FLNG project.

·         Fortuna midstream EPC construction contracts awarded. Project on track for mid-2017 final investment decision ("FID").

·         Put Option in respect of FSRU Golar Tundra exercised by Golar Partners.

·         The Company and Golar Partners enter into a purchase option agreement for Golar Partners to acquire up to a 25% interest in FLNG Hilli Episeyo.

·        OneLNG enters into a Memorandum of Understanding with the Republic of Equatorial Guinea to find a monetisation solution for stranded gas focusing on Blocks O and I offshore Malabo.

 

Financial Review

Business Performance

  2017 2016 (in thousands of $) Jan-Mar Oct-Dec Total operating revenues (including revenue from collaborative arrangement) 25,110   23,063   Vessel operating expenses (12,944 ) (11,424 ) Voyage, charterhire & commission expenses (12,593 ) (7,918 ) Voyage, charterhire & commission expenses - collaborative arrangement (4,336 ) (4,715 ) Administrative expenses (11,441 ) (14,887 ) EBITDA* (16,204 ) (15,881 ) Depreciation and amortization (25,186 ) (16,826 ) Operating loss (41,390 ) (32,707 )

 

* EBITDA is defined as operating loss before interest, tax, depreciation and amortization. EBITDA is a non-GAAP financial measure. A non-GAAP financial measure is generally defined by the Securities and Exchange Commission as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable U.S. GAAP measure. We have presented EBITDA as we believe it provides useful information to investors because it is a basis upon which we measure our operations and efficiency. EBITDA is not a measure of our financial performance under U.S. GAAP and should not be construed as an alternative to net income (loss) or other financial measures presented in accordance with U.S. GAAP. 

Golar reports today a 1Q 2017 operating loss of $41.4 million as compared to a 4Q loss of $32.7 million.  As expected, the observed improvements in shipping rates and activity levels during the final weeks of 4Q and into January translated into a modest improvement in 1Q 2017 operating revenues. Contrary to expectations, this additional spot market activity together with reduced payments to Golar Partners in respect of the dry-docked Golar Grand did not result in a reduction to reported voyage expenses. Of the $16.9 million 1Q voyage expenses, $9.6 million represents the cost of chartering the Golar Grand from Golar Partners.  This compares to a 4Q charge of $4.9 million. Execution of a new charter-party for the vessel in February triggered an additional non-cash accounting provision that will be released to voyage expenses between February and October 31, when the obligation to charter-in the vessel from Golar Partners expires.

Vessel operating expenses increased $0.7 million to $12.9 million in 1Q. Operating costs in 4Q were positively impacted by settlement of an insurance claim in respect of the Golar Viking. Administration costs decreased $2.7 million from $14.1 million in 4Q to $11.4 million in 1Q. Prior quarter costs were negatively impacted by legal and professional fees together with the write off of deferred financing costs. Of this $11.4 million, a total of $5.0 million of fleet management costs and costs directly attributable to affiliates OneLNG, Golar Power and Golar Partners have been recharged. Depreciation and amortisation at $25.2 million is $8.4 million higher than 4Q following a 15-month catch-up charge, equivalent to $9.7 million, in respect of the FSRU Golar Tundra which was not depreciated whilst accounted for as an asset held-for-sale. This was offset by reduced depreciation in respect of the LNG carrier Gimi which reached the end of its accounting useful life in December 2016.

Net Income Summary

  2017 2016 (in thousands of $) Jan-Mar Oct-Dec Operating loss (41,390 ) (32,707 ) Interest income 1,024   1,442   Interest expense (19,257 ) (17,684 ) Other financial items 14,456   23,670   Gain on loss of control of Golar Power -   3,701   Other non-operating income (expenses) 62   (132 ) Taxes (189 ) (450 ) Equity in net earnings of affiliates (13,897 ) 37,760   Net income attributable to non-controlling interests (6,652 ) (6,976 ) Net (loss) income attributable to Golar LNG Ltd (65,843 ) 8,624  

In 1Q the Company generated a net loss of $65.8 million. Notable contributors to this are summarised as follows:

·         Interest expense has increased $1.6 million primarily due to the cost of servicing the February issued $402.5 million convertible bond that replaces the balance of a $250 million convertible bond repaid in early March.

·         Other financial items reported 1Q income of $14.5 million, most of which was derived from mark-to-market gains on the 3 million Total Return Swap ("TRS") shares following a $4.99 quarter on quarter increase in the Company's share price. Swap rates also continued to increase, albeit at a slower pace, resulting in further non-cash mark-to-market interest rate swap gains.

·         Gain on loss of control of Golar Power in 4Q pertains to a $3.7 million adjustment to the provisional 3Q $12.2 million non-cash loss recognised on disposal of Golar Power. No further adjustments were recorded in 1Q.

·        The loss of $13.9 million 1Q equity in net earnings of affiliates is primarily comprised of the following:

-       a $4.1 million loss in respect of Golar's 50% share in Golar Power;

-       a $1.2 million loss in respect of Golar's 51% share in OneLNG;

-       a $8.7 million loss in respect of Golar's stake in Golar Partners.

This represents a significant fall relative to overall 4Q earnings of $37.8 million. Golar Partners earnings in 1Q declined as a result of scheduled off-hire of the FSRU Golar Igloo and dry-dock off-hire for the carrier Golar Grand. The Golar Partners contribution also includes a non-cash loss on deemed disposal of $17.0 million, being the dilutive impact on our ownership interest due to further issuances of common units by Golar Partners in February 2017.

 

Commercial Review

LNG Shipping

Despite showing some improvement over the prior quarter, the shipping market remained weak in 1Q. Fleet TCE(1) increased from 10,893 in 4Q to 14,189 in 1Q. The improvement was partly driven by a number of vessels in the Cool Pool that secured short-term charters in the $30k per day range.

The underlying trend remains positive as new liquefaction projects continue to deliver. Gorgon and Cheniere Trains 3 have exported their commissioning cargoes and are now in ramp-up mode, Cheniere T4 remains on track for a 2017 start, Petronas exported the world's first FLNG cargo from their PFLNG Satu facility in early April, Wheatstone has affirmed the mid-year start-up of T1 to be followed 6-8 months later by T2, and Yamal LNG remains on track for an early October start-up. In addition to this, Malaysia's T9 and now Gorgon T2 both continue to ramp up production.

Approximately 34 million tons of new LNG is expected to come on line in 2017 representing 13% growth against 2016 global production. Against this, shipping capacity is expected to grow by approximately 9%. This mismatch is expected to have a positive impact on shipping over the same time frame. Consensus among ship-owners of a sustained recovery from 3Q has firmed, aided by a notable increase in inquiries for medium to long-term vessel requirements, particularly for the lifting of open US volumes. With this in mind, and in addition to the charter secured by Golar Partners for the Golar Grand, the Golar group has also fixed a vessel to a Far Eastern utility. Scheduled to start in 1Q 2018, the 12-month charter at rates close to cash break-even, comes with a six-month extension option and flexibility to nominate the closest vessel at the time to the required delivery point.

(1) Non-U.S. GAAP Financial Measure: Time charter equivalent, or TCE, rate is a measure of the average daily performance of a vessel. For time charters, this is calculated by dividing total operating revenues (excluding vessel and other management fee), less any voyage expenses, by the number of calendar days minus days for scheduled off-hire.

Golar Partners

Golar Spirit, which is scheduled to be redelivered by Petrobras in June, is being marketed for new opportunities. The market for smaller low cost FSRUs is quite active as the cost of significant unutilised capacity on larger FSRUs can undermine the economics of a switch to gas in certain niche markets. Smaller units like the Golar Spirit are therefore able to provide a more economic solution.

During the quarter, Golar Partners secured new business for the LNG carrier Golar Grand. The vessel was removed from lay-up on February 14 for repairs and relocated to Singapore for dry-dock, which completed on April 14. On May 5, the vessel commenced a firm two-year charter with a high quality oil and gas major.  Golar will continue to sub-charter the Golar Grand from the Partnership until October 31, 2017, when its obligation expires. Between May 5 and October 31, daily hire from the new charter will accrue to Golar.

The FSRU Golar Tundra remains anchored off the coast of Ghana. Charterer, West Africa Gas Limited, has made no further progress with the construction of supporting land-based infrastructure. Golar has been granted an interim arbitration award of $23.3 million which the company is now actively pursuing. This covers the period up to December 31, 2016. Since then, a further $22.0 million has become due and this will also be pursued through the arbitration process, in addition to amounts accruing thereafter. The Company is now seeking an award against the guarantor.

Golar Partners has now exercised its right ("Put Right") to require Golar to repurchase the company ("Tundra Corp"), the disponent owner and operator of the FSRU Golar Tundra, at a price equal to the original purchase price (the "Put Sale") paid by the Partnership in its acquisition of Tundra Corp in May 2016 (the "Purchase Price").

In connection with the exercise of the Put Right, the Partnership and Golar have entered into an agreement pursuant to which the Partnership has agreed to sell Tundra Corp to Golar on the date of the closing of the Put Sale (the "Put Sale Closing Date") in return for Golar's promise to pay an amount equal to approximately $107 million (the "Deferred Purchase Price") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the "Additional Amount"). The Deferred Purchase Price and the Additional Amount shall be due and payable by Golar on the earlier of (a) the date of the closing of the acquisition of the Hilli Shares and (b) March 31, 2018. The closing of the Put Sale is expected to occur in June 2017, subject to customary closing conditions. In addition to the Deferred Purchase Price, Golar will be liable for the charterhire payments due under the sale and leaseback financing arrangement. 

The Partnership has agreed to accept the Deferred Purchase Price and the Additional Amount in lieu of a cash payment on the Put Sale Closing Date in exchange for Golar granting to the Partnership the option (the "Golar Hilli Episeyo Purchase Option") to purchase, at fair market value, up to a 25% equity interest (the "Hilli Shares") in Golar Hilli Corp. ("Hilli Corp"), the owner of the FLNG vessel Hilli Episeyo.

Under the new agreement with Golar, the Partnership has the ability to exercise the Golar Hilli Episeyo Purchase Option at any time on or before March 31, 2018. There can be no assurance that the Partnership will exercise the Hilli Purchase Option or that it will consummate an acquisition of the Hilli Shares. The acquisition by the Partnership of the Hilli Shares will be subject to, among other things, the approval by the Conflicts Committee of the Partnership's board of directors of the decision to purchase the Hilli Shares, the fair market value to be paid for the Hilli Shares and the other terms of the purchase.

In addition, the purchase agreement for the Hilli Shares will provide that the Partnership will not be required to consummate the purchase of the Hilli Shares if, among other things, the Golar Hilli Episeyo shall not have been delivered to and accepted by Perenco Cameroon SA and Societe Nationale Des Hydrocarbures ("Perenco") and commenced its commercial operation under the eight year Liquefaction Tolling Agreement with Perenco for the first two of four liquefaction trains of Golar Hilli Episeyo. The purchase price to be paid by the Partnership for the Hilli Shares would be reduced by the sum of the unpaid Deferred Purchase Price plus the unpaid Additional Amounts on the date of the closing of the Hilli Shares.

A 25% interest in the Hilli Shares is effectively 50% of the first two of a total of four liquefaction trains. It is not expected, in the event a purchase is agreed, that the Partnership would be acquiring exposure to any oil price linked elements of the tariff under the Perenco contract or to the potential expansion capacity of Hilli Episeyo. It is expected that Golar Partners can fund the equity component of the purchase without the need for raising additional funds.

 

Downstream - Golar Power

The Sergipe project that will deliver LNG fuelled power to 26 committed power off-takers from 2020 is proceeding to plan. Site works are substantially complete with foundations for the gas turbines now in place and the General Electric sponsored EPC project continues on schedule and budget. With regards to the required project debt financing credit approvals are also progressing, with financial closing expected before 2017 year-end. Permitting of the regas terminal, which represents the greatest challenge so far, is progressing well. 

Construction of the FSRU Golar Nanook, that will support the Sergipe project, is on schedule for delivery towards year-end. In the event that builders Samsung are selected to carry out the requisite modifications, delivery will likely be pushed back by around ten months, limiting the time available for trading prior to its mid-2019 start-up. A decision on this is expected shortly, as is a fully executed 25-year time charter party, both of which will facilitate the FSRU delivery installment financing process.

A significant portion of the 115 mtpa of new LNG supply currently under construction will soon become available in the market. It is expected that much of this will likely end up in frontier markets that favour low cost, flexible, quick delivering FSRUs. Several FSRU projects with award potential over the next two years have been identified, a few of which could potentially be awarded this year and commence operations in 2018. Although gas is becoming an increasingly attractive component of the global energy matrix and the market for FSRUs is growing, most initiatives are being sponsored by private enterprises that require additional technical and financial support. Golar Power is therefore looking to capitalise on and replicate the experience of Sergipe to offer unique support to those developing LNG-to-power projects.

The regas module for the first of its modern LNG carrier conversions is scheduled to deliver in early 2018, positioning it to support any project with a requirement for a 2H 2018 FSRU. Several opportunities are being pursued that fit with this time-frame.

 

FLNG

The FLNG Hilli Episeyo conversion is nearing completion. All equipment has been installed and testing and pre-commissioning work is underway and will continue in Singapore until departure from the yard, which is expected to be in around 6 weeks. Seawater trials, storing-up and potentially LNG bunkering in Singapore will follow redelivery from the yard. A naming ceremony has been scheduled for July 2. The mooring has now been completed and is en-route to Cameroon in advance of hook-up and initiation of commissioning and production at the end of September. Perenco are on track with their scope of works.

More than 16 million man hours have been worked by Keppel to date and approximately 4,000 workers are expected to remain on-board the vessel through to completion. Provided that remaining works progress according to current plans and no unforeseen issues arise, the schedule to meet the end-September start in Cameroon is tight but achievable. The FLNG Hilli Episeyo conversion remains within budget.

Upstream - OneLNG

On May 2, Ophir Energy, OneLNG, GEPetrol and The Republic of Equatorial Guinea signed a detailed Umbrella Agreement that defines the full legal and fiscal framework for the 2.6Tcf Fortuna gas reserves, offshore Equatorial Guinea. Concluding this multi-year exercise represents a critical step toward FID.  Contingent upon the Umbrella Agreement are two other key milestones, including draw-down against a financing facility and sale of LNG offtake.  A third identified milestone, namely the award of upstream EPCIC and midstream EPC contracts, has since been part satisfied following Golar's execution of an amended EPC contract for the conversion of the LNG vessel Gandria.  The effectiveness of the EPC contract executed by Golar does however remain subject to a FID.

Including upstream and midstream development capital expenditure, the Fortuna project is expected to cost approximately $2.0 billion to develop. Of this, approximately $1.5 billion will be needed to convert the FLNG Gandria and $0.5 billion will cover upstream work. Documentation for a midstream facility of up to $1.2 billion with a consortium of Chinese lenders is ongoing and now remains the time-critical input for FID.  Should the Equatorial Guinea government elect to invest in up to 30% of the mid-stream as they are entitled to, the ownership structure of the Fortuna joint venture would remain unchanged, however its stake in the FLNG Gandria would reduce.

OneLNG continues to make good progress exploring other projects. On May 29 it entered into a binding Memorandum of Understanding with the Ministry of Mines and Hydrocarbons of Equatorial Guinea to explore the liquefaction and commercialisation of natural gas. Efforts will be focused on Blocks O and I offshore Malabo. Agreement terms place obligations on both parties to find a technical and commercial solution to monetise gas that is either stranded or being re-injected in liquids production. That commercial solution is to include the provision of an FLNG vessel, associated infrastructure and the creation of an LNG sales vehicle. The parties seek to reach definitive agreements to proceed by December 2017 but no later than December 2018. In addition to this, OneLNG is also working on 3-4 additional projects, each involving one or more FLNG unit.

Following last year's successful barge-based commissioning of identical liquefaction technology to that used on Hilli Episeyo, Petronas have recently exported the world's first LNG cargo from an FLNG unit offshore Malaysia. Whilst proof of quite different concepts, both examples help build support for FLNG amongst an inherently conservative audience.

 

Financing Review

FLNG Hilli Episeyo financing

As at March 31, 2017, $710.0 million has been spent on the Hilli Episeyo conversion ($774.8 million including capitalised interest) and $300 million has been drawn against the $960 million CSSCL facility. A material portion of the outstanding capital expenditure is payable upon charterer acceptance of the vessel. This will closely coincide with receipt of a final $260 million tranche of debt which is drawable upon the earlier of vessel acceptance or after three months hire has been received. At this point, likely to be early 2018, the company expects to release approximately $160 million of equity. A further $87 million of the outstanding $232 million letter of credit will be released a year after acceptance. 

The $300 million drawn to date against the project financing facility has been reclassified as short-term debt and will be replaced by the pre-arranged $960 million sale and leaseback facility after vessel acceptance, expected within 12-months.

Convertible bonds

On February 17, the Company closed a new $402.5 million senior unsecured five-year 2.75% convertible bond with an initial conversion price of $37.69. To mitigate the dilution risk of conversion to common equity, the Company also entered into capped call transactions costing approximately $31.2 million. The capped call transactions have an initial strike price of $37.69 and an initial cap price of $48.86, the cap price of $48.86 being a proxy for the revised conversion price and representing a 75% premium. The conversion price will be adjusted for future dividends paid. Bond proceeds, net of fees, and the cost of the capped call amounted to $360.2 million.

On March 4, the company drew down on a three-year $150 million margin loan secured by 20.9 million Golar Partners common units and, on March 7, the outstanding $220 million balance of the 2012 five-year $250 million convertible bond was repaid.

Golar Crystal refinancing

On March 14, Golar drew down $112 million against a ten-year sale and leaseback facility agreed with a subsidiary of COSCO Shipping in respect of the LNG carrier Golar Crystal. Concurrent to this, an existing 2019 maturing $101 million Korean ECA backed facility was repaid. This transaction released approximately $18.9 million including restricted cash to 1Q liquidity.

Liquidity

Golar's unrestricted cash position as at March 31, 2017 was $456.7 million. This will be used to fund the Company's initial equity participation in the Fortuna FLNG project, expected to be approximately $47 million in 2017, to meet its remaining commitments to Golar Power, expected to be approximately $75 million in 2017, and for general corporate purposes.

 

Corporate and Other Matters

As at March 31, there are 101 million shares outstanding including 3.0 million TRS shares that have an average price of $42.03 per share. There are also 3.9 million outstanding stock options in issue. The dividend will remain unchanged at $0.05 per share for the quarter.

 

Outlook

The conversion of Hilli Episeyo is progressing to a tight but achievable schedule. Transit to Cameroon and commissioning will be the next milestones. The mooring is expected to be ready for connection to Perenco's onshore processing facilities during July and Perenco are on track with their infrastructure responsibilities.

Recent discussions with key stakeholders in Cameroon represent grounds for optimism that train three will be utilised soon after the vessel has been accepted and demonstrated itself to be operationally stable.

Good progress has been made with the Fortuna project. Execution of an Umbrella Agreement that provides for government participation in the LNG mid-stream ensures the crucial alignment of key stakeholder interests.  This together with progress on financing and offtake agreements provides the belief that a mid-2017 FID is an achievable objective.  Further co-operation with the government of Equatorial Guinea to commercialise gas reserves elsewhere in the country via an additional FLNG unit is cause for optimism and further underscores the benefits of good stakeholder alignment.

Having raised gross proceeds of approximately $119.4 million in February and exchanged its interest in the FSRU Golar Tundra, Golar Partners now has the capital it needs to acquire one train, approximately 50% of currently contracted fixed cashflows of the Hilli Episeyo. Associated operating income over 8 years will add significant revenue backlog and substantially mitigate the Partnerships current re-contracting risk.             

Although the shipping business is expected to remain disappointing in 2Q, the increased term charter activity and additional volumes arriving in 2H17 represent grounds for cautious optimism.

Recent financing exercises have strengthened the balance sheet.  Golar's liquidity position will be strengthened further if the Hilli Episeyo transaction with Golar Partners is executed as planned. Having strategically positioned itself as a low cost provider of infrastructure solutions to an increasingly cost sensitive industry with significant growth prospects, the foundations are now in place to deploy this competitive strength.

 

Forward Looking Statements

This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations.  All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements.  Words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue," or the negative of these terms and similar expressions are intended to identify such forward-looking statements.  These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are:  changes in LNG carriers, FSRU and  floating LNG vessel market trends, including charter rates, ship values and technological advancements; changes in the supply and demand for LNG; changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs; and floating LNG vessels; changes in Golar's ability to retrofit vessels as FSRUs and floating LNG vessels, Golar's ability to obtain financing for such retrofitting on acceptable terms or at all and the timing of the delivery and acceptance of such retrofitted vessels; increases in costs; changes in the availability of vessels to purchase, the time it takes to construct new vessels, or the vessels' useful lives; changes in the ability of Golar to obtain additional financing; changes in Golar's relationships with major chartering parties; changes in Golar's ability to sell vessels to Golar LNG Partners LP or Golar Power Limited; Golar's ability to integrate and realize the benefits of acquisitions; changes in rules and regulations applicable to LNG carriers, FSRUs and floating LNG vessels; changes in domestic and international political conditions, particularly where Golar operates; as well as other factors discussed in Golar's most recent Form 20-F filed with the Securities and Exchange Commission. Unpredictable or unknown factors also could have material adverse effects on forward-looking statements.

As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.

 

May 31, 2017

The Board of Directors

Golar LNG Limited

Hamilton, Bermuda

Questions should be directed to:

Golar Management Limited - +44 207 063 7900

Oscar Spieler - Chief Executive Officer

Brian Tienzo - Chief Financial Officer

Stuart Buchanan - Head of Investor Relations

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/ede0d2d4-6216-44c1-bf0c-bfa04d3992f2

Categories: State

Neste Jacobs awarded EPCM services contract for hydrogenation technology investment at Haltermann Carless' production site in Germany

31 May 2017 - 6:00am

Neste Jacobs
Press Release
31 May 2017 at 2 pm. (EET)

Neste Jacobs awarded EPCM services contract for hydrogenation technology investment at Haltermann Carless' production site in Germany

Neste Jacobs, a global solution provider of high-quality technology, engineering and project services and Haltermann Carless, a well-established HCS Group brand and leading provider of high-value specialty hydrocarbons, have signed an EPCM services contract. Neste Jacobs will perform the EPCM services for an upgrade and expansion of the Haltermann Carless' production site in Speyer, Germany. Neste Jacobs has also performed the front end design and will be the technology provider for the investment which targeted to be in production by the end of 2018. The parties had previously signed a Letter Of Intent for EPCM services.

A versatile hydrogenation unit, based on Neste Jacobs' NExSAT technology, will enable Haltermann Carless to process larger feedstock volumes and respond to the increasing demand for very low aromatic oils and specialty hydrocarbon chemicals, thus opening a wider range of possibilities for its customers. Neste Jacobs' proprietary NExSAT technology is developed to produce high-quality hydrocarbon products that meet today's stringent standards for low impurity, aromatic and olefin content.

"As an important part of our company's development strategy, we look forward to the support of Neste Jacobs in the engineering and construction of the plant", comments Duncan Stonehouse, Chief Supply Chain Officer of HCS Group. "It will bring us an essential extension of production capacity to support the increasing demand for our specialised products. Neste Jacobs' experience in hydrogenation technology and project management will be an indispensable part of our project progress."  

"This is yet another great example of our abilities to provide technology and all related engineering and project management services for the focused fast-track project execution. The project will continue to implementation phase without delays and we are eager to see our flexible NExSAT aromatic and olefin hydrogenation technology implemented and in commercial use at the Speyer site", says Jarmo Suominen, Chief Executive Officer of Neste Jacobs.

Further information:

Sandra Zirm, media relations HCS Group, tel: +49 69 695 386 188, SZirm@h-c-s-group.com
Satu Stolt, media relations, Neste Jacobs, tel. +358 50 458 9779, satu.stolt@nestejacobs.com

Neste Jacobs is a preferred solution provider of high-quality technology, engineering and project services for a wide range of industries in the fields of oil and gas, petrochemicals, chemicals, biorefining, biochemicals, biopharma and industrial infrastructure. We have 60 years of experience in technology development and industrial investment projects as well as maintenance and performance improvement in Europe, North and South America, Asia and the Middle East. In addition to our home market Nordic countries we are looking to grow in the global expanding markets. We employ over 1300 professionals globally. www.nestejacobs.com

About HCS Group

The HCS Group is a leading global supplier of solutions for high-value hydrocarbon specialties. The Group includes the brands Haltermann Carless, ETS Racing Fuels and EOS. The HCS Group has about 500 employees and is headquartered in Frankfurt am Main, Germany. The company belongs to H.I.G. Europe, a subsidiary of the US private equity company, H.I.G. Capital. For further details please visit www.h-c-s-group.com

About Haltermann Carless

Haltermann Carless, one of the oldest chemical companies in the world, provides innovative hydrocarbon-based specialty products and solvents and associated services to best serve its customers. The company operates a network of state-of-the-art facilities for refining, processing and blending to produce a wide variety of specialty products in key business areas: Middle Distillates, Oil & Gas, Pentanes, Performance Fuels, Performance Solvents and Special Aromatics. For further details please visit www.haltermann-carless.com

Categories: State

Petro River To Spud Third Exploratory Well in Osage County, OK

31 May 2017 - 5:00am

New York, NY, May 31, 2017 (GLOBE NEWSWIRE) -- Petro River Oil Corp(OTCBB: PTRC) (“Petro River” or the “Company”), an independent oil and gas exploration company, announced today the planned spudding of the Henderson 1-30 well this week, a separate potential chat structure – following the success of the Chat 2-11 and the Red Fork 1-3 wells on its Pearsonia West Concession in Osage County, OK this month.

The Henderson 1-30 will be drilled to a depth of approximately 2,800 feet. This will be the third exploratory well drilled by the Company in the past month.

“After positive results on our past two wells, which discovered 2 separate chat oil fields, we feel our 3-D seismic technology has been proven to mitigate risk and are moving forward with our plan to drill this third exploratory well,” said Stephen Brunner, president of Petro River Oil.

The three fields that the Company has identified in its Oklahoma asset have a potential for 2.5M barrels of oil.

In addition, the Company is currently using similar 3-D seismic technology on its California projects, which have significantly larger prospective reserves.

ABOUT: PETRO RIVER OIL CORP (OTC: PTRC)

Petro River Oil Corp. (OTC: PTRC) is an independent energy company with its core holdings in Northeast Oklahoma and Kern County, California. Petro River’s strategy is to apply modern technology, such as 3-D Seismic analysis to exploit hydrocarbon-prone resources in historically prolific plays and underexplored prospective basins to build reserves and to create value for the Company and its shareholders. Petro River owns a 20% equity interest in Horizon Energy Partners, LLC and its’ president, Stephen Brunner, is also a member of the Board of Managers of Horizon Energy Partners, LLC.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. These forward looking statements, projections and statements are subject to change and could differ materially from final reported results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. Petro River assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Petro River undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect to the matters discussed above. Readers should also carefully review the “Risk Factors” in Petro River’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and other reports filed with the SEC under the Securities Exchange Act of 1934, as amended.


CONTACT: For additional information about Petro River Oil, please visit http://petroriveroil.com/ or contact: Investor Relations ir@petroriveroil.com telephone: (469) 828-3900
Categories: State

Western Refining Announces Results of Tesoro Acquisition Conversion Election

31 May 2017 - 5:00am

EL PASO, Texas, May 31, 2017 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) announced today the preliminary results of the shareholder election for consideration related to the announced acquisition by Tesoro Corporation (NYSE:TSO).  As previously disclosed, on November 16, 2016, Western Refining, Tesoro, Tahoe Merger Sub 1, Inc. and Tahoe Merger Sub 2, LLC, entered into an Agreement and Plan of Merger (the “Merger Agreement”) providing for the acquisition of Western Refining by Tesoro through a merger of Tahoe Merger Sub 1, Inc. with and into Western Refining, with Western Refining surviving the merger as a wholly owned subsidiary of Tesoro (the “Merger”).

As previously announced, under the terms of the Merger Agreement, subject to the proration, allocation and other limitations set forth in the Merger Agreement and the election materials separately provided to the applicable stockholders, stockholders of Western Refining had the option to elect to receive (subject to completion of the Merger), for each share of Western Refining common stock held by them of record as of immediately prior to the effective time of the Merger (except for excluded shares as more particularly set forth in the Merger Agreement):

  • 0.4350 of a share of Tesoro common stock, plus cash in lieu of any fractional share of Tesoro common stock (the “Stock Consideration”); or

  • $37.30 in cash (the “Cash Consideration”).

The election deadline for the foregoing election expired at 5:00 PM, Eastern Time, on May 30, 2017.  Today, Western Refining announced that, based on preliminary information received from the exchange agent for the Merger, (i) election forms were received with respect to approximately 88,048,292 shares of Western Refining common stock in the aggregate and (ii) the cash election option was selected with respect to more than the 10,843,042 shares of Western Refining common stock permitted by the Merger Agreement.

Because the Cash Consideration option was oversubscribed, the consideration to be received by the holders who validly elected the Cash Consideration will be prorated pursuant to the terms set forth in the Merger Agreement. Based on the preliminary prorationing and assuming (i) the Merger is completed on June 1, 2017, as currently expected and (ii) all shares of Western Refining common stock subject to notices of guaranteed delivery are properly delivered pursuant to the terms of such notices of guaranteed delivery:

  • Stockholders of record of Western Refining who validly elected to receive the Cash Consideration will, following the Merger and subject to rounding,  each receive the Cash Consideration for approximately 19% of the shares of Western Refining common stock in respect of which they had validly made elections for the Cash Consideration and the Stock Consideration with respect to the remaining shares of Western Refining common stock held by them of record as of immediately prior to the effective time of the Merger (except for excluded shares of Western Refining common stock as more particularly set forth in the Merger Agreement).

  • Stockholders of record of Western Refining who validly elected to receive the Stock Consideration, and those that failed to make a valid election prior to 5:00 p.m., New York City time, on May 30, 2017, the election deadline,  will following the Merger receive, for each share of Western Refining common stock held by them of record as of immediately prior to the effective time of the Merger (except for excluded shares as more particularly set forth in the Merger Agreement) the Stock Consideration.

Based on the preliminary prorationing described above, following and subject to the completion of the Merger, the Western Refining stockholders will receive in the aggregate approximately 42,617,757 shares of Tesoro common stock (which excludes shares to be issued under certain Western Refining equity awards that vest as a result of the Merger) and approximately $404 million in cash. The final prorationing and the final calculation of the number of shares of Tesoro common stock issued and the final cash consideration paid in connection with the merger will be made post-closing after the expiration of the notice of guaranteed delivery period applicable to the cash/stock election.

The expected issuance of shares of Tesoro common stock in connection with the Merger was registered under the Securities Act of 1933 pursuant to the Company’s registration statement on Form S–4 (File No. 333-215080), declared effective by the Securities and Exchange Commission (the “SEC”) on February 16, 2017. The joint proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”) included in the registration statement contains additional information about the Merger, and incorporates by reference additional information about the Merger from Current Reports on Form 8–K filed by Tesoro and Western Refining and incorporated by reference into the Joint Proxy Statement/Prospectus. 

About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The Company operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The Company’s retail operations include retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy’s, and SuperAmerica brands.

Western Refining, Inc. also owns the general partner and approximately 53 percent of the limited partnership interest of Western Refining Logistics, LP (NYSE:WNRL).

More information about Western Refining is available at www.wnr.com.

Forward Looking Statements

This press release contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Words such as “may,” “will,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Western Refining by Tesoro, integration and transition plans, synergies, opportunities, anticipated future performance, expected share buyback program and expected dividends. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the proposed merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or cause the parties to abandon the acquisition, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement for the acquisition, the risk that the parties may not be able to satisfy the conditions to the proposed acquisition in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed acquisition, the risk that any announcements relating to the proposed acquisition could have adverse effects on the market price of Tesoro’s common stock or Western Refining’s common stock, the risk that the proposed acquisition and its announcement could have an adverse effect on the ability of Tesoro and Western Refining to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally, the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected, the risk that the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies, the risk that the combined company may not buy back shares, the risk of the amount of any future dividend Tesoro may pay, and other factors. All such factors are difficult to predict and are beyond our control, including those detailed in Tesoro’s annual reports on Form 10-K, quarterly reports on Form 10-Q, Current Reports on Form 8-K and registration statement on Form S-4 filed with the SEC on December 14, 2016, as amended (the “Form S-4”) that are available on Tesoro’s website at http://www.tsocorp.com and on the SEC’s website at http://www.sec.gov, and those detailed in Western Refining’s annual reports on Form 10-K, quarterly reports on Form 10-Q and Current Reports on Form 8-K that are available on Western Refining’s website at http://www.wnr.com and on the SEC website at http://www.sec.gov.  Tesoro’s and Western Refining’s forward-looking statements are based on assumptions that Tesoro and Western Refining believe to be reasonable but that may not prove to be accurate. Tesoro and Western Refining undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances that occur, or which we become aware of, except as required by applicable law or regulation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

CONTACT: Investor and Analyst Contact: Jeffrey S. Beyersdorfer (602) 286-1530 Michelle Clemente (602) 286-1533 Media Contact: Gary Hanson (602) 286-1777
Categories: State

Neste Corporation Announces Indicative Tender Offer Results

31 May 2017 - 1:30am


Neste Corporation

Stock Exchange Release

31 May 2017 at 9.00 am (EET)

Neste Corporation Announces Indicative Tender Offer Results

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES , THE TENDER OFFERS  OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Neste Corporation (the "Company") announces today the indicative results of the invitation to the holders of its EUR 400,000,000 4.00 per cent. notes due 18 September 2019 (ISIN: FI4000047360) (the "2019 Notes") and EUR 500,000,000 2.125 per cent. notes due 17 March 2022 (ISIN: FI4000148671) (the "2022 Notes", and together with the 2019 Notes, the "Notes") to tender their Notes for cash on the terms and conditions set out in the tender offer memorandum dated 18 May 2017 (the "Tender Offer Memorandum") (the "Tender Offers"). Capitalised terms used in this release but not defined have the meanings given to them in the Tender Offer Memorandum.

At the Expiration Deadline of 4:00 p.m. (Finnish time) on 30 May 2017, valid Tender Instructions of EUR 252,753,000 in aggregate nominal amount of 2019 Notes and EUR 178,700,000 in aggregate nominal amount of 2022 Notes were received pursuant to the Tender Offers.

The Company announces its indicative and non-binding intention to accept for purchase EUR 252,753,000 in aggregate nominal amount of 2019 Notes and EUR 178,700,000 in aggregate nominal amount of 2022 Notes pursuant to the Tender Offers.

Accordingly, pursuant to the terms and conditions of the Tender Offer Memorandum, all valid tenders are expected to be accepted in full with no proration of Notes.

Whether the Company will accept for purchase any Notes validly tendered in the Tender Offers is subject (unless such condition is waived by the Company on its sole and absolute discretion), without limitation, to the completion of the issue of the New Notes. As at the date of this release, the New Issue Condition has not yet been fulfilled.

The Pricing Date and Pricing Time of the 2022 Tender Offer will be on 31 May 2017 at or around 12:00 p.m. (Finnish time), and the final tender offer results and the Completion Date will be announced as soon as feasible after the Pricing Time on or about 31 May 2017. 

Nordea Bank AB (publ) acts as Dealer Manager and Nordea Bank AB (publ), Finnish Branch acts as Tender Agent for the Tender Offers. Information in respect of the Tender Offers may be obtained from the Dealer Manager: email: NordeaLiabilityManagement@nordea.com / tel: +45 61612996.

For more information, please contact:

Neste Corporation
Mika Rydman, Vice President and Group Treasurer, tel: +358 10 458 4710
Olli Kivi, Manager, Corporate Finance, Group Treasury, tel. +358 10 458 4683

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable choices for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner, whose expertise, R&D and sustainable practices are widely respected. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the 100 most sustainable companies in the world. Read more: neste.com/en

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the New Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The New Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of New Notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the New Notes. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as "relevant persons"). In addition, this communication is, in any event only directed at persons who are "qualified investors" pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Categories: State

Finnish consumers have reduced emissions by an amount equaling 560 flights around the world using Neste MY Renewable Diesel

31 May 2017 - 1:30am

Neste Corporation
Press Release
31 May 2017 at 9.00 am. (EET)
 
Finnish consumers have reduced emissions by an amount equaling 560 flights around the world using Neste MY Renewable Diesel

At the beginning of the year, Neste launched Neste MY Renewable Diesel, produced 100% from waste and residues, in the Finnish diesel market. It has helped Finnish consumers to reduce greenhouse gas emissions by more than 1.5 million kg. This figure corresponds with emissions caused by 560 round-the-world charter flights for one person or the annual emissions of more than 500 private cars.

"We are very happy that Finnish consumers have accepted Neste MY Renewable Diesel with so much enthusiasm. Currently, consumers are more environmentally conscious and demand cleaner fuel options. Neste MY Renewable Diesel allows consumers and our corporate customers to use fully renewable fuels," says Sam Holmberg, Vice President responsible for Neste's Marketing and Services business area in Finland.

Consumers value renewable raw materials in fuel production

The results of a survey* conducted by Neste also indicate that consumers are environmentally conscious. Of all respondents, as many as four out of five find it very important to reduce transportation-induced greenhouse gas emissions. What is especially significant is that almost half (45%) of the respondents feel that they can only have little impact on emissions. However, a total of nearly 90% of all respondents find it very or fairly important that renewable raw materials are used in fuel and energy production as much as possible.

The production of Neste MY Renewable Diesel is based on Neste's proprietary NEXBTL technology, which serves to produce high-quality renewable diesel and other renewable products from nearly any waste fat or vegetable oil. The raw material base that Neste uses to produce its renewable diesel includes already more than 10 raw materials. The company is engaged in continuous development to further expand the raw material base. Compared to conventional fossil diesel, Neste MY Renewable Diesel has up to 90% lower greenhouse gas emissions during the lifecycle of the fuel.

The use of Neste MY Renewable Diesel does not require any modifications to vehicles. It is fully compatible with current diesel grades, and it can be added to the fuel tank at any point, even when there is some traditional diesel left in the tank. In terms of all of its properties, Neste MY Renewable Diesel is better than or at least as good as the world's leading fossil diesels, and it is much more environmentally sound. Its leading properties ensure cleaner combustion and reduce engine noise and local emissions.

* Neste's survey was responded to by 295 members of Neste's motorist panel (total number of members: 1,960; response rate: 15%) on November 4-11, 2016.

Neste Corporation
 
Kaisa Lipponen
Director, Corporate Communications
 
More information: Sam Holmberg, Vice President, Marketing & Services, Finland, Neste, tel. +358 50 458 4078

Read more:
Neste MY Renewable Diesel
Benefits of Neste MY Renewable Diesel

Neste MY Renewable Diesel in brief

Neste MY Renewable Diesel is classified as Hydrotreated Vegetable Oil (HVO) and it should not be confused with traditional biodiesel (FAME). Neste MY Renewable Diesel is a premium-quality product and it can be used in any blending ratio or as such in all diesel engines. Read more about the difference between renewable diesel and traditional biodiesel.

Neste in brief

Neste (NESTE, Nasdaq Helsinki) builds sustainable solutions for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality and low-emission renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner whose expertise, research and sustainable practices are appreciated worldwide. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the most sustainable companies in the world. Read more: neste.com

Categories: State

TGS announces its second Permian seismic project in 2017

31 May 2017 - 12:52am

ASKER, NORWAY (31 May 2017) - TGS announces its second Permian seismic project in 2017.  The West Lindsey 3D multi-client seismic survey is located to the southwest of the previously announced West Kermit 3D. This new project will encompass a minimum of 190 square miles predominantly in Reeves County, TX.

The West Lindsey 3D will provide modern, high resolution 3D seismic data to an area that is seeing high interest from E&P companies. Strong potential exists in multiple zones from the Delaware sands through the prolific Wolfcamp, as well as deeper plays including the highly prospective Siluro-Devonian and Ordovician Ellenburger along the Grisham Arch.

Permitting on the survey has already commenced and data acquisition is expected to begin in Q3 2017. Preliminary data will be available in late Q4 2017 and final data available in early 2018. The data will be processed by TGS utilizing its modern land imaging technology to provide clients with greater reservoir understanding. The West Lindsey 3D is complemented by TGS' extensive geologic products database with data from over 430,000 wells and multiple interpretive products in the Permian Basin.

"With support from our clients, TGS is establishing a strong position in the Permian.  The West Lindsey 3D, combined with the recently expanded West Kermit 3D are located in an exciting part of the basin where E&P companies are demanding modern 3D seismic data.  When combined with our geological database and interpretive products we are well positioned to help our clients in their exploration and development activities in the Permian," commented Kristian Johansen, CEO for TGS.

This project is supported by industry funding.

The latest version of the TGS Investor presentation, with an updated project schedule, is available on www.tgs.com.

 

Company Summary

TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data to oil and gas Exploration and Production companies worldwide.  In addition to extensive global geophysical and geological data libraries that include multi-client seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, TGS also offers advanced processing and imaging services, interpretation products, and data integration solutions.

For more information visit TGS online at www.tgs.com.

Forward-looking statements and contact information

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data products at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).

TGS sponsored American Depositary Shares trade on the U.S. over-the-counter market under the symbol "TGSGY".

 

For additional information about this press release please contact

Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73
Email: sven.larsen@tgs.com

Will Ashby
VP HR & Communication
Tel: +1 713 860 2184
Email: will.ashby@tgs.com

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/047cbaa6-2478-4e85-bf49-912c0d67e14d

Categories: State

Zargon Oil & Gas Ltd. Report on Voting From the 2017 Shareholders Meeting

30 May 2017 - 4:01pm

CALGARY, Alberta, May 30, 2017 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (TSX:ZAR) (TSX:ZAR.DB.A) ("Zargon") announces that the following matters were voted upon at the annual and special meeting of the shareholders of Zargon held on May 30, 2017 in Calgary, Alberta.

1.  Election of Directors

By resolution passed via ballot, the following six nominees were appointed as directors of Zargon to serve until the next annual meeting of shareholders of Zargon, or until their successors are elected or appointed. The results of the ballot were as follows:

Name of Nominee   Votes For   Percent   Votes Withheld   PercentCraig H. Hansen   7,557,131   98.96%   79,587   1.04%Kyle D. Kitagawa   7,519,803   98.47%   116,915   1.53%Geoffrey C. Merritt   7,434,986   97.36%   201,732   2.64%Jim Peplinski   7,434,678   97.35%   202,040   2.65%Ron Wigham   7,556,431   98.95%   80,287   1.05%Grant A. Zawalsky   7,193,841   94.20%   442,877   5.80%

2.  Appointment of Auditors

By resolution passed via ballot, Ernst & Young LLP, Chartered Professional Accountants, were appointed as auditors of Zargon to hold office until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their compensation. The results of the ballot were as follows:

    Votes For   Percent   Votes Withheld   Percent    9,993,531   99.58%   42,239   0.42%

3.  Approval of 2017 Stock Option Plan

By resolution passed via ballot, the 2017 stock option plan and ratification of grants made thereunder, were approved. The results of the ballot were as follows:

    Votes For   Percent   Votes Against   Percent    7,174,083   93.94%   462,635   6.06%


FURTHER INFORMATION

Zargon Oil & Gas Ltd. is a Calgary based oil and natural gas company working in the Western Canadian and Williston sedimentary basins and is focused on oil exploitation projects (waterfloods and tertiary ASP) that profitably increase oil production and recovery factors from existing oil reservoirs.

In order to learn more about Zargon, we encourage you to visit Zargon's website at www.zargon.ca where you will find a current shareholder presentation, financial reports and historical news releases.

CONTACT: For further information please contact: C.H. Hansen President and Chief Executive Officer Zargon Oil & Gas Ltd. Telephone: 403-264-9992 E-mail: zargon@zargon.ca Website: www.zargon.ca
Categories: State

Delek Logistics Partners, LP to Participate in the MLPA 2017 MLP Investor Conference

30 May 2017 - 4:00pm

BRENTWOOD, Tenn., May 30, 2017 (GLOBE NEWSWIRE) -- Delek Logistics Partners, LP (NYSE:DKL) today announced that Kevin Kremke, EVP and CFO, Mark Smith, EVP and other members of management will participate in the Master Limited Partnership Association (MLPA) 2017 MLP Investor Conference in Orlando, Florida on Thursday, June 1, 2017.

A copy of Delek Logistics’ latest investor presentation will be provided at the conference.  An electronic copy of this presentation is currently available in the “Investors” section of the Delek Logistics website at www.deleklogistics.com.

About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE:DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.

CONTACT: U.S. Investor / Media Relations Contact: Keith Johnson Vice President of Investor Relations Delek Logistics Partners, LP 615-435-1366
Categories: State

Western Refining Inc. Announces an Open Season for Proposed Conan Crude Oil Gathering Pipeline System

30 May 2017 - 3:45pm

EL PASO, Texas, May 30, 2017 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) announces the start of a binding open season for the proposed new Conan Crude Oil Gathering Pipeline System to be constructed, owned and operated by its subsidiary, Western Refining Conan Gathering, LLC.

The gathering system would be approximately 130 miles in length, and would transport crude oil from origins in Lea County, New Mexico and Loving County, Texas to a terminal to be constructed in Loving County, Texas, where the gathering system would interconnect with long-haul pipeline carriers.

The open season began at 9 a.m. CDT on Tuesday, May 30, 2017 and will conclude Friday, June 30, 2017, at 5 p.m. CDT.   Any person interested in learning more about the proposed gathering system or binding open season should submit an executed confidentiality agreement as described in the Notice of Open Season that is posted on the company’s website, or contact Brent McCune (tel.: (602) 286-1970; email: Brent.McCune@wnr.com).

About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The Company operates refineries in El Paso, Gallup, New Mexico and St. Paul Park, Minnesota. The Company’s retail operations include retail service stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas, and Wisconsin, operating primarily through the Giant, Howdy’s, and SuperAmerica brands.

Western Refining, Inc. also owns the general partner and approximately 53 percent of the limited partnership interest of Western Refining Logistics, LP (NYSE:WNRL).

Forward Looking Statements.
Certain statements in this press release may constitute “forward-looking” statements. Forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. WNR cannot, and does not, give any assurance that expectations about future events will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. These risks and uncertainties include the risks that the proposed transaction may not be consummated. These and other risks and uncertainties are discussed in more detail in filings made by WNR with the Securities and Exchange Commission, which are available to the public. All forward-looking statements are only as of the date made and WNR does not undertake (and expressly disclaims) any obligation to update publicly or to revise any forward-looking statements, whether as a result of new information, future events or otherwise.  More information about Western Refining is available at www.wnr.com.

CONTACT: Investor and Analyst Contact: Michelle Clemente (602) 286-1533 Media Contact: Gary W. Hanson (602) 286-1777
Categories: State

DCP Midstream Announces Additional Large Scale Expansion of Sand Hills Natural Gas Liquids Pipeline

30 May 2017 - 3:10pm

DENVER, May 30, 2017 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE:DCP) today announced an additional large scale expansion of the Sand Hills natural gas liquids (NGL) pipeline, with plans to initially spend $105 million towards long-lead equipment and right-of-way. In a phased approach, this expansion is designed to first increase capacity by 85 thousand barrels per day (MBpd) up to approximately 450 MBpd. This initial phase, when completed, is anticipated to include partial looping of the pipeline and the addition of seven new pump stations at an estimated total cost of $500 million. The expected in-service date for this additional expansion project is the second half of 2018.

Additionally, future phased expansion may entail adding a full loop of Sand Hills, which could increase capacity by over 100 MBpd to a minimum of 550 MBpd.

The expansion announced today is in addition to the Sand Hills Pipeline’s existing expansion to 365 MBpd, which is on target to be in service in the fourth quarter of this year. This existing expansion adds three additional pump stations and a lateral to primarily increase Permian capacity. The expansion to 365 MBpd is backed by long-term, third party plant dedications. Additionally, multiple new supply connectors are in progress and will deliver incremental NGL volumes in 2017 and beyond.

“DCP is uniquely situated through its premier integrated logistics and G&P footprint to capture growth out of the Delaware and Permian basins. We continue to high-grade our strategic portfolio to focus on strong return, accretive, fee-based growth projects at lower risk,” said Wouter van Kempen, chairman, president and CEO of DCP Midstream. “The Sand Hills Pipeline has been an incredible success story founded upon being a producer-friendly pipe that offers flexibility and optionality through our multiple delivery points serving the Gulf Coast. With our phased expansion approach, we are able to match capital outlay with supply growth.”

Proceeds from DCP’s recent divestiture of its non-core Douglas, Wyoming natural gas gathering system will be deployed to partially fund the initial phase of this additional strategic expansion, which will provide strong, accretive, fee-based returns at lower risk. The Sand Hills Pipeline is owned two-thirds by DCP, and one-third by Phillips 66 Partners LP (NYSE:PSXP). Capital investments are represented at 100 percent ownership levels.

ABOUT DCP MIDSTREAM, LP

DCP Midstream, LP (NYSE:DCP) is a midstream master limited partnership, with a diversified portfolio of assets, engaged in the business of gathering, compressing, treating, processing, transporting, storing and selling natural gas; and producing, fractionating, transporting, storing and selling NGLs and recovering and selling condensate. DCP owns and operates more than 60 plants and 64,000 miles of natural gas and natural gas liquids pipelines, with operations in 17 states across major producing regions, and leads the midstream segment as one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. Denver, Colorado based DCP is managed by its general partner, DCP Midstream GP, LP, which is managed by its general partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream, LLC. DCP Midstream, LLC is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

CAUTIONARY STATEMENTS

This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond DCP's control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, DCP's actual results may vary materially from what management anticipated, estimated, projected or expected. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements are set forth in DCP’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. DCP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors or Analysts:
Irene Lofland, 303-605-1822

Media:
Roz Elliott, 303-605-1707 

 

Categories: State

National Energy Services Reunited Corp. Announces Closing of Partial Over-Allotment Exercise in Connection with its Initial Public Offering

30 May 2017 - 12:30pm

NEW YORK and HOUSTON, May 30, 2017 (GLOBE NEWSWIRE) -- National Energy Services Reunited Corp. (Nasdaq:NESRU) ("NESR" or the "Company"), a company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities, announced today that it has consummated the sale of an additional 1,921,700 units pursuant to the partial exercise of the underwriters' over-allotment option in connection with the Company’s initial public offering (“IPO”). The additional units were sold at $10.00 per unit, generating additional gross proceeds of $19,217,000 to the Company and bringing the total gross proceeds of the IPO to $229,217,000.

Of the proceeds received from the consummation of the over-allotment option exercise of units and a simultaneous private placement of warrants to the Company’s sponsors, $19,217,000 was placed in trust, increasing the amount in trust from $210,000,000 to a total of $229,217,000 (or $10 per unit sold in the public offering). A pro forma balance sheet of the Company as of May 30, 2017, reflecting receipt of the proceeds upon consummation of the partial exercise of the over-allotment option and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”). The common stock and warrants comprising the Units are expected to begin separate trading on June 5, 2017.

Maxim Group LLC and National Bank of Canada Financial Inc. acted as the joint book running managers for the offering.

Registration statements relating to these securities were declared effective by the SEC on May 11, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by contacting Maxim Group LLC 405 Lexington Ave, New York, NY 10174, Attn: Prospectus Department or by Tel: (800) 724-0761. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

About NESR

NESR, led by Sherif Foda, is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. The Company's efforts to identify a target business will not be limited to a particular industry or geographic region, although we intend to focus our search on target businesses and assets in the energy services industry, with an emphasis on oil and gas services globally.

NESR completed its IPO on May 17, 2017. Our units trade on the NASDAQ Capital Market under the symbol "NESRU”. The common stock and warrants comprising the Units are expected to begin separate trading on June 5, 2017. We will have 24 months from the closing of our IPO to consummate our initial business combination.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements". Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CONTACT: Contact: Dhiraj Dudeja NESR Corp dhiraj@nesrco.com
Categories: State

Landsvirkjun’s results for the first three months of 2017

30 May 2017 - 9:59am

Key figures from the interim financial statements

 

  • Operating revenues amounted to USD 118.8 million and increased by USD 13.3 million (12.6%) from the same period in the previous year.
     
  • EBITDA amounted to USD 88.3 million. EBITDA ratio is 74.3% compared to 77.9% in the same period in the previous year.
     
  • Profit before unrealised financial items amounted to USD 43.8 million compared to USD 37.8 million in the same period in the previous year which is an increase by 15.7% between periods.
     
  • The profit for the period was USD 49.4 million but was USD 3.4 million in the same period the previous year. The increase between periods is in part due to an increase in revenues but a greater part is due to changes in unrealised financial items. 
     
  • Net liabilities increased by USD 5.3 million from the beginning of the year and amounted to USD 1,965.8 million at the end of March.
     
  • Cash flow from operations amounted to USD 66.3 million which is a decrease of 3.5% compared to the same period in the previous year.

 

Hörður Arnarson, CEO:

“The results in the first quarter are quite acceptable, as revenues in the quarter are among the highest in Company history. Higher aluminium prices and an increase in sales compared to the first quarter in 2016,  contributed to the increase in revenues. The Icelandic Krona has strengthened considerably between years and thus there was an increase in expenditures measured in USD.

Profit before unrealised financial items, a metric used by Landsvirkjun to evaluate the Company´s operations, increased by 16% between years, with the quarter results one of the best since the Company´s inception.”

 


Further information is provided by:
Rafnar Lárusson, CFO
Tel. + 354 515 9000

Categories: State

DNO ASA: Mandatory Notification of Trade

30 May 2017 - 9:52am

Oslo, 30 May 2017 - DNO ASA, the Norwegian oil and gas operator, today purchased 1,000,000 own shares at an average price of NOK 7.899 per share.

The purchase is part of the share buyback program initiated on 24 March 2017.

Following this transaction, DNO holds 20,850,000 own shares.

--

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
Tel: +47 911 57 197

--

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Oman, Somaliland, Tunisia and Yemen.

--

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Categories: State

Providence Resources P.l.c. - Notification of Interest in Share Capital

30 May 2017 - 9:30am

Providence Resources P.l.c. ("the Company")

Notification of Interest in Share Capital

Providence Resources P.l.c. have been informed by The Capital Group Companies, Inc that with effect from 22 May 2017;

The Capital Group Companies, Inc holds 53,572,232 ordinary shares of €0.10 each in the capital of the Company representing 8.96% of the issued ordinary share capital.

Tony O'Reilly
Director

30 May 2017

Categories: State

About us | Advertise | Help | Privacy Policy | Subscriptions, RSS © 2009 The Progress News . All Rights Reserved .