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Category: Economy

  • MIL-OSI United Kingdom: City’s biggest summer event buoyed by new wave of sponsors – including the University of Aberdeen The Tall Ships Races Aberdeen 2025 has announced a significant wave of new sponsors, joining previously confirmed partners in supporting this summer’s must-attend event.

    Source: University of Aberdeen

    The Tall Ships Races Aberdeen 2025 has announced a significant wave of new sponsors, joining previously confirmed partners in supporting this summer’s must-attend event.
    The latest businesses and organisations to sign up include the University as well as Boskalis, Clarksons Port Services, Dales Marine, DC Thomson, Glen Garioch, Greenwell Equipment, Sea-Cargo, Shell, Streamline Shipping Group, Targe Towing and TotalEnergies.
    Professor Peter Edwards, Vice-Principal Regional Engagement at the University, said: “World renowned, international in its approach, collaborative by nature and always looking to the horizon –  we share many of the traits which make the Tall Ships Races such a special and unforgettable experience.
    “A community of more than 130 nationalities, we are also more than just an ancient university with a deep connection to the region’s maritime history. We are an active champion for our local community and are delighted to be supporting the 2025 Races and showcasing the best of the North-east of Scotland.”
    The festival – billed as Europe’s largest free family event – takes place between 19-22 July and nearly 50 Tall Ships have already signed up from South America, the Middle East and Europe which will create a dazzling parade of sail.
    The Tall Ships Aberdeen ‘Quayside Concerts’ in Peterson Seabase – a freight yard being transformed into one of Scotland’s biggest outdoor music venues – will feature three nights of ticketed events with major headline acts, and a free gig on Sunday night featuring renowned Scottish headliners.
    This is alongside an exciting free events programme, featuring renowned Scottish headliners on the Sunday night and a vibrant schedule of daytime, family-friendly entertainment that is expected to draw an estimated 400,000 visits to Aberdeen.

    We are an active champion for our local community and are delighted to be supporting the 2025 Races and showcasing the best of the North-east of Scotland.” Professor Peter Edwards, Vice-Principal Regional Engagement at the University

    Councillor Martin Greig, Chair of Aberdeen’s Tall Ships 2025 organising committee, said: “The Tall Ships experience will have a massive, positive impact on Aberdeen and the region. The importance of the Tall Ships is reflected in the support that has been given by our generous sponsors.
    “I am absolutely delighted that high-profile partners have agreed to contribute so positively to make the event a success. This is the biggest event that Aberdeen, and its region, has seen in almost 30 years. The support from these distinguished businesses is truly appreciated.” 
    The new supporters join previously announced sponsors ASCO, Aspect: The Strategic Communications Experts, Balmoral Group, Equinor, Global Maritime, John Lawrie Metals, OPITO, Peterson Energy Logistics and Serica Energy.
    Aberdeen is the only UK host port for the Tall Ships Races this summer and – based on the experience of previous host ports – the event stands to inject tens of millions of pounds into the city and wider economy.
    Adrian Watson, chief executive of Aberdeen Inspired, said: “Everyone involved in the Tall Ships Races Aberdeen is delighted by the wave of support shown by businesses and organisations getting on board as sponsors. We can’t thank them enough and I would urge others to become sponsors, too.
    “Their contribution is invaluable in making the spectacular event in July the best it can be, while leaving a lasting legacy for the city’s economy and its reputation for hosting large-scale events that can attract hundreds of thousands of visits.”
    The Tall Ships Races Aberdeen 2025 is supported through EventScotland’s International Events Funding Programme.

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Q4/24 FINANCIAL AND OPERATIONAL OVERVIEW         

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

    BALANCE SHEET AND LIQUIDITY

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

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


    MANAGEMENT COMMENTARY

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

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

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

    SUMMARY RESULTS

      Three months ended
    December 31,    		 Twelve months ended
    December 31,
    ($ millions, except percentages and ratios)   2024   2023   2024   2023
    Revenue $ 561 $ 574 $ 2,414 $ 2,343
    Gross margin   140   119   504   457
    Gross margin as a percentage of revenue   25.0%   20.7%   20.9%   19.5%
    Selling, general and administrative expenses (“SG&A”)   92   74   327   293
    Foreign exchange (gain) loss   (2)   16   4   43
    Operating income   50   29   173   121
    EBITDA1   92   –   364   240
    EBIT1   47   (51)   179   42
    EBT1   21   (76)   81   (52)
    Net earnings (loss)   15   (95)   32   (83)
    Cash provided by operating activities   113   158   324   206
                     
    Key Financial Performance Indicators (“KPIs”)2                
    ES bookings3 $ 301 $ 265 $ 1,401 $ 1,306
    ES backlog3   1,280   1,134   1,280   1,134
    EI contract backlog4   1,545   1,700   1,545   1,700
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5   174   158   642   609
    Gross margin before D&A as a percentage of revenue5   31.0%   27.5%   26.6%   26.0%
    Adjusted EBITDA6   121   91   432   378
    Free cash flow7   76   139   222   95
    Net debt   616   824   616   824
    Bank-adjusted net debt to EBITDA ratio   1.5x   2.3x   1.5x   2.3x
    Return on capital employed (“ROCE”)8   10.3%   2.1%   10.3%   2.1%


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

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

    OUTLOOK        

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

    Industry Update

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

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

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

    Capital Spending

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

    Capital Allocation

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

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

    DIVIDEND DECLARATION

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

    CONFERENCE CALL AND WEBCAST DETAILS

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

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

    NON-IFRS MEASURES

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

    ADJUSTED EBITDA

    Three months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 15
    Income taxes1               6
    Net finance costs1,2               26
    EBIT3 $ 34 $ 11 $ 4 $ 47
    Depreciation and Amortization   19   12   14   45
    EBITDA $ 53 $ 23 $ 18 $ 92
    Restructuring, transaction and integration costs   1   –   –   1
    Share-based compensation   11   2   3   16
    Impact of finance leases                
    Principal payments received   –   –   10   10
    Loss on redemption options3               2
    Adjusted EBITDA $ 65 $ 25 $ 31 $ 121


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

    Three months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (95)
    Income taxes1               19
    Net finance costs1,2               25
    EBIT $ 47 $ (84) $ (14) $ (51)
    Depreciation and amortization   18   14   19   51
    EBITDA $ 65 $ (70) $ 5 $ –
    Restructuring, transaction and integration costs   3   2   13   18
    Share-based compensation   (1)   –   –   (1)
    Impact of finance leases                
    Principal payments received   –   –   9   9
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 67 $ (3) $ 27 $ 91


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    Twelve months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 32
    Income taxes1               49
    Net finance costs1,2               98
    EBIT3 $ 166 $ 29 $ (33) $ 179
    Depreciation and amortization   74   53   58   185
    EBITDA $ 240 $ 82 $ 25 $ 364
    Restructuring, transaction and integration costs   7   4   3   14
    Share-based compensation   19   5   5   29
    Impact of finance leases                
    Upfront gain   –   –   (3)   (3)
    Principal payments received   –   1   44   45
    Gain on redemption options3               (17)
    Adjusted EBITDA $ 266 $ 92 $ 74 $ 432


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

    Twelve months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (83)
    Income taxes1               31
    Net finance costs1,2               94
    EBIT $ 127 $ (90) $ 5 $ 42
    Depreciation and amortization   69   48   81   198
    EBITDA $ 196 $ (42) $ 86 $ 240
    Restructuring, transaction and integration costs   11   10   23   44
    Share-based compensation   4   1   1   6
    Impact of finance leases                
    Upfront gain   –   –   (13)   (13)
    Principal payments received   –   1   35   36
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 211 $ 35 $ 132 $ 378


    1    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.


    FREE CASH FLOW AND DIVIDEND PAYOUT RATIO

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

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


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


    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

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

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

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

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

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

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

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

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

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

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

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

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

    ABOUT ENERFLEX

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

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

    For investor and media enquiries, contact:

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

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

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

    The MIL Network –

  • MIL-OSI United Kingdom: £230m DHL investment in Coventry to create hundreds of local jobs

    Source: United Kingdom – Executive Government & Departments

    Press release

    £230m DHL investment in Coventry to create hundreds of local jobs

    DHL Group has announced a £230 million e-commerce hub investment in Coventry creating up to 600 local jobs.

    • Major £230m investment in new state-of-the-art e-commerce hub in Coventry will create up to 600 local jobs.
    • New hub near Coventry Airport can handle up to 1 million parcels a day and is part of DHL e-Commerce’s wider £482m investment into the UK.
    • Minister Justin Madders will open the hub today, celebrating the latest in a series of job-boosting investments across the country.

    Logistics giant DHL has invested £230 million in a new state-of-the-art e-commerce hub in Coventry which will create up to 600 local jobs, in the latest in a series of job-boosting investments across the UK. 

    Today (27 February), Business Minister Justin Madders will formally open the new hub which covers 25,000 m² of space and can handle up to a million parcels a day, speeding up delivery times for UK consumers in a major win to the Coventry and wider West Midlands economy. 

    During his visit, the Minister will meet with DHL Group’s senior leadership, including CEO of DHL eCommerce Pablo Ciano, tour the new site to see the latest e-commerce technologies in action, and learn about how the new hub will benefit not only Coventry but the wider West Midlands.

    This announcement comes as the latest research shows the UK is expected to reach a turnover in e-commerce of £176 billion by 2029, leading all European economies. The latest figures from the Department for Business & Trade also show the West Midlands region landed 133 foreign direct investments in 2023/24, generating 7,581 new jobs.

    Securing investment is central to the Government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

    Since entering office, the Government has been focused on restoring economic stability – which is the foundation of growth – to give businesses the confidence to invest and expand in the UK, and today’s announcement from DHL is a major vote of confidence in the UK’s investment environment.  

    Business Minister Justin Madders said:

    The West Midlands is a powerhouse for investment, and this state-of-the-art hub in Coventry will not only create hundreds of local jobs but give a major boost to our logistics sector and speed up delivery times for consumers. 

    The UK is open for business, and DHL’s investment is the latest vote of confidence in the country which will deliver economic growth and raise living standards, showing our Plan for Change is working.

    Stuart Hill, CEO of DHL eCommerce UK said:

    As e-commerce continues to shape the way we live and work, this expansion will enable us to meet growing demand. The investment reflects our confidence in British business and our dedication to helping our customers thrive in the digital marketplace through innovation and best-in-class service delivery.

    By increasing our capacity with a state-of-the-art operation, we’re creating long-term jobs, growth opportunities for our customers and a blueprint for more sustainable logistics.

    DHL’s cutting-edge new site will help to grow UK e-commerce businesses and improve delivery to consumers across the UK, as well as improving export logistics for businesses in the region. The hub features secure bonded storage and customs capabilities to support international e-commerce, making it quicker and easier to dispatch parcels internationally.  

    The hub also provides EV charging points and 7,000m² of solar panels along with LED lighting. This minimises the site’s environmental impact and preserves the area’s natural biodiversity – supporting the government’s ambitions to make the UK a clean energy superpower. 

    Economic growth is the foundation of our Plan for Change, and DHL’s vote of confidence will play a vital role in not only unlocking further investment but turbocharging the UK’s logistics sector. 

    DHL’s announcement today is the latest in a series of recent investment wins for the UK, including: 

    • Creating nearly 38,000 jobs across the UK following our record-breaking International Investment Summit last October, with £63 billion worth of investment secured by companies such as Amazon Web Services, Iberdrola and Octopus Energy.
    • Car manufacturer Nissan, and the Japan Automatic Transmission Company (JATCO) securing a £50 million investment deal in partnership with the government to create a new manufacturing plant in Sunderland.
    • US company Knighthead’s £3 billion regeneration project in East Birmingham, creating 8,400 new jobs annually, paving the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches.
    • Rolls Royce investing £300m in the expansion of their Goodwood facility to meet the growing demand for bespoke upgrades.
    • JLR investing £500 million in its Halewood facility to enable the production of electric vehicles, alongside existing combustion and hybrid models.
    • Blackstone’s £10 billion investment to create the biggest AI data centre in Europe, creating 4000 jobs.
    • Eren Holding investing £1 billion in the redevelopment of Shotton Mill in North Wales, safeguarding 147 jobs and creating a further 220 jobs.
    • Heathrow Airport announcing a multibillion-pound investment programme to expand the airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.

    Background:

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: No. 3/2025 – Managers’ transactions

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 27 February 2025
    ANNOUNCEMENT no. 3/2025

    Managers’ transactions

    Pursuant to Article 19 of the market abuse regulation Cemat A/S hereby announces the following information received 26 February 2025.

    Details of the person discharging managerial responsibilities/person closely associated  
    Name: Jarosław Lipiński
    Reason for the notification:  
    Position/status: CEO in Cemat A/S
    Initial notification/Amendment: Initial
    Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
    Name: Cemat A/S
    LEI: 213800899MWAZT9KQZ78
    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted  
    Description of the financial instrument, type of instrument: Shares
    Identification code: ISIN DK0010271584
    Nature of the transaction: Purchase of shares
    Price(s): DKK 1,028242621
    Volume (s): 147,646
    Aggregated information:  
    • Aggregated volume
    		 147,646
    DKK 151,815.91, equivalent to DKK 1,028242621 per share
    Date of the transaction: 25 February 2025
    Place of the transaction: Nasdaq Copenhagen, XCSE
         

    Cemat A/S

    Frede Clausen
    Chairman

    This announcement has been prepared in a Danish-language and an English-language version. In case of doubt, the Danish version prevails.

    Attachment

    The MIL Network –

  • MIL-OSI: Asimily and Blood Centers of America Partner to Protect the Nation’s Blood Banking Network from Cyberattacks

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Asimily, a leading innovator in IoT, OT, and IoMT risk management, today announced a partnership with Blood Centers of America (BCA), whose 60+ member and affiliate organizations are responsible for over 50% of the U.S. blood supply. This partnership makes Asimily’s comprehensive Lab, Medical Device, and IoT security and risk management platform directly available to all BCA members, enabling blood centers to protect their critical connected equipment and sensitive data.

    This partnership addresses protecting the various connected devices in the blood bank ecosystem, from collections through testing and ultimately distribution.

    “The security of our members’ operations directly impacts the safety and availability of America’s blood supply,” said Sam Keith, Senior Vice President, Blood Centers of America. “By partnering with Asimily, we’re ensuring our nationwide member organizations have the industry-leading solution to secure their Lab, Medical, and IoT devices and to protect their critical equipment and sensitive data. The Asimily platform’s capabilities, the trust that other healthcare-industry customers have in Asimily, and BCA’s support have made this an ideal solution for securing our operations and protecting the communities we serve. This partnership reflects our commitment to providing our members with proven solutions that strengthen their operations and resilience.”

    Asimily’s platform combines comprehensive device visibility, vulnerability management, continuous threat monitoring, and streamlined remediation workflows that are optimized for healthcare and life sciences environments like blood centers. The company has extensive experience securing organizations’ critical healthcare operations, with customers including MemorialCare and Methodist Le Bonheur Healthcare. Asimily is also the top-ranked medical device security solution by Gartner Peer Review Insights.

    “Recent security breaches continue to underscore how attractive healthcare and life sciences targets are for cybercriminals—unfortunately, blood centers have been part of that story,” said Mike McDermott, Vice President, Asimily. “Particularly with FDA guidance becoming more specific and urgent for blood centers, Asimily’s technology ensures that all devices and equipment can be monitored for the most current and serious vulnerabilities and threats. With Asimily, blood centers can confidently scale IoT assets with the visibility and continuous monitoring required to protect data thoroughly and efficiently.”

    The Asimily platform enables BCA members to:

    • Monitor all connected devices, including critical blood testing and processing equipment
    • Reduce their threat surface by mitigating exploitable vulnerabilities
    • Detect and respond to threats before they impact blood center operations
    • Automate security operations with healthcare-optimized workflows
    • Meet stringent compliance requirements and follow FDA guidance
    • Safeguard sensitive patient data and intellectual property

    For more information about Asimily’s security solutions for blood centers, BCA members can contact Asimily’s IoT specialist team.

    About Asimily

    Asimily has built an industry-leading risk management platform that secures IoT devices for organizations in healthcare, manufacturing, higher education, government, life sciences, retail, and finance. With the most extensive knowledge base of IoT and security protocols, Asimily inventories and classifies every device across organizations, both connected and standalone. Because risk assessment—and threats—are not a static target, Asimily monitors organizations’ devices, detects anomalous behavior, and alerts operators to remediate any identified anomalies. With secure IoT devices and equipment, Asimily customers know their business-critical devices and data are safe. For more information on Asimily, visit https://www.asimily.com

    About BCA

    Blood Centers of America (BCA) is the largest blood supply network in the U.S., uniquely positioning us to sustain, advocate and mobilize for the nation’s blood supply. Our 60+ independent community blood centers collect and distribute 50% of the nation’s blood supply, delivering reliable service with a profound commitment to the communities we serve. For more information about BCA, visit https://www.bca.coop

    Asimily Contact

    Kyle Peterson

    kyle@clementpeterson.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Advisory

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

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

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

    Cenovus Energy Inc.

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

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors Media
    Investor Relations general line Media Relations general line
    403-766-7711 403-766-7751

    The MIL Network –

  • MIL-OSI Africa: African Leaders Unite to Mobilize African Investment and Financing for Implementing Agenda 2063

    Source: Africa Press Organisation – English (2) – Report:

    ADDIS ABABA, Ethiopia, February 27, 2025/APO Group/ —

    On the sidelines of the 38th Ordinary Session of the Assembly of the African Union Summit in Addis Ababa, Ethiopia, African Heads of State, Government and Business Leaders convened for a Presidential Breakfast Dialogue to address the continent’s financing and investment gaps. The event was held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063”.

    The dialogue, which was hosted by His Excellency John Dramani Mahama, President of the Republic of Ghana and Champion on African Union Financial Institutions, in collaboration with the African Union Commission (AUC) and the Alliance of African Multilateral Financial Institutions (AAMFI), reaffirmed the continent’s commitment to accelerating self-reliant, sustainable economic development.

    In his keynote address, President Mahama emphasized the urgency of strengthening Africa’s financial independence through domestic resource mobilization, concessional financing, and strategic public-private partnerships. “Africa must harness its own financial and investment capacities to drive the transformative vision of Agenda 2063. We cannot continue to rely on external financing mechanisms that do not align with our long-term development goals,” he stated.

    Dr. Ngozi Okonjo-Iweala, Director General, World Trade Organization (WTO) emphasized the need for Africans to take charge of their own development by shifting mindsets and strengthening financial self-sufficiency.

    She Said, “The Africa Club is a crucial step toward looking inward and harnessing our own potential. However, we need to focus on four key priorities for Africa’s financial and economic transformation: Firstly, strengthening African financial institutions – If we are to finance our continent’s development, we must capitalize our own financial institutions, including national development banks, ensuring they have the resources to support Africa’s needs. Secondly, let’s address debt challenges to attract investment – we must focus on attracting and retaining investment, including foreign direct investment (FDI), and implementing coordinated strategies to leverage equity financing. Instead of relying on aid, Africa should push for partnerships that channel financial resources into investments. Thirdly, let’s leverage domestic resources – with over $250 billion in pension funds on the continent, we must tap into these resources for development. Strengthening our capital markets, integrating African financial institutions, and utilizing diaspora bonds can significantly boost Africa’s financial resilience. Lastly, let’s drive trade and economic growth – sustainable financing hinges on Africa’s ability to grow its economies, trade more, and add value to its products. Without economic expansion, the resources needed to bridge financing gaps will remain out of reach.”

    Speaking during the dialogue, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, highlighted Africa’s immense potential and the critical role of collaboration. “This is an exciting time for Africa, which has been stretching and renewing itself economically, politically, and socially in recent years. Only the grumpiest pessimists will bet against this new era of ‘Africa Time’ for its economic and social transformation as envisioned under Agenda 2063.”

    Dr. Nsanzabaganwa urged investors to seize the opportunities within Africa’s evolving economic landscape. “You will be right to have faith and believe in investing in Africa. The continent is perceived as the ‘new frontier,’ the ‘future paradise’ that sharpens a race to markets by an increasing number of investors.”

    Speaking on behalf of AAMFI, Prof. Benedict O. Oramah, Chairperson of AAMFI’s Governing Council and President of Afreximbank, underscored the significance of African financial institutions leading the charge in development finance. “AAMFI represents Africa’s collective financial strength, and through coordinated action, we will mobilize resources at scale to achieve Agenda 2063,” he stated. He further emphasized Africa’s need for financial solidarity in debt resolution: “We have developed a platform that will make it possible to jointly invest in projects that are impactful to the continent. There is no reason why the bridge across Congo Brazzaville and Congo Kinshasa should not be built, the cost is a mere US$500 million; there is no reason why railways cannot be built across Africa, at best they cost about US$1-2Bn. We cannot call for a reform of the international financial architecture on weak legs, no one will listen to us if they view us as mere beggars. We must rely on our own institutions and use this platform to leverage our individual and collective resources to transform our continent. Let’s strengthen our alliance to meet our set objectives.”

    The dialogue featured a high-level panel of distinguished leaders and finance experts, including: Dr. Donald Kaberuka, African Union (AU) High Representative for Financing of the Union and the Peace Fund; Samaila Zubairu, 1st Vice Chairperson, AAMFI and President & CEO of Africa Finance Corporation (AFC); Dr. Corneille Karekezi, 2nd Vice Chairperson AAMFI and Group Managing Director & CEO, African Reinsurance Corporation; Ahunna Eziakonwa, Assistant Administrator and Regional Director for Africa, UNDP; and H.E. Amb. Albert Muchanga, Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, African Union Commission.

    Discussions centered on innovative strategies for mobilizing African capital, strengthening financial institutions, and leveraging the role of African Multilateral Financial Institutions (AMFIs) in financing critical development sectors such as infrastructure, industrialization, and trade.

    The event also witnessed special investment announcements:

    • African Trade Transformation Fund (ATTF), a groundbreaking USD5 billion concessional finance window initiative by Afreximbank to provide concessional financing to unlock new opportunities for African businesses and governments.
    • Shelter Afrique Development Bank (ShafDB) introduced the Catalytic Capital Replenishment Fund to bridge the housing and urban infrastructure gap in Africa which is reported to be a 53-million-unit deficit requiring $1.3 trillion to bridge. 
    • The African Reinsurance Corporation (Africa Re) Group has pledged $1 million to the African Union Peace Fund. Additionally, the Corporation donated $500,000 to the Africa CDC during the COVID-19 pandemic and has now authorized the use of the balance for Mpox response efforts. The Group Managing Director further stated that Africa Re has committed 2% of its net profits to the African Re Foundation, which will allocate funds to support various initiatives across the continent, including disaster risk financing.
    • The African Solidarity Fund (ASF) established two key partnerships: a $320 million Guarantee Line to enhance access to housing credit and a $240 million Credit Line Guarantee to support women and youth empowerment, fostering entrepreneurship in the WAEMU.
    • Arab Bank for Economic Development in Africa (BADEA) launched a Debt for Equity initiative to support the capitalization of African Multilateral Financial Institutions by mobilizing resources from the Arab world towards sub-Saharan Africa. 

    African Heads of State & Government, including leaders from Angola, Nigeria, Mauritania, Rwanda, Zambia, Libya, Kenya, Cote d’Ivoire, Benin, and Equatorial Guinea, reaffirmed their commitment to strengthening Africa’s financial ecosystem and supporting the growth of AAMFIs as key instruments of economic transformation.

    The event concluded with a unified call to action for African governments, financial institutions, and the private sector to strengthen coordination and build strategic partnerships to accelerate Africa’s development by His Excellency Ambassador Albert Muchanga, Commissioner for Trade and Industry at the African Union Commission.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: London leaders unveil Growth Plan to turbocharge productivity and add more than £100bn to London’s economy

    Source: Mayor of London

    • London Growth Plan aims to put an extra £11k a year in the pocket of every Londoner and provide £27bn extra tax revenue to fund vital public services in the capital and across the country  
    • The plan targets restoring London’s productivity growth back to 2% per year – making London’s economy £107bn larger by 2035 
    • Plan’s inclusive growth ambitions include a 20% rise in household income for the lowest earning 20% of Londoners 
    • £21m additional funding this year will revitalise local high streets  
    • The Mayor and London Councils issue joint call on UK Government for more investment and devolution to boost local and national growth 

     

    The Mayor of London and London Councils have come together today (Thursday 27 February 2025) with local leaders from business, education and the voluntary sector to launch a bold new plan to turbocharge economic growth and increase prosperity across the capital.

     

    Developed together with London & Partners – in collaboration with businesses, trade unions and London’s communities – the London Growth Plan sets out a blueprint to kickstart the capital’s productivity, which has flatlined since the 2008 global financial crisis.

     

    The plan aims to restore productivity growth to an average of two per cent a year in the next decade, which would make London’s economy £107bn* larger by 2035 and put an extra £11,000 on average in the pockets of the near-nine million Londoners. This would also mean the capital contributing an extra £27.5bn in taxes to the Treasury in 2035, providing vital revenues for investment in public services.

     

    London’s productivity grew by an average of 3.16 per cent each year between 1998 and 2007, but between 2008 and 2022, average productivity growth was just 0.12 per cent a year. Growing productivity is the key to higher wages, higher living standards and increased investment in public services in London and across the UK.

     

    The new plan focuses on inclusive economic growth to make sure that more Londoners can contribute to and benefit from the capital’s success. Helping more Londoners into work, bringing down housing costs and improving public transport are all vital to reducing poverty in London, improving living standards and driving growth. The plan aims to achieve a 20 per cent rise in the household weekly income (after housing costs) of the lowest earning 20 per cent of Londoners – which would mean more than a million London households would have an extra £50 to spend each week, on average, after paying for housing costs. 

     

    The London Growth Plan outlines huge opportunities for turbocharging the capital’s economy and harnessing the growth potential of sectors such as AI, life sciences, robotics, clean tech, quantum computing and the creative industries. Key drivers to deliver the plan’s growth ambitions for the capital include a renewed focus on nurturing world-class talent, helping Londoners get the skills they need for productive careers, backing business innovation with new investment and technology, taking a bolder approach to housing and infrastructure, and reinvigorating London’s local high streets. 

     

    A long-term strategic relationship between London and the UK Government will be a crucial part of delivering the plan. London is the engine of the UK economy and, with national support, this plan can harness its economic power and potential for the benefit of all Londoners and the whole country, helping to fund investment in public services across Britain.

     

    Priorities in the London Growth Plan include:  

     

    • Backing business: London government will help to power ‘industrial innovation corridors’ around the capital – supporting new space, facilities and infrastructure to ensure innovation can thrive. This will build on the potential of the WestTech Corridor (anchored in White City going through Old Oak and Park Royal), the UK Innovation Corridor (anchored in the Knowledge Quarter going towards Cambridge) and the Thames Estuary (anchored in Queen Elizabeth Olympic Park going out to Essex and Kent).  A new proposed London Tech and Inclusive Growth Fund could provide up to £100m loan and equity funding for high-growth small and midsize enterprises.  
    • Talent and skills: An Inclusive Talent Strategy will build the capital’s skilled workforce to unleash the potential of Londoners and – in turn – London’s economy. This will help create at least 150,000 high quality jobs, with a focus on fair pay and good work, to deliver Mayoral manifesto commitments. As well as supporting more people into work and ensuring all Londoners can get the skills or training needed to progress their careers, the strategy will help attract world-class talent to study and work in the capital. New rent-controlled Key Worker Homes will also help London to attract and retain its essential workforce. 
    • Housing and infrastructure: Local leaders will work with UK Government to extend and upgrade London’s public transport network, prioritising transformational projects to unlock new affordable homes and growth – including the Docklands Light Railway extension to Thamesmead, the Bakerloo line extension and the West London Orbital. The plan also calls for more devolution of London’s suburban rail services. This will be reinforced by the next London Plan, which will prioritise growth, increase housing delivery and ensure better digital connectivity.  
    • Inward investment and promotion: London will take the lead in implementing national reforms to the Local Government Pension Scheme, exploring the development of a major joint fund to invest in places that encourage innovation, including venture capital. The plan will also support London’s goal to be a net-zero city by 2030, attracting significant institutional capital for green infrastructure. There will be support to set up a new quantum tech incubator, London Life Sciences Week will be backed to become a key global event for the sector, and London leaders will explore a new business visitor centre to promote the capital’s world-leading offer by bringing companies together with agencies and developers.  
    • High streets and local economies: £21m additional funding this year will support boroughs with town centre regeneration, including potentially creating a publicly owned High Street Estate Agency to bring empty properties back into use. The plan also reiterates the Mayor’s commitment to revitalising neighbourhood policing so that the capital’s high streets always feel welcoming and safe.  

     

    Delivering the London Growth Plan will be a genuine partnership between the Mayor, local government leaders and central government, working in coalition with universities, incubators, accelerators, venture capitalists, innovation districts, corporate innovators, capital markets and international investors.  

     

    London’s leaders want central government to help unleash the capital’s economic potential by giving the Mayor and boroughs more freedoms to fund their own growth priorities, and the flexibility to spend money in the best way to drive good growth. This is on top of continuing to lobby the Government to secure agreements with our biggest international trading partners that ensure London’s key sectors can continue to grow and thrive.  

     

    Mayor of London, Sadiq Khan, said: “This growth plan provides a golden opportunity to turbocharge growth and unlock London’s full potential – for the benefit of all Londoners and the whole country.  

     

    “It’s a blueprint for how we can help to create 150,000 good jobs, build more affordable homes, deliver major new transport upgrades and skill up Londoners for the well-paid jobs of tomorrow. From AI, life sciences and climate tech to our financial and creative industries, London is home to many of the best businesses in the world, which we want to back to grow and thrive over the next decade. 

     

    “Ultimately, growth means little if people cannot feel the benefits or see the positive change it brings to their area. So our goal is to deliver economic growth in every corner of our city that helps to raise living standards, puts more money in people’s pockets and enables us to invest in our public services, as we continue to build a fairer and more prosperous London for all.” 

     

    Cllr Claire Holland, leader of London Councils, added: “The London Growth Plan is a blueprint to drive inclusive economic growth in the capital and across the UK, boosting productivity and ensuring more Londoners can feel the benefits of growth.

     

    “It sets out our ambitions to unleash growth in the industries of the future, deliver new housing and infrastructure to support the London economy, and develop a new Inclusive Talent Strategy, helping more people to get into work and get the skills they need to progress.

     

    “Boroughs are resolutely pro-growth and are committed to working with business, the Mayor of London and national government to turbocharge growth in every corner of our city.” 

     

    Laura Citron, chief executive of London & Partners, concluded: “This is a huge moment for our city: a shared vision, a clear plan, and now the momentum to make it happen. As the capital’s growth agency, we’ll be working closely with investors, entrepreneurs, partners, and places across the city to drive growth for London and Londoners – attracting investment, scaling our businesses, bringing in visitors and world-class events, while telling London’s story brilliantly. Our city is built on reinvention, and this is our next big chapter.”

    London’s universities and research institutes will be key partners in nurturing the talent and innovation required to deliver the Plan’s growth targets. The Plan highlights University College London’s Person-Environment-Activity Research Laboratory and Imperial’s recent purchase of the Victoria Industrial Estate in the proposed WestTech innovation corridor as examples of the specialist spaces needed to support inclusive growth. 

    Prof Hugh Brady, President of Imperial College London, said: “Universities like Imperial play a critical role in attracting and nurturing world-class talent, fuelling inclusive growth, and strengthening London’s position as a global leader in innovation. That’s why the best innovation ecosystems have world-renowned research universities at their heart.

    “The WestTech Corridor, anchored by Imperial College London, will be central to delivering the Mayor’s ambitious London Growth Plan, driving a vibrant innovation ecosystem in West London and acting as a powerful engine for investment, economic growth and job creation across the UK and the wider world.”

    Dr Michael Spence, President and Provost at UCL, said: “Innovation, driven by universities working with local government and businesses, has huge potential to spur growth and create jobs in London. The London Growth Plan reflects the importance of universities like UCL in helping to attract, nurture and realise inclusive growth in our capital city.

    “UCL’s campuses are at the heart of London’s innovation corridors, driving the talent pipeline alongside our cutting-edge facilities delivering world class research. Within ten minutes of our Bloomsbury campus, one of the world’s largest and most collaborative innovation districts is taking shape in the Knowledge Quarter, with huge potential to bring together life science, technology, healthcare and academia in one place. On Queen Elizabeth Olympic Park, UCL East is at the heart of the UK’s newest culture and learning quarter at East Bank, a driving force behind cultural and creative industries innovation and regeneration in London.”

    The newly published London Growth Plan has also been welcomed by leading voices from across the capital’s business community.  

    Karim Fatehi OBE, Chief Executive of the London Chamber of Commerce and Industry, said: “LCCI welcomes the Mayor’s London Growth Plan to maximise London’s economic potential and maintain its position as the best city in the world to do business. Businesses of all sizes are the lifeblood of the London economy, and measures such as the London Tech and Inclusive Growth fund will help them grow and attract investment.

    “We especially welcome the Growth Plan’s focus on skills – giving Londoners access to industry-relevant training, employment and careers support. This inclusive strategy will ensure London’s economic success means prosperity for all Londoners.”

    Laura Timm, London Policy Representative at the Federation of Small Businesses, said: “FSB is delighted to see a strong, ambitious and upbeat Growth Plan that hones in on three key FSB drivers for small business growth—namely, access to targeted finance, cultivating a high-functioning skills system, and presenting opportunities for small firms to win public procurement contracts.

    “Over 99 per cent of all firms in the capital are small in size but significant in growth potential. We look forward to working with the Mayor of London, the Deputy Mayor for Business and other stakeholders in implementing the Growth Plan – which we hope will create the environment that helps a local small firm take on their first apprentice, seal an exporting opportunity, and tackle the scourge of business crimes up and down our high streets.”

    John Dickie, Chief Executive of Business LDN, said: “The bold ambitions set out in the London Growth Plan rightly focus on unlocking the city’s full potential so that businesses can succeed and Londoners thrive. Delivering on this agenda will require the city to double down on existing efforts to tackle barriers to inclusive growth such as housing and skills where we have the agency to act.

    “The Government needs to ensure London has the tools it needs to turbocharge growth and help the UK get out of the economic slow lane. This means stepping up by providing long-term, flexible funding to unlock vital infrastructure and affordable housing so that the city remains an attractive place to live, work, visit and do business.”

    Read more at www.growthplan.london.  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council sets budget and vows to invest for residents

    Source: City of Wolverhampton

    That’s the commitment from Council Leader Stephen Simkins after budget plans for 2025/26 were agreed last night (Wednesday 27 February, 2025).

    Councillor Simkins said that by managing its financial challenge well, the council could continue to deliver excellent services and invest in what matters most to residents.

    He said: “We’re delighted to set a budget for next year that allows us to invest in our residents and city. We take great pride in getting the basics right as a council but remain very ambitious.

    “We prioritise looking after vulnerable adults and providing care for children in need while improving educational achievement. We’re also boosting the city’s economy with hundreds of millions of pounds of investment in new homes, new roads, new jobs, leisure activities and more.

    “As well as delivering excellent front line services like waste collections and road maintenance programmes, we’re using technology to crack down on issues like fly tipping and spending an extra £500,000 to help fix potholes and maintain highways – that’s on top of the £9.2m already earmarked for our city highways next year.

    “We’re also investing in a more vibrant city centre, providing people with opportunities to get into employment and supporting residents with the cost of living.”

    The budget for 2025/26 was approved at last night’s meeting of Full Council. The meeting heard how the council has cut its savings target by almost half, reducing the amount it needs to save over the next 2 years from £32.6 million to £17.2 million by 2026/2027.

    Councillor Louise Miles, Cabinet Member for Resources, said the budget demonstrated the council’s ability to manage its finances well.

    She said: “Despite significant financial challenges, we have once again set a balanced budget, showing how this is a well run council that looks after taxpayers’ money well.  

    “It is thanks to the hard work of everyone involved that we’ve been able to deliver savings across the council and reduce our deficit.  

    “We know the financial challenge hasn’t gone away and we won’t shirk the difficult decisions ahead, but we will always continue to deliver for our residents and have a positive impact on their lives.” 

    MIL OSI United Kingdom –

  • MIL-OSI Video: Changing Landscape of Food | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In 2024, 1 in 11 people worldwide faced hunger, with continued inflation, conflict and the impact of climate change raising the risk of food insecurity and malnutrition globally.

    From farm to consumer, how can we rethink the economics of food?

    This session is linked to the ongoing work of the Food and Water initiative of the World Economic Forum.

    This session was developed in collaboration with CNBC.

    Speakers: Laurent Freixe, Asma Khan, Steve Sedgwick, Cindy H. McCain, Stefaan Decraene, Arnold Puech Pays d’Alissac

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=3EqeSDebapQ

    MIL OSI Video –

  • MIL-OSI Banking: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on pferdewetten.de AG

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). pferdewetten.de AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company lodged an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Nearly fifty thousand extra pensioners receiving vital Pension Credit support following surge in claims processed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Nearly fifty thousand extra pensioners receiving vital Pension Credit support following surge in claims processed

    New figures published today [Thursday 27 February] show a significant spike in Pension Credit applications following a DWP campaign to boost uptake, the highest since comparisons began in 2020.

    • Record high number of Pension Credit applications with updated online claim form taking an average 16 minutes to complete
    • DWP processing record number of claims a week, bringing down outstanding applications and giving the poorest pensioners vital support
    • Support comes as the State Pension is set to rise by up to £1,900 for millions thanks to the government’s commitment to the Triple Lock

    The department has now processed a record number of claims, reducing the number of applications yet to be cleared from its peak of 85,500 to just 33,700 by 23 February, which is in line with normal levels of Pension Credit claims waiting to be processed.

    This has resulted in a record 117,800 applications being awarded – an increase of 45,800, or 64% – since the Chancellor’s announcement compared to the same period last year.

    The department has also successfully boosted the numbers applying for Pension credit with a record 300,000 Pension Credit applications received this year alone. In response to the surge in applications, the DWP deployed 500 additional support staff to process them, resulting in a near doubling of cleared claims between 29 July 2024 and 23 February 2025.

    The Pension Credit campaign and commitment to the Triple Lock deliver on this government’s Plan for Change, demonstrating our commitment to raise living standards for pensioners and provide security in retirement. 

    Building on the success of the campaign last autumn to boost Pension Credit applications, DWP is exploring further options to drive up claims by reaching the most isolated and poorest pensioners who are eligible for support, including:

    • Writing to all pensioners who make a new claim for Housing Benefit and who appear to be entitled to Pension Credit – directly targeting this group to make a claim
    • Starting new research on the triggers and motivations that encourage people to apply for Pension Credit and to understand what the barriers to claiming are – interviewing pensioners to hear their views and learn from their experiences
    • Working across departments including HMRC to access databases with detail on household income, enabling us to identify pensioner households most likely to be eligible for Pension Credit and targeting them directly.

    Secretary of State for Work and Pensions, Liz Kendall said: 

    I’m delighted we’ve been able to reach so many pensioners who need to be on Pension Credit, which can be a lifeline to so many on low incomes.

    The record high number of claims awarded follows months of work to drive awareness of Pension Credit and then to process the huge spike in applications we received, and now thousands more pensioners are accessing the range of support on offer.

    We won’t stop there. We are absolutely committed to ensuring every pensioner is supported in their retirement – whether through our ongoing Pension Credit campaign, extending the Household Support Fund and our commitment to the Triple Lock on the State Pension.

    Pension Credit provides a lifeline in retirement to pensioners on low incomes, providing access to additional support, including housing costs, council tax and the Winter Fuel Payment.

    The online claim form – updated by the Work and Pensions Secretary after listening to the views of pensioners– means it now takes just 16 minutes on average to apply for Pension Credit and be eligible for up to £4,300, with 90 percent of new customers applying using the simple online form, or over the phone. 

    The Government is forecast to spend £174.8 billion on benefits for pensioners in Great Britain in 2025-26. This includes spending on the State Pension which is forecast to be £146.6 billion in 2025-26. Crucially the government’s commitment to the Triple Lock for the entirety of this Parliament means that spending on people’s State Pensions is forecast to rise by over £31 billion.

    Sarah Pennells, consumer finance specialist at Royal London said: 

    There was a lot of focus on December’s deadline to claim Pension Credit in order to qualify for the Winter Fuel Payment for 2024, but people can apply for Pension Credit any time, and it could be worth over £4,000 a year. 

    Our research shows that many people are missing out because they haven’t checked to see if they qualify.  Three in ten people over State Pension age who were on a low income hadn’t checked to see if they were entitled to Pension Credit, while one in ten pensioners who had been told they qualified for Pension Credit have yet to apply.  

    You can backdate your claim for Pension Credit by up to three months, and the sooner you claim, the sooner you could start receiving payments. Not only that, but, if you’re entitled to Pension Credit, you’ll be able to get extra help with costs such as rent and Council Tax, which could make a big difference.

    Anyone who knows a low-income pensioner who may be isolated and needs support has been urged to remind or assist family members and friends to check their eligibility and apply today. Eligible claims can also be backdated by up to 3 months, ensuring pensioners do not miss out on the support they are entitled to.

    To better support DWP customers, State Pension and Pension Credit teams have been working more closely together to support customers. When someone contacts the State Pension claim line, DWP staff identify those with potential eligibility for Pension Credit and take a claim there and then. This means customers don’t have to call both claim lines, getting new pensioners onto Pension Credit as soon as they are eligible.

    Further information:

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: The recording of Šiaulių Bankas Investor Conference Webinar of introducing the financial results for the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    During the Investor Conference Webinar by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner introduced the Bank’s financial results for Q4 and FY2024 and recent developments and answered the participant questions afterwards.

    The recording of it can be found on Šiaulių Bankas youtube channel here.

    Presentation and the recording of webinar are also posted on the Bank’s website https://sb.lt/en/investors

    Šiaulių bankas thanks all participants.

    If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: MEXC Launches Campaign for ENA & USDe with $1,000,000 Rewards

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 27, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the Ethena USDe (USDE) in the Innovation Zone and open USDE-related trading pairs. To celebrate the launch, MEXC is introducing USDe & ENA-related events for all users with a $1,000,000 reward pool.

    MEXC Backs Decentralized Stable Assets with USDe Listing

    Since their inception, stablecoins have played an important role in the crypto ecosystem. However, many face limitations due to dependence on centralized custodians and traditional banking infrastructure. USDe, issued by the Ethereum-based DeFi platform Ethena (ENA), addresses these challenges. It is a fully decentralized synthetic USD asset that uses delta-neutral hedging to maintain a soft peg to the U.S. dollar without the need for overcollateralization or central custody. Unlike typical stablecoins, USDe employs smart contracts to automatically open and close perpetual short positions, ensuring scalability and stability.

    As a global leader in digital asset trading, MEXC’s listing of USDe and USDE-related trading pairs highlights the growing importance of decentralized stable assets in the evolving DeFi landscape. This initiative reaffirms MEXC’s commitment to supporting innovative blockchain solutions and promoting decentralized finance. By providing strong liquidity and broad market coverage, MEXC creates the ideal environment for projects like USDe to thrive and unlock new possibilities in the digital economy. MEXC also offers users the chance to participate in a $1,000,000 reward pool through four major activities. This initiative enables users to engage with cutting-edge DeFi projects, explore innovative stable assets like USDe, and actively contribute to the growth of the broader DeFi ecosystem.

    Celebrate the ENA & USDe Campaign with a $1,000,000 Prize Pool

    MEXC, known for quickly listing trending tokens, expands its offerings with USDe (USDE). The USDE/USDT trading market officially launched in the Innovation Zone on February 27, 2025, at 10:00 (UTC), followed by ENA/USDE, BTC/USDE, ETH/USDE, SOL/USDE, and XRP/USDE at 11:00 (UTC).
    To celebrate this significant listing, MEXC has designed a series of events that cater to both new and experienced traders. Users can enjoy zero-fee trading across select USDE and ENA trading pairs, creating an optimal environment for market participants to explore these assets. USDE holders can earn attractive yields of up to 10% APR simply by holding the token, with no additional staking or locking required. Meanwhile, new users joining the ENA staking program can enjoy up to 400% APR, further maximizing their earnings. The platform is also introducing exclusive staking pools, with particularly appealing rates for new users.

    Additionally, active traders can participate in trading competitions with a substantial prize pool of 300,000 USDT in Futures bonuses, rewarding various levels of trading activity. In a move to further support stablecoin adoption, MEXC has also purchased $20 million in USDe, reinforcing its commitment to expanding the stablecoin ecosystem.

    Beyond Trading: Earn Passive Income on MEXC

    In addition to listing a wide range of tokens and trading pairs, MEXC provides various financial products designed to help crypto holders generate passive income. Flexible and fixed-term savings plans allow deposits of supported tokens to earn interest. Flexible savings incur no lock-up period and deliver daily interest, while fixed-term savings require a set commitment but offer higher potential returns. Through these offerings, MEXC continues to expand its ecosystem, providing a multifaceted approach to digital asset growth that caters to both new and experienced market participants.

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 32 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce22b33-25e4-47d2-a488-573f3084696d

    The MIL Network –

  • MIL-OSI United Kingdom: Cruise Ship Levy consultation

    Source: Scottish Government

    Views sought on proposed new power for councils.

    Local authorities could be given the optional power to introduce a tax on cruise ships that visit their areas in future.

    The Scottish Government is seeking views on the practicalities of such a levy, as well as the potential market implications and effect on local economies and communities.

    Analysis shows there were around 1,000 cruise ship visits to Scottish ports in 2024, bringing 1.2 million passengers – an increase of almost 400,000 per year compared with 2019.   

    Finance Secretary Shona Robison said:

    “The tourism sector is a crucially important part of the Scottish economy and cruise visits are increasing. The consultation will help to inform the Scottish Government’s decision over whether or not to bring forward legislation and it is really important that we hear from a wide variety of voices on this matter.

    “Last year, we held events to hear the views of the cruise ship industry, local government, and others. We want to continue the helpful dialogue which started at those events, and explore further what a cruise ship levy could mean in a Scottish context.”

    Background

    Consultation on a potential local authority Cruise Ship Levy in Scotland – gov.scot

    The Scottish Government has no plans to introduce a nationwide cruise ship levy.

    The areas that welcome the most cruise passengers are Invergordon, Orkney, Edinburgh, Lerwick, and Greenock, and the average ship in the five busiest ports carries over 1,000 passengers. 

    In 2024 the Scottish Parliament passed the Visitor Levy (Scotland) Act, which for the first time gave local authorities the power to introduce a visitor levy on overnight accommodation in their area. As the Act was being considered by Parliament, calls were made for a similar levy power to be given to local authorities in relation to cruise ship passengers.

     

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: RSH publishes its quarterly survey for Q3 2024-25

    Source: United Kingdom – Executive Government & Departments

    Press release

    RSH publishes its quarterly survey for Q3 2024-25

    The regulator’s latest quarterly survey is published today.

    The Regulator of Social Housing has today (27 February 2025) published the results of its latest quarterly survey of private registered providers’ financial health. The report covers the period 1 October 2024 to 31 December 2024.

    Landlords invested £3.9 billion on building and acquiring new homes (up from £3.2 billion in the previous quarter), though the year to December 2024’s investment of £13.7 billion was £0.9 billion lower than the year to December 2023.  

    Social landlords are making vital improvements to tenants’ homes and building new homes for the future.  They continue to invest record amounts in new and existing stock, though there are indications that development spend has peaked.    

    Spend on repairs and maintenance totalled £2.3 billion in the quarter. In the year to December a total of £8.7 billion was spent, with a further £9.8 billion forecast for the next 12 months. 

    Over the next year, they plan to spend a further £14.8 billion on development, only £10.5 billion of which is currently committed.  This is a reduction from £15.6 billion of planned spend and £10.9 billion of committed spend forecast in the previous quarter, meaning forecasts are now at the lowest amount since the start of the pandemic. 

    Lending to the sector remains robust, with £2.6 billion of new finance arranged in the quarter.  

    However, a high level of debt drawdowns resulted in a decrease in undrawn available facilities and cash balances remain at historically low levels.  

    Total cash and undrawn facilities of £33.4 billion are still enough to cover forecast interest costs, loan repayments and development for the next year.  

    Aggregate cash interest cover (excluding sales) stood at 82% for the 12 months to December 2024 and forecasts show a further deterioration is expected.  

    Performance varies among individual landlords. Some of the lowest levels of interest cover are driven by high levels of spend on existing stock by some large providers. 

    RSH continues to monitor and engage with landlords, particularly those that have a reliance on sales to support their cashflows. 

    Will Perry, Director of Strategy at RSH, said: 

    “Social landlords continue to face pressures on multiple fronts. 

    “The sector is building substantial numbers of new homes for the future,  with actual and forecast development spend close to pre-pandemic levels. 

    “That said, there has been a notable drop in forecast development spend as landlords continue to invest record amounts on existing stock, including on vital work to improve fire safety and damp and mould.  

    “Our regulation is key for investor confidence and we will continue to scrutinise the sector’s financial performance and its ability to manage risk through these surveys, alongside our inspections and stability check programme.” 

    Notes to editors 

    1. The report is based on the financial regulatory returns from 203 private registered providers (housing associations and other  private registered providers, including for-profits), who own or manage more than 1,000 homes. 

    2. Through its annual stability checks, RSH considers whether each provider’s current viability grade is consistent with the information contained in their regulatory returns. RSH focuses on indicators of financial robustness and evidence of any significant changes in risk profile. 

    3. RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered.

    4. For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: PU Prime Wins Best Multi-Asset Broker – MEA 2025 at iFX EXPO Dubai

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 27, 2025 (GLOBE NEWSWIRE) —

    PU Prime has been recognized Best Multi-Asset Broker – MEA 2025 at a ceremony held at the Dubai World Trade Centre. The award was presented at the close of the first day of iFX EXPO Dubai 2025, one of the leading events in the financial services industry. Organized by Ultimate Fintech, the awards recognize companies for excellence across the global financial sector.

    This accolade highlights PU Prime’s outstanding performance in offering a wide range of financial products, including forex (FX), commodities, shares, ETFs, bonds, and more. The company’s innovative approach and unwavering commitment to client satisfaction have established it as a leader in the Middle East and Africa (MEA) region.

    Recognition for Innovation and Excellence
    The Best Multi-Asset Broker – MEA 2025 award further reinforces PU Prime’s reputation as a technology-driven brokerage, providing traders with access to global markets through advanced tools and competitive pricing. With a focus on delivering a seamless, user-friendly trading experience, PU Prime continues to support both retail and professional traders in navigating complex financial markets.

    A Highlight at iFX EXPO Dubai
    The award ceremony was a key moment at iFX EXPO Dubai 2025, bringing together top financial industry leaders for networking and collaboration. The expo serves as an important platform for financial service providers to present their offerings and technological advancements to a global audience.

    Future Outlook
    This latest recognition positions PU Prime for ongoing presence in the global financial services market. The company aims to drive innovation, enhance its platform, and expand its product offerings to meet the evolving needs of traders worldwide.

    For more information, users can visit www.puprime.com.

    For media inquiries, users can contact the PR team via media@puprime.com.

    About PU Prime
    Founded in 2015, PU Prime is a leading global fintech company offering innovative online trading solutions. The company provides a broad range of financial products, including forex, commodities, indices, and cryptocurrencies. With a commitment to advanced technology and education, PU Prime supports traders of all levels and serves a global audience, with over 40 million app downloads. The platform is dedicated to empowering traders and fostering financial success worldwide.

    Contact

    Hong Qianyi
    PU Prime
    media@puprime.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e12404a4-cbcf-4c74-8d2b-b178e542b2bd

    The MIL Network –

  • MIL-OSI United Kingdom: UK and Mongolia’s joint statement after the first annual UK-Mongolia political dialogue

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK and Mongolia’s joint statement after the first annual UK-Mongolia political dialogue

    Respect for sovereignty, international law, and territorial integrity were key areas of discussion during the first annual UK-Mongolia political dialogue in London on 26 February, 2025.

    Minister Catherine West MP and Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan.

    British Parliamentary Under-Secretary of State for the Indo-Pacific, Minister Catherine West MP, welcomed Mongolian Deputy Prime Minister Amarsaikhan Sainbuyan to London on 26 February 2025 for the 15th UK-Mongolia roundtable, and the first annual political dialogue under the UK-Mongolia Joint Cooperation Roadmap towards a Comprehensive Partnership.

    Minister West and Deputy Prime Minister Amarsaikhan affirmed the strong partnership between the UK and Mongolia, grounded in shared democratic values, open societies, and a growing economic relationship.

    Both sides noted deepening geopolitical tensions, stressed their commitment to upholding the principles of the UN Charter, and called on all countries to refrain from using force against the territorial integrity and political independence of any state. They agreed to continue to work closely to uphold international law and advance our shared principles.

    Economic Growth

    The Ministers confirmed that the UK and Mongolia will work together with a view to increasing the volume of trade and investment between the two countries – to drive mutual economic growth

    They agreed to continue discussions with UK Export Finance to explore support for the construction of the metro system in Ulaanbaatar.

    Talks also focused on facilitating trade and investment by working towards the removal of barriers to trade and red tape, and creating stable and transparent business environments.

    Energy Transition

    The Ministers stressed the urgency of action to address the impacts of climate change. They committed to achieving the UK and Mongolia’s NDC and welcomed the recent allocation from the NDC Partnership to Mongolia, including funding from the UK, to reach Mongolia’s climate goals.

    They encouraged greater public-private partnerships to leverage public finance for private sector investment in line with both countries’ climate strategies.

    They looked forward to Mongolia hosting COP17 on Desertification in 2026 and agreed to facilitate an exchange of experts to support preparations for and the outcome of COP17.

    Women’s empowerment

    The Ministers reaffirmed both countries’ commitment to gender equality and to expanding the number of women elected to both parliaments. Minister West welcomed the expanded number of female parliamentarians in the Mongolian parliament following elections in 2024, and commended Mongolia for its quota target of 40% of female candidates by 2028. UK and Mongolia’s joint statement after the first annual UK-Mongolia Political Dialogue Amarsaikhan welcomed the UK achieving its highest level of female representation in the UK parliament following the 2024 UK general election.

    The ministers agreed to work together in multilateral fora ahead of the 30th anniversary of the “Beijing Declaration and Platform Action”.

    Critical minerals

    The Ministers agreed on the importance of extracting Mongolia’s mineral wealth in a manner that preserves Mongolia’s unique environmental legacy. They discussed the importance of responsible mining, and of high environmental, social and governance standards, as well as investing in Mongolian’s skills development.

    In this regard, both sides expressed their commitment to cooperate within the framework of Memorandum of Understanding on critical minerals. 

    Education, Civil Society and People-to-people ties

    The Ministers noted the strength of people-to-people ties between the UK and Mongolia, including the exchange of students through the Chevening Scholarship programme and “Mission 2100” scholarship programme initiated by the President of Mongolia.

    Minister West reaffirmed the UK’s support for English language teaching in Mongolia and both ministers welcomed the progress in expanding English language provision. This could include building on existing partnerships with British companies to increase access to and improve the quality of English Language teaching, as well as supporting remote and disadvantaged communities with UK Overseas Development Assistance.

    The Ministers agreed to explore possibilities to expand higher education opportunities for Mongolian students, including through the Chevening Scholarship, and to expand partnerships between universities.

    They looked forward to the exhibition of the Arts of the Mongol World to be held at the Royal Academy in 2027, and welcomed expanding cultural cooperation.

    They noted the important contribution that civil society organisations play in democratic societies, and committed to continue to engage with and seek inputs from civil society organisations representing a broad range of communities to strengthen democratic debate.

    Minister West and Deputy Prime Minister Amarsaikhan looked forward to and highlighted the importance of future high-level visits between the UK and Mongolia.

    On the sidelines of the roundtable meeting, Deputy Prime Minister Amarsaikhan held a bilateral meeting with Minister Gareth Thomas. During the meeting, the Ministers held constructive and fruitful discussions on further broadening the bilateral relationship in areas of mutual interest, including the promotion of trade and economic cooperation.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Public finance measures pragmatic

    Source: Hong Kong Information Services

    Chief Executive John Lee today commented that the 2025-26 Budget proposes pragmatic measures to improve public finances and stressed that he has full confidence in Hong Kong’s development and future.

    In a statement, Mr Lee said Financial Secretary Paul Chan put forward a series of practical and effective measures on Hong Kong’s economic development and public fiscal consolidation, adding that the Budget will reinforce the Government’s financial strength, and create new momentum and new advantages for the city’s economic development.

    As part of its course of action, the Budget proposes nurturing new quality productive forces to strengthen the development of innovation and technology and artificial intelligence; speeding up the development of the Northern Metropolis and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, fully leveraging the strategic position of “three centres and a hub”, further nurturing and attracting talent, upgrading industries with advantages, and accelerating the development of Hong Kong’s economy.

    He pointed out that such measures are consistent with the directions of the Policy Address.

    Mr Lee also indicated that the Budget puts forward realistic measures to enhance public finances, focusing primarily on strictly controlling government expenditures, supplemented by suitably increasing revenue, to steadily restore fiscal balance while taking into account the actual social situation and Hong Kong’s competitiveness.

    In addition to emphasising that the Budget aims to leverage market forces to promote infrastructure projects through innovative and diversified development models, he made it clear that government bonds will be issued to finance related projects.

    Despite a complicated and volatile external environment, the Chief Executive expressed his confidence that Hong Kong will be able to seize opportunities and continue to give full play to its unique advantages under the “one country, two systems” principle of having the strong support of the country while maintaining unparalleled connectivity with the world, and further strengthening its connection with both the Mainland and the world.

    “We will proactively integrate into and align with the country’s national development strategies, foster accelerated economic growth and improve people’s livelihood.

    “Like the Financial Secretary, I have full confidence in Hong Kong’s development and future.”

    Mr Lee called on all sectors of the community to support this Budget.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Aurora Mobile to Report Fourth Quarter and Fiscal Year 2024 Financial Results on March 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 27, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024 before the open of U.S. markets on Thursday, March 13, 2025.

    Aurora Mobile’s management will host an earnings conference call on Thursday, March 13, 2025 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).

    All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.

    Participant Online Registration:
    https://register.vevent.com/register/BIbf61e89bd11b4ab1b44c3257207484d3

    A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI: Mercurity Fintech Holding Inc. Highlights Growing Institutional Ownership, Reinforcing Growth Strategy

    Source: GlobeNewswire (MIL-OSI)

    New York, Feb. 27, 2025 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company,” “we,” “us,” “our company,” or “MFH”) (Nasdaq: MFH), a digital fintech group, today announced an increase in institutional ownership, as reflected in recent SEC 13F filings, reinforcing MFH’s position as a vertically integrated innovator at the intersection of finance and technology.

    The latest ownership reports reveal a diverse group of institutional investors that have acquired stakes in MFH, including asset managers and financial services firms: BlackRock, Inc., Millennium Management LLC, Qube Research & Technologies Ltd, Goldman Sachs Group Inc., Point 72 Asia, UBS Group AG and more. These filings do not specify investment intent or future trading activity.

    “We are encouraged by the institutional community’s interest in MFH’s strategic priorities,” said Shi Qiu, CEO of Mercurity Fintech Holding Inc. “As financial institutions and enterprises prioritize regulatory-compliant blockchain integration, and licensed financial services— offers a balanced platform for scalable growth. With continued engagement from institutional investors demonstrating engagement, MFH is well-positioned to continue executing its growth strategy, strengthening our market position, and advancing commitment to financial technology innovation.”

    About Mercurity Fintech Holding Inc. 
    Mercurity Fintech Holding Inc. is a digital fintech company with subsidiaries specializing in distributed computing, business consulting and financial brokerage business. Our dedication to compliance, innovation, and operational excellence ensures that we remain a trusted partner in the rapidly transforming digital financial landscape. For more information, please visit the Company’s website at https://mercurityfintech.com.

    Forward-Looking Statements
    This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

    For more information, please contact:
    International Elite Capital Inc.
    Vicky Chueng
    Tel: +1(646) 866-7989
    Email: mfhfintech@iecapitalusa.com 

    The MIL Network –

  • MIL-OSI: Bybit Receives In-Principle Approval to Establish Virtual Asset Platform in the United Arab Emirates

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 27, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is proud to announce that it has received its In-Principle Approval (IPA) to set up as a Virtual Asset Platform Operator in UAE from the Securities & Commodities Authority (SCA) of the United Arab Emirates (UAE), dated on Feb 18, 2025. Bybit is also in the final steps to receive its fully operational license soon. This milestone marks a significant step in Bybit’s ongoing mission to provide a secure, stable, and compliant platform for crypto traders in the region.

    This IPA underscores Bybit’s commitment to upholding the highest regulatory and compliance standards as it works toward full operational approval from the SCA. This authorization moves Bybit closer to offering a broad range of digital asset services to both retail and institutional clients in the UAE. Bybit’s progress in UAE follows its existing regulatory approvals in the Middle East, further solidifying its commitment to compliance in key financial hubs.

    Ben Zhou, Co-founder and CEO of Bybit, commented on this milestone:

    “We are honored to have received the IPA from SCA. This approval marks a crucial step in our journey to providing secure and transparent crypto trading solutions. Bybit remains dedicated to working hand-in-hand with regulators to foster a compliant and innovative digital asset ecosystem to both retail and institutional investors in the UAE.”

    The UAE has emerged as a leading global hub for cryptocurrency and blockchain innovation, supported by progressive regulatory frameworks that align with Bybit’s vision of bridging traditional finance with digital assets. Bybit remains committed to adhering to global compliance standards, including Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) protocols, ensuring a safe and trusted trading environment.

    Beyond UAE, Bybit continues to secure regulatory approvals worldwide, expanding its presence in key jurisdictions such as India, Georgia, Kazakhstan, Turkey, etc, further reinforcing its regulatory commitment. These licenses enable Bybit to expand its reach while maintaining the highest security and compliance standards for its users worldwide.

    #Bybit / #TheCryptoArk /

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Contact
    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d1e76bf0-610d-49d7-96b0-205a12a6828d

    The MIL Network –

  • MIL-OSI Economics: Sionna Therapeutics’ NBD1 stabilizers hold potential to differentiate from Vertex’s existing therapies in cystic fibrosis, says GlobalData

    Source: GlobalData

    Sionna Therapeutics’ NBD1 stabilizers hold potential to differentiate from Vertex’s existing therapies in cystic fibrosis, says GlobalData

    Posted in Pharma

    Sionna Therapeutics has recently raised $191 million through its initial public offering (IPO), marking a step forward in its efforts to develop treatments for cystic fibrosis (CF). With Vertex Pharmaceuticals maintaining a dominant position in the CF treatment landscape through its CFTR modulator franchise, Sionna is looking to introduce its NBD1 stabilizers, SION-719 and SION-451, as an alternative approach. These candidates, which aim to address stability issues in the CFTR protein, could differentiate them from Vertex’s existing therapies, according to GlobalData, a leading data and analytics company.

    Sravani Meka, Senior Pharma Analyst at GlobalData, comments: “Sionna’s approach to stabilizing NBD1 is an interesting development in the CF space. While existing treatments have improved patient outcomes, there remains a need for additional options, particularly for those who do not respond optimally to current therapies.”

    Sionna’s IPO builds on its $182 million Series C funding round in 2024, providing financial support for its ongoing clinical development. The company expects topline Phase 1 data in 2025, with a Phase 2a trial selection expected shortly thereafter. Meanwhile, Vertex continues expanding its CF portfolio through strategic licensing deals, further shaping the competitive landscape. The Cystic Fibrosis Foundation’s $15 million investment into ReCode Therapeutics in November 2024 highlights the broader interest in next-generation CF treatments.

    Despite its progress, Sionna faces challenges, including Vertex’s strong market presence, regulatory hurdles, and payer access complexities. Other CF developers, such as AbbVie, with its ABBV-2222 and ABBV-3067, add further competition. Additionally, broader biotech M&A trends, exemplified by AbbVie’s $85.7 billion acquisition of Allergan, indicate that smaller companies like Sionna may explore partnerships or strategic collaborations to enhance their market positioning.

    Meka continues: “While Sionna’s IPO has drawn attention, its long-term success will depend on demonstrating clinical efficacy and navigating the complexities of market access. The CF treatment space remains highly competitive, requiring strong clinical data and a viable commercialization strategy.”

    Meka concludes: “Sionna’s IPO reflects investor interest in continued innovation within the CF treatment landscape. However, its ability to establish a foothold in the market will depend on clinical developments, regulatory progress, and its capacity to compete in an increasingly crowded space. The next few years will be critical in determining its role in the broader CF ecosystem.”

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Preferred candidate to lead Office for Students confirmed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Preferred candidate to lead Office for Students confirmed

    Professor Edward Peck CBE named as preferred candidate to be the next Chair of the Office for Students by Education Secretary

    The Education Secretary Bridget Phillipson has named Professor Edward William Peck CBE as her preferred candidate to be the next Chair of the Office for Students.

    Professor Peck will now go on to attend a pre-appointment hearing before the Education Select Committee on 4 March.

    The Office for Students (OfS) is the independent regulator of higher education in England. It is responsible for ensure that every student has a fulfilling university experience that enriches their lives and careers. Following last year’s election one of its top priorities has been monitoring the financial sustainability of the sector.

    Professor Peck has been selected following a rigorous assessment process conducted in accordance with the Governance Code on Public Appointments. He currently serves as Chair of the HE Mental Health Implementation Taskforce and is the DfE’s Student Support Champion, and will stand down as Vice Chancellor of Nottingham Trent University this summer.

    If appointed Professor Peck will take over from Sir David Behan, who was appointed interim chair last year following Lord Wharton of Yarm’s resignation. Sir David’s independent review, Fit for the Future, was published in July and is informing the OfS’s priorities on financial sustainability and quality. 

    Education Secretary Bridget Phillipson said:

    Professor Peck has played a key role in supporting students and has a wealth of experience that will be instrumental in guiding the OfS forward. I look forward to finalising his appointment. 

    He will play a vital part in supporting higher education providers’ financial sustainability and breaking down barriers to opportunity. Through our Plan for Change we want to ensure students from all backgrounds are at the heart of the higher education system, and receive a high quality education that will help them drive growth as we fix the foundations of our economy. 

    I would like to thank Sir David for his independent review and the work he has done as interim chair which will inform the strategic direction of the OfS as it implements his core recommendations.

    The Chair leads the OfS at board level, working with Ministers and the Chief Executive to provide clear leadership and priorities for the next phase of the OfS’ critical work.

    Since 2014 Professor Peck has served as Vice Chancellor of Nottingham Trent University, and currently holds roles as a trustee of UCAS, Chair of the HE Mental Health Implementation Taskforce and the DfE’s first Student Support Champion. Following his appointment he will stand down from these roles.

    He has also served on the Independent Advisory Panel for Post-18 Education and Funding (the Augar Review), and from 2008-2014 was Pro Vice-Chancellor and Head of the College of Social Sciences at the University of Birmingham.

    Following his pre-appointment hearing, the Education Select Committee will publish their recommendations, which the Education Secretary will consider before deciding whether to finalise the appointment.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Municipality Finance issues USD 20 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 February 2025 at 10:00 am (EET)

    Municipality Finance issues USD 20 million notes under its MTN programme

    Municipality Finance Plc issues USD 20 million notes on 28 February 2025. The maturity date of the notes is 28 February 2035. MuniFin has a right, but no obligation, to redeem the notes early on 28 February 2027. The notes bear interest at a fixed rate of 5.305% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 February 2025.

    UBS Europe SE acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet total is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

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

    The MIL Network –

  • MIL-OSI: Austria’s Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq secures technology partnership with AuRep, a unique collaborative joint venture of banks and financial service providers in Austria

    Cloud-based platform will support early compliance with the EU’s Integrated Reporting Framework (IReF)

    NEW YORK and VIENNA, Feb. 27, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry. Founded in 2013, AuRep is a unique collaboration amongst major banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure onto a single, shared platform.

    The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL. It reflects the growing demand for regulatory technology solutions that simplify banks’ underlying architecture to more flexibly meet future requirements.

    “AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” said Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq. “European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security. We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep’s rigorous selection process has confirmed the same.”

    Staying ahead of regulatory change was critical for AuRep. By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy regulatory updates and scale up capacity to deliver to the Austrian banking community. Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be seamlessly integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance. IReF seeks to harmonize statistical reporting across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.

    Kenneth Born, CEO at Aurep, said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform. It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”

    Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, offering an audit-proof, stable, and reliable framework for its members. It is the single point of contact for all reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.

    Nasdaq AxiomSL is a comprehensive data management tool and regulatory reporting platform. It is designed to simplify regulatory reporting processes for banks and other financial services companies, recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape. The platform allows clients to centralize and scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.

    Nasdaq’s technology is used by 97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Contacts

    Andrew Hughes; +44 (0)7443 100896; Andrew.Hughes@nasdaq.com

    Camille Stafford; +1 (234) 934 9513; Camille.Stafford@nasdaq.com

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    -NDAQG-

    The MIL Network –

  • MIL-OSI China: AI at core of developing new quality productive forces in Hong Kong: financial secretary

    Source: China State Council Information Office

    Hong Kong will endeavor to develop Artificial Intelligence (AI) as a core industry and empower traditional industries in their upgrading and transformation, the financial secretary of the Hong Kong Special Administrative Region (HKSAR) government said on Wednesday.

    While delivering the 2025-26 budget at the HKSAR’s Legislative Council, Paul Chan said that AI is at the core of developing new quality productive forces. Hong Kong will leverage the edge of “one country, two systems” and its internationalized characteristic to develop the city into an international exchange and cooperation hub for the AI industry.

    Chan said that to spearhead and support Hong Kong’s innovative R&D as well as industrial application of AI, he has set aside HK$1 billion (about $128.69 million) for the establishment of the Hong Kong AI Research and Development Institute.

    To bring together top talents in the industry to study the development and application of AI, the Hong Kong Investment Corporation Limited will host the first International Young Scientist Forum on Artificial Intelligence and the first International Conference on Embodied AI Robot, Chan added.

    Furthermore, the HKSAR government has established the Hong Kong Space Robotics and Energy Center under the InnoHK Research Clusters, with the aim of developing a multi-functional lunar surface operation robot, which will contribute to the country’s Chang’e 8 mission, Chan said.

    MIL OSI China News –

  • MIL-OSI: INVL Asset Management launches new INVL Partner Strategic Lending Fund which will invest in a fund that lends to the world’s biggest private equity managers

    Source: GlobeNewswire (MIL-OSI)

    INVL Asset Management, a part of Invalda INVL, the leading asset management group in the Baltics, has launched the INVL Partner Strategic Lending Fund as a new closed-end fund for informed investors. 

    The INVL Partner Strategic Lending Fund will invest in a fund managed by 17Capital, a private credit manager active in North America and Europe. That fund’s strategy is to lend to private equity managers, investors and funds against the net asset value (NAV) of their private equity portfolios.  

    “The new fund offers investors an opportunity to diversify their portfolios by investing in private equity funds and their managers through credit instruments. Capital will be deployed in a fund managed by a global leader in NAV lending, which finances some of the world’s largest fund managers and has an established investment portfolio. These attributes ensure an attractive risk-return profile” says Audrius Matikiūnas, the interim CEO of INVL Asset Management, which has established the INVL Partner Strategic Lending Fund. 

    The INVL Partner Strategic Lending Fund is starting operations following approval its rules by the Bank of Lithuania. 

    Distribution of the investment units of the fund managed by INVL Asset Management starts in March. The units are being distributed in the Baltics by the financial brokerage firm INVL Financial Advisors, which operates in Lithuania under the INVL Family Office brand. Distribution of the fund in Latvia and Estonia will begin after the required notification procedures. 

    The minimum investment in the INVL Partner Strategic Lending Fund is EUR 125,000. The fund’s investments are expected to achieve a net average annual return of 10-12%. The anticipated duration of the fund is 7 years. 

    Founded in 2008, 17Capital operates primarily from London and New York. The company has completed more than 100 investments and 50 exits and since its inception has raised more than USD 13 billion.  

    About INVL Asset Management 

    INVL Asset Management is the leading Baltic alternative asset manager. We strive to deliver superior risk-adjusted returns to our investors while positively impacting our region’s economic development. 

    We are part of the Invalda INVL group with a track record spanning over 30 years. Our group manages or have under supervision more than EUR 1.6 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. Our scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds. Further information www.invl.com/en/.

    Additional information:
    Audrius Matikiūnas
    audrius.matikiunas@invl.com

    The MIL Network –

  • MIL-OSI: IDEX Biometrics interim report for the fourth quarter and preliminary result for 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway: IDEX Biometrics ASA’s interim report for the fourth quarter and preliminary result 2024 is attached to this notice, including the fourth quarter 2024 presentation.

    The report and presentation are available on the IDEX Biometrics website:

    www.idexbiometrics.com/investors

    Recent highlights 

    • Certification of IDEX PAY platform allowing manufacturers to certify and launch Biometric Payment Card programs with both Visa and Mastercard globally.
    • Reaching scale manufacturing quality among key partners, enabling them and us to go beyond pilot volumes.
    • IDEX Biometrics partner KONA I becomes first manufacturer certified by Mastercard for both PVC and metal biometric cards.
    • Access: Received an order from DigAware to deliver a biometric sensor solution to enhance their smart badges. DigAware’s new biometric ID badge incorporates RFID radios for emergency situations in environments such as schools, hospitals, and enterprises.
    • Payments: First commercial launch in Japan together with Life Card, subsidiary to AIFUL Japan’s third largest consumer finance company. Life Card’s commercial roll-out is targeted for the first half of 2025.
    • Streamlined global operations and progressed on cost efficiencies, aligning resources with key market priorities and further optimized our workforce.
    • Completed rights issue in November, allowing retail investors to participate at the same terms as shareholders participating in the September capital raise.

    Financial results Q4 2024

    • No product revenues in the fourth quarter.
    • Operating expenses excluding cost of products sold and bad debt provisions amounted to $2.4 million in the fourth quarter, below target at $2.5 million.
    • An accrual for loss on receivables from Zwipe AS amounting to $0.6 million has been included in the fourth quarter of 2024.
    • Net loss in the fourth quarter of 2024 was $2.1 million. The result includes net financial gain amounting to $2.4 million caused by value change of warrants and the derivative related to the convertible debt. Adjusted for these items, the result would have been a net loss of $4.6 million.
    • A non-cash impairment of goodwill amounting to $968 thousand was recorded in the fourth quarter.
    • Cash balance per 31 December 2024 at $2.0 million

    For further information contact: 
    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO + 47 95092322
    E-mail: ir@idexbiometrics.com

     

    About IDEX Biometrics 

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

     

    Trademark Statement

    IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

     

    About this notice

    This notice was issued by Marianne Bøe, Head of Investor Relations, on 27 February 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

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

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights 

    • Full year Adjusted EBITDA of $1,090 million, up 53% on the prior year, equating to a margin of 16%
    • Fourth quarter Adjusted EBITDA of $315 million, up 29% on the prior year period, equating to a margin of 17%
    • Robust free cash flow of $408 million in the fourth quarter, leading to a reduction in net debt (including lease liabilities) of $256 million compared to the third quarter
    • Fourth quarter order intake of $2.3 billion, a book-to-bill ratio of 1.2
    • A high-quality backlog of $11.2 billion implies over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Dividend of approximately $350 million proposed, subject to shareholder approval, for payment in two equal instalments in 2025
      Fourth Quarter Year Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data) Q4 2024
    Unaudited    		 Q4 2023
    Unaudited    		 2024
    Audited    		 2023
    Audited
    Revenue 1,869 1,631 6,837 5,974
    Adjusted EBITDA(a) 315 245 1,090 714
    Adjusted EBITDA margin(a) 17% 15% 16% 12%
    Net operating income 126 55 446 105
    Net income/(loss) 26 (11) 217 10
             
    Earnings per share – in $ per share        
    Basic 0.07 (0.06) 0.68 0.05
    Diluted(b) 0.07 (0.06) 0.67 0.05
             
    At (in $ millions)      

    2024
    31 Dec

    		  

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

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

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

    John Evans, Chief Executive Officer, said:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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