Category: Aviation

  • MIL-OSI: LanzaTech Announces Progress on Strategic Actions to Sharpen Business Focus and Improve Cost Structure

    Source: GlobeNewswire (MIL-OSI)

    Executing initiatives to streamline priorities and drive approximately $30 million of annual cash operating expense reductions

    Reschedules fourth quarter and full-year 2024 earnings conference call

    CHICAGO, March 04, 2025 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), a carbon management solutions company, today announced progress on strategic actions being taken to transition the Company from an innovation hub to a profitable enterprise. Additionally, the Company has rescheduled its fourth quarter and full-year 2024 earnings call to March 31, 2025, to more closely align with the filing of its Annual Report on Form 10-K.

    “Over the last two decades, LanzaTech has been at the forefront of carbon management innovation, pushing the boundaries to establish new products and markets,” said Dr. Jennifer Holmgren, Chair and CEO of LanzaTech. “As we shift the Company’s focus from research and development to globally deploying our proven technology, we are pursuing partnership opportunities for technologies that are ready to stand on their own and sharpening our focus on high-impact commercial projects that align more with a path to profitability. As part of this transition, we continue to action plans to right-size our cost structure and expect to achieve significant annual cash cost savings as a result.”

    Along with the recently announced intention to spin out the Company’s synthetic biology platform referred to as LanzaX, LanzaTech is evaluating scale up opportunities for its nutritional protein capabilities referred to as LanzaTech Nutritional Protein (“LNP”). This strategic approach is designed to enable these platforms to access the capital required to accelerate the development of their independent pipelines of existing projects. It will also enable LanzaTech to have a sharper focus on the growth priorities of the Company’s core biorefining operations, including the technology’s inclusion in integrated waste-based ethanol to Sustainable Aviation Fuel (“SAF”).

    Examples of high-priority commercial projects under development include a project in the United Kingdom and a project in the European Union, each 30-million gallon per year, waste-based ethanol-to-SAF facilities that will leverage the LanzaTech and LanzaJet CirculAir™ solution to form an efficient and economically compelling offering that provides the aviation industry with a platform to produce waste-based SAF globally.

    Additionally, the Company is implementing strategic measures to scale its business globally with greater cost efficiency. This includes evaluating its global footprint, with anticipated consolidations expected to reduce the workforce by approximately 10 to 15 percent. These measures, combined with the LanzaX and LNP strategic opportunities, and other cost savings plans, have the potential to result in approximately $30 million of annual cash operating expense reductions.

    LanzaTech Reschedules Fourth Quarter and Full-Year 2024 Earnings Call
    The Company announced today that it has rescheduled its previously announced earnings release and conference call. The Company now intends to release its fourth quarter and full-year 2024 earnings results on Monday, March 31, 2025, and host its conference call the same day at 8:30 a.m. Eastern Time. The change is to more closely align the Company’s earnings call with the filing of its Annual Report on Form 10-K.

    The conference call may be accessed via a live webcast on a listen-only basis through the Events and Presentations section of LanzaTech’s Investor Relations website. An archive of the webcast will be available for twelve months.

    To attend the live conference call via telephone, domestic callers can access by dialing (800) 225-9448 and international callers can access by dialing (203) 518-9708, and using the conference identification code LANZA.

    A replay of the conference call will be available shortly after the call ends and can be accessed by domestic callers by dialing (844)-512-2921 and by international callers by dialing (412)-317-6671, and entering the access identification code 11157950. The replay will be available until 11:59 pm Eastern Time April 14, 2025.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is a leading carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its bio-recycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Coty, Craghoppers, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements
    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: timing delays in the advancement of projects to the final investment decision stage or into construction; failure by customers to adopt new technologies and platforms; fluctuations in the availability and cost of feedstocks and other process inputs; the availability and continuation of government funding and support; broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contacts:

    Kate Walsh
    VP, Investor Relations
    Investor.Relations@lanzatech.com

    The MIL Network

  • MIL-OSI Asia-Pac: CAS INAUGURATES 16th JUMBO MAJUMDAR INTERNATIONAL SEMINAR

    Source: Government of India (2)

    Posted On: 04 MAR 2025 5:00PM by PIB Delhi

    Air Chief Marshal AP Singh, Chief of the Air Staff, inaugurated the 16th ‘JUMBO’ Majumdar International Seminar organised by the Centre for Air Power Studies (CAPS) on 04 March 2025 at Air Force Auditorium. The theme for the Seminar was ‘EVOLVING DYNAMICS OF AEROSPACE POWER’. The welcome remarks were delivered by Air Vice Marshal Anil Golani (Retd), Director General, CAPS.

    ‘Jumbo’ Majumdar International Seminar is an annual event organised by CAPS in commemoration of late Wg Cdr Karun Krishna Majumdar, an ace fighter pilot of pre-Independence India.

    A host of topics ranging from Integrated Aerospace Management, Effective Space Exploitation for gaining ‘Control of the Air’, exploitation of Drones and Manned Unmanned Teams (MUMT) in future conflicts, impact of EW and Cyber on Aerial Warfare, the Way Forward for induction of Emerging and Niche Technologies to 5th gen aircraft by IAF, were discussed by the eminent panellist. The Seminar was attended by officials, researchers and aviation enthusiasts from varied fields and experiences. The Seminar reignited interest and excitement amongst the young and veterans alike and paved the way for future engagements in Aerospace domain.

    ***

    VK/JS/AS

    (Release ID: 2108093) Visitor Counter : 37

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Answer to a written question – On EU funding to Israel Aerospace Industries, Israel’s main defence supplier – E-002908/2024(ASW)

    Source: European Parliament

    Any research and innovation activities carried out under Horizon Europe[1] must have an exclusive focus on civil applications. During the execution of project financed via Horizon Europe grant agreements, all beneficiaries must ensure that the activities under the action comply with this horizontal rule. The Commission is closely monitoring the correct implementation of grant agreements signed under Horizon Europe.

    The projects in which Israel Aerospace Industries participates are of a purely civil nature. These include, inter alia, projects to develop hybrid electric regional aircrafts, to revolutionise liquid hydrogen aircraft refuelling at airport scale, and to advance material science applications to reduce the generation of waste and enhance the safety of workers[2].

    The Commission remains vigilant and is ready to take appropriate action should the Horizon Europe legal framework not be respected, notably regarding the exclusive focus on civil application as well as legally required behaviour of participants[3].

    However, the actions or behaviour of the State of Israel cannot be considered automatically attributable to its entities participating in Horizon Europe grants.

    • [1] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en
    • [2] https://cordis.europa.eu/search?q=frameworkProgramme%3D%27HORIZON%27%20AND%20(%27israel%20aerospace%20industries%27)&p=1&num=10&srt=Relevance:decreasing;
      https://dashboard.tech.ec.europa.eu/qs_digit_dashboard_mt/public/sense/app/dc5f6f40-c9de-4c40-8648-015d6ff21342/sheet/3bcd6df0-d32a-4593-b4fa-0f9529c8ffb0/state/analysis/select/Organisation%20PIC/999969315
    • [3] Article 19 of the Horizon Europe Regulation; Article 14 Horizon Europe Model Grant Agreement, OJ L95, 23.03.2022.
    Last updated: 4 March 2025

    MIL OSI Europe News

  • MIL-OSI Canada: Alberta is ready for the 2025 wildfire season

    [. With increased wildfire activity in recent years, it is crucial that Alberta’s wildland firefighting teams and communities at risk are prepared for any challenge that may arise this season.

    If Budget 2025 is passed, the province will invest a new historic high of $160 million in base funding for wildfire personnel, equipment, training and contracts for aircraft, an additional night vision equipped helicopter, and heavy equipment. This investment is vital to ensure Alberta’s wildland firefighting teams have the equipment, training, and personnel needed to respond to wildfire threats and mitigate the impacts of catastrophic wildfires on Alberta’s communities.

    “There is nothing more critical than protecting Albertans, our homes and our communities from the effects of wildfires. Alberta is home to some of the best firefighting personnel in the world and through Budget 2025, we are making a major investment in our wildfire teams and communities, giving them the tools, training and support they need to prevent, mitigate and respond quickly to any challenge that may come up this wildfire season.”

    Todd Loewen, Minister Forestry and Parks

    “We thank our Alberta Wildfire team and first responders for their ongoing dedication to keeping people safe. The Alberta Emergency Management Agency (AEMA) aims to strengthen the province’s emergency preparedness and recovery efforts, collaborating with communities to enhance resilience and public safety. With a 2025-26 budget increase of $10 million for a total of $118 million, the AEMA will empower communities to turn challenges into opportunities for growth and safety.”

    Mike Ellis, Minister of Public Safety and Emergency Services

    The Community Fireguard and FireSmart programs are critical to ensuring vulnerable communities in the Forest Protection Area have the tools needed to successfully mitigate the risks of wildfires. In addition to ongoing work on Fireguard projects across the province – including in the Bow Valley near Canmore, as well as Cypress Hills Provincial Park, Hinton, Whitecourt and Slave Lake, Budget 2025 would allocate an additional $15 million over three years to continue supporting projects being administered by the Forest Improvement Association of Alberta (FRIAA.)

    Alberta’s government would also allocate $10.8 million to ensure Albertans can easily access FireSmart resources to better protect their homes and properties.

    “FRIAA is pleased to help support Alberta Forestry and Parks as the province enters the 2025 wildfire season. We continue to strongly encourage all communities in Alberta that are exposed to risks of wildfire to participate in the Community Fireguard and FireSmart programs by developing plans and proposals to access funding. Wildfires pose a significant risk to Alberta’s communities, and it’s great to see the province is making wildfire management a priority.”

    Todd Nash, manager, Forest Improvement Association of Alberta

    “Alberta’s wildfire team remains fully prepared and is ready for the 2025 wildfire season. Each year we improve our ability to meet the challenge ahead and the investments we make in people, resources and new technology prove critical in our response efforts.”

    Trevor Lamabe, executive director, Wildfire Management Branch

    A key part of prevention efforts is stopping wildfires before they start. It is essential that every Albertan understands their role in wildfire prevention – every action counts in protecting our communities and natural resources. Last year, the province saw a significant decrease in human-caused wildfires. In 2024, there were 282 wildfires caused by residential and recreational fires, down from 385 in 2020, 395 in 2021, 399 in 2022, and 303 in 2023. This represents a nearly 30 per cent drop from the highest numbers Alberta saw in 2022. It is more important than ever to continue building on that progress to further reduce the risk of future wildfires. As part of these efforts, Alberta’s government is renewing its commitment to public awareness and education campaigns on safe practices, while also enforcing fire bans when necessary.

    “Wildfire is the hazard which poses the greatest risk to communities like Canmore. We are more prepared than we have ever been with work on the Bow Valley Community Fireguard ongoing, years of FireSmart work in the community and ongoing efforts to ensure we have the emergency resources we need in place. The support from the Government of Alberta has been instrumental in helping us advance these initiatives.”

    Sean Krausert, mayor, Town of Canmore

    “As a community surrounded by forests, fire hazard reduction and protection is a priority for the ongoing safety and security of our community.  With the ongoing support of the province, we are nearing completion of our internal community fireguard which will help break the path of a wildfire and keep it away from populated areas and vital infrastructure.”

    Tom Pickard, mayor, Town of Whitecourt

    In 2025, Alberta Wildfire is also launching a pilot project using hoist-equipped helicopters. These helicopters will enable rapid deployment of crews to remote, hard-to-reach areas and provide critical support for emergency evacuations if needed. One new helicopter is under contract and two specialized crews have been hired for this wildfire season. The results of this pilot will determine whether the program will be expanded and continue into 2026.

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on supporting the economy.

    Quick facts

    • Budget 2025 allocates more than $1.4 million over three years in additional capital investment to expand and enhance response capacity during the wildfire season.
    • Additional funding of $900,000 over three years for Alberta’s Fire Weather Network, ensures enhanced fire weather monitoring to support the wildfire response throughout the province.  
    • About 51 per cent of wildfires in 2024 were caused by people, down from the five-year average of 67 per cent.
    • In 2024, Alberta Wildfire responded to more than 1,210 wildfires with just over 705,000 hectares burned.
    • In 2023, there were 1,080 wildfires and more than 2.2 million hectares burned.
    • So far in 2025, there have been 21 wildfires, and 78 hectares burned, a dramatic reduction from the same time last year where there were 34 wildfires, and 306 hectares already burned.

    Related information

    • Forest Resource Improvement Association of Alberta
    • Bow Valley Community Fireguard

    Related news

    • Protecting the Bow Valley from wildfires (Jan. 13, 2025)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI Europe: Minister Burke and Minister Dillon address inaugural plenary of the Employment Law Review Group

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    The Minister for Enterprise, Tourism and Employment, Peter Burke and Minister of State for Small Businesses and Retail, Alan Dillon attended the inaugural plenary meeting of the Employment Law Review Group (ELRG). 

    Professor Michael Doherty, Chair of the ELRG welcomed the members before both Minister Burke and Minister Dillon addressed the ELRG.

    Minister Burke congratulated members on their appointments and spoke about what the Government wishes to achieve to support workers and conditions

    The Minister for Enterprise, Tourism and Employment, Peter Burke said: 

    “The Government has a strong record on strengthening workers’ rights. The ELRG will be a valuable resource in conducting ongoing assessments of employment law to ensure our legal framework is fit for purpose and adapts to changes in the evolving contemporary workplace.” 

    Minister Dillon thanked the members for their commitment to the important role in reviewing and monitoring Ireland’s employment and redundancy laws to ensure they serve their intended function.

    Minister of State for Small Businesses and Retail, Alan Dillon said:

    “It is very important that the work of the Group balance carefully the need to ensure legislation remains fit for purpose while not placing an undue or additional burden on business, in particular small and medium enterprises.”

    The ELRG will work in accordance with the work programme, which will be determined by the Minister after consultation with the Group. During the inaugural plenary, the ELRG discussed items for this work programme as part of this consultation. The relevant legislative enactments which may be considered in the work programme are listed in the appendix below.

    Following the meeting, the full membership of the Employment Law Review Group has been announced. The full membership of the group and their nominating bodies, as appointed by the Minister is as follows:

    1.

    Michael Doherty (Chair)

    Nominated by Minister for ETE

    2.

    Cathy Smith

    Nominated by Minister for ETE 

    3.

    Kevin Duffy

    Nominated by Minister for ETE 

    4.

    Claire Bruton

    Nominated by Minister for ETE 

    5.

    Desmond Ryan

    Nominated by Minister for ETE 

    6.

    Anne Lyne

    Nominated by Minister for ETE 

    7.

    Deirdre Malone

    Nominated by Minister for ETE 

    8.

    Dónal Hamilton

    Law Society of Ireland

    9.

    Mary Paula Guinness

    Employment Bar Association

    10.

    Gavin Smith

    Restructuring and Insolvency Ireland

    11.

    Nichola Harkin

    Ibec

    12.

    Rachael Ryan

    ICTU 

    13.

    John Barry

    ISME 

    14.

    Áine Maher

    DETE 

    15.

    Orlaith Mannion

    Department of Social Protection 

    16.

    Jane Ann Duffy

    Department of Children, Equality, Disability, Integration and Youth

    17.

    Gwendolen Morgan

    Workplace Relations Commission 

    18.

    Lorraine Williams

    Chief State Solicitor’s Office 

    19.

    Deirdre O’Kane

    Office of the Attorney General 

    20.

    Jim Finn

    Courts Service 

    21.

    Appointment Pending

    Labour Court

    The ELRG’s function is to monitor, review, and advise on all aspects of employment and redundancy law, with a specific focus on promoting good workplace relations in the State, simplifying the operation of employment and redundancy law in the State, and ensuring that the State’s suite of employment rights and redundancy legislation remains relevant and fit for purpose and is updated to reflect international developments. 

    The ELRG’s focus is expert, technical, and legal rather than representative of stakeholders’ interests. Members will engage with the work programme of the ELRG and contribute to ELRG reports.

    ENDS

    APPENDIX – List of Relevant Employment and Redundancy Enactments

    Part 1 – Acts of the Oireachtas

    1. Payment of Wages Act 1991
    2. Adoptive Leave Act 1995
    3. Protection of Young Persons (Employment) Act 1996
    4. Transnational Information and Consultation of Employees Act 1996
    5. Organisation of Working Time Act 1997
    6. Parental Leave Act 1998
    7. National Minimum Wage Act 2000
    8. Carer’s Leave Act 2001
    9. Protection of Employees (Part-Time Work) Act 2001
    10. Protection of Employees (Fixed-Term Work) Act 2003
    11. Maternity Protection Acts 1994 and 2004
    12. Minimum Notice and Terms of Employment Acts 1973 to 2005
    13. Employees (Provision of Information and Consultation) Act 2006
    14. Unfair Dismissals Acts 1977 to 2007
    15. Employment Equality Acts 1998 to 2011
    16. Protection of Employees (Employers’ Insolvency) Acts 1984 to 2012
    17. Protection of Employees (Temporary Agency Work) Act 2012
    18. Redundancy Payments Acts 1967 to 2014
    19. Protection of Employment Acts 1977 to 2014
    20. Terms of Employment (Information) Acts 1994 to 2014
    21. Paternity Leave and Benefit Act 2016
    22. Parent’s Leave and Benefit Act 2019
    23. Sick Leave Act 2022

    Part 2 – Provisions of Acts of Oireachtas

    1. Part IV of the Industrial Relations Act 1946
    2. Section 4 (1) of the Protections for Persons Reporting Child Abuse Act 1998
    3. Section 8A (5) of the Prevention of Corruption (Amendment) Act 2001
    4. Section 50 of the Competition Act 2002
    5. Section 60 (3) of the Employment Permits Act 2024
    6. Section 8 of the Industrial Relations (Miscellaneous Provisions) Act 2004
    7. Section 55M (1) of the Health Act 2004
    8. Section 27 of the Safety, Health and Welfare at Work Act 2005
    9. Section 87 of the Consumer Protection Act 2007
    10. Section 26 (1) of the Chemicals Act 2008
    11. Section 62 (1) of the Charities Act 2009
    12. Section 223 (3) of the National Asset Management Agency Act 2009
    13. Section 38 of the Inland Fisheries Act 2010
    14. Section 20 (1) of the Criminal Justice Act 2011
    15. Section 67 (5) of the Property Services (Regulation) Act 2011
    16. Section 35 of the Further Education and Training Act 2013
    17. Section 41 (1) of the Central Bank (Supervision and Enforcement) Act 2013
    18. Section 12 (1) of the Protected Disclosures Act 2014
    19. Part 2 of the Industrial Relations (Amendment) Act 2015
    20. Part 3 of the Work Life Balance and Miscellaneous Provisions Act 2023
    21. Section 6(3) of the Protected Disclosures Act 2014

    Part 3 – Statutory Instruments

    1. European Communities (Parental Leave) Regulations 2000 (S.I. No. 231 of 2000)
    2. European Communities (Protection of Employment) Regulations 2000 (S.I. No. 488 of 2000)
    3. European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 (S.I. No. 131 of 2003)
    4. European Communities (Organisation of Working Time) (Activities of Doctors in Training) Regulations 2004 (S.I. No. 494 of 2004)
    5. Organisation of Working Time (Inclusion of Transport Activities) Regulations 2004 (S.I. No. 817 of 2004)
    6. Organisation of Working Time (Inclusion of Offshore Work) Regulations 2004 (S.I. No. 819 of 2004)
    7. European Communities (Organisation of Working Time) (Mobile Staff in Civil Aviation) Regulations 2006 (S.I. No. 507 of 2006)
    8. European Communities (European Public Limited – Liability Company) (Employee Involvement) Regulations 2006 (S.I. No. 623 of 2006)
    9. European Communities (European Cooperative Society) (Employee Involvement) Regulations 2007 (S.I. No. 259 of 2007)
    10. European Union (Cross-Border Conversions, Mergers and Divisions) Regulations 2023 (S.I. No. 233 of 2023)
    11. European Communities (Working Conditions of Mobile Workers engaged in Interoperable Cross-border Services in the Railway Sector) Regulations 2009 (S.I. No. 377 of 2009)
    12. European Communities (Road Transport) (Organisation of Working Time of Persons Performing Mobile Road Transport Activities) Regulations 2012 (S.I. No. 36 of 2012)
    13. European Union (Posting of Workers) Regulations 2016 (S.I. No. 412 of 2016)

    MIL OSI Europe News

  • MIL-OSI Global: How the risk of AI weapons could spiral out of control

    Source: The Conversation – UK – By Akhil Bhardwaj, Associate Professor (Strategy and Organisation), School of Management, University of Bath

    marina.rodrigues/Shutterstock

    Sometimes AI isn’t as clever as we think it is. Researchers training an algorithm to identify skin cancer thought they had succeeded until they discovered that it was using the presence of a ruler to help it make predictions. Specifically, their data set consisted of images where a pathologist had put in a ruler to measure the size of malignant lesions.

    It extended this logic for predicting malignancies to all images beyond the data set, consequently identifying benign tissue as malignant if a ruler was in the image.

    The problem here is not that the AI algorithm made a mistake. Rather, the concern stems from how the AI “thinks”. No human pathologist would arrive at this conclusion.

    These cases of flawed “reasoning” abound – from HR algorithms that prefer to hire men because the data set is skewed in their favour to propagating racial disparities in medical treatment. Now that they know about these problems, researchers are scrambling to address them.

    Recently, Google decided to end its longstanding ban on developing AI weapons. This potentially encompasses the use of AI to develop arms, as well as AI in surveillance and weapons that could be deployed autonomously on the battlefield. The decision came days after parent company Alphabet experienced a 6% drop in its share price.

    This is not Google’s first foray into murky waters. It worked with the US Department of Defense on the use of its AI technology for Project Maven, which involved object recognition for drones.

    When news of this contract became public in 2018, it sparked backlash from employees who did not want the technology they developed to be used in wars. Ultimately, Google did not renew its contract, which was picked up by rival Palantir instead.

    The speed with which Google’s contract was renewed by a competitor led some to note the inevitability of these developments, and that it was perhaps better to be on the inside to shape the future.

    Such arguments, of course, presume that firms and researchers will be able to shape the future as they want to. But previous research has shown that this assumption is flawed for at least three reasons.

    The confidence trap

    First, human beings are susceptible to falling into what is known as a “confidence trap”. I have researched this phenomenon, whereby people assume that since previous risk-taking paid off, taking more risks in the future is warranted.

    In the context of AI, this may mean incrementally extending the use of an algorithm beyond its training data set. For example, a driverless car may be used on a route has not been covered in its training.

    This can throw up problems. There is now an abundance of data that driverless car AI can draw on, and yet mistakes still occur. Accidents like the Tesla car that drove into a £2.75 million jet when summoned by its owner in an unfamiliar setting, can still happen. For AI weapons, there isn’t even much data to begin with.




    Read more:
    Is Tesla’s sales slump down to Elon Musk?


    Second, AI can reason in ways that are alien to human understanding. This has led to the paperclip thought experiment, where AI is asked to produce as many paper clips as possible. It does so while consuming all resources – including those necessary for human survival.

    Of course, this seems trivial. After all, humans can lay out ethical guidelines. But the problem lies in being unable to anticipate how an AI algorithm might achieve what humans have asked of it and thus losing control. This might even include “cheating.” In a recent experiment, AI cheated to win chess games by modifying system files denoting positions of chess pieces, in effect enabling it to make illegal moves.

    But society may be willing to accept mistakes, as with civilian casualties caused by drone strikes directed by humans. This tendency is something known as the “banality of extremes” – humans normalise even the more extreme instances of evil as a cognitive mechanism to cope. The “alienness” of AI reasoning may simply provide more cover for doing so.

    Third, firms like Google that are associated with developing these weapons might be too big to fail. As a consequence, even when there are clear instances of AI going wrong, they are unlikely to be held responsible. This lack of accountability creates a hazard as it disincentivises learning and corrective actions.

    The “cosying up” of tech executives with US president Donald Trump only exacerbates the problem as it further dilutes accountability.

    Tech moguls like Elon Musk cosying up to the US president dilutes accountability.
    Joshua Sukoff/Shutterstock

    Rather than joining the race towards the development of AI weaponry, an alternative approach would be to work on a comprehensive ban on it’s development and use.

    Although this might seem unachievable, consider the threat of the hole in the ozone layer. This brought rapid unified action in the form of banning the CFCs that caused it. In fact, it took only two years for governments to agree on a global ban on the chemicals. This stands as a testament to what can be achieved in the face of a clear, immediate and well-recognised threat.

    Unlike climate change – which despite overwhelming evidence continues to have detractors – recognition of the threat of AI weapons is nearly universal and includes leading technology entrepreneurs and scientists.

    In fact, banning the use and development of certain types of weapons has precedent – countries have after all done the same for biological weapons. The problem lies in no country wanting another to have it before they do, and no business wanting to lose out in the process.

    In this sense, choosing to weaponise AI or disallowing it will mirror the wishes of humanity. The hope is that the better side of human nature will prevail.

    Akhil Bhardwaj 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. How the risk of AI weapons could spiral out of control – https://theconversation.com/how-the-risk-of-ai-weapons-could-spiral-out-of-control-251167

    MIL OSI – Global Reports

  • MIL-OSI USA: Interview with Sean Colgan

    Source: NASA

    I’m really pleased that you agreed to take advantage of this opportunity.  I don’t recall if I have actually met you personally,  but if so, then I apologize for not remembering.

    I don’t think so, although you’ve certainly signed things for me.

    Well, I guess I have because I do remember seeing your name from time to time on various things. You’ve been at Ames a long time and we’ll have you talk about that in a little bit. The focus of these interviews is not specifically on your work. In fact, it was intended to broaden people’s understanding of who you are and what you do when you’re not at work, because we get compartmentalized and mostly get to know people through our work interactions, so we’ll be touching on your other interests. As you’ve seen if you’ve read some of these, we generally start with your childhood. I try to look up bios and things like that ahead of time to see what I can glean before these interviews but you don’t have a very substantial presence on the web.

    I’m not a very public person.

    I did find that out (laughs).

    I did not volunteer for these and I tried to lay low until you hunted me down! (laughs)

    Well, I think you’ll be pleased and as I said, you can stay as private as you want during this whole interview.

    Sounds good.

    We like to start with where you were born, your family at the time, what your parents did, if you have siblings, and then we ask when became aware of or developed an interest in what you have pursued as a career.

    OK, and I’m going to be looking sideways at my notes because I printed out your list of questions and thought about them. Hopefully I won’t mess it up too much. I’m a big believer in the written word. I was born in Oakland, just up the Bay.

    So was I, so we have a connection right there!

    Up through my preteen years I grew up split between Oakland and North Lake Tahoe. My dad was a masonry contractor. When school got out in June we would go up to Tahoe where there was lots of work for him, building foundations for homes and so forth. When Christmas break came in school, we came back down to Oakland. We had a home in both places and dad could get work in the winter in the Bay Area. In the middle of every year during my preteen years, I switched between two schools. It was usually a bit of a jolt because the Oakland schools were ahead of the Tahoe schools, so there were a couple weeks of flailing about in January trying to catch up. They all used the same textbooks, but we were a couple of chapters behind at that point and had to catch up.

    When I was 12, Dad had established his business well enough at Tahoe that my parents sold both of the houses, built a somewhat bigger one, and we moved to Tahoe permanently. So from seventh grade through high school it was all at the northern end of Lake Tahoe.

    I have one sibling, a brother.

    And when did I start thinking about becoming an astronomer? I can’t remember exactly, to be perfectly honest. I do remember my parents showing me the constellations. I can remember specifically which constellations my dad showed me and which ones my mom showed me. I can’t remember a time when I wasn’t interested primarily in being an astronomer, but I probably went through an astronaut phase because it was the ‘60’s!  I got an astronomy book for my birthday one year and I know it was before I could really read and understand it. I remember looking at the pictures. In thinking about this interview, I went back and looked.  That book was published when I was five, so probably by the time I was five I was talking about it enough that I got this book for my birthday. I don’t have any similar books on other topics from that time. All the other books I have from back then are astronomy books for kids.

    Well, you were living in Lake Tahoe, which by the elevation and the clarity and lack of ambient lights around you would have had a really good view of the stars and constellations.

    Right. It was great. Although before we moved up there full time we were mostly there in the summer, so it didn’t get dark until after my bedtime.  When we moved up there full time, then I could go out in the winter and yeah, we had a spectacular view of the southern sky. There were woods but we could see over the trees. We could see the center of the Milky Way, and so forth. I had binoculars and a couple of small telescopes that I’d use, along with a star atlas to point me toward interesting things to look at.

    Did you say what your mother did? Did she work outside the home?

    Mom was a writer.  We traveled each year when we were growing up. She would write travelogues of those trips and try to get them published. She also wrote haiku poetry, and she tried her hand at writing other things. She was published a bit, but not a whole lot. Mom did get one of her travelogues published in the Christian Science Monitor. That was a highlight for her.

    And was your brother older or younger?

    My brother is two years younger, and we had somewhat similar trajectories.  We’ll get to education later but he majored in physics as well. He followed me in similar universities, but ended up going into material sciences. He is now on the East Coast working for IBM.

    That’s great.

    He was named a Master Inventor in 2018.

    A what?

    A Master Inventor. He has over 200 patents, so IBM honored him with this title.

    That’s quite an honor!  Your education was interesting because of the split between the two schools.  But then at some point, when you went to college, you had to declare a major. You said you had already developed an interest in astronomy, so did you pursue that science discipline right off the bat?

    I went to UC Riverside for two years, and then I transferred to Caltech. My freshman year  I really nailed down my choice for astronomy. I remember going to the Career Center and taking an interest survey, which has nothing to do with what you’re able to do. It just asks what you’re interested in doing, and it came up as physicist or musician.  I have no musical skills so that pointed me in the other direction. I thought briefly about geology, since my dad had been a geology major, but I really settled on astronomy at that point, which is why I transferred. Riverside didn’t have an astronomy major,  they only had a physics major. I really wanted to get an astronomy background and start on it early.

    My time at Caltech was probably the toughest two years I’ve ever had. I was behind because I had gone to Riverside for two years and the Caltech student body was extremely competitive. Caltech was not generous with their transfer credits. I ended up taking a very heavy course load, but I did make it out in two years. From there I applied to a number of grad schools. I settled on Cornell for a couple reasons: First of all because they had groups working in the areas  of astronomy I thought I was interested in, which were radio and infrared. Second of all, after four years in southern California I really wanted to go to a more rural setting to continue my education.

    I have to ask this because when we’ve interviewed others who have gone to Cornell, most of them have mentioned the influence of Carl Sagan and I just wondered if that figured into your choice, or was he gone by the time you went there?

    Well, I  did meet Carl, at a second year reception he threw for the grad students.  He was gone most of my first year working on Cosmos the television show. He had taken a leave of absence and wasn’t around. When he came back he threw a reception for all of us, and I got to shake his hand. He was a planetary scientist, of course, and that was not where I was aiming my trajectory.  I didn’t see him a whole lot other than that one reception. Although from time to time the kind of people you really don’t want wandering around the halls would come around the building looking for Carl Sagan. Security would chase them down and get them out. These are really my most distinct memories of Carl.

    And your PhD was in astronomy, not physics?

    It was in astronomy and my dissertation was on radio astronomy. I did it almost exclusively at Arecibo (Arecibo Observatory, National Astronomy and Ionosphere Center, Arecibo, Puerto Rico) with a little bit at the VLA (Very Large Array Radio Telescope facility, near Socorro, New Mexico). I got to work with some really smart people at Cornell, observational and theoretical.

    At this point we usually inquire about the connection or the influence, that brought you from your PhD to NASA Ames.

    My degree was in radio astronomy but the other interest I always had along the way, which I hadn’t been able to look into, was infrared astronomy. Getting post docs is very competitive, back then we called them NRC’s. The NRC offer from Ed Erickson’s group at Ames was the best offer, so I came out for that. It wasn’t a sure thing, there was back and forth and the highest rated candidate had to turn down the job before they would make me an offer.  But fortunately for me the highest rated candidate was my office mate at Cornell. I knew he was going to turn down the offer as soon as he got another one he wanted, so I was aware a little bit in advance of getting the call from Ed that things had worked out.

    And Ed was your advisor?

    Ed was my advisor. So I came and did two years as an NRC and then continued working with the group. I had made myself sufficiently useful that when I was ready to apply for other jobs, Ed offered me a raise if I’d stay with the group and continue working. That was a really good time. We flew on the KAO (Kuiper Airborne Observatory). They didn’t really have facility instruments, so we had our own instrument, but we did support observers from outside our group. We probably had more flights than any other instrument on the KAO during that period. It was a lot of flights. We had to operate it ourselves. All of us had our own particular jobs on flights. We did everything from prepping for the observations, writing proposals, all the way through to seeing them published. We were a small team: Ed Erickson, Mike Haas; Jan Simpson, and Bob Rubin on the science side helped out. We had a shop guy, Gene Beckstrom, and others after him.  We had a lab technician, Jim Baltz. Dave Hollenbach would also work with us, and that was very rewarding. He was a very sharp guy in terms of theory, ideas and projects to do. Here is a photo of some of us with our instrument rack getting ready for a KAO flight:

    So you came in on an NRC postdoctoral fellowship in the mid-‘80’s?

    Yes, I started on October 6th, 1986.

    And your first work was on the KAO and then probably a decade later you continued on SOFIA (Stratospheric Observatory for Infrared Astronomy)?

    It was ‘95 or ‘96 when they shut down the KAO to use the funding for SOFIA development. I remember the meeting still. It was in the upstairs auditorium and they came in and announced they were shutting the KAO down. I think it was Dave Morrison, who was the division chief, who told us not to whine about shutting it down because planetary missions sometimes had years when they didn’t have their facilities. In this case it was only going to be two years and we would be up and flying in 1997. Of course, as we know, it was more like ten years after that before we were even close to flying.

    Yes, I thought the same thing, that it was not going to be two years. It always takes longer than that.

    Well, I don’t think anybody thought it was going to be as many years as it was.

    But you flew on both the KAO and SOFIA?

    I had ninety nine flights on the Kuiper (KAO) because I kept track of them, and on SOFIA I had two flights, so I was not a flyer on SOFIA. It was more of a facility observatory, and the people who flew a lot were really part of the observatory. They were operating the telescope or operating a science instrument. My flights on SOFIA were because I had written some software for the GREAT Instrument (German Receiver for Astronomy at Terahertz Frequencies, a modular dual-color heterodyne instrument for high-resolution far-infrared spectroscopy) to help them interface with SOFIA. I was along on  those commissioning flights for GREAT in case my software broke. They wanted me on board. Interestingly by the rules at the time, I wouldn’t be allowed to actually fix the software in flight because it was flight software and had to go through all the reviews. None of the people who could do the reviews were on the airplane, but I could see how it broke and maybe I could suggest workarounds. It was not nearly as much fun for me as the KAO. I didn’t really have a job. The software had issues from time to time, but it basically worked. Everybody else had jobs, so for me it was less interesting, which is why I didn’t make a huge effort to keep flying on SOFIA.

    Did you stay on the SOFIA project as a somewhat non flying support person?

    Yes, from when the Kuiper stopped flying until about, well now, my primary work on SOFIA has been first with the project science team during development – trying to make sure they met our requirements, helping everybody understand our requirements, trying to make sure they weren’t making any huge mistakes. They made them anyway, especially when they didn’t listen to us, but we did our best. During the early years of SOFIA, I was also on the Ames team developing AIRES – a facility Science Instrument for SOFIA. I led the software effort, but the development was canceled in 2001. I then got involved with the software that people would use to propose to SOFIA, the proposal software, the software to estimate how long you should be asking for time, the sensitivity of the instruments, pieces of software like that. I worked with Dave Goorvich. We got software from other observatories as starting points and then modified them for SOFIA, software “re-use” they called it. And that was basically my main job throughout SOFIA’s lifetime. Once we developed those, the USRA (Universities Space Research Association) folks built their team around maintaining them and I joined that team because I’d been working on this software for so long. I also got into the package I mentioned to help GREAT interface to SOFIA. It basically made SOFIA look like the telescope that the GREAT team had been using for years, an observatory called KOSMA. We called it the translator and it translated KOSMA commands into SOFIA commands; then SOFIA housekeeping back into KOSMA housekeeping, so they didn’t need to change their software to work with SOFIA. As the aircraft started flying, it became quite clear that I was oversubscribed. I was not meeting my deadlines for either of those two efforts, so I gave up the translator. They hired another fellow to maintain that, although I stayed in touch with it for some years, helping him when he had questions and so forth. I then focused my main effort over on SOFIA’s DCS (Data Cycle System) side.              

    What has been your most interesting work here at Ames?

    I’d say it was flying on the KAO, but very specifically it was Supernova 1987A which occurred after I had been here for only a couple of months. It went off in February of 1987. Nobody really knew what it would look like in the infrared to an instrument on an observatory like the KAO, so it was obviously a huge deal since it was the closest supernova for hundreds of years.  Our team just completely redirected  to carry out observations of the supernova.  Dave Hollenbach and I worked together to try and figure out what we would see. We wrote up the science portion of the proposal,. For these observations, our instrument – the CGS (Cooled-Grating-Spectrometer) – had to be fairly substantially reworked in the sense that the grating needed to be changed to go to lower resolution and the detectors needed to be changed to get wider bandwidth and go to shorter wavelengths. Ed and Mike worked long days, weeks, and months to make all of those changes happen. In our proposal we made some predictions about which lines we could see, mostly iron lines, and which ionization states. We put that in the proposal, which was accepted. We then wrote up the proposal as a separate paper. When we went down and did the observations, we actually got some of it right. Surprisingly, iron was indeed bright. We thought we’d be seeing all different ionized states of iron, from singly, doubly, triply ionized iron, when in fact it was very much concentrated in singly ionized iron with a little bit of doubly ionized iron, there was a faint line there. We had gotten the temperatures right, but we didn’t quite get the ionization right. We were in the ballpark, so I think this was really the most interesting work in that when we started nobody had really seen anything like it before. We were starting from very basic principles, and we followed that all the way through to a nice series of papers. We went down for three different epochs because the lines were changing with time as the supernova ejecta expanded. We obtained three sets of measurements, which resulted in three papers.

    What I’m currently working on? Well, SOFIA is, of course, shut down and I am working as part of the shutdown process. We’re trying to reprocess a lot of the data to bring it up to standard, especially the older data. We learned more about the instruments as time went on, so we can now do a better job of reducing the data. I’m helping out with reducing the data, getting it into the archive as we shut down, and of course, writing proposals.

    What comes next? So far I’ve collaborated mainly with Naseem, whom you have spoken to, Sarah Nickerson, whom you also have spoken to, and Doug Hoffman (whom we’ve also spoken to). So that’s proposals.

    How is your work relevant to Ames and the NASA mission? 

    Well, I’ve worked on NASA missions almost my entire career, so I think that’s the closest to relevance as you can get.

    What is a typical day like for you?

    I mostly work, well before the pandemic in my office, but now it’s back and forth. I do like to come into the office although this week is a little different. That’s why we’re doing this interview from home. My wife is out of town and I like to work at home on those weeks just to keep the dog out of trouble. So I’m at a computer. I’m a software guy and a data analysis guy, not a lab guy, so I work at the computer. I actually have several computers on my desk. I look like a real developer (laughs). If you see my desk, I’ve got a couple of big screens and couple of computers underneath hooked up to different things and I can switch them around. So that’s a typical day, but at home it’s a little tougher. I don’t have a desk that can really manage the big screens, so I’ve just got one little laptop screen to work with.

    Is home close enough that the pandemic shut down of the Center didn’t really save you a whole lot of commute time?

    I live across the Bay in Newark, which physically is not far, but traffic wise is not good. I typically come in later and stay later because that works with my wife’s schedule and also works with the traffic. We’re not so close that it’s easy. I hated during the pandemic having to work at home all the time because of the small screen and with no room to spread out piles of paper or stay organized. That was definitely a challenge. I was very glad to get back on site.

    What do you like most and least about your job?

    Most would be doing science, but I also enjoy coding. Least is probably the standard sorts of things that most people whine about when given any opportunity.  All the stuff that goes with the job that isn’t science or coding, like IT security and paperwork. Right now I’m in the midst of training, taking courses I’ve taken every year for the last ten years, which gets a little old after a while, things like that. But somebody thinks you need to do it, and I hope it makes us a better organization for everybody doing it.

    Do you have a favorite memory from your career? Or perhaps a research finding or breakthrough, or an unexpected research result?

    My favorite memory would be the Supernova 1987A work in general. We found some unexpected things there and we got some things right.

    If you could have a dream job, what would it be?

    My dream job is pretty close to what I have. Pretty close without all the extra stuff.

    What advice would you give to someone who wants a career like yours?

    Of course you’ve got to work hard, and you need to have an aptitude for it. It’s a very competitive field, so you’ve also got to realize that luck, or being in the right place at the right time, can be a factor in whether you continue or not.  I’ve had colleagues who were very good at what they do, but they just weren’t in the right place at the right time. They ended up leaving the field or doing something less than what they hoped. Some things are just out of your control.

    I did get lucky. I was in the right place at the right time. I flew on the Kuiper, and I developed skills. When SOFIA started, those skills were very much in demand.  That was my right place, right time moment, which is when I joined the civil service.  I had been a contractor  after my NRC ended through 1997. I became a civil servant then because there was so much work on SOFIA. I don’t know if that’s  helpful advice, but it’s just my take on things.

    Well, you’re right. There’s something to being in the right place, at the right time and being prepared, but there’s always the serendipity aspect, which is just part of life. You could have wound up somewhere else and been just as happy, you know.

    Oh yes, It doesn’t necessarily relate to happiness, but you’ve got to make the best with what you have.  I do feel lucky about that.

    Would you like to share anything about your family? Kids, pets, activities? You mentioned a dog?

    I’m going to mix the order up a little bit.

    Sure, go ahead.

    The accomplishment I’m most proud of that’s not science related would be 40 years of marriage to my fabulous wife. We just celebrated our 40th anniversary about a week and a half ago.

    Congratulations! That is indeed an accomplishment.

    So, no children but we do have a dog, a little Welsh Corgi. She’s our second corgi and she is just great. We do enjoy traveling. Typically, we’ll go on vacation in August. often to Europe. We’ve visited the UK five or six times, France a couple of times, Italy a couple of times. My father-in-law was born in Hungary, so we’ve gone there a couple times. Here is a photo of us at Lake Louise in 2019, with our Corgi.

    What do we do for fun the rest of the time? Besides leisure travel, I enjoy gardening. We also enjoy musical events.  We have season tickets to the San Jose Opera, for example, and we’ll go up to San Francisco for concerts a couple of times a year. We probably have an event every other month.  During the pandemic, the restaurants and movie theaters were closed, but wineries with outdoor spaces were open.  They started serving food during the pandemic, and they allowed dogs, so we got in the habit of doing a lot of wine tasting on weekends just to get out. We still do some of that. To celebrate our 40th, we went up to Napa and tasted a lot of great wines. (laughs)

    You mentioned that you’re not particularly musical, so you don’t play an instrument or anything, but you enjoy music and opera.

    I enjoy listening to music. I played instruments as a child but had no particular talent for it, so. . . .

    Do you like to read? And if so, any particular genre?

    I read a fair bit, and it’s sort of divided. For entertainment, I’ll read fantasy and science fiction, but when we go on our trips, I’m always buying books about what we’re doing. For example, if we go to France and visit cathedrals, I’ll buy books about how they built cathedrals; or in England I’ll read about old Stone Age tombs. Everybody’s heard about Stonehenge, but there are stone circles and other stacks of stones, big ones, all over the landscape, so I will buy books and read about them. I have books about Roman battle tactics, etc. Oh yes, and I also have a lot of geology books, depending on where we go. When we went to the Canadian Rockies, I got a lot of geology books about that locale. I bring those home, stack them up, and read them, hopefully before the next trip. So yes, a lot of reading. When my wife travels, sometimes I’ll go hiking. She’s gone up to 15-20 weekends a year  She’s a textile artist.She teaches lacemaking, which is the way they used to make lace by hand, before machines. There are groups around the country that enjoy lacemaking, so she travels to  teach workshops for them on weekends.

    Wow, that’s fascinating!

    This week, she’s actually up in Sparks, next to Reno, where the National Convention is going on. It moves around every year, but this year it’s relatively close. She travels a lot for that, which keeps her busy. When she’s away, our dog and I will sometimes go for hikes, if we don’t have too much other stuff to do. Interestingly,  we are not the only astronomer-lacemaker couple in the world (laughs). There’s an Australian couple – Ron and Jay Ekers – with Jay a lacemaker and Ron an astronomer. We had dinner with them once when they were visiting in the Bay Area because our wives knew each other. My wife had once traveled down to teach in Australia. Normally she just travels around the U.S., but she has done some international trips.

    Now, is this manual lacemaking with needles and thread or . . . ?

    There can be needles and thread. That’s one form of it. What my wife teaches is “bobbin lace”, which is made on a pillow usually stuffed with straw. Two bobbins are connected by a thread with many of these pairs used to weave threads together to create the pattern. Photos of Louise’s designs are on her website – https://colganlacestudio.com/. Here’s a photo of what a lace pillow looks like.

    Interesting. And when did she get interested in this? Was it something she learned as a child, from her mother or grandmother?

    No, it was at Cornell. She was in grad school there, which is where we met.

    And what was her course of study?

    She was in a Master’s program for historic preservation, basically how to preserve old buildings, of which there are many in upstate New York and few in the Bay Area. She had finished her class work, and I still had several years to go on my dissertation. She looked around for something to fill her time, and one of her friends – a colleague in her department – had already taken this up, and brought her to a meeting. She started taking classes from a local teacher, and by the time we moved west, she was well-versed. Not many people out here knew how to do it, so she started taking on students.

    So I’m calculating back, since I’m a numbers guy, that if you just celebrated your 40th anniversary, then you must have married her while you were still in grad school?

    Yes, about halfway through grad school, in 1983.

    Interesting. So you’re a little bit responsible for her developing this interest in lacemaking?

    I wouldn’t claim any of that.

    But you’re responsible for giving her the time to develop this interest in lacemaking that she has done so well in.

    It was all her effort. If anything, I made conditions difficult for her, and she found her way out (laughs). That’s probably the way I would phrase it.

    Fair enough. But it’s very interesting. I like when we can poke around a little bit and find out interesting things, because then people who read this will say, “Well, I didn’t know that he went there or that his wife does lacemaking or the other things that you’ve talked about. That’s part of the purpose of these interviews.  Who or what inspires you?

    That was a real easy one for me: the night sky.  It’s not so great in the Bay Area most times, but there’s so much going on up there. I mean, it’s really all laid out for you. Since I studied and read about  a lot about the sky as a kid, I know my way around it. a I also know fun little facts, so that’s entertaining to recall as well. When you get up in the mountains, of course it’s just beautiful.

    I feel the same way. I don’t see how anyone can look up at and ponder the night sky and not be just fascinated by it. The questions that come up about what it is, how it came to be, what its purpose is, if there is one, and all of that is just fascinating.

    Yes, I agree.

    Do you have a favorite image, of space or anything that is particularly meaningful to you?

    You know I don’t have one now. I mean, there are a lot of very nice ones out there. A big favorite I remember as a kid was a photo of H and Chi Persei, which is a double cluster of stars, not globular clusters but open clusters. It’s very colorful, with red stars and white stars and blue stars in the image – and just imagining it so far away, but these particular stars are so close together. I don’t know much about it, but something about it just impressed me. A photo like what I remember is at https://www.astrobin.com/337742/.

    The reason we ask about images is because we like to include them in the post, especially about things you’ve talked about.  You mentioned for example, the Supernova 1987A. If a picture from SOFIA came out of that it would be a great addition to this interview. And then maybe you have a picture of you and the corgi on a hike, or your wife doing lace work, anything like that would be great.

    Well, we’ll work on that.

    [Photo thoughts: The three of us from Lake Louise, link to H & Chi Persei photo on the web, Lace Pillow showing bobbins]

    That would be for when you return it after editing.  By the way the transcript is a living document so you can make changes right on it and that’s how it will go in. It isn’t all that formal, we’re not tracking edits or anything like that. We’ll add your pictures and get to a point where it’s set up as it would be when it gets posted and then we’ll send it to you for a final check.  We’re also several months out in terms of the queue of those that are going to be posted, so it won’t be immediate.

    Good.

    We’ve posted about 50 of these, but we’ve done another 20 that are in various stages of being made ready. We’ve sent them out but haven’t gotten them back yet because everybody’s so busy.  We do have a last question and that is do you have a favorite quote? One that you find meaningful, or witty, or clever, that kind of thing?

    I did think about it. Sometimes you asked the question in the online ones about inspirational quotes and this is definitely not inspirational.

    It doesn’t have to be.

    I was hoping that because you didn’t say it here. My favorite quote is one my mom said a lot when I was growing up. She always attributed it to her father. I actually looked it up on the web, because I would have thought Mark Twain perhaps said it. It doesn’t seem that anybody famous has said it though. The reference is in a book from just ten years ago. The quote is: “The reward for good work is more work.”

    Ah, I like that. That’s clever and witty and seems to be true.

    Right.

    One of my favorite quotes which I don’t think I put into my post because there’s so many of them is from Mike Griffin, former NASA Administrator. He was talking with the press, I think about risk management and why we do things that don’t always work out. He was explaining that there’s always a risk, and if you don’t accept the risk, then you don’t make progress, but they kept questioning him and pushing back on that idea. And he said, “I can explain it to you, but I can’t understand it for you.”  And I thought, that’s a good line!

    Anyway, you ran the table here on the questions and I appreciate that you prepared ahead of time and wrote some notes down, which made the interview go very well.

    As I said, I prefer the written word. I’m not as good at thinking on my feet.

    Is there something that you wish we had asked or had put down as a topic that we didn’t, that you would like to add here? And you can certainly add or change anything when we send this back. There’s a note on the transcript that you have full creative control. So if you wanted to say something but didn’t, you can type in an entire extra paragraph or extra question, or remove and cut out an entire section.

    And  with that, I’ll take the recording and start putting it on a paper and within a couple of weeks, I’ll send you the initial draft and then you can do with it as you wish and send any pictures or anything that relate to things that you talked about and then we’ll get it ready and put it in the queue and eventually you’ll get perhaps a few of your entitled 15 minutes of fame when this goes up. I will add that it goes up on the public side of the of the website so that your family or your friends, anybody can access it and read it.

    So if somebody googles names of interviews you’ve done, the links to the interviews come up.

    Well, I hope that doesn’t cause you heartburn.

    I’ve thought about that as I was phrasing my answers, and changed some passwords so I can include names in the photo captions

    I hadn’t thought of that aspect of it, but you’re probably right.

    Yeah.

    I never know what’s going to touch someone’s concerns.

    Well, just to be careful.

    (Mark) There’s another thing that even after we publish, we can still edit them years into the future. Everything on the main sites can be changed at any given moment. Also, Fred, just to note, our interviews rank pretty high on the Google rankings. Usually when you Google someone’s name and then NASA, our interviews are near the top of their results, like on the first screen that comes up.

    (Fred) Oh, really? I didn’t know that.

    (Mark) Yeah. This is a pretty good series, people check it out a lot.

    Which means that people googling names are clicking on the interviews and reading them.
    (Mark) People read these a lot.

    (Fred) The other series I do for the website is “Interesting Fact of the Month”.  Steve Howell suggested that would be a nice addition as we try to attract traffic to the website, and I heard a year or so ago that it was the top item on the code ST website, it got the most hits.

    (Mark) Yes, you’ve got spots one and two on your side projects!

    (Fred) Well, Sean, I appreciate that you were able to overcome your initial hesitation and take the time to work with us on this and I think you’ll be pleased with how it comes out. Thank you very much for being so organized.

    Thank you for your time.

    Interview conducted by Fred Van Wert and Mark Vorobets on June 29, 2023

    MIL OSI USA News

  • MIL-OSI USA: NACA Test Pilot Poses with Plane

    Source: NASA

    In this 1957 photo, George Cooper, a test pilot for the National Advisory Committee for Aeronautics, or NACA, stands next to a North American F-100, a supersonic fighter tested by the NACA. Cooper served as a pilot in World War II before being hired at the NACA’s Ames Aeronautical Laboratory in 1945. Between 1945 and his retirement in 1973, Cooper tested over 135 aircraft, routinely pushing them to their limits.
    On March 3, 1915, the NACA was established by Congress to “supervise and direct the scientific study of the problems of flight, with a view to their practical solution.” Over the course of its 43 years, the NACA became home to many of the nation’s best and brightest aeronautical engineers and world-class facilities. America’s flight capabilities for military and commercial uses were advanced through its cutting-edge research. It was upon this foundation that America’s civilian space agency was built. With the passing of the Space Act in 1958, the NACA was transformed into NASA and tasked with researching problems of flight in both the air and in space.
    Celebrate the 110th anniversary of the founding of the NACA with a new video series.
    Image credit: NASA

    MIL OSI USA News

  • MIL-OSI Economics: Asian Development Blog: Building a $43 Trillion Bridge Across Asia’s Infrastructure Gap

    Source: Asia Development Bank

    Asia and the Pacific face a daunting infrastructure challenge, requiring sustained investment to enhance connectivity, safety, and resilience. While road networks dominate spending, underinvestment in maintenance and limited private-sector involvement threaten long-term sustainability.

    Asia and the Pacific will require about $43 trillion from 2020 to 2035 to develop, maintain, repair, and climate-proof its transport infrastructure, according to the Asian Transport Observatory. This represents about 2% of the region’s GDP, averaging roughly $2.7 trillion annually. 

    Infrastructure investment requirements have tripled, increasing from roughly $750 billion annually between 2000 and 2020 to $2.7 trillion.

    Failing to secure the needed resources risks inadequate infrastructure development, leading to deterioration, costly repairs, and transport disruptions over time.

    Traffic congestion currently represents about 2-4% of GDP in Asia’s major cities. Road traffic fatalities and severe injuries cost $1.5 trillion in 2021, factoring in the loss of lives, assets, and workforce productivity. 

    The health consequences of PM2.5 air pollution also contributed to a further loss of at least $4 trillion in 2019. Climate-related challenges may also bring significant expenses, with potential damages to Asia’s transport infrastructure approaching $54 billion. 

    Moreover, delays and interruptions due to weakened transport infrastructure could lead to logistical losses estimated annually at $43 billion in 2023. It’s estimated that inadequate transport infrastructure directly threatens about 7% of GDP. 

    Tackling these challenges requires a forward-thinking approach emphasizing infrastructure maintenance, capacity enhancement, safety enforcement, and disaster preparedness to mitigate these considerable costs.

    The infrastructure investment needs across the region are vast and varied. The largest share of the investment needs lies within East Asia (58%) and South Asia (17%) sub-regions, representing 73% of the population.

    Our projections suggest that investment in transport infrastructure within high-income economies will stagnate by 2035, influenced by an aging population, stabilized travel demand, and well-established infrastructure networks. 

    On the other hand, low- and middle-income economies are expected to see a sharp rise in investment requirements, driven by inadequate access to transport infrastructure and increasing demand for passenger and freight transport. 

    Upper-middle-income economies are set to spearhead transport infrastructure investments, maintaining a significant share of 67% of total investment from 2000 to 2020, followed by 65% from 2020 to 2035. 

    About 74% of total investment needs over the next decade will be concentrated in East and South Asia, propelled by the ongoing rapid growth of transport demand in India and the People’s Republic of China.

    Road transport will continue to secure bulk investments from 2020 to 2035, accounting for 63% of total investments (approximately 1.3% of GDP). This is required to bridge the infrastructure gap and improve access and connectivity. 

    The remaining investment needs are as follows: 17% for railways, including high-speed rail (around 0.4% of GDP), 11% for raid urban transit (about 0.2% of GDP), 4% for ports (0.1% of GDP), and 5% for airports (0.1% of GDP). 

    Urban rail investment will equal that of heavy rail infrastructure for the first time. Investment in metro systems is expected to increase from 7% of total investments between 2000 and 2020 to 10% from 2020 to 2035. Other than that, we don’t see a significant shift in the pattern of infrastructure spending.  

    Maintenance is crucial for transport infrastructure, guaranteeing assets’ durability, safety, and effectiveness. Studies show that every dollar invested in maintenance saves $4-$5 later required for reconstruction. 

    However, there’s a worrying trend of underinvestment in maintenance. This underinvestment will likely persist. On average, maintenance costs for transport infrastructure are expected to represent approximately 24% of total investment expenses from 2020 to 2035. 

    Nonetheless, maintenance expenditures differ across various modes and countries. New construction projects often receive significant media and political attention, but maintenance initiatives, which are vital for the long-term viability of transport infrastructure, are usually overlooked and go underfunded. 

    Regrettably, the issue of insufficient maintenance funding is a persistent challenge in Asia.    
     

    With nearly 1.8 billion people lacking access to transport infrastructure in Asia, countries are rapidly building infrastructure. But even with a $43 trillion investment by 2035, the infrastructure gap with the global North will continue to exist.

    By 2035, Asia’s average transport infrastructure per capita is projected to still be 70% lower than current levels in wealthier countries, as measured by OECD country levels. However, the silver lining is that we will bridge the gap in specific modes at a lower income level. 

    For example, the average availability of urban rapid transit per capita in Asia and the Pacific is expected to double, rising from 6 kilometers in 2020 to 12 kilometers per million people by 2035. OECD countries had similar access back in 2013, having a GDP per capita nearly four times higher. 

    Maintaining a sustained annual investment rate of 2.3% of GDP is a challenge in itself. Identifying who will provide that investment is another complex question. While infrastructure development offers clear socio-economic benefits, investments in this area have declined as a percentage of GDP. 

    This shift raises concerns, especially given the limited involvement of private funding in the region’s infrastructure development. Historically, governments have been the leading financiers. 

    However, the aftermath of COVID-19 has strained public finances and increased debt burdens. Public-private partnerships show potential but have not expanded enough to meet the growing transport infrastructure demands. 

    There is an urgent need for a significant increase in private investment to bridge this gap. Attracting such capital depends on the government’s ability to create a more favorable regulatory and planning environment.  

    Moreover, there is considerable potential for optimizing public infrastructure investments. Governments should explore alternative funding methods, such as raising user fees, leveraging land value, and adopting innovative financing techniques.

    Strategic investments, regulatory reforms, and innovative funding solutions are essential to ensuring Asia’s transport infrastructure meets future demands.

    The Asian Transport Observatory was developed by the Asian Development Bank to strengthen the knowledge base on transport in Asia and the Pacific, and to support better informed investments and policies in the sector.
     

    MIL OSI Economics

  • MIL-OSI Economics: Thales reports its 2024 full-year results

    Source: Thales Group

    Headline: Thales reports its 2024 full-year results

    • Order intake: €25.3 billion, up 9% (+6% on an organic basis1)
    • Sales: €20.6 billion, up 11.7% (+8.3% on an organic basis)
    • Adjusted EBIT2: €2,419 million, up 13.4% (+5.7% on an organic basis)
    • Adjusted net income, Group share2: €1,900 million, up 7%
    • Consolidated net income, Group share: €1,420 million, up sharply by 39%
    • Free operating cash flow from continuing operations 2,3: €2,142 million, up 9%
    • Free operating cash flow2: €2,027 million, stable against 2023
    • Dividend4of €3.70 per share, representing 40% of Adjusted net income, Group share
    • Non-financial performance: steady progress towards medium to long-term targets
    • 2025 objectives:
      • Book-to-bill5above 1
      • Organic sales growth of between +5% and +6%, corresponding to sales between €21.7 billion and €21.9 billion
      • Adjusted EBIT margin between 12.2% and 12.4%

    Thales’s Board of Directors (Euronext Paris: HO) met on March 3, 2025 to review the 2024 financial statements6.

    “2024 was once again a year of strong profitable growth for Thales.

    ​Thales, a world leader in advanced technologies in Defence, Aerospace, Cybersecurity and Digital, maintained excellent sales momentum throughout the year, achieving a record order intake of more than €25 billion. The record order book provides unprecedented visibility for all our activities.
    ​Sales exceeded the €20 billion mark with organic growth of 8.3%, above expectations. Defence activities, underpinned by an ongoing increase in the Group’s production capacity, the technological excellence of our products and the commitment from all our colleagues, contributed in particular to this performance.
    ​Thales also demonstrated once again its ability to generate profitable growth, with an increase in EBIT in absolute terms and as a percentage, reflecting the strength of its operating leverage.
    ​Thanks to its unique business model based on world-class products, systems and services, Thales generated free operating cash flow of more than €2 billion.
    ​Non-financial performance was also remarkable in 2024. The validity of our CSR strategy was acknowledged as Thales joined the CAC 40 ESG index in 2024.
    ​This historic performance is the result of the unfailing commitment of our 83,000 employees, and I would like to thank them sincerely for their dedication to our clients.

    ​We are starting 2025 with confidence and determination and a positive outlook for the vast majority of our activities. Thales presented its new strategic roadmap in November 2024. By drawing on its unique leadership positions serving growing markets and its ability to innovate and anticipate technological breakthroughs, the Group affirms its ambition to deliver accelerated, profitable and sustainable growth over the coming years, starting in 2025.”

    Patrice Caine, Chairman & Chief Executive Officer

    Key figures

    Order intake for the 2024 financial year increased by 9% compared with 2023 at €25,289 million and by +6% on an organic basis (i.e. at constant scope and exchange rates). Commercial performance was once again supported by strong demand in the Defence segment and by continued sustained momentum in the Aerospace segment. As at 31 December 2024, the consolidated order book amounted to nearly €51 billion, a record level, up by nearly €5.4 billion compared with the end of 2023.

    Sales totaled €20,577 million, up 11.7% from 2023 (+8.3% in organic growth). This robust growth reflects in particular the solid performance of the Defence business throughout the year.

    Adjusted EBIT7 stood at €2,419 million in 2024 (11.8% of sales), compared with €2,132 million (11.6% of sales) in 2023, an increase of 13.4% (+5.7% organic change).

    At €1,900 million, Adjusted net income, Group share7 was up +7% compared to 2023.

    Consolidated net income, Group share, stood at €1,420 million, up sharply by +39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme. These commitments were transferred to Rothesay at the end of 2023.

    Free operating cash flow from continuing operations7,9 amounted to €2,142 million, compared with €1,968 million in 2023. Including the contribution of discontinued operations, free operating cash flow7 amounted to €2,027 million, compared with €2,026 million in 2023.
    ​Calculated on the basis of the scope of continuing operations, the cash conversion ratio of Adjusted net income, Group share, into operating free cash flow was 114%. This once again exceptional performance, which saw the cash conversion ratio exceed 100% for the fifth consecutive year, reflects the excellent momentum of new orders, the phasing effects on cash inflows related to contracts’ execution and the continued Group’s mobilization of its CA$H! plan aimed at optimizing this conversion ratio.

    In this context, the Board of Directors decided to propose the payment of a dividend of €3.70 per share, corresponding to a payout ratio of 40% of the Adjusted net income, Group share. An interim dividend of €0.85 per share was paid on December 5, 2024. The balance of €2.85 will be paid on May 22, 2025.

    Order intake

    Order intake for the 2024 financial year totaled €25,289 million, up 9% from 2023 in total change and up +6% at constant scope and exchange rates11. For the fourth consecutive year, the order intake was more than 20% higher than sales (book-to-bill). Thebook-to-bill ratio was 1.23, flat against 2023, and 1.28 excluding the Cyber & Digital business, where the order intake is structurally very close to sales.

    In 2024, Thales signed 35 large orders with a unit value of over €100 million, representing a total of €8,674 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles.
    • Eight large orders booked in Q2 2024:
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition.
    • Seven major orders recorded in Q3 2024:
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of Lightweight Multi-role Missiles (LMM) to strengthen Ukraine’s air defence capabilities;
      • Order of LMM for the British armed forces;
      • Order for the supply of Ground Fire multifunction radar and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program.
    • Sixteen large orders booked in Q4 2024:
      • Order for the supply of a satellite for the European Space Agency’s EnVision scientific mission to understand the planet Venus;
      • Contract amendment signed with OHB System for the payload of the third satellite of the European CO2M mission focused on CO2 emissions generated by human activity;
      • Amendment to the contract with the European Space Agency for the development of the ESPRIT communications and refueling module for the future lunar space station, Gateway;
      • Order for the development of the world’s first quantum key distribution (QKD) system from geostationary orbit, in collaboration with Hispasat;
      • Contract with the Mohammed Bin Rashid Space Centre to develop the Emirates Airlock Module on board the future lunar space station Gateway;
      • Entry into force of the contract for the supply of 12 Rafale to Serbia;
      • Order from Naval Group for the supply of equipment for the submarine delivery contract in the Netherlands;
      • Order under the AJISS contract to provide In-Service Support to Royal Canadian Navy ships;
      • Order for the development and production of 430 new-generation MICA-NG interception, combat and self-defence missile seekers;
      • Order from the UK Ministry of Defence for the development and preparation of large-scale production of STARStreak HVMs (High Velocity Missiles) for the armed forces;
      • Order from the French Air Navigation Services Directorate (DSNA) aimed at improving the 4-Flight air traffic management system;
      • Amendment to the CONTACT contract with the DGA providing the armed forces with a range of software-defined radios designed for collaborative combat;
      • Order from the UK Ministry of Defence to ensure the permanence and maneuverability of the Royal Navy’s operational communications;
      • Order from the DGA as part of the SYRACUSE IV program to equip the French army’s SCORPION vehicles with Thales’ secure satellite communications solution;
      • Order from the DGA for the design, delivery and maintenance of a resilient communication system;
      • Order from the DGA to produce an encryption key management and distribution system and key injector for the Ministry of the Armed Forces.

    With a total amount of €16,615 million, order intake with a unit value of less than €100 million continued to record favorable momentum.

    Geographically12, order intake in mature markets amounted to €19,010 million, very close to that recorded in 2023, which though included the £1.8 billion MSET contract in the United Kingdom. Sales momentum elsewhere was also solid, particularly in the rest of Europe (up by 16% on an organic basis) and in Australia and New Zealand (up by 13% on an organic basis). Order intake in emerging markets was up sharply in 2024, amounting to €6,279 million (+39% at constant scope and exchange rates) thanks to continued strong momentum in the Near and Middle East (with an organic increase of 80%).

    Order intake in the Aerospace segment totaled €6,434 million compared to €5,606 million in 2023 (+14% at constant scope and exchange rates). This solid growth reflects several trends.

    • The different segments of the Avionics market continued to record sustained demand in 2024;
    • The Space business posted sustained growth in order intake, including five orders with a unit value of more than €100 million recorded in the fourth quarter, four of which in OEN (Observation, Exploration & Science and Navigation) activities.
    • At December 31, 2024, the segment’s order book stood at €10.5 billion, up 13% from 2023.

    At €14,723 million compared to €13,944 million in 2023, order intake in the Defence segment set a new record (+5% at constant scope and exchange rates). The book-to-bill ratio was 1.34, above 1.2 for the sixth consecutive year. This high level is explained by continued strong demand in all activities, with twenty-seven contracts with a unit value of more than €100 million recorded in 2024. The segment’s order book reached a new record at €39.2 billion (up 12%), corresponding to 3.6 years of sales, offering strong visibility for the years ahead.

    At 4,032 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

    Sales

    Note: full-year 2023 figures have been restated to reflect the transfer of cyber civil activities from the Defence segment to the Cyber & Digital segment.

    Sales for the 2024 financial year totaled €20,577 million, compared to €18,428 million in 2023, up 11.7% in total change and 8.3% in organic terms (at constant scope and exchange rates14), driven in particular by the robust performance of the Defence segment.

    Geographically15, sales recorded solid growth in both mature markets (+7.9% in organic terms) and emerging markets (+9.6% in organic terms), driven by double-digit growth in Asia.

    Sales in the Aerospace segment totaled €5,471 million, up 4.8% from 2023 (+2.9% at constant scope and exchange rates). Momentum in this segment reflects contrasting trends:

    • The Avionics business posted mid-single digit organic growth in 2024, notably driven by strong momentum in both original equipment activities and aftermarket services, with a return to pre-Covid levels in air traffic. However, as expected, the fourth quarter was impacted by delays in aircraft deliveries to airlines, which postponed in-flight entertainment (IFE) sales;
    • As expected, sales were almost flat in the Space business. The telecommunications segment continued to be impacted by structurally lower demand in the geostationary satellite market. Conversely, trends remain positive for OEN activities.

    Sales in the Defence segment totaled €10,969 million, up 13.9% from 2023 (+13.3% at constant scope and exchange rates). This strong growth came against a backdrop of steady growth in the Group’s production capacity, enabling it to meet high demand in all product lines. Growth was notably driven by land and air systems, such as tactical vehicles and systems or surface radars. The fourth quarter of 2024 also benefited from favorable cut-off effects.

    At €4,024 million, sales in the Cyber & Digital segment increased by 1.4% at constant scope and exchange rates (and +14.8% in total change including the positive scope effect of the acquisitions of Imperva and Tesserent). This moderate organic sales growth reflects different trends depending on the activities:

    • Strong momentum continued for cyber businesses, including a strong performance from Imperva;
    • Against a high comparison basis in 2023, payment services sales were impacted by destocking by our customers in North America;
    • Lastly, the digitalization of secure connectivity solutions maintained its strong growth. Sales generated in fully digital connectivity solutions (including eSIMs and on-demand connectivity platforms) recorded double-digit organic growth and accounted for more than half of sales of this secure connectivity solutions business in 2024.

    Results

    For 2024, the Group posted Adjusted EBIT16 of €2,419 million, or 11.8% of sales, compared to €2,132 million (11.6% of sales) in 2023.

    The Aerospace segment recorded Adjusted EBIT of €391 million (7.2% of sales), compared with €369 million (7.1% of sales) in 2023. The segment’s Adjusted EBIT margin is driven by the Avionics business, which posted a double-digit margin and improving, including the contribution of Cobham AeroComms. However, Space activities weighed on the segment’s margin, recording as expected a negative Adjusted EBIT margin in 2024 resulting from several factors: an expected increase in R&D spending, restructuring costs linked to the adaptation plan announced in March 2024 and the impact of inflation not reflected on past contracts.

    Adjusted EBIT for the Defence segment amounted to €1,432 million, compared with €1,270 million in 2023 (an increase of +13.0% at constant scope and exchange rates). The margin for this segment was stable at 13.1%, compared to 13.2% in 2023.

    At €585 million (14.5% of sales), Adjusted EBIT in the Cyber & Digital segment recorded solid growth in both value and margin. The improvement in profitability was notably due to the successful integration of Imperva and the robust margin on payment services and secure connectivity solutions for mobile networks in highly competitive markets.

    Naval Group’s contribution to the Group’s Adjusted EBIT amounted to €93 million in 2024, compared with €91 million in 2023.

    At -€166 million, compared with €2 million in 2023, net financial interest increased sharply, as expected. This increase was mainly linked to the substantial rise in debt following the acquisitions made in 2023. Other adjusted financial income16 stood at €35 million in 2024 versus -€37 million in 2023, reflecting the exceptional positive impact of dividends on non-consolidated affiliates and foreign exchange gains. The adjusted financial expense on pensions and other long-term employee benefits16 improved significantly (-€49 million compared with -€76 million in 2023), reflecting the removal of the interest expense following the transfer of UK pension obligations in December 2023.

    At €21 million, compared with €105 million in 2023, the Adjusted net income, Group share, from discontinued operations16 was in line with trends in the Transport business, which was sold on May 31, 2024.

    As a result, Adjusted net income, Group share16 was €1,900 million, compared to €1,768 million in 2023, after an adjusted income tax charge16 of -€427 million, compared to -€370 million in 2023. At 20.4% in 2024 compared to 20.1% in 2023, the effective tax rate was stable.

    The Adjusted net income, Group share, per share16 amounted to €9.24, up 9% from 2023 (€8.48).

    Consolidated net income, Group share, stood at €1,420 million, up 39% from 2023. This increase can be explained notably by the recognition in 2023 of a non-current and non-recurring expense linked to the implementation of insurance coverage for the Group’s commitments under the Thales UK Pension Scheme.

    Financial position at December 31, 2024

    Free operating cash flow17 amounted to €2,027 million compared to €2,026 million in 2023. It included a contribution of €2,142 million from continuing operations and -€116 million from discontinued operations. For continuing operations, the cash conversion ratio of Adjusted net income, Group share, into free operating cash flow was 114%.

    The net balance of acquisitions and disposals of subsidiaries and affiliates amounted to €359 million. Under its acquisition strategy, the Group completed two major operations in 2024:

    • The acquisition (on April 2, 2024) of Cobham Aerospace Communications, a leading supplier of cutting-edge technologies enabling flexible, integrated and more-autonomous avionics systems, based primarily in the United States and generating sales of approximately $200 million in 2023 (see press releases dated July 12, 2023 and April 2, 2024);
    • The sale (on 31 May 2024) to Hitachi Rail of the Transport business, a global leader in rail signaling and train control systems, telecommunications and supervision systems, and fare collection solutions (see press releases dated August 4, 2021 and May 31, 2024). This business generated sales of €1,822 million in 2023.

    As part of the share buyback program covering a maximum of 3.5% of the capital announced in March 2022 and completed in March 2024, 1,245,757 shares were repurchased during 2024, representing 0.6% of the share capital, for €176 million. The Group repurchased a total of 7,469,396 shares under this program, 3.5% of the share capital.

    At December 31, 2024, net debt amounted to €3,044 million compared with €4,190 million at December 31, 2023. This decrease reflects the impact of free operating cash flow generation, acquisitions and disposals for -€359 million (€3,464 million in 2023), the payment of €708 million in dividends (€634 million in 2023), new lease liabilities for €143 million (€166 million in 2023) and the share buyback program.

    Equity, Group share amounted to €7,515 million, compared with €6,830 million at December 31, 2023. This increase reflects the positive contribution of consolidated net income, Group share (€1,420 million) less the dividend payout (-€708 million) and share buybacks (-€176 million).

    Non-financial performance

    In line with its corporate purpose of “Building a future we can all trust”, Thales has set itself the ambition in terms of Corporate Social Responsibility (CSR): to contribute to a safer, greener and more inclusive world. First, the Group will seek to maximize the contribution of its portfolio of solutions to the planet and society. Secondly, Thales has set itself ambitious targets on three main priorities:

    • The fight against global warming;
    • Strengthening gender diversity at all levels;
    • The implementation of the best standards in terms of ethics and compliance.

    In terms of the fight against global warming, scope 1 & 2 CO2 emissions fell by 56.8% in 2024 compared to 2018 and scope 3 emissions fell by 24.7% compared to 2018. The Group has thus achieved its 2030 targets ahead of schedule for the second consecutive year. The absolute value reduction targets for carbon footprint remain relevant for 2030 given the Group’s growth prospects. To raise employee awareness to climate change and its impacts on society and on the Group, a voluntary training named “Thales Climate Passport” was deployed in 2024 with the aim of training 50% of managers. Over 67.4% of managers, representing around 35,000 employees, completed this training course in 2024, demonstrating the great success of this training.

    With regard to strengthening diversity, Thales has set itself an ambitious target for 2026 to have 75% of management committees with at least 4 women. Thus, at the end of 2024, 61.5% of the Group’s management committees had at least 4 women, compared to 52.6% at the end of 2023. The highest levels of responsibility comprised 21.1% women at the end of 2024[1]; a performance in line with the Group’s trajectory to reach the set goal of 22.5% by 2026 (compared to 20.4% at the end of 2023 and 16.6% at the end of 2018).

    In the area of ethics and compliance, 100% of employees concerned by the 2024 anti-corruption training campaign have been trained, demonstrating the Group’s continuous commitment to train all employees potentially exposed to risk situations. In 2024, the ISO 37001 certification “Anti-bribery management systems” was renewed for 3 years and extended to Germany, Australia, and New Zealand after Canada and the United States in 2023, and the United Kingdom and the Netherlands in 2022. Thus, in 2024, the revenue generated by certified entities represents 64% of the Group’s revenue (vs. 58% in 2023).

    [1] Percentage of women in the total workforce: 27.4%.

    Proposed dividend

    The Board of Directors decided to propose to the shareholders, who will convene at the Annual General Meeting on May 16, 2025, the payment of a dividend of €3.70 per share. This corresponds to a payout ratio of 40% of the Adjusted net income, Group share, per share.

    If approved, the ex-dividend date will be May 20, 2025, and the payment date will be May 22 2025. This dividend will be paid fully in cash and will amount to €2.85 per share, after deducting the interim dividend of €0.85 per share paid in December 2024.

    Outlook

    Thales is embarking on 2025 with confidence, bolstered by good visibility in the vast majority of its activities.

    In 2025, the Avionics business will be driven by both the original equipment and aftermarket services activities, the continued growth of the Cobham AeroComms business, and the gradual recovery of the IFE business. In the Space business, the outlook remains positive, particularly in the Observation, Exploration & Science, Navigation and military telecommunications activities. However, the structural weakness of demand in the geostationary satellite market will dampen the growth of this activity. Thales will continue to implement its cost adaptation plan, with the objective of an Adjusted EBIT margin of 7%+ in the Space business in 2028.

    The Defence segment, which enjoys a record order book, will be further supported by strong demand in 2025, against a backdrop of increasing military spending, particularly in the geographical areas where the Group operates. With the increase in its production capacity over the past several years and a portfolio of premium solutions incorporating differentiating leading technologies, Thales is ideally positioned to meet its customers’ needs.

    Lastly, the Cyber and Digital segment will benefit from positive momentum in 2025, supported by Thales’ unique positioning and leadership. The continued development of Imperva will strengthen the differentiating value proposition in cybersecurity activities in order to take advantage of the buoyant environment. The payment services business is also expected to gradually return to growth.

    The Group expects net investment expenses to slightly exceed €700 million in 2025 (after €617 million in 2024) to meet the need to increase production capacity, particularly in the Defence business.

    As a result, Thales sets the following targets for 2025:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €21.7 billion to €21.9 billion;
    • An Adjusted EBIT18 margin between 12.2% and 12.4%, up 40 to 60 basis points from 2024.

    The Group also expects to maintain a high cash conversion ratio of between 95% and 100% in 2025.

    Note: assuming no new major disruptions of macroeconomic and geopolitical context; including tariff increase.

    Impact of new tax measures in France

    Following the adoption of the 2025 budget, which introduces various tax changes, the impacts for the Thales Group are as follows:

    • An additional tax expense of ~€80 million related to the temporary additional corporate tax charge, giving rise to an additional tax of 41.2% in 2025, resulting in an overall tax rate of 36.13% (instead of the current rate of 25.83%);
    • ~€8 million in taxes payable on share cancellations made in October 2024 as part of the share buyback program.

    The temporary additional contribution to corporate tax for Naval Group could have a negative impact of around €8 million on Thales’ Adjusted EBIT in 2025.

    These different impacts will represent an equivalent cash outflow in 2025.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).


    1 In this press release, “organic” means “at constant scope and exchange rates”. See note on methodology on page 18 and calculation on page 23.

    2 Non-GAAP financial indicators, see definitions in the appendices, page 18. The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.

    3 Operating free cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.

    4 Proposed to the Annual General Meeting on May 16, 2025.

    5 Ratio of order intake to sales.

    6 As at the date of this press release, the verification process on the sustainability information is ongoing. With the exception of the possible impact of the conclusions of this process, the audit procedures have been carried out. The audit report will be issued following the Board of Directors’ meeting on April 2, after the finalization of the procedures related to sustainability information.

    7 Non-GAAP financial indicators, see definitions in the appendices, page 18.

    8 Proposed to the Annual General Meeting on May 16, 2025.

    9 Free operating cash flow from continuing operations, excluding the Transport activity sold on May 31, 2024.

    10 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.

    11 Taking into account a currency effect of €49 million and a net scope effect of €625 million.

    12 See table on page 22.

    13 Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries. See table on page 22.

    14 The calculation of the organic change in sales is shown on page 23.

    15 See table on page 22.

    16 Non-GAAP financial indicator, see definition in the appendices, page 18 and calculation, pages 20 and 21.

    17 Non-GAAP financial indicator, see definition in the appendices, page 18.

    18 The title “EBIT” has been amended to “Adjusted EBIT”, in accordance with ESMA’s recommendation.The definition remains unchanged.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: PRESS RELEASE – Samoa Airways Denies Defamatory Remarks and Condemns False Accusations

    Source: Government of Western Samoa

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    Apia, Samoa – February 20, 2025 – Samoa Airways vehemently denies recent defamatory remarks made by Mau Hunt on Facebook, which have caused harm to the reputation of the national airline, its CEO and its dedicated staff.

    These false and baseless accusations have no grounds and are categorically rejected by the airline’s management.

    In a series of social media posts, Mau Hunt falsely alleged that Samoa Airways CEO, Mr. Fauoo Taua FatuTielu, holds shares in Talofa Airways while serving in his role as the CEO of the national carrier.

    These remarks are entirely unfounded and malicious, designed to undermine the leadership and integrity of Samoa Airways.

    Mr. Tielu, along with all members of Samoa Airways’ management, operates with the highest standards of professionalism and ethics.

    Furthermore, Hunt’s accusations against the airline’s pilots and management regarding drug testing are also false and defamatory. Samoa Airways maintains strict compliance with aviation safety regulations and conducts routine drug and alcohol testing in accordance with industry standards to ensure the safety and well-being of passengers and staff.

    These unwarranted claims about drug testing procedures are misleading and baseless.

    Additionally, the claim that Samoa Airways has transported an “empty coffin with drugs” is utterly absurd and harmful. Such allegations are not only defamatory but completely without merit. Samoa Airways has always upheld the highest standards of safety, responsibility, and ethical conduct in all operations.

    Samoa Airways strongly condemns these defamatory remarks, and we are particularly concerned that since these false claims have been publicly shared, they have the potential to mislead the public and harm the reputation of the airline.

    Unfortunately, many individuals now believe these dangerous, unsubstantiated accusations, which could have serious consequences.

    We urge those who have come across this misinformation to disregard it, as it has no basis in fact. Legal action is already underway, with the airline’s legal counsel having filed a formal case with the police.

    These false claims will form part of the ongoing investigation.

    We are confident that the truth will prevail and that those responsible for spreading this harmful misinformation will be held accountable.

    We also urge the public to be cautious when consuming second-hand information, especially from individuals who have no credible sources or factual basis for their claims. The spread of such reckless and damaging information can cause significant harm and confusion.

    We advise the public to rely on trusted, verified sources

    rather than the uneducated opinions of those who seek to tarnish reputations without evidence.

    Samoa Airways remains committed to providing safe, reliable, and excellent services to the people of Samoa.

    The airline’s leadership and staff continue to work tirelessly to ensure that the national carrier represents the values of integrity, professionalism, and transparency.

    END.

    SOURCE – Samoa Airways

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    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Students of SPbGASU were invited to practice at Rosatom

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Marina Malyutina

    In 2025, the Russian nuclear industry will celebrate its 80th anniversary. In honor of this event, the Center for Student Entrepreneurship and Career at SPbGASU organized a lecture for students by representatives of the St. Petersburg Design Institute, a branch of JSC Atomenergoproekt, which is part of the State Atomic Energy Corporation Rosatom and is engaged in the design and construction of nuclear power facilities in our country and abroad.

    Marina Malyutina, Vice-Rector for Youth Policy at SPbGASU, on behalf of the university management thanked Atomenergoproekt for their long-term cooperation: organizing internships, holding career guidance meetings, launching training courses, and hiring graduates. Marina Viktorovna is confident that engineering professions and, in particular, the profession of a civil engineer, are in great demand today. It is better for young specialists to start their careers in a large state corporation, where they can gain new knowledge and integrate into the corporate environment.

    Andrey Khlyzov

    Andrey Khlyzov, Deputy Head of Technological Directorate-2, spoke about the past, present and future of the nuclear industry. He reported that 360-370 thousand people work in the Rosatom corporation. Its traditional product is nuclear energy. The corporation is also diversifying its economic capacities and is engaged in new products, including a scientific complex, development of the Northern Sea Route, wind energy, nuclear medicine, advanced materials and technologies, etc. The geography of the projects is very extensive: 22 units are at the implementation stage in seven countries.

    “Rosatom has no competitors. We are leaders, our projects are cheap and safe,” the speaker said.

    Andrey Nasedkin, Head of the Department of Integrated Design of Security Systems from Technological Directorate-1, introduced the students to the main stages of design work. The students were particularly interested in the possibility of undergoing practical training in the departments of integrated design, where the “heart” of the nuclear power plant – the nuclear island – originates.

    Musalan Suleimanov, Head of the Construction Department, informed about the work of the division he heads. The department unites one architectural and four construction departments, a metal structures department, an estimate department, a research and calculation-theoretical department of building structures, a department for designing fire safety measures, civil defense and emergency situations, a group for geotechnical calculations and analysis of the interaction of NPP structures with soil, a group for production support and production control and analysis.

    “A modern nuclear power plant that comes from our “pen” will withstand the fall of a large commercial aircraft at a speed of 400 meters per second, an earthquake of up to nine points, additional impacts – internal explosions, external explosions, tornadoes, extreme weather conditions. We even designed a building on a geotechnical fault. That is, we justified to the strictest Finnish regulator – and, by the way, he accepted this justification – the possibility of building a nuclear power plant on an existing geotechnical fault,” said Musalan Suleimanov.

    Students had the opportunity to communicate directly with professionals. They asked about the conditions of internship, salary levels, and the support that young professionals receive.

    The speakers emphasized that Rosatom needs good engineers. It takes four to five years to become one. But after a year, the guys who come straight from university show results. Mentoring is well-developed in the state corporation; new employees do not go through their development path alone. A big plus is that the work is associated with a considerable number of business trips around the world. Here you quickly become a professional, and when you see with your own eyes a facility under construction that will soon provide people with electricity and heat, you feel proud.

    At the end of the meeting, the students played the “Atomic Quiz” and received corporate gifts from Atomenergoproekt. The meeting broadened their professional horizons and encouraged them to think about building a career at Rosatom.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: From Childhood to Career: How the Educational Verticals Project Helps Schoolchildren Decide on a Profession

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    There are kids in Moscow who have been conducting scientific research, creating smart technology and speaking at conferences since they were 13. They go to regular schools, but study from the seventh to the ninth grade under a special program of the city project “Educational verticals”It has been implemented since 2018 and helps to choose the direction of future activities in advance, to enter a specialized or pre-professional class.

    The project has already been joined more than 87 thousand children from 465 schoolsThere are currently three verticals in the capital: mathematics, information technology (IT), and natural sciences.

    About enrollment in the project and how it helps find your life’s work – in the mos.ru article.

    “Mathematical vertical”: for any profession

    The first in the project was “Mathematical vertical”: schools began implementing it in 2018. In 2025, more than 51 thousand children in 460 educational institutions are studying under this program.

    “The mathematical direction, perhaps the most popular, opens up the broadest prospects for teenagers. After the ninth grade, they can go to almost any pre-professional classes: engineering, IT, entrepreneurship. Knowledge of practical mathematics is necessary for athletes, art historians, and musicians,” says the curator of the “Mathematical Vertical” School No. 1502 “Energy” Galina Bezrukova.

    The main condition for admission to the vertical is to study well. At the end of the sixth grade, children undergo testing (diagnostics) by the Moscow Center for Education Quality (MCEQ) in mathematics and functional literacy – the ability to navigate a large amount of information, deeply analyze text and apply mathematical knowledge in practice. For example, one of the tasks may be: “Determine which theater has cheaper tickets and how to get there faster.” Annual diagnostics are mandatory for all schoolchildren, but to become a vertical student, sixth-graders need to pass all tests with a good or excellent grade.

    Even before the MCCO, teachers pre-select those who will be suitable for the vertical program. They pay attention to children who not only study well, but also attend math or IT clubs and participate in Olympiads from elementary school. Parents of these children are advised to think about enrolling in the project. In the first year of the vertical, the student finally decides whether he has chosen the right direction Natalya Vorobyeva, curator of the Mathematical Vertical and IT Vertical projects at the Institute for the Development of Profile Education at the Moscow City Pedagogical University (MCPU)

    Schools that have educational verticals form one or more classes for project participants. Those who chose the “Mathematical Vertical” have four to five hours of algebra, two to three hours of geometry, one to two hours of probability and statistics, and two hours of additional classes after school.

    The teaching aids used in the project are distinguished not only by their scientific nature, that is, respect for the subject, but also by their accessibility, that is, respect for the student. Complex things are explained in the simplest possible way. Each section contains practical, life-related tasks. Therefore, learning is exciting, and when a child is interested, he does not notice the increased workload Galina Bezrukova, curator of the “Mathematical Vertical” of school No. 1502 “Energy”

    Nine universities participate in the “Mathematical Vertical”. Among others are the Lomonosov Moscow State University, the National Research University Higher School of Economics, and the Bauman Moscow State Technical University. University teachers conduct master classes for children, teach them how to write project papers, and suggest research topics.

    “IT-vertical”: for those who want to become a programmer and inventor

    “IT-vertical” has existed since 2022. 194 schools and about 12 thousand teenagers participate in this project.

    Those who entered the IT-vertical class at our school study eight hours of mathematics and two hours a week of computer science, programming, and technology. In technology classes, children study modeling and prototyping, and from the eighth grade, electronics and microprocessor technology are added. In addition, project participants are required to attend at least two clubs, for example, robotics, project activities, or the basics of creating devices for a smart home Roman Koltunov, curator of the IT-vertical, school No. 444

    The project is cooperating with 12 Moscow universities, including the National University of Science and Technology “MISIS”, MIREA – Russian Technological University, I.M. Sechenov First Moscow State Medical University, and N.I. Pirogov Russian National Research Medical University. Teachers from these educational institutions guide the students and suggest ideas for development.

    “Two ninth-grade students from School No. 444, Kamila Sabirova and Taisiya Yablonovskaya, for example, created a device for brewing tea: boiling water is poured into a glass, a robotic hand dips a tea bag into it, and a person, meanwhile, sets the parameters for the strength of the drink in the program,” a mos.ru source shared.

    And ninth-graders from the same school, Nikolai Valchuk and Daniil Devyaterikov, invented a home flight simulator for future pilots. The engine control levers, made similar to those used in airplane cockpits, are connected to a computer, and a novice specialist can train without leaving his room.

    “Since early childhood, I have loved programming and assembling things with my own hands, and I am interested in the aviation industry. My dream is to make an ion engine that can be used in space satellites. It works from a cylinder with inert gas, and is wear-resistant. In the near future, I hope to complete this development and test it on a small boat,” explains Nikolai Valchuk, a ninth-grader at School No. 444.

    “Natural Science Vertical”: Future Doctors and Ecologists

    “Natural Science Vertical” appeared in schools in 2022. More than 17 thousand students in 253 schools study under this program. The knowledge will be useful in medicine, pharmaceuticals, psychology, energy industry, genetics, ecology. The project partners are 10 universities, in particular the First Moscow State Medical University named after I.M. Sechenov, the Russian National Research Medical University named after N.I. Pirogov, Peoples’ Friendship University of Russia, Moscow State Pedagogical Univ.

    In the natural science vertical classes, schoolchildren have more hours of physics, chemistry and biology than in a regular class. Moreover, chemistry starts not in the eighth grade, but in the seventh. In addition, teenagers have additional courses in natural science, which are allocated at least an hour a week. The guys devote the same amount of time to project-research activities. Since the age of 13, they have been speaking at city scientific and practical conferences Elena Semyashova, curator of the Natural Science Vertical project at the Institute for the Development of Specialized Education at Moscow State Pedagogical University

    So, inschool #2070 named after Hero of the Soviet Union G.A. Vartanyan Children in the seventh grade stay after school for classes on plant and animal physiology, and in the ninth grade – on inorganic synthesis.

    This year, the project participants prepared 28 scientific papers on human anatomy and physiology. For example, they found out that in-ear headphones contribute to the development of ear infections. It turned out that almost none of the respondents treat the device with an antiseptic. Based on the results of the testing, the children wrote a memo on the use of headphones and placed it in the hallway Olesya Lukinskaya, curator of the Natural Science Vertical at School No. 2070

    One of the students in the Natural Science Vertical class at this school, eighth-grader Victoria Fedyanova, conducted a study: she interviewed 50 teenagers, then measured their blood pressure before classes and during tests. It turned out that those who sleep less than seven hours and often experience stress are prone to a 20 percent increase in blood pressure. “I’m thinking of studying to become a doctor, perhaps an endocrinologist. I’m sure that the knowledge I gained through the vertical program will help me enter a university,” Victoria sums up.

    The MES library was used almost 60 million times in a yearPhysics and computer science are among the most popular subjects for schoolchildren to take the Unified State ExamTouch the world of science. How academic classes in Moscow schools prepare future scientistsIndustry and IT sector: the most sought-after sectors for employment in Moscow have been named

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/150878073/

    MIL OSI Russia News

  • MIL-OSI Canada: Main runway at Erik Nielsen Whitehorse International Airport scheduled for completion in 2025

    Main runway at Erik Nielsen Whitehorse International Airport scheduled for completion in 2025
    zaburke

    Subject to legislative approval, the Government of Yukon is investing $7.5 million as part of Budget 202526 to complete the final phase of the Erik Nielsen Whitehorse International Airport main runway reconstruction. This critical investment will ensure long-term reliability and safety at one of the territory’s most vital transportation hubs.

    The multi-year runway reconstruction project began in summer 2023 and has remained on schedule. The final phase of work is scheduled to begin in spring 2025, with completion expected in fall 2025. This year, crews will reconstruct the south half of the main runway, following the successful reconstruction of the north half in 2024.

    Careful planning and mitigation efforts have minimized disruptions throughout construction, allowing the airport to continue operating efficiently. Runway reconstruction has supported an increase in passenger traffic at Erik Nielsen Whitehorse International Airport, which increased 22.5 per cent in 2024 compared to 2023. This surpassed the pre-pandemic peak of 2019 by 7.7 per cent and marked a record year of arrivals.

    In addition, planning work is underway for the airport maintenance facility replacement, which is critical to the airport’s operation. The new facility is proposed for the east side of the airport, optimizing space for commercial aviation operators. This year, construction will focus on upgrading utilities to support future development in the airport’s east section.

    The Erik Nielsen Whitehorse International Airport is essential to Yukoners’ way of life. Not only does it keep communities connected, it also provides critical support for medical services, helps ensure the delivery of goods and services, empowers tourism and contributes to Arctic security efforts.

    In addition to runway reconstruction, other recent airport upgrades that have benefitted passengers include the opening of a new airport restaurant, in partnership with Air North, Yukon’s Airline and new signage acknowledging the Traditional Territories of the Ta’an Kwäch’än Council and Kwanlin Dün First Nation.

    MIL OSI Canada News

  • MIL-OSI USA: Senator Markey Urges Commerce Committee to Investigate Musk’s Airline Safety Claims

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Letter Text (PDF)
    Washington (March 3, 2025) – Senator Edward J. Markey (D-Mass.), member of the Senate Committee on Commerce, Science, and Transportation, today wrote to Commerce Committee Chairman Ted Cruz (R-Texas) and Ranking Member Maria Cantwell (D-Wash.) urging them to hold a hearing to investigate Elon Musk’s recent statements regarding the safety of the Federal Aviation Administration’s (FAA) Air Traffic Control System. Last week, Elon Musk posted on X suggesting that the FAA’s Air Traffic Control communications system “is single digit months to catastrophic failure, putting air traveler safety at serious risk.”
    In the letter, Senator Markey wrote, “Given Musk’s far-reaching role within the U.S. government and his recent involvement with the FAA’s information technology systems, Musk’s comments could understandably cause panic among air travelers. This Committee has worked diligently over the past few years to improve aviation safety, including in last year’s FAA Reauthorization Act, but the traveling public is understandably experiencing heightened anxiety about air travel after several recent and tragic plane crashes. Although the FAA’s information technology systems need modernization, Musk’s alarmist rhetoric appears extreme. If he has discovered new vulnerabilities in the FAA’s Air Traffic Control system, the Committee should know about such information immediately. If Musk cannot provide evidence of his claims, it raises serious questions about whether he is using his role as a senior government official to enrich his company SpaceX, currently competing for FAA contracts. In either case, the Commerce Committee has a responsibility to immediately hold a public hearing to investigate Musk’s claims on behalf of the American public.”
    On February 26, Senator Markey wrote to Chris Rocheleau, Acting Administrator of the FAA with questions about the FAA’s recent decision to deploy three Starlink terminals, which provide broadband internet connectivity through a satellite network, from Elon Musk’s SpaceX. Given Musk’s dual positions as CEO of SpaceX and wide-spread role in the Trump administration, this decision creates at least an appearance of a conflict-of-interest. 

    MIL OSI USA News

  • MIL-OSI China: Shanghai Int’l Machine Tool Exhibition

    Source: People’s Republic of China – State Council News

    Shanghai Int’l Machine Tool Exhibition

    Updated: March 4, 2025 10:02 Xinhua
    Visitors watch a collaborative dual-arm robot demonstration during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. The 2025 Shanghai International Machine Tool Exhibition kicked off on Monday at the National Exhibition and Convention Center in Shanghai. Featuring the participation of about 1,200 domestic and international enterprises from the industry, the exhibition focused on presenting processing solutions tailored for high-demand sectors like new energy vehicles, electronic equipment manufacturing, and aviation equipment. Visitors had the opportunity to explore an array of displays, highlighting core functional components of CNC machine tools, laser processing equipment, sheet metal grinding tools, as well as a variety of related products and cutting-edge technologies. [Photo/Xinhua]
    A visitor (L) talks with a staff member beside a machine tool exhibit during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. [Photo/Xinhua]
    Visitors look at a turning center exhibit during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. [Photo/Xinhua]
    Visitors watch a robot demonstration during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. [Photo/Xinhua]
    A staff member (3rd R) introduces products to visitors during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. [Photo/Xinhua]
    A visitor (1st R) talks with staff members in front of an exhibition booth showcasing key components of machine tools during the Shanghai International Machine Tool Exhibition in Shanghai, east China, March 3, 2025. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI Australia: Sky News Regional Breakfast interview with Rhiannon Elston

    Source: Australian Executive Government Ministers

    RHIANNON ELSTON [HOST]: The Albanese Government has announced it will invest $6 million to improve 11 regional airports in Queensland. The money will be used to upgrade facilities at Hervey Bay, Roma and Gladstone airports and Gympie and Stanthorpe aerodromes as well. Joining me live is Queensland Senator and Assistant Minister for Regional Development Anthony Chisholm. Very good morning to you and we’ll get to that announcement in just a moment. But you’re in Hervey Bay right now as I understand it. How’s the weather looking?

    ANTHONY CHISHOLM [ASSISTANT MINISTER]: Well, it actually looks quite calm here today, Rhiannon. So there’s a bit of a breeze. But I was in Yeppoon yesterday and Hervey Bay today. So I’ve been tracking some of those early towns that were in the path of the cyclone, and they’ve all been taking advice and preparing as best they can. It seems now the risk is further south of here. So I will be heading down to Brisbane later today. But I do get a sense that Queenslanders are taking the advice and preparing as best they can, and the Federal Government are obviously working constructively with the Queensland Government to ensure that we’re as best prepared as possible.

    RHIANNON ELSTON: Okay. The Federal Government has announced more funding for regional airport upgrades across Queensland, but Western Australia and Victoria as well. What exactly is being promised?

    ANTHONY CHISHOLM: We know that for a country as big as ours that we rely on aircrafts to get around and we need good quality airports and aerodromes in regional and rural Australia. So that’s what this fund is about. It’s about improving safety, whether that be some places they need good fencing to keep some of the animals out. Others around Gladstone, it’s about a patient transfer facility so that they can get people who may need to travel to Brisbane for medical emergencies. And also upgrading tarmacs and so forth, so that they can be resilient all year round from flooding. So it’s an important program and one that is very popular in regional Australia. And I’m really pleased to be in Hervey Bay today to announce their successful bid for funding around their airport as well.

    RHIANNON ELSTON: Speaking about regional airports and airlines, what about Rex Airlines? Is there any update on what the government plans to do there?

    ANTHONY CHISHOLM: No, it’s obviously a very complex process that’s going through at the moment. We work constructively to ensure that those regional flights were maintained and that regional Australians had the confidence to book an airline ticket, knowing that Rex would continue to fly. I travel to many parts of regional Australia and it’s often only Rex that fly there, so we want to see that second round bid be successful and someone take ownership of Rex. But we understand how important it is and want to see that service continue for regional Australia.

    RHIANNON ELSTON: Yeah. Rex collapsed in part because it couldn’t compete with Jetstar. Now we see Qantas as well investing regionally, bringing more of its Q400 fleet which will increase capacity on some routes. Would the government investing in Rex mean propping it up as well? And is that the best use of taxpayer dollars?

    ANTHONY CHISHOLM: We’ve been clear. We want to see that second round successful in terms of someone taking ownership of Rex. You go to many parts of regional Queensland and indeed regional Australia, and they do pay a lot in airfares. So I think it is important to ensure that we have the right mix of competition to try and keep airfares down. But the reality is for many of the towns that these Rex cover, they are the only ones that fly there. So it’s important that we recognise that. And as a federal government, we want to ensure that service continues. Often when you’re flying Rex, you’ll be seeing an elderly person who is travelling to the city for healthcare, for instance. So that sort of work that Rex does is really important for regional Australia. That’s why the Federal Government wants to ensure that it continues.

    RHIANNON ELSTON: Okay. We just had the member for Hinchinbrook, Nick Dametto, on the program a short time ago. Now, he said the Federal Government’s flood recovery grant system has failed in North Queensland. Many people have been denied payments and neighbours are split on who can get a flood recovery payment and who can’t. Is he right that the system has failed?

    ANTHONY CHISHOLM: I know that Minister McAllister was working really constructively with the Queensland State government, was visiting regularly. I’m sure- I’m happy, I know Nick well. I’d be happy to follow up with Nick and have a chat to him to ensure that we’ve got the best possible advice about what’s happening on the ground. Obviously, Queensland is a big state. It’s impossible to be everywhere, but we want to ensure that we’re doing our part to support those people who have been impacted by weather events up in North Queensland. I know that it does have a devastating impact on communities and we need to be there for the long term, so if there are things we can learn and improve from that, I’d be more than happy to have a chat with Nick about that.

    RHIANNON ELSTON: Okay. Anthony Chisholm, thank you so much for your time this morning.

    ANTHONY CHISHOLM: No worries, Rhiannon. Thank you.

    MIL OSI News

  • MIL-OSI Australia: ABC Capricornia Breakfast interview with Jeremy Jones

    Source: Australian Executive Government Ministers

    JEREMY JONES [HOST]: Well, Senator Anthony Chisholm is in Rockhampton this week. He is the Assistant Minister for Education, Regional Development and Agriculture, and I caught up with him yesterday.

    ANTHONY CHISHOLM [ASSISTANT MINISTER]: We’re helping to open the Keppel Bay Sailing Club new headquarters, which- I’ve seen pictures, it looks absolutely fantastic. And I’m sure it will be a great addition to that community, but also provides opportunity as part of a convention centre that will hopefully drive some more business tourism to the area, which will be fantastic. And then we’re announcing some money for the Rockhampton Council to expand more housing opportunities in this area. So I know that there’s high growth, there’s a lot of people who want to move here, so we want to work with councils where possible to ensure that we can free up land for development. Good for jobs, but also good for those people who want to find a place to live as well.

    JEREMY JONES: That’s exciting that you’re going to be heading to Keppel Bay. We heard a proposal before that they’ve put in to host the sailing for the 2032 Olympics. As Assistant Regional Development Minister, what do you make of that? Do you- would you like to see the Olympics held regionally?

    ANTHONY CHISHOLM: I certainly think that we need to ensure that there’s a strong regional footprint. So we know that the substance of the Olympics will be based in South East Queensland, but I’m really passionate about being an Olympics for the whole of the state and the whole of the country as well. So I think that we should encourage, where possible and where practicable, that we have as many events spread around the state as possible so that all Queenslanders can feel part of it.

    JEREMY JONES: Is that something the Federal Government would support, to see events outside of Brisbane?

    ANTHONY CHISHOLM: The way it works so far is that we’ve contributed some financial backing for some of the facilities. That process is being led by the State Government, though, so we’re always willing to discuss proposals that they put forward, but they’re the lead agency on this. But we want to see a successful Olympics. I want to see that from a Queensland point of view. But we think there’s enormous opportunity for how we position the country – Queensland’s going to be a key beneficiary of that.

    JEREMY JONES: So exciting. And moving as well, another announcement that we’re set to see about $1 million for the Gladstone Airport Corporation to construct a fit for purpose patient transfer facility. What’s going on there?

    ANTHONY CHISHOLM: Yeah. So the Regional Airport upgrades fund is one that we’ve had running for a while now, and this is the latest round that has supported nine airports across regional Queensland, including Gladstone. What we know is that in regional Australia and regional Queensland, our airports aren’t only convenient – there actually can be a matter of life and death, and they do provide that facility. So part of the money for Gladstone was providing a patient transfer facility. It’s one that sort of is fit for purpose and can help that community. And the upgrades right across the state go to safety and flooding and lighting so that these airports can be used 24 hours a day, seven days a week.

    JEREMY JONES: We caught up with Gladstone Airport Corporation CEO Mark Cachia, who was chatting about this last week. This is what he had to say.

    [Excerpt]

    MARK CACHIA [GLADSTONE AIRPORT CORPORATION CEO]: It’s about a $5 million upgrade of the- you know, including the building of the facility, and upgrading of the apron area. Being in a regional town, finding medical specialists is very difficult. Most of the time, whenever there’s a speciality needed for surgery or treatment and it’s urgent, most patients need to go out in the Air Ambulance and head back to- head to Brisbane to find a specialist. So it’s- look, it’s quite vital for the region.

    [End of excerpt]

    JEREMY JONES: He certainly says that it is needed there, but mentioned the price tag of $5 million there. Will it be able to go ahead with just $1 million?

    ANTHONY CHISHOLM: Obviously the department will be in discussions with the council about ensuring that we- how we can best support that program. They often have to put in a submission that’s assessed by the department, and they do that on a merits-based approach, so I’m confident that they’ll be able to achieve what they’ve set out to achieve. But there’s always an openness from the Government to ensure that we’re working constructively with councils. And I imagine that story that they’re telling would be a similar one across many parts of regional Queensland.

    JEREMY JONES: You’re hearing from Senator Anthony Chisholm, who’s in Rocky this week. He’s the Assistant Minister for Education, Regional Development and Agriculture, and of course, the election coming up. How are you feeling about it for Labor?

    ANTHONY CHISHOLM: [Laughs] No, I always enjoy election campaigns because they’re an opportunity to get out and about across this great state of Queensland. Being a senator, I’m actually not up for election this time, but certainly will be out supporting the Queensland Labor Senate team and our fantastic candidates like Emily Mawson here in Capricornia, and right up and down the coast as well.

    JEREMY JONES: Are you confident?

    ANTHONY CHISHOLM: Well, I think- you’re never confident in this game, but I feel as though for the last three years we’ve put forward responsible cost of living relief, we’ve delivered on our promises, and we’re offering a vision for the future. And I think that there’s a good contrast between what an Albanese Labor Government stands for, compared to what a Dutton Liberal National Party government would mean with cuts to services. So I think there’s going to be a real contrast at this election campaign, and we’ll be out there prosecuting that case between now and whenever that election date is. Jeremy.

    JEREMY JONES: Well, Senator, thanks for joining us this morning.

    ANTHONY CHISHOLM: Thank you.

    MIL OSI News

  • MIL-OSI USA: Kaine Announces 2025 Guest for President’s Address to Congress

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) announced that he will be joined at President Donald Trump’s joint address to Congress by Jason King, a disabled veteran from Fairfax who was fired from his position in the Federal Aviation Administration’s safety division as a result of the Trump Administration’s attacks on the federal workforce.

    “I’m grateful that Fairfax resident and veteran Jason King will join me at this year’s joint address. Jason has served our country for years—first in the military and then at the Federal Aviation Administration where he worked to ensure air safety for millions of passengers. Despite Jason’s service, he is one of many federal employees who were recently fired by the Trump Administration,” Kaine said. “Jason’s story is a powerful example of how indiscriminately firing federal employees disproportionately hurts our veterans and also threatens the safety of the American people who rely on agencies like the FAA. I remain committed to protecting Virginia’s federal workers, our economy, and the safety of our communities from the Trump Administration’s actions.”

    “I served in the United States Army as a transportation coordinator, where I ensured the safest mode of transport of personnel, equipment, and supplies. After the Army, I was given the opportunity to continue serving my country with the FAA as the Executive Assistant to the Director of Safety,” said King. “The tragic midair collision that occurred near DCA serves as a strong reminder that safety can’t be taken for granted. Yet in the wake of this event, our Administration decided to move forward with the firing of hundreds of FAA employees, myself included. Safety doesn’t come by chance. It requires investment, oversight, and expertise of those who work tirelessly to uphold these values. I’m glad to be joining Senator Kaine at the joint address to help send an important message: cutting costs should never come at the expense of safety, especially when it comes to the American people.”

    Last week, Kaine and U.S. Senator Richard Blumenthal (D-CT) demanded the Trump Administration immediately reinstate all of the estimated 6,000 veterans who were fired during the mass terminations of federal employees and demanded veterans receive their full benefits and back pay. Veterans make up 30% of the federal workforce.

    Kaine has also long advocated for policies to enhance aviation safety and has demanded that the Trump Administration prioritize the safety of America’s air travel system and reverse recent cuts to essential FAA safety roles. Following the deadly DCA collision on January 29, 2025, Kaine pressed the FAA on its plans to protect the flying public and applauded the precautionary safety measures put in place by the agency while the National Transportation Safety Board (NTSB) carries out its investigation into the crash. On February 14, Kaine was briefed by the NTSB regarding the investigation, and continues to follow the situation closely.

    MIL OSI USA News

  • MIL-OSI Global: How to sustain international order in an ‘America First’ world

    Source: The Conversation – Canada – By Daniel Manulak, Postdoctoral Fellow, History, University of Toronto

    The United States is abandoning its traditional role as the anchor of the liberal world order — a set of norms, rules, customs and international institutions designed to maintain global stability and foster peaceful interchange between states.

    From announcing its intention to withdraw from the World Health Organization (WHO) and the United Nations Human Rights Council to threatening allies — including Canada — with annexation and damaging tariffs, U.S. President Donald Trump has launched an assault on the liberal world order that upholds the post-1945 international system.

    Under these circumstances, it’s more urgent than ever that Canada clarifies its vision in world affairs and accepts its responsibility to sustain the rules-based global order. By looking into the past, we can see what Canada can do in the present.




    Read more:
    Like dictators before him, Trump threatens international peace and security


    How Canada made a difference

    The U.S. isn’t the only country with a vested interest in maintaining the liberal international order — even if it has been the only nation with the will and capacity to serve as its safeguard.

    Canada was also present at the creation of the UN in 1945. They, too, played a fundamental part in the development of its specialized agencies — such as the WHO and the International Civil Aviation Organization.

    In fact, Canada has been an engaged member of the international community. The country played a leading role in establishing the UN Emergency Force during the Suez Crisis, fighting apartheid in South Africa and building a coalition to ban anti-personnel land mines in the 1990s, to name a few examples.

    Canada has done so because it’s been in the best interest of the country. A liberal, rules-based international order is a framework in which Canada can make a meaningful difference in global affairs disproportionate to its limited size and capabilities.

    It also makes for a more prosperous, stable and peaceful world. One where norms, rules and institutions constrain aggressive or malevolent world leaders and facilitates co-operation on global problems.

    But what can lessons from the past offer Canada in sustaining global order in an “America First” world. This is a policy espoused by the Trump administration that is focused inwards. It approaches international affairs as a transactional, zero-sum game.

    Learning from the past

    First, Canada is at its most effective when Canadians act in unison towards a common goal.

    During the Ethiopian famine in the 1980s, Canadians of all stripes and levels of government worked in tandem to organize a truly national response to alleviate the humanitarian crisis. Regular citizens contributed more than $30 million — potentially saving over 700,000 people from starvation.

    This domestic political consensus also provided the requisite support for the federal government to co-ordinate an international famine relief effort. This was despite the resistance of Canada’s major allies in the U.S. and the U.K., due to the Marxist orientation of the Ethiopian government.

    Granted, few international causes offer such grounds for unity. Political polarization has only made this type of unity more difficult. And yet, as recent events (such as Trump’s threat to coerce Canada into becoming the 51st state) make clear, Canadians are willing to put aside their differences and rally together when there’s a coherent vision for the country rooted in its values and aspirations.

    Second, Canada needs to work closely with like-minded states through multilateral institutions — such as the United Nations and the Commonwealth. Under Brian Mulroney’s Progressive Conservative government, Canada relied on its membership in nearly every major international association to build and maintain the global coalition against South African apartheid.




    Read more:
    Brian Mulroney’s tough stand against apartheid is one of his most important legacies


    Australia, India, Zambia and Zimbabwe emerged as key partners. Such efforts entailed both political and economic costs. But there was a reason why one of Nelson Mandela’s first visits following his release from prison in 1990 was to Canada.

    By redoubling its engagement in international organizations, Canada can punch above its weight in world affairs and shape global priorities. It also provides a counter to the influence of the United States in Canadian foreign policy.

    Third, the U.S. is more than its president. Canada can still cultivate ties with Americans beyond the White House. Returning to the Mulroney government, Ottawa’s efforts to persuade the Ronald Reagan administration to negotiate restrictions on emissions resulting in acid rain were unsuccessful.

    Nonetheless, by lobbying congressional leaders in impacted states and partnering with environmental non-governmental organizations, Canada and the U.S. eventually agreed to the 1991 Air Quality Agreement.

    Surviving hostile administrations

    Canada should also be realistic about the degree to which it can diversify its economic and diplomatic relationships outside of the U.S.

    In the early 1970s, President Richard Nixon imposed a 10 per cent surcharge on Canadian imports. Then, just as it is now, Ottawa looked for alternative markets to offset Canada’s dependency on the Americans. These initiatives ultimately failed to materialize — but the surcharge was rescinded. Canada-U.S. relations ultimately survived the Nixon administration.

    Similarly, while Trump has offered a stark reminder that Canada needs to take an active role in sustaining the rules-based international order on which it depends, the ties that bind the two countries together are deeper and longer-lasting than any one administration or government.

    Even so, with a world in chaos, Canada needs to step up to defend international norms and institutions. It has done so in the past and can do so again — provided it develops a coherent foreign policy strategy moving forward.

    Daniel Manulak receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. How to sustain international order in an ‘America First’ world – https://theconversation.com/how-to-sustain-international-order-in-an-america-first-world-248364

    MIL OSI – Global Reports

  • MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

    This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

    Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

    • Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
      • Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
      • Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
      • Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
    • Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
      • Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
      • Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
    • Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
    • Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
    • Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
    • Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
    • Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
      • Paid down and effectively reduced gross debt by around $39.0 million;
      • Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
      • Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
    • Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
    • Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
      • Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
    • Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
    • Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
    • Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
    • Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
    • Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
      • Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

    Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

    “In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

    Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

    Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

    W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

    Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

    Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

    Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

    Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

    Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

    To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

    A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

    Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

    Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

    Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

    Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

    Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

    Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

    Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

    In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

    Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

    • Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
    • Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
    • Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
      • The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
    • The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

    Non-Core Asset Disposition

    In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

    Full Year-End 2024 Financial Review

    W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

    Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.  

    For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023.  For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

    For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

    Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

    For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023.  G&A increased on a per Boe basis primarily due to lower production.  

    OPERATIONS UPDATE

    Well Recompletions and Workovers

    During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

    Year-End 2024 Proved Reserves

    The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year.  During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions.  Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.  

    The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

    Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.

                           
        Oil   NGLs   Natural Gas       PV-101
        (MMBbls)   (MMBbls)   (Bcf)   MMBoe   ($MM)
    Proved reserves as of December 31, 2023   37.0     13.7     434.0     123.0     $ 1,080.9
    Revisions of previous estimates   7.4     1.8     (26.1 )   5.0        
    Revisions due to change in SEC prices   (0.4 )   (1.6 )   (51.0 )   (10.5 )      
    Purchase of minerals in place   12.9     0.3     51.8     21.7        
    Production   (5.3 )   (1.2 )   (34.3 )   (12.2 )      
    Proved reserves as of December 31, 2024   51.6     13.0     374.4     127.0     $ 1,229.5

    (1)   PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

    In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

    The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

    First Quarter and Full Year 2025 Production and Expense Guidance

    The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

    In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.

         
    Production First Quarter 2025 Full Year 2025
    Oil (MBbl) 1,130 – 1,250 5,150 – 5,690
    NGLs (MBbl) 205 – 235 1,020 – 1,140
    Natural gas (MMcf) 7,220 – 7,980 34,880 – 38,560
    Total equivalents (MBoe) 2,538 – 2,815 11,983 – 13,257
    Average daily equivalents (MBoe/d) 27.6 – 30.6 32.8 – 36.3
    Expenses First Quarter 2025 Full Year 2025
    Lease operating expense ($MM) 72.5 – 80.5 280.0 – 310.0
    Gathering, transportation & production taxes ($MM) 6.1 – 6.9 27.1 – 30.1
    General & administrative – cash ($MM) 17.8 – 19.8 62.0 – 69.0
    General & administrative – non-cash ($MM) 2.1 – 2.5 10.1 – 11.3
    DD&A ($ per Boe)   13.40 – 14.90

    W&T expects substantially all income taxes in 2025 to be deferred. 

    2025 Capital Investment Program

    W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities.  Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions. 

    Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million.  The Company spent approximately $40 million on these costs in 2024.

    Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
           2024        2024        2023     2024        2023  
    Revenues:                              
    Oil   $ 86,778     $ 90,862     $ 94,076     $ 395,620     $ 381,389  
    NGLs     6,713       5,636       6,851       27,978       32,446  
    Natural gas     24,203       23,148       29,401       90,877       110,158  
    Other     2,651       1,726       2,012       10,786       8,663  
    Total revenues     120,345       121,372       132,340       525,261       532,656  
                                   
    Operating expenses:                              
    Lease operating expenses     64,259       72,412       64,643       281,488       257,676  
    Gathering, transportation and production taxes     5,912       6,147       6,620       28,177       26,250  
    Depreciation, depletion, and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    General and administrative expenses     20,799       19,723       18,251       82,391       75,541  
    Total operating expenses     137,335       140,336       130,549       567,455       503,162  
                                   
    Operating (loss) income     (16,990 )     (18,964 )     1,791       (42,194 )     29,494  
                                   
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Derivative (gain) loss, net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Other (income) expense, net     (4,118 )     15,709       3,772       18,071       5,621  
    (Loss) income before income taxes     (25,211 )     (41,466 )     1,489       (97,130 )     33,943  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
                                   
    Net (loss) income per share:                              
    Basic   $ (0.16 )   $ (0.25 )   $     $ (0.59 )   $ 0.11  
    Diluted     (0.16 )     (0.25 )           (0.59 )     0.11  
                                   
    Weighted average common shares outstanding                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       148,302  
                                   
    W&T OFFSHORE, INC.
    Condensed Operating Data
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024   2024      2023   2024      2023
    Net sales volumes:                              
    Oil (MBbls)     1,263     1,210     1,219     5,255     5,050
    NGLs (MBbls)     273     262     329     1,212     1,415
    Natural gas (MMcf)     8,505     8,289     9,533     34,296     37,591
    Total oil and natural gas (MBoe) (1)     2,953     2,854     3,136     12,183     12,730
                                   
    Average daily equivalent sales (MBoe/d)     32.1     31.0     34.1     33.3     34.9
                                   
    Average realized sales prices (before the impact of derivative settlements):                              
    Oil ($/Bbl)   $ 68.71   $ 75.09   $ 77.17   $ 75.28   $ 75.52
    NGLs ($/Bbl)     24.59     21.51     20.82     23.08     22.93
    Natural gas ($/Mcf)     2.85     2.79     3.08     2.65     2.93
    Barrel of oil equivalent ($/Boe)     39.86     41.92     41.55     42.23     41.16
                                   
    Average operating expenses per Boe ($/Boe):                              
    Lease operating expenses   $ 21.76   $ 25.37   $ 20.61   $ 23.10   $ 20.24
    Gathering, transportation and production taxes     2.00     2.15     2.11     2.31     2.06
    Depreciation, depletion, and amortization     12.94     11.99     10.73     11.74     9.01
    Asset retirement obligations accretion     2.76     2.75     2.35     2.66     2.28
    General and administrative expenses     7.04     6.91     5.82     6.76     5.93

    (1)   MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.

                 
    W&T OFFSHORE, INC.
    Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
                 
           December 31,    December 31, 
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 109,003     $ 173,338  
    Restricted cash     1,552       4,417  
    Receivables:            
    Oil and natural gas sales     63,558       52,080  
    Joint interest, net     25,841       15,480  
    Other           2,218  
    Prepaid expenses and other assets     18,504       17,447  
    Total current assets     218,458       264,980  
                 
    Oil and natural gas properties, net     777,741       749,056  
    Restricted deposits for asset retirement obligations     22,730       22,272  
    Deferred income taxes     48,808       38,774  
    Other assets     31,193       38,923  
    Total assets   $ 1,098,930     $ 1,114,005  
                 
    Liabilities and Shareholders’ (Deficit) Equity            
    Current liabilities:            
    Accounts payable   $ 83,625     $ 78,857  
    Accrued liabilities     33,271       31,978  
    Undistributed oil and natural gas proceeds     53,131       42,134  
    Advances from joint interest partners     2,443       2,962  
    Current portion of asset retirement obligations     46,326       31,553  
    Current portion of long-term debt, net     27,288       29,368  
    Total current liabilities     246,084       216,852  
                 
    Asset retirement obligations     502,506       467,262  
    Long-term debt, net     365,935       361,236  
    Other liabilities     16,182       19,420  
                 
    Commitments and contingencies     20,800       18,043  
                 
    Shareholders’ (deficit) equity:            
    Preferred stock            
    Common stock     2       1  
    Additional paid-in capital     595,407       586,014  
    Retained deficit     (623,819 )     (530,656 )
    Treasury stock     (24,167 )     (24,167 )
    Total shareholders’ (deficit) equity     (52,577 )     31,192  
    Total liabilities and shareholders’ (deficit) equity   $ 1,098,930     $ 1,114,005  
                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024        2023     2024        2023  
    Operating activities:                              
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
    Depreciation, depletion, amortization and accretion     46,365       42,054       41,035       175,399       143,695  
    Share-based compensation     3,818       1,956       3,124       10,192       10,383  
    Amortization and write off of debt issuance costs     1,117       1,109       1,266       4,562       6,980  
    Derivative loss (gain), net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Derivative cash (settlements) receipts, net     (1,638 )     1,208       (2,809 )     4,527       (8,932 )
    Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Changes in operating assets and liabilities:                              
    Accounts receivable     (17,064 )     21,913       (2,989 )     (19,621 )     12,586  
    Prepaid expenses and other current assets     1,792       2,502       (28,262 )     (1,450 )     (2,712 )
    Accounts payable, accrued liabilities and other     3,831       (2,962 )     43,155       26,433       7,972  
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Net cash (used in) provided by operating activities     (4,317 )     14,768       35,664       59,539       115,326  
                                   
    Investing activities:                              
    Investment in oil and natural gas properties and equipment     (14,124 )     (9,577 )     (12,139 )     (37,357 )     (41,813 )
    Acquisition of property interests                 1,479       (80,635 )     (27,384 )
    Deposit related to acquisition of property interests                 8,850              
    Purchase of corporate aircraft                             (8,983 )
    Purchases of furniture, fixtures and other     (19 )     (69 )     (347 )     (185 )     (3,428 )
    Net cash used in investing activities     (14,143 )     (9,646 )     (2,157 )     (118,177 )     (81,608 )
                                   
    Financing activities:                              
    Proceeds from issuance of long-term debt                             275,000  
    Repayments of long-term debt     (275 )     (275 )     (7,687 )     (1,100 )     (586,934 )
    Debt issuance costs     (183 )     (174 )           (762 )     (7,380 )
    Payment of dividends     (1,475 )     (1,473 )     (1,466 )     (5,902 )     (1,466 )
    Other     (13 )     (31 )     (9 )     (798 )     (957 )
    Net cash used in financing activities     (1,946 )     (1,953 )     (9,162 )     (8,562 )     (321,737 )
    Change in cash, cash equivalents and restricted cash     (20,406 )     3,169       24,345       (67,200 )     (288,019 )
    Cash, cash equivalents and restricted cash, beginning of period     130,961       127,792       153,410       177,755       465,774  
    Cash, cash equivalents and restricted cash, end of period   $ 110,555     $ 130,961     $ 177,755     $ 110,555     $ 177,755  


    W&T OFFSHORE, INC. AND SUBSIDIARIES

    Non-GAAP Information

    Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

    We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

    Reconciliation of Net (Loss) Income to Adjusted Net Loss

    Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024     2023     2024     2023  
          (in thousands)
          (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Write-off debt issuance costs                             2,330  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Tax effect of selected items (1)     753       (2,972 )     2,194       (5,192 )     9,903  
    Adjusted net loss   $ (26,193 )   $ (25,740 )   $ (8,696 )   $ (67,611 )   $ (21,657 )
                                   
    Adjusted net loss per common share:                              
    Basic   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
    Diluted   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
                                   
    Weighted average shares outstanding:                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       146,483  

    (1)   Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.


    W&T OFFSHORE, INC. AND SUBSIDIARIES

    Non-GAAP Information

    Adjusted EBITDA/ Free Cash Flow Reconciliations

    The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

    The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

    The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:

                                   
        Three Months Ended    
        December 31,      September 30,    December 31,   Year Ended December 31, 
        2024       2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Depreciation, depletion and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Non-cash incentive compensation     3,818       1,956       3,124       10,192       10,383  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Adjusted EBITDA   $ 31,614     $ 26,689     $ 44,930     $ 153,641     $ 183,222  
                                   
    Capital expenditures, accrual basis (1)   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Interest expense, net     (10,226 )     (9,992 )     (9,729 )     (40,454 )     (44,689 )
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Capital expenditures, accrual basis reconciliation                              
    Investment in oil and natural gas properties and equipment   $ (14,124 )   $ (9,577 )   $ (12,139 )   $ (37,357 )   $ (41,813 )
    Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment           (4,929 )           (4,929 )      
    Less: changes in operating assets and liabilities associated with investing activities     (1,896 )     (187 )     (1,820 )     (3,802 )     (535 )
    Capital expenditures, accrual basis   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )

    The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,   Year Ended December 31, 
        2024     2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net cash (used in) provided by operating activities   $ (4,317 )   $ 14,768     $ 35,664     $ 59,539     $ 115,326  
    Allowance for credit losses     118       10       28       558       37  
    Amortization of debt items and other items     (1,117 )     (1,109 )     (1,266 )     (4,562 )     (6,980 )
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Current tax (benefit) expense (1)     92             (1,906 )     92       (140 )
    Change in derivatives (payable) receivable (1)     (972 )     162       1,223       (1,648 )     4,845  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Changes in operating assets and liabilities, excluding asset retirement obligation settlements     11,441       (21,453 )     (11,904 )     (5,362 )     (17,846 )
    Capital expenditures, accrual basis     (12,228 )     (4,461 )     (10,319 )     (28,626 )     (41,278 )
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Current tax (benefit) expense:                              
    Income tax (benefit) expense   $ (1,849 )   $ (4,545 )   $ 1,932     $ (9,985 )   $ 18,345  
    Less: Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Current tax (benefit) expense   $ 92     $     $ (1,906 )   $ 92     $ (140 )
                                   
    Changes in derivatives receivable (payable)                              
    Derivatives (payable) receivable, end of period   $ (1,377 )   $ (405 )   $ 271     $ (1,377 )   $ 271  
    Derivatives payable (receivable), beginning of period     405       567       952       (271 )     4,574  
    Change in derivatives (payable) receivable   $ (972 )   $ 162     $ 1,223     $ (1,648 )   $ 4,845  


    W&T OFFSHORE, INC. AND SUBSIDIARIES

    Non-GAAP Information

    Reconciliation of PV-10 to Standardized Measure

    The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

    The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.

                 
           December 31, 
        2024     2023  
    PV-10   $ 1,229.5     $ 1,080.9  
    Future income taxes, discounted at 10%     (154.8 )     (151.0 )
    PV-10 before ARO     1,074.7       929.9  
    Present value of estimated ARO, discounted at 10%     (334.6 )     (246.7 )
    Standardized measure   $ 740.1     $ 683.2  
         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    MIL OSI Economics

  • MIL-OSI Australia: Federal funding set to improve Queensland’s regional airports

    Source: Australian Executive Government Ministers

    The Albanese Government will invest over $6 million to bring 11 regional airport projects to life across Queensland, under Round 4 of the Regional Airports Program

    Airports are vital for regional communities, providing critical access to emergency healthcare, as well as commerce, industry, tourism and education. 

    These projects will include runway, apron and taxiway upgrades, lighting installation, generator replacements and drainage works – which will improve airport safety and enhance accessibility. 

    In Hervey Bay, $234,631 will support Fraser Coast Regional Council to replace the perimeter fencing and emergency generator at Hervey Bay Airport

    This will ensure the airport’s ongoing safety and security, which provides vital aviation access for the community, tourism, essential workers and medical flights.

    In Roma, nearly $1.16 million will flow to Maranoa Regional Council to upgrade the general aviation apron at Roma Airport, to support reliable and safer access for aero‑medical, firefighting, charter, freight, tourism and other general aviation services.  

    Other works to be funded under Round 4 in Queensland include: 

    • More than $1 million for the Gladstone Airport Corporation to construct a fit-for-purpose patient transfer facility at Gladstone Airport, primarily to be used by the Royal Flying Doctor Service

    • $795,097 for Gympie Regional Council to reseal the runway and taxiway, strengthen the apron, and do line marking and drainage works at Gympie Aerodrome, to improve pilot and aircraft safety while ensuring reliable access to the airstrip. 

    • $426,196 for Southern Downs Regional Council to upgrade the lighting system at Stanthorpe Aerodrome, to meet safety standards and improve usability by aircraft – especially during low visibility conditions and night operations.

    More information on the Regional Airports Program, including a full list of Round 4 projects in Queensland, can be found here

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:

    “We know how vital regional airports are to the communities they service, ensuring access to other towns, to markets, and to vital services such as emergency health care. 

    “That’s why we are investing in safety and other upgrades at regional airports across Queensland, to ensure they can continue to service communities for years to come.” 

    Quotes attributable to Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:

    “Regional airports are critical for a decentralised state like Queensland. They’re a gateway for tourism and help connect locals with the rest of the country. 

    “Our funding to replace the perimeter fencing and emergency generator here Hervey Bay Airport will back the airport’s ongoing operations by boosting safety and security. 

    “This is just one of 11 projects we’re investing in across Queensland under Round 4 of the Regional Airports Program, which will make a real difference for communities.”

    Quotes attributable to Fraser Coast Regional Council Mayor, George Seymour: 

    “The Hervey Bay Airport is an essential link for our region, providing essential services for tourism, business, and emergency medical flights. 

    “This funding will allow Council to replace the aging emergency generator, ensuring the airport remains operational during power outages and severe weather events. Upgrading the security fencing will also strengthen safety and compliance, helping to protect passengers, staff, and aircraft operations. 

    “These improvements will enhance the airport’s long-term sustainability and ensure it continues to serve our growing community well into the future.”

    MIL OSI News

  • MIL-OSI USA: March Recognized as Problem Gambling Awareness Month

    Source: US State of New York

    overnor Kathy Hochul today issued a proclamation designating March 2025 as Problem Gambling Awareness Month in New York State. The Governor’s proclamation outlined the collaborative efforts of stakeholders to provide resources and build awareness of an often undetected addiction. In recognition of March as problem gambling awareness month, 14 landmarks across the state will be illuminated yellow on March 3.

    “Problem gambling can affect any New Yorker regardless of their background,” Governor Hochul said. “That’s why we’re raising awareness and making sure all stakeholders are working together to ensure that no one fights this undetected addiction alone.”

    National Problem Gambling Awareness Month was created by the National Council on Problem Gambling. This year’s theme, “Seeking Understanding,” focuses on increasing awareness of problem gambling as a serious but often misunderstood mental health condition. By fostering a deeper understanding of the issue, we can encourage empathy, reduce barriers to treatment, and provide support to those affected by gambling-related harm.”

    New York State Office of Addiction Services and Supports Commissioner Dr. Chinazo Cunningham said, “By proclaiming March as Problem Gambling Awareness Month, Governor Hochul highlights the need for greater understanding and support for those affected by gambling-related challenges. Stigma often prevents individuals from seeking help, and at OASAS, we are committed to fostering empathy and public awareness over gambling harms — including our new ‘Take a Pause’ campaign designed to break down the barriers that prevent New Yorkers from accessing the care they need.”

    Gaming Commission Executive Director Robert Williams said, “Problem Gambling Awareness Month is an opportune time to spread awareness and educate individuals on the warning signs of problem gambling. Governor Hochul’s highlighting of the issue underscores her ongoing commitment to implementing responsible gaming policies that ensure the tools and resources for those who need help are readily available.”

    New York Council on Problem Gambling Executive Director Jim Maney said, “We are proud to join with the Gaming Commission and OASAS to recognize Problem Gambling Awareness Month, and we are grateful to Governor Hochul for bringing much-needed attention to an issue that affects countless New Yorkers. We continue to work with our government RPP partners and our colleagues in New York’s gaming industry to provide hope for those in crisis.”

    Governor Hochul’s proclamation highlights the work of New York’s Responsible Play Partnership (RPP), consisting of the New York State Office of Addiction Services and Supports (OASAS), the New York State Gaming Commission, and the New York Council on Problem Gambling. The RPP continues to ensure New Yorkers are aware of problem gambling as well as the prevention, treatment and recovery services available across the state.

    OASAS’ “Take a Pause” PSA campaign highlights the steps New Yorkers can take to understand the risks and ensure responsible gambling, as well as where individuals can find help for themselves or a loved one impacted by, or at risk of developing a gambling problem.

    Individuals are also invited to complete a survey, where they can determine if their gambling raises concern and be directed to additional support and resources.

    In addition to PSA campaigns, the RPP created new training materials for video lottery and commercial casino employees on how to recognize problem gambling behavior, how to interact with someone exhibiting such behavior, and how to get them help in a timely manner.

    New York State has a robust voluntary self-exclusion program that allows individuals to bar themselves from any legal gaming opportunity in the state. The program was recently expanded to give individuals who self-exclude the option to be contacted directly by a HOPEline professional for additional support.

    The following locations are participating in the coordinated lighting on March 3:

    • Albany International Airport Gateway
    • Alfred E. Smith State Office Building
    • Empire State Plaza
    • Fairport Lift Bridge over the Erie Canal
    • Governor Mario M. Cuomo Bridge
    • Kosciuszko Bridge
    • Moynihan Train Hall
    • MTA LIRR – East End Gateway at Penn Station
    • Niagara Falls
    • One World Trade Center
    • State Education Building
    • State Fairgrounds – Main Gate & Expo Center
    • The “Franklin D. Roosevelt” Mid-Hudson Bridge
    • The H. Carl McCall SUNY Building

    The RPP was formed to bring all stakeholders together to address problem gambling, including bridging the gap between gaming facility operators and problem gambling treatment providers. The RPP works to ensure that all gaming entities in the state comply with all rules and regulations and provide access to help for individuals who need it. The RPP continues to collaborate to advance New York’s ongoing commitment to prevent and treat problem gambling. Learn more at playresponsiblyny.com.

    Those seeking help can visit NYProblemGamblingHelp.org or call New York State’s confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY at 467369.

    MIL OSI USA News

  • MIL-OSI USA: Senators Coons, Moran introduce legislation to expand financing options for new energy projects

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) reintroduced the Financing Our Energy Future Act, which expands certain financing tools to all types of energy resources and infrastructure projects. The legislation would allow clean energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently only available to traditional energy projects. Newly eligible energy sources would include advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and more.

    “At a time when the United States needs to boost domestic energy production to meet surging demand, Congress should ensure all energy sources are competing on a level playing field,” said Senator Coons. “The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects, create good-paying jobs, and accelerate our transition to cleaner energy sources.”

    “Being energy independent requires an all-of-the-above approach to energy production,” said Senator Moran. “Emerging renewable energy companies currently do not have access to a number of tax incentives available to other energy companies. Expanding these incentives to more companies will increase U.S. energy production, spur innovation, and help reduce prices for consumers.”

    “NIA thanks Senator Coons and Moran for recognizing the role master limited partnerships can play in supporting our nation’s advanced nuclear energy leadership,” said Judi Greenwald, Executive Director of the Nuclear Innovation Alliance. “Their bipartisan master limited partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies, increase U.S. competitiveness, and create jobs.”

    “The Energy Infrastructure Council commends Senators Moran and Coons, along with Representatives Estes and Thompson, for their leadership in introducing the Financing Our Energy Future Act,” said Lori Ziebart, President and CEO of the Energy Infrastructure Council. “This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans. It expands the master limited partnership structure to include new and emerging energy sources such as hydrogen, alternative energy, carbon capture and sequestration, and renewable fuels. The MLP structure has proven to be an efficient, cost-effective method for raising capital to support the development of critical energy infrastructure and provides individuals another vehicle to invest in energy infrastructure similar to real estate investment through REITS. Expanding this framework is essential as all energy sources will be needed to ensure a reliable and secure energy future. This expansion deepens the capital pool, improves market efficiency, creates jobs, and drives down costs of energy in a way that will help all Americans.”

    “To strengthen its economic base and create more reliable and affordable energy, the U.S. needs tax policies that reflect the depth and breadth of America’s energy sector,” said Frank Macchiarola, American Clean Power (ACP) Association Chief Advocacy Officer. “The Financing Our Energy Future Act offers an innovative, logical approach to that challenge that will make America’s energy sector stronger and better able to serve the needs of the nation.”

    “BPC Action applauds the introduction of the Financing Our Energy Future Act, an important step in incentivizing the deployment of innovative energy technologies to increase U.S. economic growth and global competitiveness,” said Michele Stockwell, President of Bipartisan Policy Center Action (BPC Action). “We commend Sens. Moran’s and Coons’ bipartisan leadership to level the playing field for novel energy projects—including around carbon capture, utilization, and storage, energy storage, advanced nuclear, and waste-to-energy—to have the same tax-advantaged structures currently available to fossil fuels.”

    “As the U.S. enters a period of increasing demand growth, it is important to include all forms of reliable energy in advantageous tax and financing structures to accelerate deployment and ensure grid reliability,” said Jeremy Harrell, CEO of ClearPath Action. “We are excited to see advanced nuclear included in this proposal to help catalyze the next generation of advanced reactors through access to master limited partnerships.”

    An MLP is a business structure that is taxed as a partnership but whose ownership interests are traded like corporate stock on a market. Currently, MLPs are only available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. For projects to be an MLP, at least 90 percent of the project’s income must come from these sources. This legislation would amend the Internal Revenue Code to extend the publicly traded partnership ownership structure to renewable energy power generation projects.

    In addition to Senators Coons and Moran, this legislation is cosponsored by Senators Susan Collins (R-Maine), John Barrasso (R-Wyo.), Roger Marshall (R-Kan.), John Cornyn (R-Texas), Angus King (I-Maine), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), and Mark Warner (D-Va.).

    The full legislation can be read here.

    MIL OSI USA News

  • MIL-OSI USA: NEWS: Sanders Statement: Meet Donald Trump’s New Best Friend, Vladimir Putin

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, March 3 – Sen. Bernie Sanders (I-Vt.) today released the following statement introducing the American people to the background and history of Russian dictator, and apparent ally of President Trump, Vladimir Putin.
    Donald Trump’s attacks on Ukrainian President Volodymyr Zelensky are a gift to Russian President Vladimir Putin. Trump is dividing the Western alliance, and undermining Ukraine’s defense against Russia’s invasion. His actions may prolong the war by convincing Putin he can manipulate Trump into a deal with concessions he couldn’t win on the battlefield.
    Trump is cozying up to Vladimir Putin – so, who is Putin?
    Putin is a former Soviet spy who spent 16 years in the KGB, where he learned how to manipulate people by playing on their egos, greed and fears. After the end of the Cold War, Putin was named head of the FSB, Russia’s post-KGB intelligence agency. In 1999, Putin was named Prime Minister, becoming president when former President Yeltsin unexpectedly resigned. Putin has ruled Russia ever since.
    At the heart of Putin’s rule are two forces: corruption and violence.
    As Russia’s new leader, Putin, who is now believed to be one of the wealthiest people on earth, consolidated power at home by reining in Russia’s powerful oligarchs. He offered them a simple deal: If they granted him absolute power and shared the spoils, he would let them steal as much as they wanted from the Russian people. The result: while the vast majority of the Russian population struggles economically, Putin and his fellow oligarchs stashed trillions of dollars in offshore tax havens. In the process, Putin crushed Russia’s brief movement toward democracy. He eliminated rivals, cracked down on freedom of speech, and strangled the free media. Political dissidents, investigative journalists, and opposition leaders started turning up dead.
    Today, 26 years after he took power, Putin is the absolute ruler of Russia. Russian elections are blatantly fraudulent, with Putin’s lackeys barely hiding their ballot-stuffing. In the last sham election, Putin won 88 percent of the “vote” against carefully screened opposition candidates.
    That is Putin’s Russia. There is no freedom of speech. Protests are violently suppressed. Tens of thousands of people are in imprisoned for speaking out against his rule. The bravest and most prominent dissidents – people like Alexei Navalny, Boris Nemtsov and Sergei Magnitsky – are murdered outright. And the billionaire oligarchs become even richer.
    That is the leader Trump defends and admires.
    But it’s not just repression at home. Putin has also engaged in four brutal wars: in Chechnya, Georgia, Syria and Ukraine (twice). In Chechnya, his forces targeted civilians and medical personnel, flattening entire cities. Against Georgia, he launched an unprovoked invasion and annexed 20 percent the country. In Syria, Russian aircraft bombed schools, hospitals and crowded markets, killing thousands of civilians to prop up the brutal dictator Bashar al-Assad. And in Ukraine, Putin has invaded twice, first in 2014 and then again in 2022.
    Right now, Russia occupies about 20 percent of Ukraine. Because of Putin’s invasion, over one million people have been killed or injured. Every single day, Russia rains down hundreds of missiles and drones on Ukrainian cities. Putin’s forces have massacred civilians and kidnapped thousands of Ukrainian children, bringing them back to Russian “re-education” camps. These atrocities led the International Criminal Court to issue an arrest warrant for Putin in 2023 as a war criminal.
    Putin has also directly attacked the United States and its allies, repeatedly hacking our computer systems, attempting to sabotage critical infrastructure, meddling in our elections and harassing our diplomats.
    That is Donald Trump’s new best friend, Vladimir Putin.
    Every American – regardless of his or her political views – should see the current reality clearly. For the first time in American history, we have a president who is prepared to turn his back on our democratic allies and democratic values to align himself with one of the world’s most brutal dictators.
    For 250 years, people all over the world have looked to the United States, the longest existing democracy on earth, as a source of inspiration. In many countries, democratic leaders have studied our Declaration of Independence and our Constitution for guidance as to how to form governments of the people, by the people, and for the people. In this difficult historical moment, we cannot let them down. More importantly, we cannot let ourselves down. We cannot turn our backs on democracy and our own history.
    We must not allow authoritarians and oligarchs to rule the world.

    MIL OSI USA News

  • MIL-OSI USA: Commercial Aviation Work Group meeting scheduled for March 7 in Tumwater: Attendees also may join meeting online

    Source: Washington State News 2

    The Commercial Aviation Work Group will host its first public hybrid meeting of 2025 at 11 a.m. Friday, March 7, at the Capital Event Center in Tumwater.

    It will be the group’s fourth meeting overall since it was created by the state Legislature in 2023. The group was formed to evaluate the long-range commercial aviation and transportation needs of the state, including alternatives for more aviation capacity and expanding the use of existing airports and multimodal opportunities.

    Public comment will be available from 2:35 to 3:05 p.m. in person or online. People also may comment by filling out the group’s contact form. Public comments only will be logged from the comment box.

    The public is encouraged to subscribe to the group’s email updates.

    Hybrid meeting details

    When:  11 a.m. to 5 p.m. Friday, March 7. 

    Where:  Capital Event Center in the Mason/Lewis room, 6005 Tyee Drive Southwest, Tumwater. Parking is free and does not require a permit. 

    Participants also may attend the meeting online via Zoom, or people can watch a live stream on TVW.

    Details:  People who wish to provide public comment should note that:

    • Comments are accepted anytime. For comments to be considered, they must be submitted through the contact form.
    • There will be 30 minutes on the agenda for public comment. Meeting facilitators will accept requests to speak from participants online and in person. People who wish to comment will be allowed no more than two minutes to provide input.

    Free, temporary internet access is available for those who do not have broadband service at locations throughout the state. To find the nearest access, visit the drive-in WiFi hotspot list.

    Commercial Aviation Coordinating Commission

    The Commercial Aviation Coordinating Commission was the previous group that researched locations to meet the state’s forecast demand for commercial passenger service, air cargo and general aviation. At its final meeting in 2023, the commission focused on providing information to be used by the Commercial Aviation Work Group. The commission released its final report (PDF 613KB) June 15, 2023.

    MIL OSI USA News

  • MIL-OSI: Jamf announces intent to acquire Identity Automation to bring identity and device management together in one powerful, secure platform

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 03, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it signed a definitive agreement to acquire Identity Automation. Identity Automation is a dynamic identity and access management (IAM) platform for industries that are defined by frequent role adjustments, such as education and healthcare. Identity Automation’s comprehensive and advanced IAM platform automates identity and access management workflows to significantly reduce IT burden and enhance the user experience. With Identity Automation, Jamf will combine identity with device access in one unique solution, helping ensure secure devices and application access.

    A dynamic identity is defined as a role that frequently changes and therefore requires adjustments to access. One such industry where dynamic identity management is a key challenge is in K-12 education. Educators and their students have dynamic identities where their roles and access frequently change based on class, grade, school, and district. Identity Automation’s platform continuously adjusts access, device, and security policies based on real-time factors like schedules, shift changes, rosters, location, role and grade changes. By integrating dynamic identity management, Jamf can deliver one comprehensive security solution to benefit schools and other industries that rely on mobile-centric and deskless workflows, such as healthcare, retail, aviation, and field services.

    “We’re excited to bring Identity Automation’s identity and access capabilities into the Jamf platform,” said John Strosahl, CEO at Jamf. “By bringing our security solutions together, we’re creating a more streamlined and user-friendly experience that enables fast, dynamic access to all the resources users need to be productive. We see the huge potential to help organizations that have a shared-device model, deskless workers, temporary staff, or contractors. By removing cumbersome onboarding and off-boarding processes, users can be productive as soon as they pick up a device.”

    Identity Automation’s key product capabilities are delivered through its cloud-based IAM platform, RapidIdentity, and include:

    • Identity Lifecycle Management – end-to-end lifecycle management automates provisioning, role assignments, and de-provisioning with real-time updates from HR and Student Information Systems, reducing IT workload.
    • Access Governance – policy-driven configurations control who has access to systems and data, ensuring only the right people can access sensitive information at the right time.
    • Authentication – customizable multi-factor authentication policies with role-based access, Single Sign-On (SSO), and rostering capabilities to provide frictionless access to digital learning materials.

    “The Jamf team not only shares our passion for digital learning, but they also understand the challenges that come with it,” said Jim Harold, CEO at Identity Automation. “As technology becomes more integral to the learning experience, safeguarding student data, securing access, and preventing cyber threats are more important than ever. But security shouldn’t add friction. An intuitive user experience is essential to ensuring technology enhances rather than hinders the classroom experience. With Jamf, we will take great strides in further protecting and nurturing digital learning and expanding our joint capability to more industries that can benefit from dynamic identity.”

    Identity Automation’s dynamic role-based access offers unique workflows tailored to its core audiences in Education and Healthcare. These market segments encompass various role types that differ based on specific requirements. By implementing a flexible system that adapts to these role variations, customers can dynamically manage, synchronize, and authenticate appropriate access to the necessary systems, ensuring that access aligns with the individual’s current role and preference.

    While Identity Automation operates as a standalone solution, it also has the flexibility to integrate with other identity and SSO solutions. It can support SSO, user provisioning, and authentication with solutions like Okta, Clever, and ClassLink, integrate with Microsoft Active Directory (AD) for authentication and MFA, and enable federation and SSO access for Google’s cloud-based applications.

    Details Regarding the Proposed Acquisition

    Under the terms of the purchase agreement, Jamf will acquire Identity Automation for approximately $215.0 million in cash consideration, subject to customary adjustments as set forth in the purchase agreement. The deal is expected to close by the end of the second quarter of fiscal year 2025, and is subject to customary closing conditions.

    Kirkland & Ellis LLP served as legal adviser to Jamf. Macquarie Capital served as exclusive financial adviser to Identity Automation and McDermott Will & Emery LLP served as legal adviser to Identity Automation. Identity Automation was previously a portfolio company of Spotlight Equity Partners, a private equity firm investing in and helping scale growth software companies.

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit jamf.com.

    About Identity Automation

    Identity Automation provides identity and access management (IAM) solutions for K-12 and higher education. Its flagship platform safeguards learning environments, maximizes instructional time, and minimizes the load on Information & Educational Technology teams. Technology leaders turn to Identity Automation for its best-in-class security capabilities, time-saving automation, and flexible approach to managing digital identities. Headquartered in Houston, Texas, Identity Automation is trusted by Chicago Public Schools, Public Schools of North Carolina, Houston Community College, and hundreds of other institutions. To learn more visit: identityautomation.com.

    Forward-Looking Statements

    This release relates to a pending acquisition of Identity Automation, Inc. (“Identity Automation”) by Jamf Holding Corp. (“Jamf”, “we”, our” or “us”). This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, regarding the anticipated benefits of the acquisition, and the anticipated impacts of the acquisition on our business, products, financial results, and other aspects of our and Identity Automation’s operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These risks, uncertainties, assumptions, and other factors include, but are not limited to: the effect of the announcement of the acquisition on the ability of Jamf or Identity Automation to retain key personnel or maintain relationships with customers, vendors, developers, community members, and other business partners; risks that the acquisition disrupts current plans and operations; the ability of the parties to consummate the acquisition on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the acquisition; our ability to successfully integrate Identity Automation’s operations; our and Identity Automation’s ability to execute on our business strategies relating to the acquisition and realize expected benefits and synergies; and our ability to compete effectively, including in response to actions our competitors may take following announcement of the acquisition. Further information on additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Forward-Looking Statements” and elsewhere in our Form 10-K for the year ended December 31, 2024, and the other filings and reports we make with the Securities and Exchange Commission from time to time. Moreover, both we and Identity Automation operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the acquisition, or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or our management’s good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements.

    Media Contact:

    Liarna La Porta | media@jamf.com

    Investor Contact:

    Jennifer Gaumond | ir@jamf.com

    The MIL Network

  • MIL-OSI USA: 110 Years Ago: The National Advisory Committee for Aeronautics Founded 

    Source: NASA

    On March 3, 1915, the United States Congress created the National Advisory Committee for Aeronautics (NACA). Although the NACA’s founding took place just over 11 years after the Wright Brothers’ first powered flightfirst powered flight at Kitty Hawk, North Carolina, Congress took the action in response to America lagging behind other world powers’ advances in aviation and aeronautics. From its modest beginnings as an advisory committee, over the years, the NACA established research centers and test facilities that enabled groundbreaking advances in civilian and military aviation, as well as the fledgling discipline of spaceflight. With the creation of the National Aeronautics and Space Administration in 1958, the new agency incorporated the NACA’s facilities, its employees, and its annual budget. The NACA provided NASA with a strong foundation as it set out to explore space. 

    The Congressional action that created the NACA, implemented as a rider to the 1915 Naval Appropriations Bill, reads in part, “…It shall be the duty of the advisory committee for aeronautics to supervise and direct the scientific study of the problems of flight with a view to their practical solution. …”. In its initial years, the NACA fulfilled its intended role, coordinating activities already in place in the area of aeronautics research, reporting directly to the president. The committee, made up of 12 representatives from government agencies, academia, and the military, first met on April 23 in the Office of the Secretary of War in Washington, D.C. It established a nine-member executive committee to oversee day-to-day operations and spent the first few years establishing its headquarters in Washington.  

    Within a few years, the NACA’s role began to expand with the establishment of research facilities. The Langley Memorial Aeronautical Laboratory, today NASA’s Langley Research Center, in Hampton, Virginia, opened on June 11, 1920. Over the next few decades, Langley served as a testing facility for new types of aircraft, using wind tunnels and other technological advances. The Ames Aeronautical Laboratory in Sunnyvale, California, today NASA’s Ames Research Center, opened in 1940 and the Aircraft Engine Research Laboratory in Cleveland, today NASA’s Glenn Research Center, in 1941. The three labs achieved many breakthroughs in civilian and military aviation before, during, and after World War II. The Cleveland lab, renamed the Lewis Flight Propulsion Laboratory in 1948, concentrated most of its efforts on advances in jet propulsion. 

    After World War II, the NACA began work on achieving supersonic flight. In 1946, the agency established the Muroc Flight Test Unit at the Air Force’s Muroc Field, later renamed Edwards Air Force Base, in California’s Mojave Desert. In a close collaboration, the NACA, the Air Force, and Bell Aircraft developed the X-1 airplane that first broke the sound barrier in 1947. Muroc Field underwent several name changes, first to the High-Speed Flight Station in 1949, then in 1976 to NASA’s Dryden, and in 2014 to Armstrong Flight Research Center. In 1945, the NACA established the Pilotless Aircraft Research Station on Wallops Island, Virginia, now NASA’s Wallops Flight Facility, as a test site for rocketry research, under Langley’s direction. From the first launch in 1945 through 1958, the NACA launched nearly 400 different types of rockets from Wallops. 

    In the 1950s, the NACA began to study the feasibility of spaceflight, including sending humans into space. In 1952, NACA engineers developed the concept of a blunt body capsule as the most efficient way to return humans from space. The design concept found its way into the Mercury capsule and all future American spacecraft. Following the dawn of the space age in 1957, the NACA advocated that it take the lead in America’s spaceflight effort. The Congress passed, and President Dwight D. Eisenhower signed legislation to create a new civilian space agency, and on Oct. 1, 1958, NASA officially began operations. The new organization incorporated the NACA’s research laboratories and test facilities, its 8,000 employees, and its $100 million annual budget.  Many of NASA’s key early leaders and engineers began their careers in the NACA. The NACA’s last director, Hugh Dryden, served as NASA’s first deputy administrator. 
    For more information about the NACA and its transition to NASA, read former NASA Chief Historian Roger Launius’ book NASA to NASA to Now: The Frontiers of Air and Space in the American Century. Watch this video narrated by former NASA Chief Historian Bill Barry about the NACA. 

    MIL OSI USA News

  • MIL-OSI USA: NASA Names Norman Knight as Acting Deputy Director of Johnson Space Center

    Source: NASA

    NASA has selected Norman Knight as acting deputy director of Johnson Space Center. Knight currently serves as Director of Johnson’s Flight Operations Directorate (FOD), responsible for astronaut training and for overall planning, directing, managing, and implementing overall mission operations for NASA human spaceflight programs. This also includes management for all Johnson aircraft operations and aircrew training. Knight will serve in this dual deputy director and FOD director role for the near term.
    “It is an honor to accept my new role as acting deputy director for Johnson,” Knight said. “Human spaceflight is key to our agency’s mission and our Johnson team is unified in that goal. The successes we see every day are the evidence of that. It never ceases to amaze me what our team is capable of.”
    Knight began his career at the Johnson Space Center as a Space Shuttle mechanical systems flight controller, working 40 missions in this capacity. He progressed through management roles with increasing responsibility, and in 2000, he was selected as a flight director and worked in that capacity for numerous International Space Station expeditions and Space Shuttle missions. In 2009, he became the deputy chief of the Flight Director Office and participated in a NASA fellowship at Harvard Business School in general management. In 2012, Knight was selected as the chief of the Flight Director Office and then in 2018 as deputy director of the Flight Operations Directorate after serving a temporary assignment as the assistant administrator, Human Exploration and Operations Mission Directorate at NASA Headquarters. In 2021, Knight was selected as the director of FOD.
    “Norm has an accomplished career within the agency,” said Steven Koerner, Johnson acting director. “His leadership, expertise, and dedication to the mission will undoubtably drive our continued success.”
    Throughout his career, Knight has been recognized for outstanding technical achievements and leadership, receiving a Spaceflight Awareness Honoree award for STS-82. He also received several center and agency awards, including two Exceptional Achievement medals, multiple Johnson and agency group achievement awards, two Superior Accomplishment awards, an Outstanding Leadership medal, the Johnson Director’s Commendation award, and the Distinguished Service medal.
    Knight earned a bachelor’s degree in aeronautical engineering from the Embry Riddle Aeronautical University in 1990.

    MIL OSI USA News

  • MIL-OSI Economics: Thales to equip U.S. Air Force F16 with Helmet Mounted Display

    Source: Thales Group

    Headline: Thales to equip U.S. Air Force F16 with Helmet Mounted Display

    • Thales subsidiary, Thales Defense & Security, Inc. (TDSI), has been awarded a contract for Scorpion Helmet Mounted Display (HMD) retrofit kits to support U.S. Air Force (USAF) F-16 HMD modernization. ​ ​
    • The Scorpion HMD kits provide a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a common Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve F-16s.
    • Thales Visionix, a division of Thales Defense & Security, Inc. (TDSI), a world leader in the development and integration of advanced optics, motion tracking and symbology for fixed and rotary wing HMDs, will manage the contract.

    Thales subsidiary, Thales Defense & Security, Inc. (TDSI), has been awarded a contract by the U.S. Air Force for Scorpion Helmet Mounted Display (HMD) retrofit kits to enhance U.S. Air Force (USAF) F-16 pilot visualization and situational awareness. The award supports modernization of HMDs for active duty F-16 block 40 and 50 aircraft by Thales Visionix, a division of Thales Defense & Security, Inc. (TDSI).

    This contact, issued by the USAF utilizing the NATO Support and Procurement Agency (NSPA), is the first of several anticipated delivery orders to modernize the USAF fleet of F-16s with more interoperable technology. The contract arrangement also allows a procurement option for any F-16 NATO partner to modernize with Scorpion kit capability. Initial kits are anticipated to be delivered to the USAF in early ​ 2025.

    The Scorpion HMD kits will replace the Joint Helmet Mounted Cueing System (JHMCS) and allow the USAF a standardized Scorpion HMD solution across Air Force, Air National Guard and USAF Reserve F-16s. Scorpion provides a modern digital platform allowing for enhanced pilot situational awareness with full color symbology and a single display for both day and night operations. Tracking accuracy is also markedly improved, as Scorpion is baselined with Visionix’s precision HObIT (Hybrid Optically based Inertial Tracker) tracker. The HObIT system provides precise tracking through a fusion of inertial-optical technology.

    “Modernization efforts around helmet-mounted displays for aircraft are essential to pilots, as they provide critical real-time information directly in their line of sight, enhancing situational awareness, decision-making, and operational efficiency, while reducing the need to divert attention from the aircraft’s instruments and environment,” said Jim Geraghty, Vice President of Visionix, Thales. “Already supporting F-16 Air National Guard pilots with superior awareness and tracking capability, Scorpion kits will now enhance holistic USAF air dominance.”

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Thales in the USA

    In the United States, Thales has conducted significant research and development, manufacturing, and service capabilities for more than 130 years.

    Today, Thales has 37 locations around the U.S., employing nearly 5,000 people. Working closely with U.S. customers and local partners, Thales is able to meet the most complex requirements for every operating environment.

    MIL OSI Economics