Category: Americas

MIL-OSI Global: South Africa’s malnutrition crisis: why a cheaper basket of healthy food is the answer
Source: The Conversation – Africa – By Julian May, Director DST-NRF Centre of Excellence in Food Security, University of the Western Cape

The death in early February of a 9-year-old South African boy, Alti Willard, who drank poison while scavenging for food in rubbish bins with his father, is a tragic reflection of the persistent food insecurity crisis in the country.

A child dying while trying to avert starvation is hard to comprehend, given the country’s economic and natural resources. South African has the capability to feed the entire nation. But it is grappling with a triple burden of malnutrition, comprising under-nutrition and hunger, micronutrient deficiencies, and unhealthy diets.

According to the most recent Food and Nutrition Security Survey, conducted by the Human Sciences Research Council (HSRC), food insecurity affects 63.5% of households in the country – 17.5% of them severely. Food insecurity is not just a matter of inadequate access to food. It is deeply intertwined with child malnutrition, meaning that food security is not just about having enough food; it’s about having nourishing food for children.

The link between household food insecurity and child malnutrition is stark. Among households with at least one child under the age of five suffering from stunting, food insecurity rates reach 83.3%.

Alarmingly, 1,000 children die each year due to preventable acute malnutrition. And 2.7 million children under six live in households where poverty levels prevent their basic nutritional needs from being met. Food poverty rates have worsened since the COVID-19 pandemic. Food inflation has exacerbated the crisis.

The survey indicates that 28.8% of children under the age of five suffer from stunting, an indicator of chronic undernutrition. It means children are below the height expected for their age.

Read more:
South Africa’s hunger problem is turning into a major health crisis

The South African Early Childhood Review 2024 reinforces these findings. This is an annual review of child development produced by the Children’s Institute at the University of Cape Town and Ilifa Labantwana, an early childhood development NGO. It highlights a rise in child malnutrition, particularly severe acute malnutrition. Between 2020 and 2023, these cases increased by 33%, with 15,000 children requiring hospitalisation in 2022/23 alone.

Based on our extensive research experience, policy advice and activism in food security, we argue that food insecurity transcends mere food supply issues. It is deeply intertwined with systemic inequality, food system dynamics, poverty and failures in policy.

Tackling these crises will need a profound change in the approach to food and nutrition security. It requires a shift from temporary relief measures such as the social relief of distress grant to sustainable, structural solutions that lower the cost of a healthy food basket. That would mean no child would have to search for sustenance in refuse bins.

Any solution so far?

South Africa has the highest number of people who relay on social grants. Some of these are aimed at addressing food insecurity and nutrition, particularly among children. Despite these safety nets, food insecurity persists, suggesting that they are either inadequately resourced or poorly targeted.

The grants include:
- Social grants: About 58% of children aged 14 and younger receive social grants, primarily through the child support grant. However, the youngest children, especially infants, are most likely to be excluded from the grant due to delays in registering infants after birth.
Read more:
Poor South African households can’t afford nutritious food – what can be done

Enrolling eligible infants from birth requires better coordination between government departments. However, due to the size of the grant relative to the cost of ensuring child nutrition, and competing demands on the grant from other household needs such as housing and clothing, the grants are not enough to alleviate food insecurity.
- School and early childhood development feeding programmes: The National School Nutrition Programme reaches over 9 million children annually. Evidence suggests that children in these programmes have better nutritional outcomes than those who are not.
- Community and NGO initiatives: While home, school and community gardens, community kitchens and NGO-driven food relief programmes provide support, they lack sustainability and reach.
What needs to be done?

The HSRC and South Africa Early Childhood Review 2024 highlight the urgent need for comprehensive, multi-sectoral solutions:

Read more:
47% of South Africans rely on social grants – study reveals how they use them to generate more income
- Increase the value of the child support grant, currently R530 (US$28 a month, to align with the cost of a thrifty healthy basket of R945 (US$51).
- Ensure infants and young children are enrolled in the child support grant from birth through better collaboration between the departments of health, home affairs and social development. The recent reduction in the visa backlog shows what can be achieved.
- Establish the national multi-sectoral food security coordination body proposed in the National Food and Nutrition Security Plan to streamline policies across different government departments. Brazil followed a similar approach with success.
- Expand early childhood development nutrition programmes, register informal early childhood development centres, and increase subsidies to improve food provision in these centres.
- Address gender inequalities in food security by ensuring better economic opportunities for women engaged in food trade, including street vending, who are more likely to be heads of household.
- Expand community-based health services, using community health workers to monitor child growth and nutrition at the household level.
- Address neglected dimensions of food insecurity.
Read more:
Africa’s worsening food crisis – it’s time for an agricultural revolution

For example, poverty negatively affects caregivers’ mental health, which in turn affects child nutrition. Caregivers experiencing food insecurity have higher levels of depression and hopelessness. This potentially affects their capacity to provide the care and attention that children require. Expanding income support and community health services to caregivers can mitigate this cycle.

Disabled children and caregivers are another example. They face additional challenges and must be specifically targeted for tailored support.

Finally, children of seasonal farmworkers are highly vulnerable when their caregivers are without employment and not receiving unemployment insurance fund payments. Immediate food relief can prevent fluctuations in the quality and quantity of their diets.

Julian May receives funding from the National Research Foundation and the German Academic Exchange Service (DAAD). He is a National Planning Commissioner (NPC) and serves on the Council of the Academy of Science of South Africa (ASSAf). He was chair of the Technical Advisory Committee of the Food and Nutrition Security Survey and the NPC lead on the Early Childhood Review, 2024.

Thokozani Simelane received funding from the Department of Agriculture. This was for the National Food and Nutrition Security Survey on which the article is partially based. He was the principal investigator of the National Food and Nutrition Security Survey. He is a member of the Council on Higher Education (CHE) Community of Practice that is developing the research and innovation standard for higher education institutions in South Africa.

– ref. South Africa’s malnutrition crisis: why a cheaper basket of healthy food is the answer – https://theconversation.com/south-africas-malnutrition-crisis-why-a-cheaper-basket-of-healthy-food-is-the-answer-250308
MIL OSI – Global Reports –
February 28, 2025
MIL-OSI Asia-Pac: Flower show to feature cosmos

Source: Hong Kong Information Services

The Hong Kong Flower Show, themed “Ablaze with Glory”, will be held at Victoria Park from March 14 to 23 at 9am to 9pm daily, with cosmos as the theme flower.

Native to Mexico, cosmos are an annual herbaceous member of the Asteraceae family. Through years of natural propagation and artificial hybridisation, the flower has produced many variants and cultivars.

Cosmos are highly adaptable to various climates and soils, and can even thrive in poor soil conditions. With beautiful, large flowers and a long-lasting flowering period, they are a desirable material for roadside planting, flowerbeds and flower arrangements. Apart from being adornments, cosmos also have culinary and medicinal uses.

In addition to this year’s theme flower and other flowering plants, the flower show will showcase a large collection of potted plants, floral arrangements and landscape displays by local, Mainland and overseas organisations. There will also be stalls selling flowers and horticultural products as well as recreational fringe activities for the enjoyment of visitors of all ages.

MIL OSI Asia Pacific News –

February 28, 2025
MIL-OSI United Kingdom: Households urged to take action in race to replace RTS meters

Source: City of Leicester

THOUSANDS of Leicester residents could be left without heating or hot water this summer unless they have their aging electricity meters replaced.

The Radio Teleswitch Service (RTS) – which was introduced over 40 years ago – uses radio signals to tell some electricity meters to switch heating or hot water systems on or off. It is due to be phased out by the end of June 2025, as the system is no longer viable.

There are about 600,000 RTS electricity meters across Britain and a national RTS Taskforce has been set up to upgrade them all before the switch-off date.

Around 4,000 households in Leicester are affected, most of which have storage heaters linked to an old-style RTS electricity meter that will need to be replaced as soon as possible.

Customers can now make appointments with their energy suppliers to have their RTS meters replaced with new smart meters at no additional cost. Energy suppliers will also be contacting customers directly. E.ON Next is leading in work across the city to significantly raise the replacement rate by devoting engineering resources as part of a targeted campaign.

The campaign is being supported by Leicester City Council to help encourage anyone who has and old-style RTS electricity meter – or who thinks that they might have – to contact their energy supplier as soon as possible to arrange an appointment to have it replaced.

Deputy City Mayor Elly Cutkelvin said: “We know that Leicester has a relatively high number of households with electric storage heating systems that will likely be connected to an old-style RTS meter.

“These meters need to be replaced as soon as possible to ensure that people aren’t left without heating when the switch-off happens this summer.

“The process to replace your RTS meter is usually straightforward and is carried out at no cost to the household. But time is running out. Energy suppliers will be contacting affected households directly and we would urge anyone affected to make an appointment to have their meter upgraded as soon as possible.”

The national RTS Taskforce was launched in January 2025 and includes energy regulator Ofgem and trade association Energy UK and is supported by consumer group National Energy Action.

It urges owners of RTS electricity meters to act now and accept the offer of a meter upgrade from their energy supplier. 

Charlotte Friel, Director for Retail Pricing & Systems at Ofgem, said: “One of the key functions of the RTS Taskforce is identifying hotspot areas that need more targeted resources to accelerate the upgrade programme. So it is pleasing to see E.ON Next and other energy suppliers pushing to drive up the replacement rate in Leicester.

“This is a positive declaration of intent to meet the RTS challenge head on, so our message to people in the city is that support is ready and waiting. If you are contacted by your energy supplier to arrange an appointment, please book it.”

Dhara Vyas, Chief Executive at Energy UK, added: “Energy suppliers continue to make contact with customers who have an RTS meter and are working hard to prioritise support for vulnerable customers ahead of the deadline this summer.

“It’s really important that anyone with an RTS meter has it replaced as soon as possible – delaying this could result in their heating and hot water not working properly. Contacting their supplier to arrange a replacement – at no extra cost to the customer – as soon as possible will minimise the disruption, help ensure a smooth upgrade to a smart meter and mean that customers continue to enjoy the benefits they currently get from their RTS meter.”

A supporting campaign will run across TV, video on demand, radio, digital audio, billboards and local press, highlighting the urgent need for RTS customers to book the installation of a new meter as soon as their energy supplier contacts them.  

Information about the RTS switch off is also available on the city council’s website

MIL OSI United Kingdom –

February 28, 2025
MIL-OSI Canada: Statement from Minister McLean on Pink Shirt Day

Statement from Minister McLean on Pink Shirt Day
jlutz
February 26, 2025 – 3:30 pm

Minister of Education Jeanie McLean has issued the following statement:

“Today, Yukoners across the territory join together to observe Pink Shirt Day, a day dedicated to standing up against bullying in all its forms. This annual event serves as a powerful reminder of the importance of kindness, empathy and inclusion in our schools, workplaces and communities.

“Pink Shirt Day, which originated in Canada in 2007, has grown into a global movement with individuals and groups from all corners of the world taking a stand against bullying. Here in the Yukon, we proudly participate in this day of action to reaffirm our commitment to creating environments where everyone – regardless of their background or identity – feels respected and valued.

“This year, the official Pink Shirt Day design highlights “cultivating a community of kindness”. As Yukoners, we recognize that bullying is not just an individual issue but a collective responsibility. It is through our shared efforts – whether it’s educators, parents, community leaders or peers – that we can create spaces where young people feel safe and supported. Whether it’s through school activities, community events or simply wearing pink, each act of solidarity sends a clear message: bullying has no place in our society.

“While we come together to combat bullying, we must also acknowledge the unique challenges faced by 2SLGBTQIA+ youth, who experience bullying at higher rates than their straight and cisgender peers. The Department of Education is committed to continuous learning and the ongoing development of its Sexual Orientation and Gender Identity (SOGI) Policy, reflecting our dedication and commitment to inclusivity and respect for every individual.

“The Safe and Caring Schools Policy demonstrates our dedication to fostering compassionate, respectful and secure environments. It establishes clear standards and procedures to prevent violence, bullying and discrimination, ensuring a strong and effective response to any such incidents. Safety, respect and inclusion are fundamental rights, guaranteed to all students and staff in our schools. These rights are upheld for everyone, regardless of sexual orientation, gender identity, ancestry, place of origin, ethnicity, citizenship, religion, age or ability.

“In the Yukon, we know that kindness is powerful. By taking action today – and every day – we can help nurture a future where every person feels safe, valued and empowered to be their true self.

“We encourage everyone across the Yukon to join us in wearing pink today as a symbol of our shared commitment to kindness, respect and inclusion.”

MIL OSI Canada News –

February 28, 2025
MIL-OSI Canada: New agreement enhances policing for Kluane First Nation through collaborative tripartite partnership

New agreement enhances policing for Kluane First Nation through collaborative tripartite partnership
zaburke
February 26, 2025 – 3:19 pm

This is a joint news release between the Government of Canada, Kluane First Nation and the Government of Yukon.

The Government of Canada, the Government of Yukon and the Kluane First Nation have entered into a First Nations and Inuit Policing Program Community Tripartite Agreement, marking a significant milestone in community safety for Kluane First Nation. This agreement will assign two dedicated, community-focused RCMP positions to support Kluane First Nation. It underscores the shared commitment of all parties to fostering safer, healthier communities through collaborative partnerships and culturally informed policing solutions.

These positions will provide community-based enhanced policing services to Kluane First Nation, in addition to the RCMP’s core policing duties under the Territorial Police Service Agreement. The agreement is intended to provide policing services which are professional, dedicated and responsive to the needs and cultures of individual communities. These services are cost-shared by the Government of Canada paying 52 per cent and the Government of Yukon paying 48 per cent.

The day-to-day duties of the new officers will align with the community safety priorities identified in the Letter of Expectations and will be co-developed between the RCMP and the Kluane First Nation community members who are in the Community Consultative Group. This cooperative approach helps ensure that policing efforts align closely with the unique needs and priorities of the Kluane First Nation community.

Today, a community event was held in Burwash Landing to celebrate this important community safety milestone and to acknowledge the beginning of the agreement.

MIL OSI Canada News –

February 28, 2025
MIL-OSI Canada: Statement from Premier Pillai on the Yukon Sustainability Award winners
Statement from Premier Pillai on the Yukon Sustainability Award winners
jlutz
February 25, 2025 – 4:03 pm
Premier and Minister of Economic Development Ranj Pillai has issued the following statement:

“Last week, three Yukon businesses were recognized for their commitment to sustainability at ECO Impact 2025, an annual event hosted by Environmental Careers Organization (ECO) Canada. This annual event celebrates the work of environmental professionals across the country, bringing together industry leaders, policymakers and innovators to discuss best practices in sustainability and environmental management.

“As part of this event, the Yukon Sustainability Awards were presented to businesses demonstrating outstanding environmental stewardship in the territory. I invite Yukoners to join me in congratulating this year’s recipients.
- Small Business Award – Future Proof My Building Consulting Ltd.
- Medium-Large Business Award – Snowline Gold Corp.
- The Regional Business Award – Tincup Wilderness Lodges Ltd.
“Our government partnered with ECO Canada to establish the Yukon Sustainability Awards to recognize environmentally conscious business practices and draw attention to leaders in sustainability across all sectors of the territory’s economy. Yukoners take pride in environmental responsibility and it is essential to highlight and celebrate those who integrate sustainable practices into their operations.

“The award recipients were selected by a jury made up of industry, academic and government professionals from across Canada and beyond. Businesses were assessed based on corporate sustainability practices and environmental management systems and how they support the Yukon’s Our Clean Future strategy, our roadmap for climate action and a green economy.

“This marks the second year that Yukon businesses were recognized for their sustainability efforts. Last year’s winners included Parsons Inc., High Latitude Energy Consulting and Environmental Dynamics Inc.

“Thank you to ECO Canada for making these awards possible and congratulations once again to this year’s winners.”
MIL OSI Canada News –
February 28, 2025
MIL-OSI Canada: Statement from Minister Silver on the federal consumer carbon pricing program

Statement from Minister Silver on the federal consumer carbon pricing program
zaburke
February 25, 2025 – 4:01 pm

Minister of Finance Sandy Silver has issued the following statement:

“All candidates in the federal Liberal leadership race – one of whom will serve as Canada’s next Prime Minister – have stated their intention to end, freeze or significantly change the consumer carbon price in Canada.

“The leaders of the Conservative Party of Canada and the federal New Democratic Party have also stated their intent to end or significantly change the federal carbon pricing mechanism, indicating that it is highly unlikely that a carbon price will be in place following the next federal election.

“Given that the end of the federal carbon price means the Yukon will no longer receive revenues to sustain our made-in-Yukon carbon rebate program, I have written to the federal government and asked them to work closely with the territory to ensure a systematic wind down of the program in the Yukon and a cancellation of the planned April 1, 2025, carbon levy increase.

“Our carbon rebate programs were developed in good faith, in partnership with Canada and the territories, to address northern challenges.

“The Government of Yukon is calling for immediate discussions with federal officials to plan for these changes and ensure that Yukoners are not left behind as Canada shifts its approach to fighting climate change.”

MIL OSI Canada News –

February 28, 2025

MIL-OSI: Golar LNG Limited Preliminary fourth quarter and financial year 2024 results

Source: GlobeNewswire (MIL-OSI)

Highlights and subsequent events

Golar LNG Limited (“Golar” or “the Company”) reports Q4 2024 net income attributable to Golar of $3 million inclusive of $29 million of non-cash items¹, and Adjusted EBITDA¹ of $59 million.

Full year 2024 net income attributable to Golar of $50 million inclusive of $131 million of non-cash items¹, and Adjusted EBITDA¹ of $241 million.

Total Golar Cash¹ of $699 million.

Acquired all remaining minority interests in FLNG Hilli.

FLNG Hilli maintained market-leading operational track record and exceeded 2024 production target.

Pampa Energia S.A., Harbour Energy plc and YPF joined Southern Energy S.A. (“SESA”), creating a consortium of leading Argentinian gas producers planning to use FLNG Hilli under definitive agreements announced in July 2024.

FLNG Gimi commissioning commenced and first LNG produced, after receiving first gas from the GTA field.

MKII FLNG conversion project on schedule (9% complete) and Fuji LNG arrived at the shipyard for conversion works.

Sold shareholding in Avenir LNG Limited (“Avenir”) for net proceeds of $39 million.

Completed exit from LNG shipping with sale of the LNG carrier, Golar Arctic for $24 million.

Declared dividend of $0.25 per share for the quarter.

FLNG Hilli: Maintained her market leading operational track record and exceeded her contracted 2024 production volume resulting in the recognition of $0.5 million of 2024 over production accrued revenue. Q4 2024 Distributable Adjusted EBITDA¹ was $68 million excluding overproduction revenue. FLNG Hilli has offloaded 128 cargoes to date.

In December 2024, Golar acquired all remaining third party minority ownership interests in FLNG Hilli for $60 million in cash and a $30 million increase in Golar’s share of contractual debt. The acquisitions included a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction was equivalent to ~8% of the full FLNG capacity. Following this, Golar has a 100% economic interest in FLNG Hilli.

The acquisition is immediately accretive to Golar’s cash flow. Annual Adjusted EBITDA¹ from the base tolling fee is expected to increase by approximately $7 million. The Brent oil linked commodity element of the current FLNG Hilli charter will increase from $2.7 million to $3.1 million in annual Adjusted EBITDA¹ attributable to Golar per dollar for Brent oil prices between $60/bbl and the contractual ceiling. The TTF linked component of the current tariff will similarly increase annual Adjusted EBITDA¹ generation attributable to Golar from $3.2 million to $3.7 million per $/MMBtu of European TTF gas prices above a floor price that delivers a base annual TTF fee of $5 million. The acquisition of the minority ownership interests is also accretive to Golar’s Adjusted EBITDA backlog¹, with an ~8% shareholding of the 20-year charter in Argentina starting in 2027^* increasing the backlog by approximately $0.5 billion, before commodity exposure.

Golar expects to release significant capital from a contemplated refinancing of FLNG Hilli following completion of the conditions precedent in the SESA 20-year charter.

FLNG Gimi: Following the commercial reset with bp announced in August 2024, accelerated commissioning commenced in October 2024 using gas from a LNG carrier. In January 2025, gas from the carrier was replaced by feedgas from the bp operated FPSO which allowed full commissioning to commence. This milestone triggered the final upward adjustment to the Commissioning Rate under the commercial reset. LNG is now being produced, and subject to receipt of sufficient feed gas, the first LNG export cargo is expected within Q1 2025. Assuming all conditions are met, the Commercial Operations Date (“COD”) is expected within Q2 2025. COD will trigger the start of the 20-year Lease and Operate Agreement that unlocks the equivalent of around $3 billion of Adjusted EBITDA backlog¹ (Golar’s share) and recognition of contractual payments comprised of capital and operating elements in both the balance sheet and income statement.

A debt facility to refinance FLNG Gimi is in an advanced stage, with credit approvals now received. The transaction is subject to customary closing conditions and third party stakeholder approvals.

MKII FLNG 3.5MTPA conversion: Conversion work on the $2.2 billion MK II FLNG (“MK II”) is proceeding to schedule. After discharging her final cargo as an LNG carrier in January 2025, the conversion vessel Fuji LNG entered CIMC’s Yantai yard in February 2025. Golar has spent $0.6 billion to date, all of which is equity funded. The MK II is expected to be delivered in Q4 2027 and be the first available FLNG capacity globally.

As part of the EPC agreement, Golar also has an option for a second MK II conversion slot at CIMC for delivery within 2028.

FLNG business development: In July 2024, Golar announced that it had entered into definitive agreements for the deployment of an FLNG in Argentina. In October 2024, Golar received a notice reserving FLNG Hilli for the 20-year charter. During November 2024, Pampa Energia joined the SESA project with a 20% equity stake, in December 2024 Harbour Energy joined with a 15% equity stake and in February 2025 YPF joined with a 15% equity stake. Pan American Energy (“PAE”) remains with a 40% equity stake and Golar with its 10% equity stake. SESA will be responsible for sourcing Argentine natural gas to the FLNG, chartering and operating FLNG Hilli and marketing and selling LNG globally. The addition of leading natural gas and oil producers in Argentina further strengthens both the project and Golar’s charter counterparty.

Following the end of FLNG Hilli’s current charter in July 2026 offshore Cameroon, FLNG Hilli will undergo vessel upgrades to maintain 20-years of continuous operations offshore. Operations in Argentina are expected to commence in 2027. FLNG Hilli is expected to generate an annual Adjusted EBITDA¹ of approximately $300 million, plus a commodity linked element in the FLNG tariff and commodity exposure through Golar’s 10% equity stake in SESA.

The project remains subject to defined conditions precedent (“CP”), including an export license, environmental assessment and Final Investment Decision (“FID”) by SESA. Workstreams for each CP are advancing according to schedule and are expected to be concluded within Q2 2025.

Golar’s position as the only proven service provider of FLNG globally, our market leading capex/ton and operational uptime continues to drive interest in our FLNG solutions. The MKII under construction is now the focus of multiple commercial discussions. Advanced discussions are taking place in the Americas, West Africa, Southeast Asia and the Middle East. Once a charter is secured for the MKII under construction, we aim to FID our 4^th FLNG unit. In addition to the option for a second MKII at CIMC Raffles shipyard, we are now in discussions with other capable shipyards for this potential 4^th unit, focused on design, liquefaction capacity, capex/ton and delivery.

Other/shipping: Operating revenues and costs under corporate and other items are comprised of two FSRU operate and maintain agreements in respect of the LNG Croatia and Italis LNG. The non-core shipping segment was comprised of the LNGC Golar Arctic, and Fuji LNG. During February 2025, Fuji LNG entered CIMC’s yard for her FLNG conversion and Golar Arctic was sold for $24 million. This concludes Golar’s 50-year presence in the LNG shipping business.

In January 2025, Golar also agreed to sell its non-core 23.4% interest in Avenir. The transaction closed in February 2025 upon receipt of $39 million of net proceeds.

Shares and dividends: As of December 31, 2024, 104.5 million shares are issued and outstanding. Golar’s Board of Directors approved a total Q4 2024 dividend of $0.25 per share to be paid on or around March 18, 2025. The record date will be March 11, 2025.

Financial Summary

(in thousands of $)	Q4 2024	Q4 2023	% Change	YTD 2024	YTD 2023	% Change
Net income/(loss) attributable to Golar LNG Ltd	3,349	(32,847)	(110)%	49,694	(46,793)	(206)%
Total operating revenues	65,917	79,679	(17)%	260,372	298,429	(13)%
Adjusted EBITDA ¹	59,168	114,249	(48)%	240,500	355,771	(32)%
Golar’s share of contractual debt ¹	1,515,357	1,221,190	24%	1,515,357	1,221,190	24%

Financial Review

Business Performance:

	2024		2023
	Oct-Dec	Jul-Sep	Oct-Dec
(in thousands of $)	Total	Total	Total
Net income/(loss)	15,037	(35,969)	(31,071)
Income taxes	(504)	208	332
Income/(loss) before income taxes	14,533	(35,761)	(30,739)
Depreciation and amortization	13,642	13,628	12,794
Impairment of long-term assets	22,933	—	—
Unrealized loss on oil and gas derivative instruments	14,269	73,691	126,909
Other non-operating loss	7,000	—	—
Interest income	(9,866)	(8,902)	(11,234)
Interest expense, net	—	—	(1,107)
(Gains)/losses on derivative instruments	(8,711)	14,955	16,542
Other financial items, net	1,153	470	(157)
Net income from equity method investments	4,215	948	1,241
Adjusted EBITDA ⁽¹⁾	59,168	59,029	114,249

	2024
	Oct-Dec				Jul-Sep
(in thousands of $)	FLNG	Corporate and other	Shipping	Total	FLNG	Corporate and other	Shipping	Total
Total operating revenues	56,396	6,025	3,496	65,917	56,075	6,212	2,520	64,807
Vessel operating expenses	(19,788)	(5,048)	(3,073)	(27,909)	(20,947)	(7,403)	(3,373)	(31,723)
Voyage, charterhire & commission expenses	—	—	(446)	(446)	—	—	(888)	(888)
Administrative expenses	(264)	(7,240)	(1)	(7,505)	(568)	(6,498)	(7)	(7,073)
Project expenses	(3,624)	(1,236)	—	(4,860)	(1,249)	(1,894)	—	(3,143)
Realized gains on oil derivative instrument ⁽²⁾	33,502	—	—	33,502	37,049	—	—	37,049
Other operating income	469	—	—	469	—	—	—	—
Adjusted EBITDA ⁽¹⁾	66,691	(7,499)	(24)	59,168	70,360	(9,583)	(1,748)	59,029

(2) The line item “Realized and unrealized (loss)/gain on oil and gas derivative instruments” in the Unaudited Consolidated Statements of Operations relates to income from the Hilli Liquefaction Tolling Agreement (“LTA”) and the natural gas derivative which is split into: “Realized gains on oil and gas derivative instruments” and “Unrealized (loss)/gain on oil and gas derivative instruments”.

	2023
	Oct-Dec
(in thousands of $)	FLNG	Corporate and other	Shipping	Total
Total operating revenues	72,433	5,510	1,736	79,679
Vessel operating expenses	(16,510)	(4,765)	(2,005)	(23,280)
Voyage, charterhire & commission (expenses)/income	(133)	—	(900)	(1,033)
Administrative income/(expenses)	29	(7,031)	(1)	(7,003)
Project development expenses	(958)	380	(99)	(677)
Realized gains on oil derivative instrument	53,520	—	—	53,520
Other operating income	13,043	—	—	13,043
Adjusted EBITDA ⁽¹⁾	121,424	(5,906)	(1,269)	114,249

Golar reports today Q4 2024 net income of $3 million, before non-controlling interests, inclusive of $29 million of non-cash items¹, comprised of:

A $23 million impairment of LNG carrier, Golar Arctic;

TTF and Brent oil unrealized mark-to-market (“MTM”) losses of $14 million; and

A $8 million MTM gain on interest rate swaps.

The Brent oil linked component of FLNG Hilli’s fees generates additional annual cash of approximately $3.1 million for every dollar increase in Brent Crude prices between $60 per barrel and the contractual ceiling. Billing of this component is based on a three-month look-back at average Brent Crude prices. During Q4, we recognized a total of $34 million of realized gains on FLNG Hilli’s oil and gas derivative instruments, comprised of a:

$14 million realized gain on the Brent oil linked derivative instrument;

$12 million realized gain on the hedged component of the quarter’s TTF linked fees; and

$8 million realized gain in respect of fees for the TTF linked production.

Further, we recognized a total of $14 million of non-cash losses in relation to FLNG Hilli’s oil and gas derivative assets, with corresponding changes in fair value in its constituent parts recognized on our unaudited consolidated statement of operations as follows:

$12 million loss on the economically hedged portion of the Q4 TTF linked FLNG production; and

$2 million loss on the Brent oil linked derivative asset.

Balance Sheet and Liquidity:

As of December 31, 2024, Total Golar Cash¹ was $699 million, comprised of $566 million of cash and cash equivalents and $133 million of restricted cash.

Golar’s share of Contractual Debt¹ as of December 31, 2024 is $1,515 million. Deducting Total Golar Cash¹ of $699 million from Golar’s share of Contractual Debt¹ leaves a debt position net of Total Golar Cash of $816 million.

Assets under development amounts to $2.2 billion, comprised of $1.7 billion in respect of FLNG Gimi and $0.5 billion in respect of the MKII. The carrying value of LNG carrier Fuji LNG, currently included under Vessels and equipment, net will be transferred to Assets under development in Q1, 2025.

Following agreement by the consortium of lenders who provide the current $700 million FLNG Gimi facility, Golar drew down the final $70 million tranche of this facility in November 2024. Of the $1.7 billion FLNG Gimi investment as of December 31, 2024, inclusive of $297 million of capitalized financing costs, $700 million was funded by the current debt facility. Both the FLNG Gimi investment and outstanding Gimi debt are reported on a 100% basis. All capital expenditure in connection with the 100% owned MK II is equity funded.

Non-GAAP measures

In addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.

This report also contains certain forward-looking non-GAAP measures for which we are unable to provide a reconciliation to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside of our control, such as oil and gas prices and exchange rates, as such items may be significant. Non-GAAP measures in respect of future events which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied to Golar’s unaudited consolidated financial statements.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures and financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations as at December 31, 2024 and for the year ended December 31, 2024, from these results should be carefully evaluated.

Non-GAAP measure	Closest equivalent US GAAP measure	Adjustments to reconcile to primary financial statements prepared under US GAAP	Rationale for adjustments
Performance measures
*Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations	Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives, depreciation, impairment charge, financing costs, tax items and discontinued operations.
*Distributable Adjusted EBITDA*	Net income/(loss)	+/- Income taxes + Depreciation and amortization + Impairment of long-lived assets +/- Unrealized (gain)/loss on oil and gas derivative instruments +/- Other non-operating (income)/losses +/- Net financial (income)/expense +/- Net (income)/losses from equity method investments +/- Net loss/(income) from discontinued operations – Amortization of deferred commissioning period revenue – Amortization of Day 1 gains – Accrued overproduction revenue + Overproduction revenue received – Accrued underutilization adjustment	Increases the comparability of our operational FLNG Hilli from period to period and against the performance of other companies by removing the non-distributable income of FLNG Hilli, project development costs, the operating costs of the Gandria (prior to her disposal) and FLNG Gimi.
Liquidity measures
*Contractual debt ¹*	Total debt (current and non-current), net of deferred finance charges	+/-Variable Interest Entity (“VIE”) consolidation adjustments +/-Deferred finance charges	During the year, we consolidate a lessor VIE for our Hilli sale and leaseback facility. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIE debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIE. The measure enables investors and users of our financial statements to assess our liquidity, identify the split of our debt (current and non-current) based on our underlying contractual obligations and aid comparability with our competitors.
*Adjusted net debt*	Adjusted net debt based on GAAP measures: -Total debt (current and non-current), net of deferred finance charges – Cash and cash equivalents – Restricted cash and short-term deposits (current and non-current) – Other current assets (Receivable from TTF linked commodity swap derivatives)	Total debt (current and non-current), net of: +Deferred finance charges +Cash and cash equivalents +Restricted cash and short-term deposits (current and non-current) +/-VIE consolidation adjustments +Receivable from TTF linked commodity swap derivatives	The measure enables investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors.
*Total Golar Cash*	Golar cash based on GAAP measures: + Cash and cash equivalents + Restricted cash and short-term deposits (current and non-current)	-VIE restricted cash and short-term deposits	We consolidate a lessor VIE for our sale and leaseback facility. This means that on consolidation, we include restricted cash held by the lessor VIE. Total Golar Cash represents our cash and cash equivalents and restricted cash and short-term deposits (current and non-current) before consolidating the lessor VIE. Management believe that this measure enables investors and users of our financial statements to assess our liquidity and aids comparability with our competitors.

(1) Please refer to reconciliation below for Golar’s share of Contractual Debt

Adjusted EBITDA backlog: This is a non-GAAP financial measure and represents the share of contracted fee income for executed contracts or definitive agreements less forecasted operating expenses for these contracts/agreements. Adjusted EBITDA backlog should not be considered as an alternative to net income / (loss) or any other measure of our financial performance calculated in accordance with U.S. GAAP.

Non-cash items: Non-cash items comprised of impairment of long-lived assets, release of prior year contract underutilization liability, mark-to-market (“MTM”) movements on our TTF and Brent oil linked derivatives, listed equity securities and interest rate swaps (“IRS”) which relate to the unrealized component of the gains/(losses) on oil and gas derivative instruments, unrealized MTM (losses)/gains on investment in listed equity securities and gains on derivative instruments, net, in our unaudited consolidated statement of operations.

Abbreviations used:

FLNG: Floating Liquefaction Natural Gas vessel
FSRU: Floating Storage and Regasification Unit
MKII FLNG: Mark II FLNG
FPSO: Floating Production, Storage and Offloading unit

MMBtu: Million British Thermal Units
mtpa: Million Tons Per Annum

Reconciliations – Liquidity Measures

Total Golar Cash

(in thousands of $)	December 31, 2024	September 30, 2024	December 31, 2023
Cash and cash equivalents	566,384	732,062	679,225
Restricted cash and short-term deposits (current and non-current)	150,198	92,025	92,245
Less: VIE restricted cash and short-term deposits	(17,472)	(17,463)	(18,085)
Total Golar Cash	699,110	806,624	753,385

Contractual Debt and Adjusted Net Debt

(in thousands of $)	December 31, 2024	September 30, 2024	December 31, 2023
Total debt (current and non-current) net of deferred finance charges	1,451,110	1,422,399	1,216,730
VIE consolidation adjustments	242,811	233,964	202,219
Deferred finance charges	22,686	24,480	23,851
Total Contractual Debt	1,716,607	1,680,843	1,442,800
Less: Keppel’s and B&V’s share of the FLNG Hilli contractual debt	—	(30,884)	(32,610)
Less: Keppel’s share of the Gimi debt	(201,250)	(184,625)	(189,000)
Golar’s share of Contractual Debt	1,515,357	1,465,334	1,221,190
Less: Total Golar Cash	(699,110)	(806,625)	(753,385)
Less: Receivables from the remaining unwinding of TTF hedges	—	(12,360)	(57,020)
Golar’s Adjusted Net Debt	816,247	646,349	410,785

Please see Appendix A for a capital repayment profile for Golar’s contractual debt.

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 “if,” “subject to,” “believe,” “assuming,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “could,” “would,” “predict,” “propose,” “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 based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. 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. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to:

our ability and that of our counterparty to meet our respective obligations under the 20-year lease and operate agreement (the “LOA”) with BP Mauritania Investments Limited, a subsidiary of BP p.l.c (“bp”), entered into in connection with the Greater Tortue Ahmeyim Project (the “GTA Project”), including the commissioning and start-up of various project infrastructure. Delays could result in incremental costs to both parties to the LOA, delay floating liquefaction natural gas vessel (“FLNG”) commissioning works and the start of operations for our FLNG Gimi (“FLNG Gimi”);

our ability to meet our obligations under our commercial agreements, including the liquefaction tolling agreement (the “LTA”) entered into in connection with the FLNG Hilli Episeyo (“FLNG Hilli”);

our ability to meet our obligations with Southern Energy S.A. SESA in connection with the recently signed agreement on FLNG deployment in Argentina, and SESAs ability to meet its obligations with us;

the ability to secure a suitable contract for the MK II within the expected timeframe, including the impact of project capital expenditures, foreign exchange fluctuations, and commodity price volatility on investment returns and potential changes in market conditions affecting deployment opportunities;

changes in our ability to obtain additional financing or refinance existing debts on acceptable terms or at all, or to secure a listing for our 2024 Unsecured Bonds;

Global economic trends, competition, and geopolitical risks, including U.S. government actions, trade tensions or conflicts such as between the U.S. and China, related sanctions, a potential Russia-Ukraine peace settlement and its potential impact on LNG supply and demand;

a material decline or prolonged weakness in tolling rates for FLNGs;

failure of shipyards to comply with schedules, performance specifications or agreed prices;

failure of our contract counterparties to comply with their agreements with us or other key project stakeholders;

increased tax liabilities in the jurisdictions where we are currently operating or expect to operate;

continuing volatility in the global financial markets, including but not limited to commodity prices, foreign exchange rates and interest rates;

changes in general domestic and international political conditions, particularly where we operate, or where we seek to operate;

changes in our ability to retrofit vessels as FLNGs, including the availability of vessels to purchase and in the time it takes to build new vessels or convert existing vessels;

continuing uncertainty resulting from potential future claims from our counterparties of purported force majeure (“FM”) under contractual arrangements, including but not limited to our future projects and other contracts to which we are a party;

our ability to close potential future transactions in relation to equity interests in our vessels or to monetize our remaining equity method investments on a timely basis or at all;

increases in operating costs as a result of inflation, including but not limited to salaries and wages, insurance, crew provisions, repairs and maintenance, spares and redeployment related modification costs;

claims made or losses incurred in connection with our continuing obligations with regard to New Fortress Energy Inc. (“NFE”), Energos Infrastructure Holdings Finance LLC (“Energos”), Cool Company Ltd (“CoolCo”) and Snam S.p.A. (“Snam”);

the ability of Energos, CoolCo and Snam to meet their respective obligations to us, including indemnification obligations;

changes to rules and regulations applicable to FLNGs or other parts of the natural gas and LNG supply chain;

changes to rules on climate-related disclosures as required by the European Union or the U.S. Securities and Exchange Commission (the “Commission”), including but not limited to disclosure of certain climate-related risks and financial impacts, as well as greenhouse gas emissions;

actions taken by regulatory authorities that may prohibit the access of FLNGs to various ports and locations; and

other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Commission, including our annual report on Form 20-F for the year ended December 31, 2023, filed with the Commission on March 28, 2024 (the “2023 Annual Report”).

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.

Responsibility Statement

We confirm that, to the best of our knowledge, the unaudited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with accounting principles generally accepted in the United States give a true and fair view of Golar’s unaudited consolidated assets, liabilities, financial position and results of operations. To the best of our knowledge, the report for the year ended December 31, 2024, includes a fair review of important events that have occurred during the period and their impact on the unaudited consolidated financial statements, the principal risks and uncertainties and major related party transactions.

Our actual results for the quarter and year ended December 31, 2024 will not be available until after this press release is furnished and may differ from these estimates. The preliminary financial information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Annual Report on Form 20-F for the year ended December 31, 2024 once it becomes available. Accordingly, you should not place undue reliance upon these preliminary financial results.

February 27, 2025
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO

Stuart Buchanan – Head of Investor Relations

Tor Olav Trøim (Chairman of the Board)
Dan Rabun (Director)
Thorleif Egeli (Director)
Carl Steen (Director)
Niels Stolt-Nielsen (Director)
Lori Wheeler Naess (Director)
Georgina Sousa (Director)

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

The MIL Network –

February 28, 2025

MIL-OSI: POET Wins Lightwave Award for Its Outstanding AI Hardware Technology
Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly integrated optical engines and light sources for Artificial Intelligence networks, today announced that it was the recipient of another prestigious award. Lightwave+BTR Innovation Reviews, a recognized authority in the optoelectronics industry, named POET as an Elite Score recipient for its 2025 awards.

The publication, which recognizes excellence in a product or technology applicable to optical networks, singled out the POET Optical Interposer™ for the honor. A panel of judges, comprised of experts from the optical communications and broadband communities, awarded POET in the Optical Transceiver and Transponder category.

“On behalf of the Lightwave+BTR Innovation Reviews, I would like to congratulate POET on achieving a well-deserved level honoree status. This competitive program enables Lightwave+BTR to showcase and applaud the most innovative products, projects, technologies, and programs that significantly impact the industry,” commented Lightwave+BTR Editor-in-Chief Sean Buckley.

Lightwave+BTR will present POET with the award statue during the 2025 OFC Conference in San Francisco (March 31-April 3).

“The Lightwave+BTR honor is another in a growing list of indicators that our platform technology and the innovation it brings is gaining more attention from within our industry,” stated POET Chairman and Chief Executive Officer Dr. Suresh Venkatesan. “We are seeing strong interest from new and existing customers precisely because of the reasons that the Lightwave+BTR panelists identify. The POET Optical Interposer provides costs savings, power efficiency, and superior performance as the industry rapidly moves toward speeds of 1.6Tbps and higher.”

The accolade is the fourth award that POET has received in the past eight months. The others include the AI Breakthrough Award for “Best Optical AI Solution”, Global Tech’s “Best in Artificial Intelligence” award and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

Lightwave+BTR judges reviewed entries based on the following criteria:
- Originality
- Innovation
- Positive impact on the customer
- How well it addresses a new or existing requirement
- Novelty of approach
- Cost-effectiveness.
The POET Optical Interposer is the foundation for the Company’s highly integrated silicon-based optical engines and light sources that are designed to power AI hardware applications and data center hyperscalers to the next level of speed and performance.

Along with the Lightwave+BTR recognition, POET has also been featured in a number of other industry outlets since the beginning of 2025, including:

About POET Technologies Inc.
POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

About Lightwave+BTR
Bringing over 36 years of trusted technical insights to today’s optical communications professionals. Through our integrated media portfolio, Lightwave delivers content focused on fiber optics and optoelectronics, the technologies that enable the growth, integration and improved performance of voice, data and video communications networks and services. Our experienced editorial team provides trusted technology, application and market insights to corporate executives, department heads, project managers, network engineers and technical managers at equipment suppliers, service providers and major end-user organizations. Our unique ability to inform our audience’s business-critical decisions is based in our 35+ year relationship with the entire optical community—technology vendors, communications carriers and major enterprises—and our recognition of the interplay among its members. Lightwave’s media portfolio includes the Lightwave Direct email newsletter and LightwaveOnline magazine.

Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075

The MIL Network –
February 28, 2025
MIL-OSI: OTC Markets Group Welcomes Perimeter Medical Imaging AI, Inc. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Perimeter Medical Imaging AI, Inc. (TSX-V: PINK; OTCQX: PYNKF), a commercial stage medical technology company, has qualified to trade on the OTCQX® Best Market. Perimeter Medical Imaging AI, Inc. upgraded to OTCQX from the Pink® market.

Perimeter Medical Imaging AI, Inc. begins trading today on OTCQX under the symbol “PYNKF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

“Many of our shareholders are based in the United States and the U.S. is the primary target market for our current S-Series OCT system, as well as our upcoming AI-enabled B-Series product,” said Perimeter’s Chief Executive Officer, Adrian Mendes. “Accordingly, this upgrade to OTCQX from the Pink® market is a natural evolution for Perimeter, which should increase our visibility and complement our efforts to broaden our U.S. shareholder base.”

About Perimeter Medical Imaging AI, Inc.
Based in Toronto, Canada and Dallas, Texas, Perimeter Medical Imaging AI (TSX-V: PINK) (OTC: PYNKF) is a company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. Available across the U.S., our FDA-cleared Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level. The breakthrough-device-designated investigational Perimeter B-Series OCT with ImgAssist AI represents our next-generation artificial intelligence technology that has recently been evaluated in a pivotal clinical trial, with support from a grant of up to US$7.4 million awarded by the Cancer Prevention and Research Institute of Texas. The company’s ticker symbol “PINK” is a reference to the pink ribbons used during Breast Cancer Awareness Month.

Perimeter B-Series OCT is limited by U.S. law to investigational use and not available for sale in the United States. Perimeter S-Series OCT has 510(k) clearance under a general indication and has not been evaluated by the U.S. FDA specifically for use in breast tissue, breast cancer, other types of cancer, margin evaluation, and reducing re-excision rates. The safety and effectiveness of these uses has not been established. For more information, please visit www.perimetermed.com/disclosures.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

February 28, 2025
MIL-OSI: Key information relating to the cash dividend to be paid by Golar LNG Limited (Ticker: GLNG)
Source: GlobeNewswire (MIL-OSI)

Reference is made to the fourth quarter 2024 report released on February 27, 2025. Golar LNG Limited (“Golar”), NASDAQ ticker: GLNG, has declared a total dividend of $0.25 per share to be paid on or around March 18, 2025. The record date will be March 11, 2025.
Due to the implementation of the Central Securities Depository Regulation (“CSDR”), please note the information below on the payment date for the small number of Golar shares registered in Norway’s central securities depository (“VPS”):
- Dividend amount: $0.25 per share
- Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK
- Last day including right: March 7, 2025
- Ex-date: March 10, 2025
- Record date: March 11, 2025
- Payment date: On or about March 18, 2025. Due to the implementation of CSDR in Norway, dividends payable to shares registered in the VPS will be distributed on or about March 20, 2025.
Golar LNG Limited
Hamilton, Bermuda
February 27, 2025

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

The MIL Network –
February 28, 2025
MIL-OSI: 3Commas launches automated solution for asset managers to simplify trading and account oversight

Source: GlobeNewswire (MIL-OSI)

3Commas for Asset Managers improves operational efficiency for professional digital assets traders by automating time-consuming tasks and enabling bulk action deployment, keeping the focus on clients’ ROI rather than operational procedures

ROAD TOWN TORTOLA, British Virgin Islands, Feb. 27, 2025 (GLOBE NEWSWIRE) — 3Commas, the trading automation software for professional traders and asset managers, launches the first iteration of its 3Commas for Asset Manager Solution. The software is tailored for institutional traders, asset and portfolio managers, and any individual or organization actively handling crypto investments for clients. By unifying trade operations and account management into one space, the 3Commas for Asset Manager allows users to automate trading and efficiently manage multiple accounts, strategies, and bots simultaneously.

Traditional investment management systems are often outdated and require substantial intervention. As client bases grow, so does the complexity of managing unique strategies and trades for each account. Managers are forced to dedicate a considerable amount of their time and effort to routine tasks like trade execution, portfolio adjustments, and reporting – limiting their ability to focus on the strategic decision-making process. The reliance on legacy systems and manual processes creates operational bottlenecks, slowing workflows while simultaneously increasing the likelihood of human error.

3Commas for Asset Managers allows investment managers to issue trade execution commands to client accounts across major crypto exchanges, using encrypted connections to ensure the security of sensitive information. With 3Commas’ software, traders can apply custom individual strategies to a client’s portfolio or use bulk automation to deploy the same approach across multiple accounts. Its powerful trading bots allow asset managers to automate complex trading strategies, leveraging built-in technical indicators and seamlessly integrating external trading signals for enhanced flexibility and precision. Through the dashboard, asset managers can view used and free funds across all client portfolios, receiving a clear overview of available capital before launching new trading bots.

The software grants users complete control and flexibility to manage client portfolios, as they can easily adjust, pause, or restart bots and trades, streamlining operations while maximizing responsiveness. 3Commas offers detailed analytics and comprehensive reporting, allowing administrators to keep clients regularly informed about their trade history and performance metrics. Compared to competitors, 3Commas for Asset Managers offers a higher level of control over bot and trade settings. This empowers traders to implement additional strategies with greater precision and minimizes the need for manual adjustments.

The client onboarding process prioritizes user security by guiding clients through a secure portal to connect their exchange accounts in a protected environment without sharing API keys with the asset manager. 3Commas is actively rolling out new features based on client feedback and evolving needs, with updates set to be released on an ongoing basis.

“We are excited to unveil 3Commas for Asset Managers, recognizing the importance of providing tools that allow strategies to be executed seamlessly across accounts,” says Yuriy Sorokin, CEO and Co-Founder of 3Commas. “As pioneers in trading automation in the digital assets space, our vision is to provide users with the precision needed to unlock unprecedented performance and deliver superior outcomes for their clients. With growing institutional interest and a significant shift in the ecosystem, 3Commas for Asset Managers represents a crucial advancement, designed to meet the growing needs of asset managers and equip them with the tools to stay ahead in this ever-changing market.”

About 3Commas:

3Commas is a leading developer of crypto trading software, offering AI-powered trading bots that require no coding knowledge from users. With tools ranging from Dollar-Cost Averaging (DCA) to GRID strategies and the Signal Bot with TradingView integration, 3Commas makes professional-level trading accessible to everyone.

The software provides an all-in-one solution for managing crypto assets across major exchanges, ensuring reliable trade execution, portfolio analytics, and more. Supporting spot, margin, and options markets, 3Commas delivers a comprehensive trading experience.

With a strong commitment to giving customers a competitive edge in the crypto markets, 3Commas strives to offer unmatched value in every trade.

Contact:
Ari Karp
support@3commas.io

Disclaimer: This press release is provided by 3Commas. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

The MIL Network –

February 28, 2025

MIL-OSI: Enerflex Ltd. Announces Fourth Quarter 2024 Financial and Operational Results

Source: GlobeNewswire (MIL-OSI)

ADJUSTED EBITDA OF $121 MILLION AND FREE CASH FLOW OF $76 MILLION¹

EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.3 BILLION, RESPECTIVELY, PROVIDING STRONG OPERATIONAL VISIBILITY

REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO²TO 1.5X TIMES AT YEAR-END

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three and twelve months ended December 31, 2024.

All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

Q4/24 FINANCIAL AND OPERATIONAL OVERVIEW

Generated revenue of $561 million compared to $574 million in Q4/23 and $601 million in Q3/24.
Recorded gross margin before depreciation and amortization of $174 million, or 31% of revenue, compared to $158 million, or 28% of revenue in Q4/23 and $176 million, or 29% of revenue during Q3/24.
- Energy Infrastructure (“EI”) and After-Market Services (“AMS”) product lines generated 67% of consolidated gross margin before depreciation and amortization during Q4/24 and 69% on a full-year basis in 2024.
- ES gross margin before depreciation and amortization increased to 21% in Q4/24 compared to 15% in Q4/23 and 19% in Q3/24, benefiting from favorable product mix and strong project execution.
Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $121 million compared to $91 million in Q4/23 and $120 million during Q3/24. The year-over-year increase in adjusted EBITDA reflects improved gross margin and favorable foreign exchange rate movements.
Cash provided by operating activities was $113 million, which included net working capital recovery of $39 million. This compares to cash provided by operating activities of $158 million in Q4/23 and $98 million in Q3/24. Free cash flow was $76 million in Q4/24 compared to $139 million during Q4/23 and $78 million during Q3/24¹.
Invested $47 million in the business in Q4/24, consisting of $32 million in capital expenditures and $15 million for expansion of an EI project in the Eastern Hemisphere (“EH”) that will be accounted for as a finance lease.
Recorded ES bookings of $301 million inclusive of a $75 million derecognition, with no associated gross margin on future revenue, related to the termination of the cryogenic natural gas processing facility project contract in Kurdistan. The majority of bookings originated in the North America segment and relate to gas compression solutions. Total backlog as at December 31, 2024 was $1.3 billion, providing strong visibility into future revenue generation and business activity levels.
Enerflex’s USA contract compression business continues to perform well, led by increasing natural gas production in the Permian basin and continued discipline across industry competitors.
- This business generated revenue of $36 million and gross margin before depreciation and amortization of 78% during Q4/24 compared to $33 million and 76% in Q4/23 and $37 million and 70% during Q3/24.
- Utilization remained stable at 95% across a fleet size of approximately 428,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025.

BALANCE SHEET AND LIQUIDITY

Enerflex exited Q4/24 with net debt of $616 million, which included $92 million of cash and cash equivalents, a reduction of $208 million compared to Q4/23 and $76 million lower than the third quarter.
During Q4/24, Enerflex redeemed $62.5 million (or 10% of the aggregate principal amount originally issued) of its 9.00% Senior Secured Notes due 2027. The redemption was completed at a price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The redemption was funded with available liquidity, which included cash and cash equivalents and the undrawn portion of Enerflex’s lower cost $800 million revolving credit facility.
Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.5x at the end of Q4/24, down from 2.3x at the end of Q4/23 and 1.9x at the end of Q3/24. The leverage ratio at the end of Q4/24 is within Enerflex’s target bank-adjusted net debt-to-EBITDA ratio range of 1.5x to 2.0x.
The Company maintains strong liquidity with access to $614 million under its credit facility.

__________________________________________
¹ During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
² The Company defines bank-adjusted net debt to EBITDA as borrowings under the Revolving Credit Facility (“RCF”) and its 9.00% Senior Secured Notes due 2027 (the “Notes”) less cash and cash equivalents, divided by EBITDA as defined by the Company’s lenders for the trailing 12- months.

MANAGEMENT COMMENTARY

“We delivered a strong finish to the year, with solid operating results across Enerflex’s geographies and product lines,” said Marc Rossiter, Enerflex’s President and Chief Executive Officer. “Our Energy Infrastructure and After-Market Services business lines continue to provide steady, reliable performance and revenue streams, reinforcing Enerflex’s ability to deliver sustainable returns across our global platform. Our Engineered Systems business delivered solid performance throughout 2024, highlighted by strong project execution.”

Rossiter continued, “As we enter 2025, visibility across our business remains solid, underpinned by a $1.5 billion contract backlog for our Energy Infrastructure assets, the recurring nature of our After-Market Services business, and a $1.3 billion Engineered Systems backlog. By focusing on operational execution, optimizing our core business, and maintaining disciplined capital allocation, we expect to further reduce debt and create meaningful long-term value for our shareholders.”

Preet S. Dhindsa, Enerflex’s Senior Vice President and Chief Financial Officer, stated, “Enerflex delivered fourth-quarter results that exceeded the ranges included in our 2024 guidance. We are particularly pleased with our ongoing progress in efficiently managing working capital, lowering net finance costs, and optimizing the Company’s debt stack. Backed by Enerflex’s strong global leadership team and talented employees, we continue to enhance the profitability and resilience of our operations. Our focus remains on generating sustainable free cash flow, further improving our balance sheet health and positioning the Company for long-term growth and value creation.”

SUMMARY RESULTS

	Three months ended December 31,				Twelve months ended December 31,
($ millions, except percentages and ratios)		2024		2023		2024		2023
Revenue	$	561	$	574	$	2,414	$	2,343
Gross margin		140		119		504		457
Gross margin as a percentage of revenue		25.0%		20.7%		20.9%		19.5%
Selling, general and administrative expenses (“SG&A”)		92		74		327		293
Foreign exchange (gain) loss		(2)		16		4		43
Operating income		50		29		173		121
EBITDA¹		92		–		364		240
EBIT¹		47		(51)		179		42
EBT¹		21		(76)		81		(52)
Net earnings (loss)		15		(95)		32		(83)
Cash provided by operating activities		113		158		324		206

Key Financial Performance Indicators (“KPIs”)²
ES bookings³	$	301	$	265	$	1,401	$	1,306
ES backlog³		1,280		1,134		1,280		1,134
EI contract backlog⁴		1,545		1,700		1,545		1,700
Gross margin before depreciation and amortization (“Gross margin before D&A”)⁵		174		158		642		609
Gross margin before D&A as a percentage of revenue⁵		31.0%		27.5%		26.6%		26.0%
Adjusted EBITDA⁶		121		91		432		378
Free cash flow⁷		76		139		222		95
Net debt		616		824		616		824
Bank-adjusted net debt to EBITDA ratio		1.5x		2.3x		1.5x		2.3x
Return on capital employed (“ROCE”)⁸		10.3%		2.1%		10.3%		2.1%

¹EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
²These KPIs are non-IFRS measures. Further detail is provided in the “Non-IFRS Measures” section of the fourth quarter 2024 MD&A.
³Refer to the “ES Bookings and Backlog” section of the MD&A for more information on these KPIs.
⁴Refer to the “EI Contract Backlog” section of the MD&A.
⁵Refer to the “Gross Margin by Product line” section of the MD&A for further details.
⁶Refer to the “Adjusted EBITDA” section of the MD&A for further details.
⁷During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
⁸Determined by using the trailing 12-month period.

Enerflex’s consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at December 31, 2024, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

OUTLOOK

During 2025, Enerflex’s priorities include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.

Industry Update

Enerflex’s preliminary outlook for 2025 reflects steady demand across its business lines and geographic regions. Operating results will be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of our gross margin before depreciation and amortization. Enerflex’s EI product line is supported by customer contracts, which are expected to generate approximately $1.5 billion of revenue during their current terms.

Complementing Enerflex’s recurring revenue businesses is the ES product line, which carried a backlog of approximately $1.3 billion as at December 31, 2024, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line, reflective of the weakness in domestic natural gas prices during much of 2024 and a shift of project mix in Enerflex’s ES backlog. Notwithstanding, near-term revenue for this business line is expected to remain steady. Enerflex is encouraged by initial customer response to improved domestic natural gas prices, and the medium-term outlook for ES products and services continues to be attractive, driven by expected increases in natural gas and produced water volumes across Enerflex’s global footprint.

The Company continues to closely monitor geopolitical tensions across North America, including the potential application of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the customers and projects they serve, and the Company has been working to mitigate the impact of potential tariffs. The United States is Enerflex’s largest operating region, generating 45% of consolidated revenue in 2024 by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 10% and 3% of consolidated revenue in 2024, respectively.

Capital Spending

Enerflex is targeting a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and PP&E capital expenditures. Similar to 2024, disciplined capital spending will focus on customer supported opportunities in the USA and Middle East. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

Capital Allocation

Providing meaningful direct shareholder returns is a priority for Enerflex. With the Company operating within its target leverage range of bank-adjusted net debt-to-EBITDA ratio of 1.5x to 2.0x, Enerflex is positioned to increase direct shareholder returns. This is reflected through the previously announced 50% increase of the Company’s quarterly dividend.

Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases to the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider reducing leverage below its target range to further improve balance sheet strength and lower net finance costs. Unlocking greater financial flexibility positions the Company to capitalize on opportunities to optimize its debt stack and respond to evolving market conditions.

DIVIDEND DECLARATION

Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025. With this dividend declaration, Enerflex has shortened the number of calendar days between its record date and payment date to better align the Company’s dividend approach with peers.

CONFERENCE CALL AND WEBCAST DETAILS

Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, February 27, 2025 at 8:00 a.m. (MST), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

To participate, register at https://register.vevent.com/register/BI3947144f36ac4488be4e38db59385a7f. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/dvksnz6g/.

NON-IFRS MEASURES

Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended December 31, 2024, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

ADJUSTED EBITDA

Three months ended December 31, 2024
($ millions)		NAM		LATAM		EH		Total
Net earnings¹							$	15
Income taxes¹								6
Net finance costs^1,2								26
EBIT³	$	34	$	11	$	4	$	47
Depreciation and Amortization		19		12		14		45
EBITDA	$	53	$	23	$	18	$	92
Restructuring, transaction and integration costs		1		–		–		1
Share-based compensation		11		2		3		16
Impact of finance leases
Principal payments received		–		–		10		10
Loss on redemption options³								2
Adjusted EBITDA	$	65	$	25	$	31	$	121

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
³EBIT includes $2 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

Three months ended December 31, 2023
($ millions)		NAM		LATAM		EH		Total
Net loss¹							$	(95)
Income taxes¹								19
Net finance costs^1,2								25
EBIT	$	47	$	(84)	$	(14)	$	(51)
Depreciation and amortization		18		14		19		51
EBITDA	$	65	$	(70)	$	5	$	–
Restructuring, transaction and integration costs		3		2		13		18
Share-based compensation		(1)		–		–		(1)
Impact of finance leases
Principal payments received		–		–		9		9
Goodwill impairment		–		65		–		65
Adjusted EBITDA	$	67	$	(3)	$	27	$	91

Twelve months ended December 31, 2024
($ millions)		NAM		LATAM		EH		Total
Net earnings¹							$	32
Income taxes¹								49
Net finance costs^1,2								98
EBIT³	$	166	$	29	$	(33)	$	179
Depreciation and amortization		74		53		58		185
EBITDA	$	240	$	82	$	25	$	364
Restructuring, transaction and integration costs		7		4		3		14
Share-based compensation		19		5		5		29
Impact of finance leases
Upfront gain		–		–		(3)		(3)
Principal payments received		–		1		44		45
Gain on redemption options³								(17)
Adjusted EBITDA	$	266	$	92	$	74	$	432

¹The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
²Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
³EBIT includes $17 million gain on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

Twelve months ended December 31, 2023
($ millions)		NAM		LATAM		EH		Total
Net loss¹							$	(83)
Income taxes¹								31
Net finance costs^1,2								94
EBIT	$	127	$	(90)	$	5	$	42
Depreciation and amortization		69		48		81		198
EBITDA	$	196	$	(42)	$	86	$	240
Restructuring, transaction and integration costs		11		10		23		44
Share-based compensation		4		1		1		6
Impact of finance leases
Upfront gain		–		–		(13)		(13)
Principal payments received		–		1		35		36
Goodwill impairment		–		65		–		65
Adjusted EBITDA	$	211	$	35	$	132	$	378

FREE CASH FLOW AND DIVIDEND PAYOUT RATIO

The Company modified its calculation of free cash flow to include a deduction for growth capital expenditures and exclude the deduction for dividends paid. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. This modification is aimed at providing additional clarity into Enerflex’s free cash flow and help users of the financial statements assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management has adopted this non-IFRS measure to improve comparability with its peers.

	Three months ended December 31,				Twelve months ended December 31,
($ millions, except percentages)		2024		2023		2024		2023
Cash provided by operating activities before changes in working capital and other¹	$	74	$	46	$	218	$	193
Net change in working capital and other		39		112		106		13
Cash provided by operating activities²	$	113	$	158	$	324	$	206
Less:
Capital expenditures – Maintenance and PP&E		(21)		(13)		(53)		(45)
Capital expenditures – Growth		(11)		(4)		(22)		(61)
Mandatory debt repayments		–		(10)		(10)		(20)
Lease payments		(5)		(3)		(20)		(15)
Add:
Proceeds on disposals of PP&E and EI assets		–		11		3		30
Free cash flow	$	76	$	139	$	222	$	95
Dividends paid		2		2		9		9
Dividend payout ratio		2.6%		1.4%		4.1%		9.5%

¹Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
²Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:

expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
the Company’s expectations to further reduce debt, provide direct shareholder returns and create meaningful long-term value for Enerflex shareholders, and the timing associated therewith, if at all;
disclosures under the heading “Outlook” including:
- steady demand will continue across our business lines and geographic regions for 2025;
- the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
- customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue during their current terms;
- a majority of the ES product line backlog of approximately $1.3 billion as at December 31, 2024, will convert into revenue over the next 12 months;
- ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line with near term revenue remaining steady;
- the potential application of tariffs and the anticipated impact of such tariffs including the Company’s expectation that such impact to Enerflex will be mitigated by the Company’s diversified operations and proactive risk management;
- that the Company is well positioned to benefit from growth in domestic energy production;
- total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures; and
- the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian and capital spending discipline from market participants;
the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.

FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

any potential tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
no significant unforeseen cost overruns or project delays;
Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 28, 2024, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

ABOUT ENERFLEX

Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Marc Rossiter
President and Chief Executive Officer
E-mail: MRossiter@enerflex.com

Preet S. Dhindsa
Senior Vice President and Chief Financial Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Investor Relations
E-mail: JFetterly@enerflex.com

The MIL Network –

February 28, 2025

MIL-OSI: Cenovus Energy announces redemption of Series 5 Preferred Shares

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSE: CVE) announced today it will exercise its right to redeem the Company’s 4.591% Series 5 Preferred Shares (the “Series 5 Preferred Shares”) on March 31, 2025 (the “Redemption”). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.

Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 5 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

Advisory

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”), within the meaning of applicable securities legislation, about Cenovus’s current expectations, estimates and projections about the future, based on certain assumptions made in light of the Company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “anticipate”, “continue”, “expect”, “intend”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the completion of the Redemption, including the timing and funding thereof and the dividend payments with respect to the Series 5 Preferred Shares.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis for the period ended December 31, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, which are available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

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The MIL Network –

February 28, 2025
MIL-OSI Global: Gene Hackman will be remembered as the Hollywood actor’s actor

Source: The Conversation – Global Perspectives – By Will Jeffery, Sessional Academic, Discipline of Film Studies, University of Sydney

Gene Hackman, an acting titan of 1970s and ‘80s Hollywood with more than 80 screen credits to his name, has died at 95. He was found dead in his home with his wife, pianist Betsy Arakawa, and his dog.

Hackman had a rugged, dominating and commanding presence on screen, known for his emotionally honest, raw and fierce performances. Always the tough guy, never the romantic lead, off camera he was shy and enjoyed the quiet life.

I first saw Hackman as a child in The Poseidon Adventure (1972). My dad put the film on for the upside-down ocean liner disaster sequences, but it was Hackman who left a lasting impression. I vividly remember being so moved by his final speech berating God for deserting the ship’s passengers and crew while he hangs from a pressure valve door over flames.

There is no actor who comes close to conveying authority with such humanity and reserve.

He was often referred to as the actor’s actor and mentioned by Hollywood A-listers such as Kevin Costner as the best actor they’ve ever worked with. Clint Eastwood, once Hackman retired, described him as “too good not to be performing”.

Hackman will leave a legacy to be studied and appreciated for years to come.

Finding a foot in show business

Born in San Bernardino, California, on January 30 1930, Hackman’s family moved to Danville, Illinois, when he was three. Hackman’s father left when he was 13, which he described to James Lipton on Inside the Actors Studio as his father “driving by with a casual wave goodbye”.

Hackman joked to Lipton the departure of his father at an early age made him a better actor.

Hackman left Danville at the age of 16 to join the marines, where he spent roughly four years. He was a rebellious child, but as Peter Shelley detailed in his biography of Hackman, the marine corps was the first time he gave in to authority.

After the marine corps, Hackman moved to New York wanting to become an actor, telling people he was inspired by tough guy James “Jimmy” Cagney.

In New York, Hackman struggled making a living as an artist while waiting for his breakthrough (his uncle told him to give up and get an honest job). Moving to California, he became friends early on with Dustin Hoffman (they finally appeared opposite each other in Hackman’s penultimate film, 2003’s Runaway Jury).

After struggling for years, Hackman landed his first credited screen role in 1964’s Lilith at the age of 34. He played a small part opposite upcoming star Warren Beatty.

As Hackman recounted to Lipton, Beatty told director Arthur Penn how great Hackman was in a scene they did together. That landed Hackman his breakthrough role playing Buck Barrow opposite Beatty and Faye Dunaway in the 1967 hit Bonnie and Clyde, earning him an Oscar nomination for best supporting actor.

Breaking through in the 1970s

It wasn’t until the 1970s that Hackman began his leading role career, starring in The French Connection (1971) as the unforgettable hard-boiled New York detective Jimmy “Popeye” Doyle. This role earned him his first Academy Award, for best actor.

He was to wait more than 20 years for his second and final Academy Award, for playing the ruthless Little Bill Daggett opposite Clint Eastwood in Unforgiven (1992).

Throughout the 1970s, Hackman was gaining huge popularity on screen, sharing records with the likes of Robert Redford and Harrison Ford as the highest grossing stars at the box office.

There are too many great Hackman performances to mention, but my favourites are Unforgiven, The French Connection, The Poseidon Adventure, The Conversation (1974), Hoosiers (1986), Mississippi Burning (1988) and The Royal Tenenbaums (2001).

The French Connection’s director, William Friedkin, said in an interview Hackman was anti-authority and anti-racism because of his upbringing in an area known for its large Ku Klux Klan presence, and his absent father.

Hackman almost pulled out of The French Connection one week into shooting because he didn’t like “beating on people” for a four-month shoot. He told Friedkin “I don’t think I can do this,” but Friedkin refused to let him go.

Hackman recalled he was eternally grateful Friedkin didn’t, as it was “the start of [his] career”.

Hackman said his character Popeye Doyle was a “bigot, an antisemitic, and whatever else you wanted to call him”, and he famously struggled to say the N-word in one key scene. He initially protested the line but eventually went with it, believing “that’s who the guy is […] you couldn’t really whitewash him”.

Hackman often played the character who had the greatest authority on the surface but slipped up, whether he was playing the hero or the villain. Even for a role such as Reverend Scott in The Poseidon Adventure, in which Hackman played a self-righteous preacher onboard the capsized SS Poseidon, he questions his religion as he leads the entire band of escapees to safety.

A life after acting

Hackman retired from acting in 2004 at age 74.

There are many stories about why he retired, like, as Shelley writes, not wanting to play Hollywood “grandfathers” and his “heart wasn’t in shape”, but his life after acting gives a strong hint: he had other interests.

Over the past 20 years, Hackman wrote three historical fiction novels, was a keen painter, and enjoyed exercise such as cycling. Married to classical pianist Arakawa from 1991 until their death, they lived in Santa Fe, New Mexico, where he designed his own home (yes, he also loved architecture!).

A man of many talents who played a kaleidoscopic range of authoritative roles, Hackman will almost certainly be remembered mainly for his tough-guy performance in The French Connection – though many will also remember him as the Hollywood actor’s actor.

Will Jeffery does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Gene Hackman will be remembered as the Hollywood actor’s actor – https://theconversation.com/gene-hackman-will-be-remembered-as-the-hollywood-actors-actor-233109

MIL OSI – Global Reports –

February 28, 2025
MIL-OSI: Threats, political repatriations and kidnap dominate the crisis management landscape, according to Willis
Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — 26% of all incidents reported by clients last year to Alert:24 – the in-house risk advisory and crisis support service provided by Willis, a WTW business – were related to threats against individuals or client assets. Closely following, at 21% each, were emergency political repatriations of employees or family members and kidnaps for ransom, according to its latest Crisis Management Annual Review.

In a record year for the number of elections in 2024, incumbents in many of the world’s leading democracies faced significant declines in vote share, with nearly 80% losing ground compared to previous elections. The trend was driven by poor economic performance, with high inflation being a major concern for voters. While some incumbents formed minority coalitions to stay in power, many were ousted. The year saw significant protests and political turmoil in both free and authoritarian countries.

Looking ahead to 2025, rising populism, divisive rhetoric, and socio-economic tensions will drive continued violence and unrest in Europe, but the security agenda will remain dominated by terrorism threats and geopolitical challenges. Acts of violence directed against European officials surged in 2024, a trend which is expected to continue in 2025. Terrorism in North America and Europe will highly likely continue to stem from lone-wolf actors inspired by radical ideologies and involve low sophistication tactics and techniques.

Civil unrest and political violence are also a possibility amid growing social tensions in the US.

In Asia-Pacific, the threat of active assailant incidents has come to the fore over the past year and will remain a trend to watch.

Other key takeaways include:
- Persistent trends: In the US, the number of active assailant attacks remains higher than the pre-COVID-19 average, with a continued prevalence of workplace violence and mass shootings. The threat of lone-wolf terrorism also persists, with radicalization taking place online. In Latin America, organized crime continues to be pervasive, with highly operational criminal enterprises often intertwining with political structures to advance their interests and destabilize democratic institutions. Consequently, there has been a surge in kidnapping, in particular express kidnappings, with notifications to the Crisis Support Team for this type of incident originating in Brazil, Colombia, and Mexico.
- Sustained level of conflict: Overall, client incident notifications reduced by 21% in 2024 in comparison to the prior year, reflecting a 2023 characterized by a sustained level of conflict and catastrophes. While major events, such as the conflict between Israel and Hamas and the Sudanese Civil War, continue to fuel demand for risk mitigation services to protect operations, assets and personnel in affected areas, no new crises of a similar scale have emerged in 2024.
- Regional distribution of incidents: Africa led the tally with 27% of total incidents reported to Alert:24 by clients, all of them in Sub-Saharan Africa, with no single country accounting for a disproportionate share. Latin America was not far behind, more than doubling its share of incidents from 13% to 24%. Haiti was particularly notable as it accounted for approximately 20% of the events in Latin America, after not having registered any incidents during the previous year. Europe saw a reduction of total incidents from 14% to 8%.
Overall, the past few years have seen instances of political unrest that have significantly impacted the shape of global commerce. Much uncertainty lies ahead across the world, as even just one event could have resounding global trade repercussions. Those organizations able to quickly identify and rapidly respond to changes in political risks to their global supply chains are likely to have a competitive advantage over their peers.

Jo Holliday, global head of crisis management, said: “We continue to see clients impacted by a wide range of incident types across a broad geographical footprint, impacting both their people and physical assets. Looking ahead, political instability and the consequences of it are likely to continue and those clients that accurately assess, manage and then act on it are likely to navigate the volatile risk environment more effectively. Combining relevant insight and research, risk identification and quantification analytics as well as proactive crisis management is crucial for companies looking to ensure stability and resilience and are key to navigating these challenging times effectively.”

The report can be downloaded here.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contact

Sarah Booker:
Sarah.Booker@wtwco.com / +44 7917 722040

The MIL Network –
February 27, 2025
MIL-Evening Report: Gene Hackman will be remembered as the Hollywood actor’s actor

Source: The Conversation (Au and NZ) – By Will Jeffery, Sessional Academic, Discipline of Film Studies, University of Sydney

Gene Hackman, an acting titan of 1970s and ‘80s Hollywood with more than 80 screen credits to his name, has died at 95. He was found dead in his home with his wife, pianist Betsy Arakawa, and his dog.

Hackman had a rugged, dominating and commanding presence on screen, known for his emotionally honest, raw and fierce performances. Always the tough guy, never the romantic lead, off camera he was shy and enjoyed the quiet life.

I first saw Hackman as a child in The Poseidon Adventure (1972). My dad put the film on for the upside-down ocean liner disaster sequences, but it was Hackman who left a lasting impression. I vividly remember being so moved by his final speech berating God for deserting the ship’s passengers and crew while he hangs from a pressure valve door over flames.

There is no actor who comes close to conveying authority with such humanity and reserve.

He was often referred to as the actor’s actor and mentioned by Hollywood A-listers such as Kevin Costner as the best actor they’ve ever worked with. Clint Eastwood, once Hackman retired, described him as “too good not to be performing”.

Hackman will leave a legacy to be studied and appreciated for years to come.

Finding a foot in show business

Born in San Bernardino, California, on January 30 1930, Hackman’s family moved to Danville, Illinois, when he was three. Hackman’s father left when he was 13, which he described to James Lipton on Inside the Actors Studio as his father “driving by with a casual wave goodbye”.

Hackman joked to Lipton the departure of his father at an early age made him a better actor.

Hackman left Danville at the age of 16 to join the marines, where he spent roughly four years. He was a rebellious child, but as Peter Shelley detailed in his biography of Hackman, the marine corps was the first time he gave in to authority.

After the marine corps, Hackman moved to New York wanting to become an actor, telling people he was inspired by tough guy James “Jimmy” Cagney.

In New York, Hackman struggled making a living as an artist while waiting for his breakthrough (his uncle told him to give up and get an honest job). Moving to California, he became friends early on with Dustin Hoffman (they finally appeared opposite each other in Hackman’s penultimate film, 2003’s Runaway Jury).

After struggling for years, Hackman landed his first credited screen role in 1964’s Lilith at the age of 34. He played a small part opposite upcoming star Warren Beatty.

As Hackman recounted to Lipton, Beatty told director Arthur Penn how great Hackman was in a scene they did together. That landed Hackman his breakthrough role playing Buck Barrow opposite Beatty and Faye Dunaway in the 1967 hit Bonnie and Clyde, earning him an Oscar nomination for best supporting actor.

Breaking through in the 1970s

It wasn’t until the 1970s that Hackman began his leading role career, starring in The French Connection (1971) as the unforgettable hard-boiled New York detective Jimmy “Popeye” Doyle. This role earned him his first Academy Award, for best actor.

He was to wait more than 20 years for his second and final Academy Award, for playing the ruthless Little Bill Daggett opposite Clint Eastwood in Unforgiven (1992).

Throughout the 1970s, Hackman was gaining huge popularity on screen, sharing records with the likes of Robert Redford and Harrison Ford as the highest grossing stars at the box office.

There are too many great Hackman performances to mention, but my favourites are Unforgiven, The French Connection, The Poseidon Adventure, The Conversation (1974), Hoosiers (1986), Mississippi Burning (1988) and The Royal Tenenbaums (2001).

The French Connection’s director, William Friedkin, said in an interview Hackman was anti-authority and anti-racism because of his upbringing in an area known for its large Ku Klux Klan presence, and his absent father.

Hackman almost pulled out of The French Connection one week into shooting because he didn’t like “beating on people” for a four-month shoot. He told Friedkin “I don’t think I can do this,” but Friedkin refused to let him go.

Hackman recalled he was eternally grateful Friedkin didn’t, as it was “the start of [his] career”.

Hackman said his character Popeye Doyle was a “bigot, an antisemitic, and whatever else you wanted to call him”, and he famously struggled to say the N-word in one key scene. He initially protested the line but eventually went with it, believing “that’s who the guy is […] you couldn’t really whitewash him”.

Hackman often played the character who had the greatest authority on the surface but slipped up, whether he was playing the hero or the villain. Even for a role such as Reverend Scott in The Poseidon Adventure, in which Hackman played a self-righteous preacher onboard the capsized SS Poseidon, he questions his religion as he leads the entire band of escapees to safety.

A life after acting

Hackman retired from acting in 2004 at age 74.

There are many stories about why he retired, like, as Shelley writes, not wanting to play Hollywood “grandfathers” and his “heart wasn’t in shape”, but his life after acting gives a strong hint: he had other interests.

Over the past 20 years, Hackman wrote three historical fiction novels, was a keen painter, and enjoyed exercise such as cycling. Married to classical pianist Arakawa from 1991 until their death, they lived in Santa Fe, New Mexico, where he designed his own home (yes, he also loved architecture!).

A man of many talents who played a kaleidoscopic range of authoritative roles, Hackman will almost certainly be remembered mainly for his tough-guy performance in The French Connection – though many will also remember him as the Hollywood actor’s actor.

Will Jeffery does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Gene Hackman will be remembered as the Hollywood actor’s actor – https://theconversation.com/gene-hackman-will-be-remembered-as-the-hollywood-actors-actor-233109

MIL OSI Analysis – EveningReport.nz –

February 27, 2025
MIL-Evening Report: Eugene Doyle: Yellow Peril! Red Peril! ‘We cannot hide anymore’. Chinese warships in the Tasman Sea.

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Eugene Doyle

The Western media went into overdrive this week to work the laconic Kiwis into a mild frenzy over three Chinese naval vessels conducting exercises in the Tasman Sea a few thousand kilometres off our shores.

What was really behind this orchestrated campaign?

The New Zealand government led the rhetorical charge over the Hengyang, the Zunyi and the Weishanhu in mare nostrum (“Our Sea”, as the Romans liked to call the Mediterranean).

“We cannot hide at this end of the world anymore,” Defence Minister Judith Collins said in light of three Chinese boats in the Tasman.

Warrior academics were next . “We need to go to the cutting edge, and we need to do that really, really fast,” the ever-reliable China hawk Anne-Marie Brady of Canterbury University said, telling 1 News the message of the live-firing exercises was that China wants to rule the waves.

The British Financial Times chimed in with a warning that “A confronting strategic future is arriving fast”.

Could this have anything to do with the fact we are fast approaching the New Zealand government’s 2025 budget and that they — and their Australian, US and UK allies — are intent on a major increase in Kiwi defence funding, moving from around 1.2 percent of GDP to possibly two percent? A long-anticipated Defence Capability Review is also around the corner and is likely to come with quite a shopping list of expensive gear.

The New Zealand government led the rhetorical charge over the Hengyang, the Zunyi and the Weishanhu in mare nostrum (“Our Sea”, as the Romans liked to call the Mediterranean). Image: www.solidarity.co.nz

What’s good for the goose . . .
It is worth pointing out that New Zealand and Australian warships sailed through the contested Taiwan Strait and elsewhere in the South China Sea as recently as September 2024. What’s good for the goose is good for the Panda.

And, of course, at any one time about 20 US nuclear submarines are prowling in the deep waters of the Pacific Ocean and South China Sea. Each can carry missiles the equivalent of over 1000 Hiroshima bombs — truly apocalyptic.

Veteran New Zealand peace campaigner Mike Smith (a friend) was not in total disagreement with the hawks when it came to the argy-bargy in the Tasman.

“The emergence apparently from nowhere of a Chinese naval expedition in our waters I think may be intended to demonstrate that they have a large and very capable blue water navy now and won’t be penned in by AUKUS submarines when and if they arrive off their coast.

“I think the main message is to the Australians: if you want to homebase nuclear-capable B-52s we have more than one way to come at you. That was also the message of the ICBM they sent into the Pacific: Australia is no longer an unsinkable aircraft carrier.”

According to the Asia Times, China fired the ICBM — the first such shot into the Pacific by China — just days after HMNZS Aotearoa sailed through the Taiwan Strait with Australian vessel HMAS Sydney.

Smith says our focus should be on building positive relationships in the Pacific on our terms. “Buying expensive popguns will not save us.”

China Scare a page out of Australia’s Red Scare playbook
For people good at pattern recognition this week’s China Scare was obviously a page or two out of the same playbook that duped a majority of Australians into believing China was going to invade Australia. They were lulled into a false sense of insecurity back in 2021 — the mediascape flooded with Red Alert, China panic stories about imminent war with the rising Asian power.

As a sign of how successful the mainstream media can be in generating fear that precedes major policy shifts: research by Australia’s Institute of International & Security Affairs showed that more Australians thought that China would soon attack Australia than Taiwanese believed China would attack Taiwan!

Once the population was conditioned, they woke one morning in September 2021 with the momentous news that Australia had ditched a $90 billion submarine defence deal with France and the country was now part of a new anti-Chinese military alliance called AUKUS. This was the playbook that came to mind last week.

There are strong, rational arguments that could be made to increase our spending at this time. But I loathe and decry this kind of manipulation, this manufacturing of consent.

I also fear what those billions of dollars will be used for. Defending our coastlines is one thing; joining an anti-Chinese military alliance to please the US is quite another.

Prime Minister Luxon has called China — our biggest trading partner — a strategic competitor. He has also suggested, somewhat ludicrously, that our military could be a “force multiplier” for Team AUKUS.

We are hitching ourselves to the US at the very time they have proven they treat allies as vassals, threatened to annex Greenland and the Panama Canal, continue to commit genocide in Gaza, and are now imposing an unequal treaty on Ukraine.

[embedded content]
Australia’s ABC News on Foreign Minister Winston Peter’s talks in China. Video: ABC

Whose side – or calmer independence?
Whose side should we be on? Or should we return to a calmer, more independent posture?

And then there’s the question of priorities. The hawks may convince the New Zealand population that the China threat is serious enough that we should forgo spending money on child poverty, fixing our ageing infrastructure, investing in health and education and instead, as per pressure from our AUKUS partners, spend some serious coin — billions of dollars more — on defence.

Climate change is one battle that is being fought and lost. Will climate funding get the bullet so we can spend on military hardware? That would certainly get a frosty reaction from Pacific nations at the front edge of sea rise.

The government in New Zealand is literally taking the food out of children’s mouths to fund weapons systems. The Ka Ora, Ka Ako programme provides nutritious lunches every day to a quarter of a million of New Zealand’s most needy children.

Its funding has recently been slashed by over $100 million by the government despite its own advisors telling it that such programmes have profound long-term wellbeing benefits and contribute significantly to equity. In the next breath we are told we need to boost funding for our military.

The US appears determined to set itself on a collision course with China but we don’t have to be crash test dummies sitting alongside them. Prudence, preparedness, vigilance and risk-management are all to be devoutly wished for; hitching our fate to a hostile US containment strategy is bad policy both in economic and defence terms.

In the absence of a functioning media — one that showcases diverse perspectives and challenges power rather than works hand-in-glove with it — populations have been enlisted in the most abhorrent and idiotic campaigns: the Red Peril, the Jewish Peril and the Black Peril (in South Africa and the southern states of the USA), to name three.

Our media-political-military complex is at it again with this one — a kind of Yellow Peril Redux.

New Zealand trails behind both Australia and China in development assistance to the Pacific. If we wish to “counter” China, supporting our neighbours would be a better investment than encouraging an unwinnable arms race.

In tandem, I would advocate for a far deeper diplomatic and cultural push to understand and engage with China; that would do more to keep the region peaceful and may arrest the slow move in China towards seeking other markets for the high-quality primary produce that an increasingly bellicose New Zealand still wishes to sell them.

Let’s be friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and he is a regular contributor to Asia Pacific Report and Café Pacific.

This article was first published on Café Pacific.

MIL OSI Analysis – EveningReport.nz –

February 27, 2025
MIL-OSI United Kingdom: UK science flies to the Moon with NASA
Source: United Kingdom – Executive Government & Departments

Press release

UK science flies to the Moon with NASA

Advanced technology funded by the UK Space Agency began its 4-month journey to the Moon this morning, on board NASA’s Lunar Trailblazer mission.
The Lunar Trailblazer spacecraft, which weighs 200kg and is about the size of a washing machine, aims to map the location and form of water on the Moon. This will improve scientists’ understanding of lunar resources and support future missions, when astronauts return to the lunar surface.

On board is the Lunar Thermal Mapper (LTM) – a state-of-the-art thermal imaging camera developed by the University of Oxford with £3.1 million funding from the UK Space Agency and the Department for Science, Innovation and Technology (DSIT).

Science Minister Sir Patrick Vallance said:

Backed by UK Government funding, this project could be key to unlocking new insights into lunar water and in turn sustain future missions and deep space exploration for generations to come.

Space is a fast-growing global industry, and these investments will generate important information to help grow the sector.

The LTM is designed to measure the surface temperature and the various minerals that make up the lunar landscape, which is vital information to help confirm the presence and location of water. The instrument will work in tandem with NASA’s High-resolution Volatiles and Minerals Moon Mapper (HVM3) to produce the most detailed maps of water on the Moon’s surface to date.

The Lunar Thermal Mapper being worked on at Oxford University. Credit: Department of Physics, University of Oxford.

Neil Bowles, instrument scientist for LTM at Oxford University, said:

The measurements of temperature will help confirm the presence of the water signal in HVM3’s measurements and the two instruments will work together to map the composition of the Moon, showing us details that have only been hinted at from previously.

The UK’s role in Lunar Trailblazer demonstrates the importance of collaboration in the space sector, and the significant space expertise found in academic institutions across the country.

The Clarendon Lab at the University of Oxford, which includes the Infrared Multilayer Laboratory, manufactured infrared filters for the mission. Durham University manufactured the precision LTM optics, mirrors, and pointing mirror. Cardiff University provided long wave infrared mesh filters, essential for the Lunar Thermal Mapper’s ability to accurately measure the surface temperature and composition of the Moon.

Lauren Taylor, Major Projects Lead at The UK Space Agency, said:

The UK Space Agency is thrilled to be a part of NASA’s Lunar Trailblazer mission. Our work with the University of Oxford to develop the Lunar Thermal Mapper showcases the UK’s leading role in space exploration and scientific research.

This mission will provide invaluable data on the Moon’s water resources, supporting future human missions and enhancing our understanding of the lunar environment.

UK companies also made significant contributions. From Ramp in Yeovil providing coatings and paint, and Micro Systems in Warrington manufacturing mechanical parts, to STFC RAL Space in Harwell providing insulation and electronics.

Marie-Claire Perkinson, Chair of the Space, Science and Exploration Committee at the UKspace trade association, said:

The launch of the UK Lunar Thermal Mapper instruments demonstrates the capabilities of the UK academic community working in collaboration with their industrial suppliers.

Once in orbit around the Moon, Lunar Trailblazer will cover the surface 12 times a day and use its instruments to examine features including the permanently shadowed craters at the Moon’s South Pole, which could contain significant quantities of water ice.

Lunar Trailblazer launched on a SpaceX Falcon 9 rocket together with Intuitive Machine’s IM-2 spacecraft, which will attempt a soft landing on the Moon next week.

The UK Space Agency is also funding the joint UK-Canada Aqualunar Challenge to further our understanding of lunar water and its potential uses. The Aqualunar Challenge focuses on developing innovative technologies to purify water found on the Moon, which is crucial for supporting future human missions. The winners will be announced in March.

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Published 27 February 2025
MIL OSI United Kingdom –
February 27, 2025
MIL-OSI USA: February 26th, 2025 Heinrich, Stansbury Lead Colleagues to Demand Reversal of Trump Attacks on Programs Serving Tribes and Tribal Members

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Melanie Stansbury (D-N.M.) led 109 of their colleagues in a bicameral letter to President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. in demanding that efforts to fire employees and defund programs that serve Tribes and Tribal members be stopped and reversed.
The lawmakers demanded that the President, Secretary Burgum, and Secretary Kennedy, “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
Outlining the impact of the Trump administration’s actions to-date, the lawmakers wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship” The lawmakers continued, “In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services.”
The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.” The lawmakers continued, “These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.”
In the Senate, the letter was led by Senate Energy and Natural Resources Ranking Member Martin Heinrich (D-N.M.). The letter was signed by U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) and U.S. Senators Ben Ray Lujan (D-N.M.), Michael Bennet (D-Colo.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Mark Kelly (D-Ariz.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), and Ron Wyden (D-Ore.).
In the House, the letter was led by U.S. Representative Melanie Stansbury (D-N.M.). The letter was signed by 93 House members, including U.S. Representatives Gabe Vasquez (D-N.M.) and Teresa Leger Fernandez (D-N.M.).
The full text of the letter is available here and below.
Dear President Trump, Secretary Burgum, and Secretary Kennedy:
We write to you today to urge you to take immediate action to halt, exempt, and reverse from existing or future executive actions any federal offices, services, or funding that serve Indian Country, as these positions and programs are essential to the administration of legally mandated Tribal programs and services.
We are gravely concerned about the implementation of recent Executive Orders (EO), including EO 14210 entitled “Implementing the President’s “Department of Government Efficiency” Workforce Optimization Initiative,” and the implications of reductions in the federal workforce and funding for Indian Country. As you know, the U.S. government has both trust and treaty responsibilities to Tribal Nations. These responsibilities are implemented by agencies including the Bureau of Indian Affairs (BIA), Bureau of Indian Education (BIE), Indian Health Service (IHS), and others, providing critical healthcare, education, and social services to Tribal communities. Your administration’s recent executive actions undermine legally required commitments to sovereign Tribal Nations, existing federal law, and the federal-Tribal government-to-government relationship.
In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of the Interior, including more than 100 Bureau of Indian Affairs employees, more than 40 Bureau of Indian Education employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service employees at the Department of Health and Human Services. There have also been reports of layoffs at Tribal Colleges and Universities, including dozens of educators at both Haskell Indian Nations University and Southwestern Indian Polytechnic Institute which are operated by the Bureau of Indian Education.
Independent federal oversight entities, such as the Office of the Special Counsel, have already deemed some of these firings to be unlawful. Beyond the legal questions surrounding the ability to fire employees without specifying performance or conduct issues, any unilateral attempts to disrupt existing services administered or funded by the BIA, BIE, IHS, or other Tribal-serving entities would directly violate the trust and treaty obligations of the United States to Tribal Nations.
Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court. These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, the U.S. must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.
We have many concerns about the legality of the administration’s recent actions and, importantly, the ways in which those actions impact the sovereignty, self-determination, and trust and treaty obligations for Indian Country. The implementation of these obligations is a vital, non-discretionary part of federal law and the federal budget. This is not a partisan issue. We urge your administration to immediately halt, exempt, and reverse any federal workforce or federal funding reductions for Tribal programs or services and to engage in formal consultation with affected Tribal Nations at the government-to-government level. Any attempts to unilaterally dismantle or undermine these programs violates trust and treaty obligations, the U.S. Constitution, and centuries of legal precedent.
Sincerely,

MIL OSI USA News –

February 27, 2025

MIL-OSI: Subsea 7 S.A. Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the fourth quarter and full year which ended 31 December 2024. Unless otherwise stated the comparative period is the full year which ended 31 December 2023.

Highlights

Full year Adjusted EBITDA of $1,090 million, up 53% on the prior year, equating to a margin of 16%
Fourth quarter Adjusted EBITDA of $315 million, up 29% on the prior year period, equating to a margin of 17%
Robust free cash flow of $408 million in the fourth quarter, leading to a reduction in net debt (including lease liabilities) of $256 million compared to the third quarter
Fourth quarter order intake of $2.3 billion, a book-to-bill ratio of 1.2
A high-quality backlog of $11.2 billion implies over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
Dividend of approximately $350 million proposed, subject to shareholder approval, for payment in two equal instalments in 2025

	Fourth Quarter		Year Ended
For the period (in $ millions, except Adjusted EBITDA margin and per share data)	Q4 2024 Unaudited	Q4 2023 Unaudited	2024 Audited	2023 Audited
Revenue	1,869	1,631	6,837	5,974
Adjusted EBITDA^(a)	315	245	1,090	714
Adjusted EBITDA margin^(a)	17%	15%	16%	12%
Net operating income	126	55	446	105
Net income/(loss)	26	(11)	217	10

Earnings per share – in $ per share
Basic	0.07	(0.06)	0.68	0.05
Diluted^(b)	0.07	(0.06)	0.67	0.05

At (in $ millions)			2024 31 Dec	2023 31 Dec
Backlog^(a)			11,175	10,587
Book-to-bill ratio^(a)			1.2x	1.2x
Cash and cash equivalents			575	751
Borrowings			(722)	(845)
Net debt excluding lease liabilities^(a)			(147)	(94)
Net debt including lease liabilities^(a)			(602)	(552)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 delivered another strong performance in the fourth quarter of 2024, building on the momentum already achieved over the past two years. With a quarterly Adjusted EBITDA of $315 million and a full year result of approximately $1.1 billion, we exceeded the top end of the guidance range we set out a year ago.

During the quarter we recorded order intake of $2.3 billion, resulting in a year end backlog of $11.2 billion. With $5.8 billion for execution in 2025 we are confident in the Group’s ability to generate strong Adjusted EBITDA and cash flow in the year ahead.

Interactions with clients remain constructive and high tendering activity continues to support our positive outlook. Against this backdrop the Board of Directors has proposed that in 2025, we return approximately $350 million in the form of a cash dividend. Since 2012, Subsea7 has returned approximately $2.5 billion to shareholders and this year’s commitment underscores our commitment to capital discipline and focus on delivering for all our stakeholders.

Fourth quarter project review
During the fourth quarter, Subsea7 continued to execute a portfolio of major projects in Brazil, where Seven Vega was active on the Mero 3 project, while Seven Cruzeiro installed umbilicals and Seven Merlin provided support. The pipelay support vessels (PLSVs) also achieved high utilisation. In the US, Seven Navica installed risers at Sunspear, and Seven Seas worked at Shenandoah and Cypre. Seven Borealis, Seven Pacific and Seven Arctic were active in Saudi Arabia, Egypt and Angola. Finally, in Norway, we made good progress in the fabrication of pipelines and bundles for the Yggdrasil project at our Vigra and Wick spoolbases.

The Renewables business performed strongly and delivered an Adjusted EBITDA margin of 21%. Seaway Alfa Lift and Seaway Strashnov were active on the Dogger Bank B project, installing monopiles and transition pieces. Having achieved good and predictable cycle times for monopile installation, our scope is nearing completion and we will mobilise to the Dogger Bank C project in April. During the quarter our cable lay activities centred on Taiwan where we were active on the Yunlin, Zhong Neng and Hai Long projects. In the US, Seaway Aimery installed cables at the Revolution project. Utilisation of the heavy transportation vessels was high.

Fourth quarter financial review
Revenue was $1.9 billion an increase of 15% compared to the prior year period. Adjusted EBITDA of $315 million equated to a margin of 17%, up from 15% in Q4 2023. This reflected another strong quarter of double-digit margins in Renewables and a robust performance in Subsea and Conventional.

Depreciation, amortisation and impairment charges were $189 million, resulting in net operating income of $126 million compared to $55 million in the prior year period. Net finance costs of $19 million and a net foreign exchange loss of $67 million, resulted in net income for the quarter of $26 million compared with a net loss of $11 million in the prior year period.

Net cash generated from operating activities in the fourth quarter was $487 million, including a $251 million improvement in net working capital, equating to a cash conversion of 1.6 times. Net cash used in investing activities was $69 million mainly related to purchases of property, plant and equipment and intangible assets. Net cash used in financing activities was $271 million including lease payments of $59 million. Overall, cash and cash equivalents increased by $135 million to $575 million at 31 December 2024 and net debt was $602 million, including lease liabilities of $455 million.

Fourth quarter order intake was $2.3 billion comprising new awards of $1.8 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.2 times. Backlog at the end of December was $11.2 billion, of which $5.8 billion is expected to be executed in 2025, $3.4 billion in 2026 and $2.0 billion in 2027 and beyond.

Commitment to shareholder returns
At the Annual General Meeting on 8 May 2025, the Board of Directors will propose that shareholders approve a cash dividend of NOK 13.00 per share, equating to approximately $350 million, payable in two equal instalments in May and November 2025. This represents a year-on-year increase of 40% in returns to shareholders and is equivalent to an approximate yield of 7% related to the cash dividend.

Outlook
We anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. We continue to expect margins to exceed 20% in 2026, based upon our firm backlog of contracts and the prospects in our tendering pipeline.

Driven by structural factors including economic development and energy security, the outlook for long-term energy demand growth remains positive. Subsea7’s exposure to both the hydrocarbon and renewable sectors leaves the Group well placed to benefit from this structural energy trend. Our focus on late-cycle, long-duration developments adds resilience to our strategy, while our track record for project execution and strong balance sheet support a market-leading position that benefits the Group, our customers and our shareholders.

Proposed Combination of Subsea7 and Saipem
On 23 February 2025, Subsea 7 S.A. announced an agreement in principle on the key terms of the proposed merger with Saipem S.p.A. In accordance with the memorandum of understanding signed between Saipem S.p.A. and Subsea 7 S.A., Subsea 7 S.A. shareholders will receive 6.688 Saipem S.p.A. shares for each Subsea 7 S.A. share held, and an extraordinary dividend for an amount equal to €450 million will be distributed immediately prior to completion. Subsea 7 S.A. and Saipem S.p.A. shareholders will own 50% each of the issued share capital of the combined company. The completion of the proposed combination is anticipated to occur in the second half of 2026, following completion of confirmatory due diligence, the approval of the final terms of the proposed combination by the Board of Directors of Subsea 7 S.A. and Saipem S.p.A., the execution of a satisfactory merger agreement, and relevant corporate and regulatory approvals.

Kristian Siem, Chairman of the Board of Directors and the largest shareholder of Subsea7, as well as the management of Subsea7 share a conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, clients and other stakeholders, both in the current market and in the long term.

Conference Call Information
Date: 27 February 2025
Time: 12:00 UK Time, 13:00 CET
Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/aexdnm2p/
Register for the conference call https://register.vevent.com/register/BIec54517b2a53403badecf6512dc8b41a

Attachments

The MIL Network –

February 27, 2025

MIL-OSI: Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025
Source: GlobeNewswire (MIL-OSI)

Press Release
Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025
- Two Deutsche Telekom network API use cases, SIM Swap and Number Verification that are key security and authentication solutions for industries such as financial services and retail, will be made available to developers through Nokia’s Network as Code platform with developer portal.
  - The two APIs will target Germany initially, with other European markets planned for later in the year. Additional Deutsche Telekom APIs, like Location Verification and Quality on Demand, are also expected to be made available on the Network as Code platform in the months ahead.
27 February 2025
Espoo, Finland — T Wholesale, which is part of Deutsche Telekom, one of Europe’s largest operators with more than 250 million subscribers, and Nokia have signed a commercial deal that will make two of the operator’s network API use cases, SIM Swap and Number Verification, available to developers through Nokia’s Network as Code platform with developer portal. The deal marks an important step for operators as they accelerate plans to monetize their network assets and core capabilities by exposing their network functions to developers.

“Network APIs are a growing focus for Deutsche Telekom in Europe. In reaching this milestone, Nokia’s technology and approach give us the confidence that we can fully provide developers with the tools they require to successfully utilize our APIs to better service their own customers with innovative solutions,” said Carsten Bruns, Vice President of Internet & Content Services at T Wholesale.

SIM Swap and Number Verification are key security and authentication solutions for industries such as financial services and retail, using telecom network capabilities to mitigate fraud and enhance user verification. A SIM Swap API works by detecting if a SIM card associated with a phone number was recently changed, which could trigger additional security verification checks. Number Verification can confirm whether a user has control over a phone number and if a commercial transaction request has come from the same device as the owner.

“This agreement with Deutsche Telekom’s T Wholesale is a fantastic reflection of our collaboration and joint vision of maximizing the true value of network assets and supporting developers in creating new 5G and 4G applications. This is also an important validation point of Nokia’s solid execution of its network API strategy, technology, and, with our Rapid acquisition, go-to-market capabilities, which are peerless in our industry,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.

Nokia’s Network as Code platform provides developers with standardized access to network functions, without having to navigate any of the underlying network technologies. Nokia’s network API strategy is centered around connecting multiple API ecosystems through its Network as Code platform by offering operators the broadest range of network exposure options, paired with robust multi-tier API security and simplified access to network functionalities.

Nokia further strengthened its capabilities recently with its acquisition of Rapid, the world’s largest public API hub that enables operators to seamlessly integrate their networks, actively control API usage and exposure, and enhance API lifecycle management.

Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 51 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s acquisition of Rapid.

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Press Office
Email: Press.Services@nokia.com

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The MIL Network –
February 27, 2025
MIL-OSI Economics: Development Asia: Enhancing Vaccine Regulation for Pandemic Preparedness
Source: Asia Development Bank

Strengthening regulatory frameworks is critical in ensuring that vaccines are quickly approved and distributed. Using a systematic approach, gaps in key areas of the regulatory system can be identified, prioritized, and effectively addressed through regulatory capacity building and education of regulatory professionals.

The World Health Organization Global Benchmarking Tool was developed to evaluate regulatory systems objectively and systematically, identify strengths and areas for improvement, guide interventions, and monitor progress in strengthening the regulatory system. Consistent and regular training of national regulators can also complement regulatory systems strengthening efforts by focusing on the identified gaps.

The diverse and fragmented regulatory environment in Asia and the Pacific calls for regulatory convergence[1] and cooperation to facilitate timely and equitable access in the region. Stable, well-functioning national regulatory authorities in the region listed as WHO Maturity Level 3 and 4 and WHO Listed Authorities, such as those in the People’s Republic of China, India, Indonesia, Republic of Korea, Singapore, Thailand, and Viet Nam, could foster regional regulatory cooperation and serve as reference agencies for lower-resourced regulatory agencies.

Such cooperation could be facilitated by formalized processes and relationships such as memoranda of understanding. For example, Singapore’s Health Sciences Authority has adopted a confidence-based regulatory approach that leverages the decisions of established and trusted regulatory agencies through formal recognition mechanisms and has expedited reviews without compromising the robustness of regulatory decisions. This has reduced approval timelines to 90 working days from 270 working days for the Health Sciences Authority’s full evaluation route under its verification evaluation system.

Confidence-based approaches can be adopted in various stages of the vaccine life cycle. The ASEAN Mutual Recognition Arrangement on Good Manufacturing Practice Inspection enables member states to leverage on the regulatory inspections performed by other member states. It is legally binding for member states to recognize one another’s good manufacturing practice certificates, benchmarked against the international Pharmaceutical Inspection Cooperation Scheme.

Regulatory cooperation can range from legally-binding mechanisms in the form of mutual recognition agreements and reliance mechanisms to other forms of cooperation such as joint collaborative assessments, report sharing and work sharing. Work sharing can promote mutual learning and the sharing of best practices among participating national regulatory authorities and can encourage regulatory convergence. For industry, the work-sharing model can be commercially attractive, providing simultaneous access to multiple countries and shorten timelines with the consolidation of questions.

While cooperation on vaccine regulation is still nascent, there are other examples of regulatory cooperative mechanisms. Work sharing is practiced by Access Consortium, comprising the national regulatory authorities of Australia, Canada, Singapore, Switzerland and the United Kingdom. A similar coalition is the Opening Procedures at EMA to Non-EU authorities (OPEN) initiative, led by the EMA, which partners Australia, Brazil, Canada, Japan, Switzerland and WHO in joint assessments. In Asia and the Pacific, the Indo-Pacific Regulatory Strengthening Program, comprising Cambodia, Indonesia, Laos, Myanmar, Papua New Guinea, Thailand, and Viet Nam, and supported by Australia, successfully expedited approval of the antimalarial tafenoquine in Thailand in 2019 in its joint review.

While the work-sharing model has its advantages, the following points also need to be considered:
- Participating national regulatory authorities may have different priority drug lists and approval timelines.
- Participating national regulatory authorities may have different technical requirements.
- Lack of clarity in regulatory decisions could impact company filing strategies.
Convergence of regulatory requirements can further contribute to successful work-sharing collaborations. One way to incentivize the alignment of key regulatory requirements is the creation of a consensus on indicators that measure overall efficiency of the work-sharing pathway, which participating countries can jointly work towards. Regional regulatory convergence efforts include the APEC Action Plan on Vaccination Across the Life-Course, which sets key policy targets to achieve by 2030. Priorities for alignment include post-approval change management, labeling, and packaging.
MIL OSI Economics –
February 27, 2025
MIL-OSI USA: SCHUMER, GILLIBRAND, GARBARINO, NADLER, KEAN, GOLDMAN INTRODUCE BIPARTISAN, BICAMERAL LEGISLATION TO FIX WORLD TRADE CENTER HEALTH PROGRAM FUNDING SHORTFALL

US Senate News:

Source: United States Senator for New York Charles E Schumer

Without Congressional Action, The WTCHP Will Have To Start Turning Away First Responders And Survivors, Cut Back Access To Care For Existing Enrollees By 2028

Today, U.S. Senator Chuck Schumer (D-NY), U.S. Senator Kirsten Gillibrand (D-NY), and U.S. Representatives Andrew Garbarino (R-NY), Jerrold Nadler (D-NY), and Dan Goldman (D-NY) joined advocates and survivors to introduce the 9/11 Responder and Survivor Health Funding Correction Act of 2025. Representative Tom Kean (R-NJ) is also an original House cosponsor.

Despite recent congressional action, the World Trade Center Health Program (WTCHP) continues to face an impending funding shortfall. As a result, by October 2028, the program will be forced to close enrollment to new 9/11 responders and survivors, and existing enrollees will face direct cuts to their care and be denied medical monitoring and treatment.

The 9/11 Responder and Survivor Health Funding Correction Act of 2025 would update the program’s outdated funding formula to ensure adequate funding until the program’s expiration in 2090. The bill would also increase funding for data collection on 9/11-related conditions and expand access to mental health care for program members.

“‘Never Forget’ does not mean just commemorating 9/11, it is a promise to always take care of our 9/11 first responders and survivors. That’s why we are introducing legislation to stop funding patches and make this healthcare program funded permanently: now and forever,” said Senator Schumer. “Our 9/11 heroes should not have to come down here year after year, month after month, pleading for the funding for the healthcare they have earned, deserve, and was promised to them. It’s time for America to put its money where its mouth is and prove to the heroes of 9/11 that we mean it when we say will Never Forget.”

“Yet again, we are introducing a bill to fix a projected funding shortfall in the World Trade Center Health Program,” said Senator Gillibrand. “Thousands of Americans risked their lives to protect our country in its darkest hour, and it is now our responsibility as members of Congress to be there for them as they continue to battle the horrific health ramifications from that day and the many days after. Our bill updates the funding formula for the WTCHP so that no 9/11 hero has to worry about losing coverage year after year. It is beyond time to get this passed, and I look forward to working across the aisle to do so.”

“Today, alongside my House and Senate co-leads, responders, and survivors, I was proud to announce the reintroduction of the 9/11 Responder and Survivor Health Funding Correction Act,” said Congressman Garbarino. “This legislation would ensure the World Trade Center Health Program has the resources it needs to continue providing care for those suffering from 9/11-related conditions. We made a promise to never forget, and today, we stood together to reaffirm our commitment to delivering on that promise.”

“While over twenty years have passed since the 9/11attacks, so many of our heroic responders and survivors continue to carry with them the burden of that terrible day as they have fallen sick from the air surrounding Ground Zero,” said Congressman Nadler. “Congress must uphold the promise made to our first responders and survivors by fully funding the WTCHP to provide the injured and their families the aid they need and deserve. I’m proud to join my colleagues in introducing the 9/11 Responder and Survivor Health Funding Correction Act of 2025, which will address the funding shortfall to keep the program available for those who need it for years to come.”

“Every New Yorker has been impacted by the profound loss and devastating pain from the September 11th attacks, including those like me who lived in Lower Manhattan at the time,” said Congressman Goldman. “We owe a permanent debt to the first responders and unwavering support for the survivors who continue to bear the physical and emotional scars. The 9/11 Responder and Survivor Health Funding Correction Act will ensure that these heroes receive the health care they are owed. As representatives of New York, it is our bipartisan duty to guarantee that these American heroes receive the assistance they deserve from the federal government.”

“Everyone remembers the dark day of 9/11, a day etched in history,” said Congressman Kean. “We honor all who ran toward danger, risking everything to help those in need. As an original cosponsor of the 9/11 Responder and Survivor Health Funding Correction Act of 2025, I am committed to ensuring that the heroes and survivors of 9/11 receive the care and support they deserve. This bill corrects outdated funding formulas, expands mental health resources, and strengthens data collection to address the long-term health impacts of that tragic day. We have a responsibility to stand by those who sacrificed so much, and this legislation reaffirms that commitment.”

In addition to Reps. Garbarino, Nadler, Goldman, and Kean the 9/11 Responder and Survivor Health Funding Correction Act of 2025 is cosponsored by Reps. Michael Lawler (R-NY), Laura Gillen (D-NY), Nick LaLota (R-NY), Ritchie Torres (D-NY), George Latimer (D-NY), Yvette Clarke (D-NY), Nick Langworthy (R-NY), Adriano Espaillat (D-NY), Claudia Tenney (R-NY), Pat Ryan (D-NY), Josh Riley (D-NY), Tom Suozzi (D-NY), Nydia Valazquez (D-NY), Paul Tonko (D-NY), Gregory Meeks (D-NY), Josh Gottheimer (D-NY), Brian Fitzpatrick (R-PA), Nicole Malliotakis (R-NY), Tim Kennedy (D-NY), Grace Meng (D-NY), and Alexandria Ocasio-Cortez (D-NY).

“Cancer, COPD, Pulmonary Fibrosis and other serious respiratory illnesses are literally decimating the 9/11 Community from the toxic aftermath of 9/11,” said 9/11 advocate John Feal. “But we fail to mention the Toxic Redundancy in DC that continues to to take its toll on the deathly ill men & women, uniform and non uniform heroes and survivors who continue to travel over and over and over again to implore lawmakers to enact legislation again. The redundancy of traveling, the redundancy of being away from family, the redundancy of telling their stories, and the redundancy of me watching them die one by one. So one more time, no one last time we implore Congress to “ACT” now, so we can be left alone. The WTCHP is a lifeline for 140,000. $3 billion is a small ask for what we have been through dealing with our injuries, illnesses and most of all the redundancy we had to put up with for over two decades now. Together, today “WE” all have the opportunity “NOW” to stop the madness, the cruelty and redundancy!”

“My name is Mariama James. I’m the daughter of two now late survivors dead of 9/11-related disease, the mom of three young survivors all with multiple WTC Health Program certifications, and I’m a health-impacted survivor myself,” said Mariama James, 9/11 survivor and advocate. “I stepped into this fight as a young woman, believing justice and care would swiftly follow the devastation of 9/11. Now, nearly 24 years later, I stand here still, imploring our leaders: fully and permanently fund the WTC Health Program. Time is not healing, it’s revealing the ongoing toll, and our commitment must match that reality.”

“Firefighters and officers are suffering from 9/11-related illnesses every day,” said Jim Brosi, President of the Uniformed Fire Officers Association. “Congress has a duty to uphold the promise made to first responders and ensure the WTCHP is fully funded for as long as our members need care. Access to treatment and medication is the least we can do for those who sacrificed their personal health to save the lives of countless victims.”

“While it has been nearly 24 years since terrorists attacked our nation on 9/11, we still have daily reminders of the heavy price paid by the NYPD, FDNY, and first responders across this nation who willingly and selflessly answered the call to duty,” said NYPD Sergeants Benevolent Association (SBA) President Vincent Vallelong. “These brave men and women did not delay, they did not hesitate, and their actions in the weeks and months that followed September 11 gave our nation hope and the strength to rebuild. The original Zadroga Act and the World Trade Center Health Program recognize our nation’s obligation to care for those first responders who sacrificed so much on that fateful day. The SBA is grateful for the continuing strong leadership of Sen. Gillibrand, Rep. Garbarino, Sen. Schumer, and the New York delegation in reintroducing the 9/11 Responder and Survivor Health Funding Correction Act and ensuring Congress fulfills its obligation to fully fund this critical program.”

““We walked the halls of Congress in 2010 to enact the World Trade Center Health Program, and again in 2015 to reauthorize this vital program to ensure our nation took care of those suffering from 9/11-related chronic health conditions as a result of the September 11, 2001 attacks on the United States. Attacks that left many Port Authority Police Officers with severe disabling and life-threatening illnesses contracted during the selfless performance of their duties in the World Trade Center Rescue and Recovery efforts,” said Frank Conti, President of the Port Authority Police Benevolent Association. “The WTCHP is facing a significant funding gap that, if not addressed by Congress, will impact its ability to provide necessary care to our nation’s 9/11 responders and survivors, including the officers we represent. We thank Senator Gillibrand and Representatives Garbarino and Goldman for their support, and we stand with them in urging Congress to pass the 9/11 Responder and Survivor Health Funding Correction Act now. This is not over…the sacrifice continues.”

“We fought for the enactment and near permanent reauthorization of the WTCHP as we view it as our obligation and duty to ensure that responders, who risked their lives to protect us, and survivors continue to receive the care that they deserve,” said Bill Johnson, Executive Director of the National Association of Police Organizations. “The 9/11 Responder and Survivor Health Funding Correction Act honors that obligation and ensures the WTCHP is fully funded. We thank Senator Gillibrand and Congressman Garbarino for their leadership and stand with them in support of this legislation.”

We have vowed to never forget our heroes and survivors of the horrific attacks of 911. Yet, here we stand today, fighting for them once more. The actions Elon Musk has taken against the World Trade Center Health program are as insulting as they are inhumane. Our heroes and survivors deserve the utmost respect and the best possible care. I would like to thank the New York and New Jersey Republican members of Congress, led by Congressman Garbarino, for having the courage to stand shoulder to shoulder with us. Their actions were instrumental in having President Trump rescind the termination of many of the program’s key providers. Standing here in solidarity, hopefully Congressman Garbarino can convince more of his colleagues to do the right thing and fully fund the World Trade Center Health Program. As stated earlier we will never forget, and we will never go away until all our heroes and survivors are treated with the respect and dignity they deserve.” said Thomas Hart, President of Citizens for the Extension of the James Zadroga Act and President of Local 94 International Union of Operating Engineers.

MIL OSI USA News –

February 27, 2025
MIL-OSI USA: Ernst Unmasks Biden’s Green Energy Mandates, Fights for Transparency

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – Today, U.S. Senator Joni Ernst (R-Iowa), chair and founder of the Senate DOGE Caucus, blasted Washington’s overreach on the Senate floor, unmasking the Biden administration’s green energy agenda as a major driver behind the record-breaking 110,000 pages of regulations issued last year that hurt hardworking Americans.
Ernst emphasized her Regulations Evaluated to Determine The Anticipated Price and Effect Act (RED TAPE Act) as the solution to hold rogue regulators accountable and prevent agencies from hiding how burdensome and expensive their regulations truly are.

Watch Senator Ernst’s full remarks here.
Ernst’s full remarks below:
“Mr. President, for over a decade, I’ve led the charge to expose government abuses, curb reckless regulations, and protect hardworking taxpayers from Washington’s overreach.
“As my colleagues have so rightly discussed, the very actions by the Biden administration made it necessary for President Trump to declare a National Energy Emergency on day one.
“The Biden green energy programs artificially incentivized electric vehicles using billions of taxpayer dollars, with only 60 charging stations to show for it.
“And folks, that’s just one of many energy-related billion-dollar boondoggles by the former administration.
“As chair and founder of the Senate DOGE Caucus, I’m committed to preventing unchecked bureaucrats from issuing regulations that impose significant new costs and stifle growth.
“Every day, DOGE is uncovering just how far the Biden administration went to conceal its reckless spending through the federal agencies, especially regarding their climate pet projects.
“Instead of transparency and objective analysis, Biden’s bureaucrats relied on manipulation – inflated so called ‘net benefits’— and completely disregarded economic reality in their rulemakings.
“And they were prolific…churning out nearly 110,000 pages of regulations just last year, the highest number ever.
“Between November 2023 and January 2025 alone, agencies issued 50 final rules using shady accounting gimmicks, slapping over half a trillion dollars in regulatory burdens onto hardworking Americans.
“This included a relentless push to regulate truckers out of business, based on the audacious claim that its extreme emissions rules would somehow create $99 billion in benefits for society.
“But here’s the reality folks: these policies make everything more expensive for families, they kill jobs, and they hurt our small businesses.
“And it doesn’t stop there.
“The Department of Energy cited billions in so-called ‘climate net benefits’ and the ‘Social Cost of Greenhouse Gases’ to justify heavy-handed mandates, ignoring the very real costs passed on to farmers and manufacturers.
“For too long, unelected bureaucrats have ignored the voices of job creators and working families, pushing costly regulations while hiding the true impact.
“This is why my RED TAPE Act is critical. My bill ensures agencies can no longer manipulate a cost-benefit analysis to push their own agenda.
“It requires agencies to prioritize data-driven, measurable economic benefits, not vague, ideological justifications.
“And while some federal employees complain about the new directives from the Trump administration, they should take a moment to understand that hardworking Americans who have had to show up to work and take risks to open businesses, will no longer tolerate having to foot the bill for regulatory overreach.
“I am voting NO on this effort to end President Trump’s National Energy Emergency.
“I support the President’s efforts to make energy more available and affordable to power economic growth.”

MIL OSI USA News –

February 27, 2025
MIL-OSI USA: Murphy, Blumenthal, Senate Democrats Press HUD Secretary Turner On Threat Of Rising Housing Costs From Plan To Reprivatize Fannie Mae And Freddie Mac
US Senate News:
Source: United States Senator for Connecticut – Chris Murphy

February 26, 2025
WASHINGTON—U.S Senators Chris Murphy (D-Conn) and Richard Blumenthal (D-Conn.) on Wednesday joined a group of eleven Senate Democrats in sending a letter pressing U.S. Secretary of Housing and Urban Development (HUD) Scott Turner on whether his plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive. Following his confirmation, Secretary Turner said he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion-dollar companies.

“During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans,” the senators wrote.

The senators continued: “Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.”

The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.”

They concluded: “Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.”

U.S. Senators Elizabeth Warren (D-Mass.), Chuck Schumer (D-N.Y.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Andy Kim (D-N.J.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), and Ron Wyden (D-Ore.) also signed the letter.

Full text of the letter is available HERE and below:

Dear Secretary Turner:

We are writing with questions about your role in any effort to reprivatize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and requesting your commitment that any reprivatization process will not raise housing costs for American families. During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hardworking Americans. One of the first policy issues you addressed as Secretary, in an interview on the day you were sworn in, was privatizing Fannie Mae and Freddie Mac. You indicated that the Department of Housing and Urban Development (HUD) would be “one of” the “partners at the table” in the privatization effort and that you will serve as the “quarterback” in the process. You did not indicate who your additional partners would be in these discussions.

Reprivatization of Fannie Mae and Freddie Mac threatens to raise the cost of mortgages and rent and make it even harder to access credit for purchasing a home. At a time when so many Americans are struggling with housing costs, we must ask why you are choosing as one of your first priorities a policy that only makes it harder for Americans to afford housing.

Since 2008, when Fannie Mae and Freddie Mac (the Enterprises) experienced severe financial stress and needed a significant investment from taxpayers, the Treasury Department has held senior preferred shares and warrants to purchase 79.9% of common shares in the two companies. At the same time that Treasury made this investment, the Enterprises’ regulator, the Federal Housing Finance Agency (FHFA), placed them in conservatorship and began operating as both their regulator and conservator.

In conservatorship, the Enterprises have made significant changes that have improved their operations to reduce risk and better serve homebuyers and renters, providing access to affordable mortgages for hardworking Americans across the country. This includes families who often go underserved in our housing system, including lower income families and people in rural areas.

Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country. If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy. It could also generate billions of dollars for hedge funds and other wealthy investors in the Enterprises at taxpayers’ expense. One prominent hedge fund manager and investor in the Enterprises’ common shares has written that he sees “large asymmetric upside” in investments in the Enterprises because he believes there is a “credible path for their removal from conservatorship” and he expects that “Trump and his team will get the job done.”

Given the enormous housing affordability threats posed by the privatization of Fannie Mae and Freddie Mac, we request that you respond to the following questions by March 12, 2025:

Will HUD, and you as HUD Secretary, be the quarterback of any efforts to make changes to Fannie Mae and Freddie Mac? What specific responsibilities will you have in this role?

If you help lead the process to end the conservatorships of Fannie Mae and Freddie Mac, do you commit to ensuring that any changes do not raise mortgage costs or make it more difficult to access mortgage credit for American homebuyers?

Will you commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents for American families?

You have said that “[t]here are partners that will be at the table” on efforts to reprivatize Fannie Mae and Freddie Mac, and that “[w]hen you’re a quarterback, you’ve got to work with the entire huddle.” What other partners will be at the table when discussing changes to Fannie Mae and Freddie Mac?

HUD does not play a direct role in oversight of Fannie Mae and Freddie Mac, and recent public documents and agreements regarding the conservatorships and Treasury’s investments in the Enterprises have only involved the Treasury Department and FHFA. What authority does HUD have with respect to the Enterprises and their ongoing conservatorships?

Will you commit to ensuring that hedge funds and other wealthy investors who stand to profit off of an end to the conservatorship or any changes to Treasury’s ownership stake in Fannie Mae and Freddie Mac do not have an opportunity to unduly influence potential changes to Fannie Mae or Freddie Mac?

Will you commit to running a transparent and open process with regard to all meetings and deliberations over potential changes to Fannie Mae and Freddie Mac?

Will you ensure that the Administration adheres to the public process outlined in the recent side letter agreement between Treasury and FHFA prior to taking any actions regarding the conservatorships or privatization of Fannie Mae and Freddie Mac?

Will you work with all relevant agencies to conduct a thorough analysis of any housing market, mortgage cost, and financial stability impacts of any planned changes to the Enterprises prior to making any changes that would affect the Enterprises’ conservatorship status, Treasury’s ownership stake in the Enterprises, or taxpayers’ compensation for their investment in the Enterprises?

Our housing finance system is a complex, multi-trillion-dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter.

Sincerely,
MIL OSI USA News –
February 27, 2025
MIL-OSI USA: Murphy Statement On Trump Administration Illegally Terminating Foreign Aid Programs

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

February 26, 2025

WASHINGTON–U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Wednesday released a statement on the Trump administration’s illegal move to terminate the overwhelming majority of U.S. foreign aid programs.

“This is further evidence that our country is barreling toward a full-blown constitutional crisis. The administration is brazenly attempting to blow through Congress and the courts by announcing the completion of their sham ‘review’ of foreign aid and the immediate termination of thousands of aid programs all over the world. The wholesale dismantling of USAID and our foreign aid infrastructure has been cloaked in secrecy because they know what they’re doing is illegal. Congressionally appropriated funding must resume, and Secretary Rubio and Pete Marocco must testify before the Foreign Relations Committee to explain themselves immediately.”

MIL OSI USA News –

February 27, 2025
MIL-OSI USA: West Virginia Delegation Applauds Disaster Declaration Approval Following Severe Storms

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.) and Jim Justice (R-W.Va.), as well as U.S. Reps. Carol Miller (W.Va.-01) and Riley Moore (W.Va.-02), applauded President Donald Trump’s approval for Individual Assistance in McDowell, Mercer, Mingo, and Wyoming counties. The Individual Assistance (IA) Program provides funds to individuals experiencing significant damage to homes or property.

“We are grateful for the efforts and service of Governor Morrisey, our local leaders, neighbors, first responders, and the West Virginia National Guardsmen who sprang into action when these storms struck. The Trump administration’s approval of our state’s request for federal disaster aid is welcome news for communities in McDowell, Mercer, Mingo, and Wyoming counties as they work to recover and rebuild following these devastating storms, and we are glad that help will soon be on the way to southern West Virginia,” the lawmakers said.

Following the storms, the lawmakers sent a letter to the Trump administration in support of the state’s request for a major disaster declaration.

Full text of the letter can be found here.

MIL OSI USA News –

February 27, 2025

MIL-OSI Australia: Local outbreak of measles in Victoria

Source: Government of Victoria 3

Key messages

An outbreak of measles has been identified in Victoria, after two new cases were reported who likely acquired their infection in metropolitan Melbourne. These cases have had no history of overseas travel or known contact with other cases of measles.
These cases were infectious at multiple locations around Melbourne and Greater Bendigo. People who have attended a listed exposure site during the specified dates and times should monitor for symptoms of measles and follow the instructions below.
Measles is a highly infectious viral illness that can spread from person-to-person and potentially lead to serious health complications including pneumonia and brain inflammation (encephalitis).
Anyone who develops symptoms of measles should seek medical care and testing for measles. Wear a face mask and call ahead to make sure you can be isolated from others.
Healthcare professionals should be alert for measles in patients with fever and rash, particularly those who have recently returned from overseas or attended a listed exposure site during the specified period.
Clinicians should also consider measles in people with compatible symptoms who have spent time in metropolitan Melbourne in the prior 7 to 18 days.
Suspected cases should be tested, advised to isolate, and notified to the Department of Health immediately by calling 1300 651 160.
All Victorians are eligible to receive the free measles-mumps-rubella (MMR) vaccine if born during or after 1966. Two doses are required for immunity.
Victorians born between 1966 and 1992 may not have received two doses of vaccine. If you are unsure, see an immunisation provider now to ask for an MMR vaccine.
Anyone planning overseas travel should make sure they have received appropriate travel vaccinations, including the MMR vaccine. This is especially important for anyone planning on travelling to South and South-East Asia, including Vietnam.

What is the issue?

Two new cases of measles have been reported in Victoria that have not travelled overseas, and have no known links to recent cases of measles. These cases were infectious at multiple locations in Greater Bendigo and metropolitan Melbourne. This means there is now local transmission of measles in the community.

Measles is a highly infectious viral illness that can lead to uncommon but serious complications, such as pneumonia and brain inflammation (encephalitis). There have been 8 cases of measles identified in Victoria in 2025.

A number of populations in Victoria are susceptible to measles, including anyone who is unvaccinated, infants under 12 months of age, immunocompromised people and adults who were born between 1966 and 1992 who may not have received two MMR vaccines in childhood.

Any overseas travel could also lead to exposure to measles, with outbreaks reported in multiple countries and regions, including Vietnam, Thailand, India, Africa, Europe and the UK, the Middle East, and the USA.

Active public exposures sites in Victoria for recent cases are listed in the table below.

Date	Time	Location	Monitor for onset of symptoms up to
Wednesday 26 February 2025	12:01am to 12:25am	The Royal Melbourne Hospital Emergency Department 300 Grattan St, Parkville VIC 3050	Sunday 16 March 2025
Tuesday 25 February 2025	5:20pm to 12:00am (midnight)	The Royal Melbourne Hospital-Emergency Department 300 Grattan St, Parkville VIC 3050	Saturday 15 March 2025
Tuesday 25 February 2025	11:00am to 12:00pm (mid-day)	DiagnostiCare Specialist Radiology Clinic Unit 46/235 Milleara Rd, Keilor East VIC 3033	Saturday 15 March 2025
Tuesday 25 February 2025	10:00am to 11:00am	Australian Clinical Labs Eastbrooke Family Clinic Lincolnville, 493-495 Keilor Road, Niddrie VIC 3042	Saturday 15 March 2025
Tuesday 25 February 2025	9:00am to 11:00am	Eastbrooke Family Clinic Lincolnville 493-495 Keilor Road, Niddrie VIC 3042	Saturday 15 March 2025
Monday 24 February 2025	5:50am to 9:00am	Bendigo Hospital – Emergency Department Bendigo Health, Drought St & Arnold Street, North Bendigo VIC 3550	Thursday 14 March 2025
Saturday 22 February 2025	4:30pm to 5:05pm	Chemist Warehouse Airport West Westfield Airport West 40/29-35 Louis St, Airport West VIC 3042	Tuesday 12 March 2025
Saturday 22 February 2025	11:30am to 4:30pm	Keilor East Leisure Centre Swimming Pool 84 Quinn Grove, Keilor East VIC 3033	Tuesday 12 March 2025
Thursday 20 February 2025	4:30pm to 6:30pm	Epsom Village 16-20 Howard St, Epsom VIC 3551	Monday 10 March 2025
Thursday 20 February 2025	5:50pm to 6:30pm	Epsom Village Pizza Shop 8/16-20 Howard St, Epsom VIC 3551	Monday 10 March 2025
Thursday 20 February 2025	5:20pm to 6:15pm	Chemist Warehouse Epsom S/C 16 to Shops 1 to 3/40 Howard St, Epsom VIC 3551	Monday 10 March 2025
Thursday 20 February 2025	5:10pm to 5:45 pm	Woolworths Epsom 16/40 Howard St, Bendigo VIC 3550	Monday 10 March 2025
Thursday 20 February 2025	4:30pm to 5:45pm	Aldi Epsom 182/192 Midland Hwy, Epsom VIC 3551	Monday 10 March 2025
Thursday 20 February 2025	12:30pm to 01:05pm	Coles Bendigo Williamson St & Myers St, Bendigo VIC 3550	Monday 10 March 2025
Wednesday 19 February 2025	4:00pm to 5:30pm	Oscar Nails and Beauty 305a Buckley St, Aberfeldie VIC, 3040	Sunday 9 March 2025
Wednesday 19 February 2025	8:30pm to 9:05pm	Lansell Square 267 High St, Kangaroo Flat VIC 3555	Sunday 9 March 2025
Wednesday 19 February 2025	8:30 pm to 9:05pm	Coles Lansell Square 267 – 283 High St, Kangaroo Flat VIC 3555	Sunday 9 March 2025
Wednesday 19 February 2025:	4:00pm to 5:00pm	Highpoint Shopping Center 120-200 Rosamond Rd, Maribyrnong VIC 3032	Sunday 9 March 2025
Wednesday 19 February 2025	4:00pm to 5:00pm	Timezone Highpoint Level 1 Highpoint Shopping Centre 120-200 Rosamund Rd, Maribyrnong VIC 3032	Sunday 9 March 2025

Anyone who has attended a listed exposure site during the specified times above should monitor for symptoms and seek medical care if symptoms develop for up to 18 days after the exposure and follow the recommendations below.

In addition, anyone who presents with signs and symptoms compatible with measles should be tested and notified to the Department of Health immediately. There should be an especially high level of suspicion if they have travelled overseas or visited any of the sites listed above and are unvaccinated or partially vaccinated for measles.

Who is at risk?

Anyone born during or since 1966 who does not have documented evidence of having received two doses of a measles-containing vaccine, or does not have documented evidence of immunity, is at risk of measles. This is also known as being susceptible to measles.

Unvaccinated infants are at particularly high risk of contracting measles. Victorians born between 1966 and 1992 may not have received two doses of vaccine, which are required to provide immunity.

Young infants, pregnant women and people with a weakened immune system are at increased risk of serious complications from measles.

Symptoms and transmission

Symptoms of measles include fever, cough, sore or red eyes (conjunctivitis), runny nose, and feeling generally unwell, followed by a red maculopapular rash. The rash usually starts on the face before spreading down the body. Symptoms can develop between 7 to 18 days after exposure.

Initial symptoms of measles may be similar to those of COVID-19 and influenza. If a symptomatic person tests negative for COVID-19 and/or influenza but develops a rash, they should be advised to continue isolating and be tested for measles.

People with measles are considered infectious from 24 hours prior to the onset of initial symptoms until 4 days after the rash appears. Measles is highly infectious and can spread through airborne droplets or contact with nose or throat secretions, as well as contaminated surfaces and objects. The measles virus can stay in the environment for up to 2 hours.

Figures: Example of a typical measles rash

Recommendations

For the general public

Anyone who has attended a listed exposure site during the specified date and time should monitor for symptoms and seek medical care if symptoms develop for up to 18 days after the exposure.
Anyone who attended a listed exposure site and is not fully vaccinated for measles may be eligible to receive the MMR vaccine if they present within 72 hours (3 days) of exposure. Anyone who is immunocompromised or pregnant and not fully vaccinated for measles should seek medical review if within 6 days of exposure to a measles case.
Anyone who develops symptoms of measles should seek medical care and testing for measles. Call the health service beforehand to advise that you may have been exposed to measles and wear a face mask.
The measles-mumps-rubella (MMR) vaccine provides safe and effective protection against measles. The MMR vaccine is available for free:
- on the National Immunisation Program, routinely given at 12 months and 18 months of age.
- for anyone born during or after 1966 who have not already received two doses of measles-containing vaccine, are unsure of their vaccination status, or do not have evidence of immunity to measles.
- for young infants aged 6 to 12 months prior to overseas travel to countries where measles is endemic or where outbreaks of measles are occurring. If an infant receives an early dose of MMR vaccine prior to travel, they should still receive routine doses at 12 months and 18 months of age as per the National Immunisation Program schedule.
Victorians born between 1966 and 1992 may not have received two doses of vaccine. If you are unsure, see an immunisation provider now to ask for an MMR vaccine. Two doses are required for immunity.
Anyone planning overseas travel should make sure they have received appropriate travel vaccinations, including MMR vaccination.

For health professionals

For persons who have attended an exposure site, anyone who is not fully vaccinated for measles may be eligible to receive the MMR vaccine if they present within 72 hours (3 days) of exposure. Anyone who is immunocompromised or pregnant and not fully vaccinated for measles may be eligible to receive normal human immunoglobulin (NHIG) if they present up to 144 hours (6 days) after close exposure to a measles case.
Clinicians should be alert for measles in patients presenting with compatible illness if they have travelled overseas or attended a listed exposure site during the specified dates and times and are not fully vaccinated against measles.
These new cases now indicate local transmission of measles within Victoria. Clinicians should also consider measles in people with compatible symptoms who have spent time in metropolitan Melbourne in the prior 7 to 18 days.
Anyone who presents with signs and symptoms compatible with measles should be tested, isolated and notified to the Department of Health immediately, by calling 1300 651 160 and connecting to the relevant Local Public Health Unit.
Discuss the need for polymerase chain reaction (PCR) testing using nose and throat swabs with the Local Public Health Unit (PCR testing for measles does not attract a Medicare rebate).
Take blood samples for measles serology in all suspected cases.
Minimise the risk of measles transmission within your practice/department/community:
- avoid keeping patients with fever and rash in shared waiting areas (send to a separate room).
- if measles is suspected, give the patient a single use, fitted face mask and isolate under airborne precautions until a measles diagnosis can be excluded.
- leave all rooms that were used to assess the suspected case vacant for at least 30 minutes after the consultation.
- if returning home, patients should isolate at home until test results are available.
Offer MMR vaccine to people born during or after 1966 who do not have documented evidence of receiving two doses of a measles-containing vaccine or documented evidence of immunity.
Serology is not required before vaccinating.
People who are not Medicare eligible can also receive the free MMR vaccine. Refer to the Australian Immunisation Handbook – Measlesfor further guidance on immunisation.

MIL OSI News –

February 27, 2025

MIL-OSI USA: Photo & Video Chronology — February 26, 2025 — Kīlauea summit eruption episode 11

Source: US Geological Survey

The eleventh episode of Kīlauea’s ongoing eruption in Halemaʻumaʻu crater within Kaluapele (the summit caldera) paused at 7:06 a.m. HST, February 20, after just under 13 hours of lava fountains erupting from the north and south vents, feeding lava flows onto the crater floor.

MIL OSI USA News –

February 27, 2025

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Category: Americas

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