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Category: Finance

  • MIL-OSI NGOs: Job Opening: EXECUTIVE DIRECTOR

    Source: Greenpeace Statement –

    This is a permanent role based in Bangkok, Kuala Lumpur, Jakarta, or Manila.

    Greenpeace activists and volunteers gather at a wind farm at Baru beach during Buru Baru festival to hold letters forming a banner reading: ‘#ActionForClimate.’ Part of a Global Day of Action in Bantul, Yogyakarta, Indonesia. © Ulet Ifansasti / Greenpeace

    About the Role

    The Executive Director will provide visionary leadership, ensuring alignment with Greenpeace’s core values. This includes overseeing operations in four countries, the Philippines, Malaysia, Indonesia, and Thailand, driving international collaboration, and maintaining accountability across governance, human resources, and financial management. The role requires a proactive approach to campaign contributions within Greenpeace’s global objectives.

    The job holder will have the following key responsibilities:

    Strategic Leadership

    • Develop and communicate a clear vision and strategic objectives aligned with Greenpeace’s mission.
    • Empower staff and volunteers to foster a shared sense of purpose and organisational culture.
    • Monitor external developments and implement responsive strategies as needed.

    Operation, Finance, and Fundraising

    • Oversee all organisational functions, ensuring strategies and policies align with core values.
    • Maintain financial discipline and ensure adherence to auditing practices.
    • Collaborate with the Fundraising Director to explore alternative funding streams and improve grassroots contributions from individual donors across the region.
    • Recruit, train, and develop staff with a focus on accountability and high performance.

    Change Management

    • Drive organisational transformation through strategic planning, operational efficiency, and transparent decision-making.
    • Align global objectives with mission-focused strategies to enhance morale, inclusivity, and overall effectiveness.
    • Determine and implement effective management structures and systems to achieve organisational objectives.
    • Foster cross-country collaboration to enhance efficiency and inclusivity.

    Communications and Network

    • Enhance internal communication and information flow across departments, countries and hierarchy levels.
    • Build and maintain productive relationships with NGOs, media, government, and relevant stakeholders.

    Governance and Relationship to The Board

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Campaign Advocacy and Representation

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Personnel, Health, and Safety

    • Lead and implement impactful campaigns on rainforest conservation, climate justice, ocean, plastic and coal reduction.
    • Drive grassroots mobilisation, engage key stakeholders, and amplify GPSEA’s successes through strategic advocacy efforts.
    • Represent GPSEA at international meetings and in public forums.
    • Act as a spokesperson for the organisation.

    Personnel, Health, and Safety

    • Ensure adherence to best practices in all operational areas, balancing ambition with available resources.

    Skills and Experience

    • Environment movement background.
    • Proven leadership in a complex organisation, with a focus on effective management and accountability.
    • Deep understanding of global environmental issues and sustainability principles.
    • Strong systems thinking, strategic planning, and horizon-scanning skills.
    • Ability to inspire and unite diverse stakeholders around a compelling vision.
    • Commitment to Non-Violent Direct Action (NVDA) and grassroots campaigning.
    • Financial literacy and a positive attitude toward digital innovation.
    • Fluency in English; additional language skills are an asset.

    Personal Attributes

    • Responsive and adaptive. 
    • Highly emotionally intelligent with strong interpersonal skills.
    • Courageous, empathetic, and humble leadership style.
    • Committed to social and environmental justice.
    • Activist spirit with a passion for Greenpeace’s mission.
    • Understanding of Southeast Asia’s cultural and operational dynamics.

    Greenpeace’s Commitment to Diversity and Inclusion

    Greenpeace values diversity as essential to its mission and success. The organisation fosters an inclusive environment that respects varied cultural experiences and perspectives, promoting solutions rooted in social and environmental justice.

    Deadline for applications: March 20, 2025


    Jobs

    Do you have a passion for this planet and want to do more? Work with us!

    TAKE ACTION

    MIL OSI NGO –

    February 20, 2025
  • MIL-OSI New Zealand: Legislation – Another Step Forward for Build to Rent: Government Passes Key Investment Bill – Property Council

    Source: Property Council New Zealand

    KEY POINTS:

    • Property Council New Zealand strongly supports the passing of the Overseas Investment (Build to Rent and Similar Rental Developments) Amendment Bill, which facilitates increased foreign investment in the Build to Rent (BTR) housing sector. 
    • The Amendment Bill introduces a ‘large rental development test’ to attract much-needed overseas capital and signal that New Zealand is open for BTR investment.
    • BTR has seen slow but steady growth since the asset class was formally recognised in 2023, and the Bill is expected to accelerate development.
    • Research from Property Council New Zealand indicates that, with supportive legislation, developers could deliver 25,000 BTR homes in the next decade.
    • Property Council and partners Bayleys, Colliers, Savills, CBRE, and JLL track BTR sector growth across Aotearoa, with 1,841 completed units, 736 under construction, and 2,961 in the pipeline across 56 developments as of 31 December 2024. More details: www.buildtorentnz.co.nz.

    Property Council New Zealand welcomes the passing of the Overseas Investment (Build to Rent and Similar Rental Developments) Amendment Bill, a critical step toward increasing the supply of long-term, quality rental housing across New Zealand.

    The Bill introduces a ‘large rental development test’ to attract much-needed overseas investment, ensuring Build to Rent (BTR) projects can be financed at scale. Property Council Chief Executive Leonie Freeman says the move is a game-changer for the sector, unlocking opportunities to deliver more secure, high-quality rental options for New Zealanders.

    “This legislation is a strong signal that New Zealand is open for Build to Rent investment. For years, we have seen the sector struggle to gain momentum due to regulatory uncertainty and barriers to international capital. Today’s decision changes that,” says Freeman.

    BTR, a purpose-built rental housing model offering professionally managed, long-term rental options, has been growing steadily in New Zealand since its formal recognition in 2023. However, to scale effectively, developers need access to investment that matches the long-term nature of these assets.

    “With supportive policy settings, our research shows that developers could deliver 25,000 Build to Rent homes within the next decade. That’s a significant contribution to increasing housing supply and providing renters with greater choice and stability,” Freeman says.

    Property Council also acknowledges the cross-party support for the Bill, with all but two minor parties voting in favour. Freeman says this bipartisan approach is essential for creating certainty for investors and developers.

    “We thank Ministers and MPs for their collaborative approach in recognising Build to Rent as a vital part of New Zealand’s housing mix. This kind of certainty is exactly what investors need to commit to large-scale rental developments,” says Freeman.

    While the passage of the Bill is a positive step, Property Council believes further refinements could enhance the sector’s growth. Freeman urges the government to consider introducing depreciation for BTR fit-outs, clarifying GST rules around service levels and amenities, and ensuring the Residential Tenancies Act is appropriately applied to BTR tenancies.

    “We look forward to continuing our work with government to fine-tune the policy settings that will enable Build to Rent to reach its full potential,” Freeman says.

    For more information on BTR sector growth, visit www.buildtorentnz.co.nz.

    About Property Council New Zealand

    Property Council is the leading advocate for Aotearoa New Zealand’s largest industry – property.

    Property Council New Zealand is the one organisation that collectively champions property. We bring together members from all corners of the property ecosystem to advocate for reduced red tape that enables development, encourages investment, and supports our communities to thrive.

    Property is New Zealand’s largest industry, making up 15% of economic activity. As a sector, we employ 10% of New Zealand’s workforce and contribute over $50.2 billion to GDP.

    A not-for-profit organisation, the Property Council connects over 10,000 property professionals, championing the interests of over 550 member companies.

    Our membership is broad and includes some of the largest commercial and residential property owners and developers in New Zealand. The property industry comes together at our local, national and online events, which offer professional development, exceptional networking and access to industry-leading research.

    Our members shape the cities and spaces where New Zealanders live, work, play and shop.

    www.propertynz.co.nz

    MIL OSI New Zealand News –

    February 20, 2025
  • MIL-OSI: CLIQ Reports Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Tougher market conditions: €243m sales (-26%) and €21m EBITDA (-58%)
    • Transformation programme: €11m special items on EBITDA level
    • -€4.75 EPS resulting from -€28m net loss (-188%)
    • €12m net cash position per year-end vs. €16m at end of 2023
    • Share buyback programme successfully completed and €0.04 dividend per share proposed
    • 2025 outlook: €180-220m sales, €10-15m EBITDA, €50-75m customer acquisition costs

    DÜSSELDORF, 20 February 2025 – The CLIQ Group publishes today its audited 2024 financial statements. The Annual Report 2024 is available on the Group’s website at https://cliqdigital.com/investors/financialreporting.

    Performance

    in millions of € FY
    2024
    FY
    2023
    Δ   4Q
    2024
    4Q
    2023
    Δ
    North America 168 197 -15%   34 54 -37%
    Europe 52 109 -52%   9 25 -64%
    Latin America 14 13 10%   4 3 11%
    ROW 9 8 20%   1 5 -29%
    Sales 243 326 -26%   48 84 -43%
    Expected average LTV1 (in €) 77 85 -10%   70 87 -19%
    Total CAC2 -75 -135 -45%   -11 -35 -68%
    EBITDA (before special items3) 21 50 -58%   5 12 -59%
    EBITDA margin3 9% 15%     10% 14%  
    Profit/loss for the period -28 32 -187%   -29 7 n/a
    EPS (basic, in €) -4.75 4.90 n/a   -4.99 1.07 n/a
    • Sales: In 2024, Group sales declined by 26% year-on-year to €243 million (2023: €326 million) mainly due to less customers. 97% of Group sales in 2024 were generated with bundled-content services and in line with the Management decision to focus on profitability, revenue in North America declined by 15% and in Europe by 52% in 2024. In Latin America and in the region Rest of the World, sales increased by 10% and 20%. However, the quarter-on-quarter Group sales decrease decelerated notably from -21% in 3Q 2024 to -11% in the fourth quarter.
    • Total customer acquisition costs: The total customer acquisition costs in 2024 amounted to €75 million (2023: €135 million). The 45% lower total customer acquisition costs reflected the Group’s decision to strategically increase its focus on profitability and the subsequent lowering of the target cost per acquisition (CPA).
    • EBITDA: In 2024, EBITDA before special items decreased by 58% to €21 million (2023: €50 million) and the corresponding EBITDA margin was accordingly lower at 9% (2023: 15%) predominantly as a result of the lower sales development and despite reduced cost of sales and operating expenses. Reported EBITDA amounted to €10 million and included therein were €11 million special items relating mostly to the Group’s transformation programme “Fit For Future”. The reported EBITDA margin was 4%.
    • Loss for the period: In 2024, the result for the year amounted to a loss of €28 million (2023: €32 million profit). Resulting from the annual impairment test performed on the goodwill, CLIQ corrected its goodwill and recognised an impairment loss of €27 million. This goodwill impairment was primarily attributable to the challenging market conditions going forward as well as to the significant decline in 2024 in the Group’s market value as determined by the stock market capitalisation.
    • Earnings per share: In 2024, the loss per share (basic EPS) was -€4.75 (2023: €4.90) and the diluted loss (EPS) totalled -€4.71 (2023: €4.82).
    • Cash flow: In 2024, the operating free cash flow decreased to €3.4 million (2023: €19 million). The cash inflow from operating activities during 2024 amounted to €9 million (2023: €30 million) and the decrease was mainly due to the drop in sales and margin contraction. The 2024 cash outflow from investing activities was €5 million (2023: €12 million) and largely related to payments for licensed content as well as for investments in platform and technical developments. The cash flow from financing activities during 2024 was an outflow of €7 million (2023: €13 million) and included €5.5 million cash outflow for the share buyback programme and €0.3 million dividend distribution.
    • Liquidity: Due to the lower operating free cash flow, the net cash position decreased to €12 million at the year-end close (31/12/2023: €16 million).

    Operational indicators

    • Lifetime value of a customer: In 2024, the expected average lifetime value of a customer (LTV) was down 10% to €77 (2023: €85). The year-on-year decrease was due to the higher churn rates against 2023 resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations.
    • Customers: The number of unique paying customers for the Group’s bundled- and single-content streaming services decreased to 0.7 million per 31 December 2024 (31/12/2023: 1.2 million). The decrease resulted from the Group’s stronger focus on profitability than on sales growth. Whereby the CPA was brought more in line with the lower expected average lifetime value (LTV) of the customers, which led to less new customer acquisitions.
    • Lifetime value of Customer Base: As at 31 December 2024, the lifetime value of the customer base (LTVCB) dropped by €70 million to €94 million compared to prior year-end (31/12/2023: €164 million). The lower LTVCB was the result of the decrease in the number of customers as well as the lower expected average lifetime value of a customer. The LTVCB represents the expected sales to be generated from paying customers as at reporting date over their estimated individual remaining lifetime.

    Capital return

    CLIQ successfully completed its share buyback programme ahead of schedule on 3 January 2025 and acquired in total nearly 647k own shares for just under €5.5 million at an average price of around €8.50 per share. As part of its capital return strategy, CLIQ’s Management Board decides on a yearly basis to what extent and how capital will be returned to shareholders. Despite the poor operating performance, CLIQ’s Management Board and Supervisory Board propose to distribute a dividend for the financial year 2024 of €0.04 per share.

    Outlook

    In 2025, CLIQ expects to generate an EBITDA of between €10 and 15 million on the back of Group sales expected to range between €180 and 220 million and after €50 to 75 million total customer acquisition costs forecast.

    Management Board statement

    “CLIQ and our shareholders faced significant challenges in 2024 as our business encountered tougher market conditions and our new sales growth initiatives advanced more slowly than anticipated,” said CEO Luc Voncken. “While market conditions in 2025 remain uncertain, we have strengthened our business foundations and must now move forward with a renewed entrepreneurial spirit and a clear vision to seize the growth opportunities ahead.“

    Earnings call

    A live audio webcast conducted in English will be held today at 2.00 p.m. CET with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

    Questions submitted before 12.00 p.m. CET via email to investors@cliqdigital.com will be answered after the presentations.

    Please click on the link below to register for this webcast:

    https://cliqdigital.zoom.us/webinar/register/WN_UManLyZkSvyaKCEkPZeQmg

    ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

    Contacts

    Investor Relations:
    Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

    Media Relations:
    Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

    Financial calendar

    Annual General Meeting 2025 Friday 11 April 2025
    Financial report 1Q 2025 & earnings call Thursday 8 May 2025
    Half-year financial report 2025 & earnings call Thursday 7 August 2025
    Financial report 3Q/9M 2025 and earnings call Thursday 6 November 2025

    About CLIQ

    The CLIQ Group is a data-driven online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

    The Group operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

    Visit our website https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.


    1 Lifetime value of a customer
    2 Customer acquisition costs
    3 2024 numbers are before special items

    The MIL Network –

    February 20, 2025
  • MIL-OSI: SBM Offshore Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, February 20, 2025

    Record-level results, increasing total shareholder returns

    Highlights

    • Record Directional1 Revenue of US$6.1 billion (+35%), in line with guidance
    • Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
    • Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share2 Directional net cash backlog3
    • 30% increase in cash return to US$1.59 per share4: US$155 million dividend5; US$150 million share repurchase6
    • US$1.7 billion cash return to shareholders over the coming 6 years
    • 2025 Directional Revenue guidance of above US$4.9 billion
    • 2025 Directional EBITDA guidance of around US$1.55 billion
    • Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
    • FPSO Almirante Tamandaré achieved first oil on February 15, 2025

    SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

    Øivind Tangen, CEO of SBM Offshore, commented:
            
    “SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share2. Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share4 through a proposed US$155 million dividend5 and US$150 million share repurchase6 program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

    Our Fast4Ward® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

    We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
    Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

    As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

    Financial Overview7

        Directional   IFRS
                     
    in US$ million   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Revenue   6,111 4,532 35%   4,784 4,963 -4%
    Lease and Operate   2,369 1,954 21%   2,074 1,563 33%
    Turnkey   3,743 2,578 45%   2,710 3,400 -20%
    EBITDA   1,896 1,319 44%   1,041 1,239 -16%
    Lease and Operate   1,261 1,124 12%   842 695 21%
    Turnkey   724 296 145%   287 646 -56%
    Other   (89) (101) -12%   (88) (101) -13%
    Profit attributable to Shareholders   907 524 73%   150 491 -69%
    Earnings per share (US$ per share)   5.08 2.92 74%   0.84 2.74 -69%
                     
    in US$ billion   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Pro-forma Backlog   35.1 30.3 16%   – – –
    Net Debt   5.7 6.7 -15%   8.1 8.7 -7%

    Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

    Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

    Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

    Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

    The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

    During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

    Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

    Liquidity, Funding and Directional Net Debt

    The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

    Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

    More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

    Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

    Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

    Directional Pro-Forma Backlog

    Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

    The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

    in US$ billion   Turnkey Lease & Operate Total
    2025   2.6 2.3 4.9
    2026   1.6 2.6 4.2
    2027   3.3 2.1 5.4
    Beyond 2028   0.2 20.3 20.5
    Total pro-forma Directional backlog   7.7 27.3 35.1

    The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

    • The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
    • The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • 10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
    • The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
    • The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

    Project Review and Fleet Operational Update

    Project Client/Country Contract SBM Share Capacity, Size Percentage of Completion Project delivery
    FPSO Alexandre de Gusmão Petrobras
    Brazil
    22.5-year L&O 55% 180,000 bpd >75% 2025
    FPSO ONE GUYANA ExxonMobil
    Guyana
    2-year BOT 100% 250,000 bpd >75% 2025
    FPSO Jaguar ExxonMobil
    Guyana
    Sale & Operate 100% 250,000 bpd >25% <50% 2027
    FSO Trion Woodside 20-year Lease 100% n/a <25% n/a8
    FPSO GranMorgu TotalEnergies Sale & Operate 52% 220,000 bpd <25% 2028

    Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

    FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

    FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

    FPSO Jaguar – The Fast4Ward® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

    FSO Trion – Engineering and procurement are progressing in line with project schedule.

    FPSO GranMorgu – The Fast4Ward® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

    Fast4Ward®MPF hulls – Under the Company’s successful Fast4Ward® program, the 10th MPF hull has been ordered. 4 Fast4Ward® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

    Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

    Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

    Safety and Sustainability

    Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.129, notwithstanding the high level of activity.

    Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

    Sustain-2 Notation – FPSO Liza Unity is the 1st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

    ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2nd out of 106 industry peers.

    Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

    Blue Economy

    SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

    Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

    Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

    emissionZERO®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

    Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO2 from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

    Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO2 capture and storage. This investment has been completed in early 2025.

    Capital allocation and Shareholder Returns

    The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

    As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend5 (EUR150 million equivalent or US$0.88 per share4) and US$150 million (EUR141 million equivalent) share repurchase program6. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

    The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

    Guidance

    The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

    2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

    Conference Call

    SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

    The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

    Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

    Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

    The live webcast will be available at: Full Year 2024 Earnings Webcast

    A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Annual General Meeting   April 9 2025
    First Quarter 2025 Trading Update   May 15 2025
    Half Year 2025 Earnings   August 7 2025
    Third Quarter 2025 Trading Update   November 13 2025
    Full Year 2025 Earnings   February 26 2026

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.


    1 Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
    2 Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

    3 Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
    4 Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
    5 Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
    6 Including maximum US$25 million for management and employee share plans.

    7 Numbers may not add up due to rounding.
    8 Project delivery not disclosed by the client.

    9 Measured per 200,000 work hours.

    Attachment

    • SBM Offshore Full Year 2024 Earnings

    The MIL Network –

    February 20, 2025
  • MIL-OSI: Aegon reports second half year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents. 

    2H 2024 IFRS results

    • Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
    • Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
    • Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91

    2H 2024 capital generation, cash and capital management

    • Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
    • Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
    • Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
    • 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend

    Lard Friese, Aegon CEO, commented:  
    In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

    We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

    We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

    In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

    2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

    Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

    Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

    On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

    Additional information 
    Presentation
    The conference call presentation is available on aegon.com.

    Supplements
    Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

    Webcast and conference call including Q&A
    The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com. 

    Click to join
    With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
    Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

    Dial-in numbers for conference call:
    United States: +1 864 991 4103 (local)
    United Kingdom: +44 808 175 1536 (toll-free)
    The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

    Financial calendar 2025
    First quarter 2025 trading update – May 16, 2025
    Annual General Meeting – June 12, 2025
    Second half 2025 results – August 21, 2025
    Third quarter 2025 trading update – November 13, 2025
    Capital Markets Day – December 10, 2025

    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

    Contacts

    Media relations Investor relations
    Richard Mackillican Yves Cormier
    +31(0) 6 27411546 +31(0) 70 344 8028
    richard.mackillican@aegon.com yves.cormier@aegon.com
       

    Local currencies and constant currency exchange rates
    This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. 

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    WORLD FINANCIAL GROUP (WFG):
    WFG CONSISTS OF:
    IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
    IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER  FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
    IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
    WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

    Attachment

    • 20250220_PR_Aegon reports second half year 2024 results

    The MIL Network –

    February 20, 2025
  • MIL-Evening Report: US backing for Pacific disinformation media course casualty of Trump aid ‘freeze’

    Pacific Media Watch

    A New Zealand-based community education provider, Dark Times Academy, has had a US Embassy grant to deliver a course teaching Pacific Islands journalists about disinformation terminated after the new Trump administration took office.

    The new US administration requested a list of course participants and to review the programme material amid controversy over a “freeze” on federal aid policies.

    The course presentation team refused and the contract was terminated by “mutual agreement” — but the eight-week Pacific workshop is going ahead anyway from next week.

    Dark Times Academy’s co-founder Mandy Henk . . . “A Bit Sus”, an evidence-based peer-reviewed series of classes on disinfiormation for Pacific media. Image: Newsroom

    “As far as I can tell, the current foreign policy priorities of the US government seem to involve terrorising the people of Gaza, annexing Canada, invading Greenland, and bullying Panama,” said Dark Times Academy co-founder Mandy Henk.

    “We felt confident that a review of our materials would not find them to be aligned with those priorities.”

    The course, called “A Bit Sus”, is an evidence-based peer-reviewed series of classes that teach key professions the skills needed to identify and counter disinformation and misinformation in their particular field.

    The classes focus on “prebunking”, lateral reading, and how technology, including generative AI, influences disinformation.

    Awarded competitive funds
    Dark Times Academy was originally awarded the funds to run the programme through a public competitive grant offered by the US Embassy in New Zealand in 2023 under the previous US administration.

    The US Embassy grant was focused on strengthening the capacity of Pacific media to identify and counter disinformation. While funded by the US, the course was to be a completely independent programme overseen by Dark Times Academy and its academic consultants.

    Co-founder Henk was preparing to deliver the education programme to a group of Pacific Island journalists and media professionals, but received a request from the US Embassy in New Zealand to review the course materials to “ensure they are in line with US foreign policy priorities”.

    Henk said she and the other course presenters refused to allow US government officials to review the course material for this purpose.

    She said the US Embassy had also requested a “list of registered participants for the online classes,” which Dark Times Academy also declined to provide as compliance would have violated the New Zealand Privacy Act 2020.

    Henk said the refusal to provide the course materials for review led immediately to further discussions with the US Embassy in New Zealand that ultimately resulted in the termination of the grant “by mutual agreement”.

    However, she said Dark Times Academy would still go ahead with running the course for the Pacific Island journalists who had signed up so far, starting on February 26.

    Continuing the programme
    “The Dark Times Academy team fully intends to continue to bring the ‘A Bit Sus’ programme and other classes to the Pacific region and New Zealand, even without the support of the US government,” Henk said.

    “As noted when we first announced this course, the Pacific Islands have experienced accelerated growth in digital connectivity over the past few years thanks to new submarine cable networks and satellite technology.

    “Alongside this, the region has also seen a surge in harmful rumours and disinformation that is increasingly disrupting the ability to share accurate and truthful information across Pacific communities.

    “This course will help participants from the media recognise common tactics used by disinformation agents and support them to deploy proven educational and communications techniques.

    “By taking a skills-based approach to countering disinformation, our programme can help to spread the techniques needed to mitigate the risks posed by digital technologies,” Henk said.

    Especially valuable for journalists
    Dark Times Academy co-founder Byron Clark said the course would be especially valuable for journalists in the Pacific region given the recent shifts in global politics and the current state of the planet.

    Dark Times Academy co-founder and author Byron Clark . . . “We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa.” Image: APR

    “We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa, for example,” said Clark, author of the best-selling book Fear: New Zealand’s Underworld of Hostile Extremists.

    “With Pacific Island states bearing the brunt of climate change, as well as being caught between a geopolitical stoush between China and the West, a course like this one is timely.”

    Henk said the “A Bit Sus” programme used a “high-touch teaching model” that combined the current best evidence on how to counter disinformation with a “learner-focused pedagogy that combines discussion, activities, and a project”.

    Past classes led to the creation of the New Zealand version of the “Euphorigen Investigation” escape room, a board game, and a card game.

    These materials remain in use across New Zealand schools and community learning centres.

    MIL OSI Analysis – EveningReport.nz –

    February 20, 2025
  • MIL-OSI New Zealand: Economic growth the focus of PM’s visit to Viet Nam

    Source: New Zealand Government

    Prime Minister Christopher Luxon will travel to Viet Nam next week, visiting both Ha Noi and Ho Chi Minh City, accompanied by a delegation of senior New Zealand business leaders.  
    “Viet Nam is a rising star of Southeast Asia with one of the fastest growing economies in the region. This year our two countries celebrate 50 years of diplomatic relations. My visit will further energise our relationships, strengthen existing trade, and open the door to more opportunities for New Zealand businesses, to grow incomes and create jobs here at home,” Mr Luxon says. 
    While in Viet Nam Mr Luxon will meet with His Excellency Prime Minister Pham Minh Chinh. He will also call on Viet Nam’s other principal leaders to strengthen the Strategic Partnership and discuss ways of collaboration with Viet Nam. Mr Luxon will also deliver a keynote speech at the ASEAN Future Forum in Ha Noi. 
    “Our trade with Viet Nam has grown by 40 per cent in the past five years, but we know there is room for more and I am committed to reaching our ambitious two-way trade goal of US$3 billion in 2026. With over two decades of 5 per cent-plus annual economic growth and a population of more than 100 million people, Viet Nam is a market with huge opportunity for New Zealand, particularly in the areas of international education and high-quality food and beverage offerings.”
    Mr Luxon’s speech in Ha Noi comes as New Zealand also marks 50 years of dialogue relations with ASEAN. 
    “New Zealand’s future security and prosperity is linked to the success of ASEAN and its members. We are working hard to lift our cooperation and deepen the relationship with ASEAN, as we strengthen our international partnerships and leverage the opportunities they generate for Kiwi businesses.”
    Along with the business delegation, the Prime Minister will be joined by Minister of State for Trade and Investment Nicola Grigg.

    MIL OSI New Zealand News –

    February 20, 2025
  • MIL-OSI Australia: Appointment of new ANROWS Board Chair

    Source: Ministers for Social Services

    20 February 2025

    Following endorsement by Commonwealth and state and territory governments, Australia’s National Research Organisation for Women’s Safety (ANROWS) has appointed Joan Fitzpatrick as the new Chair of their board.

    Ms Fitzpatrick has extensive business leadership experience and more than 25 years of board experience across multiple sectors, including serving as CEO and Director of the Australian Institute of Insurance and Finance (ANZIIF), and as a Director of the Create Foundation.

    Assistant Minister for Social Services and for the Prevention of Family Violence, Justine Elliot, said Ms Fitzpatrick’s wealth of management and board expertise will ensure ANROWS continues to conduct high-quality research integral to the development of effective, evidence-based policies that supports ending violence against women and children.

    “The quality of research conducted by ANROWS is key in implementing effective national policy to address, and ultimately end the crisis of gender-based violence, and I am confident Ms Fitzpatrick’s leadership as the new Chair will allow ANROWS to continue their vital work.”

    “Thank you to both interim Chair Mr Barry Sandison and former Chair, Her Excellency, the Honourable Ms Samantha Mostyn AO for their work towards our shared goal of ending gender-based violence in this country,” Assistant Minister Elliot said.

    ANROWS was established in 2013 as an initiative of Australia’s first National Plan to Reduce Violence against Women and their Children 2010–2022 (National Plan) by the Commonwealth Government and all state and territory governments of Australia.

    Since its establishment, ANROWS has demonstrated strong leadership in working to build the critical evidence base needed to inform policy and programs to support ending violence against women and children in Australia.

    CEO of ANROWS Dr Tessa Boyd-Caine said “we are absolutely delighted to welcome Ms Fitzpatrick as the Chair of ANROWS. Her strength of expertise in best practice governance and her experience leading across a range of environments including nonprofit organisations, alongside her deep commitment to gender equality, make her ideally placed to guide the Board’s oversight of ANROWS and our strategic impact in the work ahead.”

    The work of ANROWS has been backed by extensive investment from the Albanese Labor Government, including $23.3 million for their National Priority Research Fund and $4.3 million in the 2024-25 Budget for building the evidence base on pathways into and out of perpetration of family, domestic and sexual violence.

    The Chairperson will be appointed for a term of three or four years and may be reappointed for a further term of up to 4 years.

    More information on the National Plan to End Violence against Women and Children 2022-2032 is available on the Department of Social Services website.

    If you or someone you know is experiencing, or at risk of experiencing, domestic, family, or sexual violence, call 1800 737 732, text 0458 737 732 or visit www.1800RESPECT.org.au for online chat and video call services.

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

    Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au. No shame, no judgement, safe place to yarn.

    MIL OSI News –

    February 20, 2025
  • MIL-OSI Australia: Boosting First Nations trade and investment

    Source: Minister for Trade

    The Albanese Labor Government is backing First Nations people, businesses and communities to take up new trade and investment opportunities through a new First Nations Trade and Investment Advisory Group.

    Growing trade and investment links for First Nations people delivers well paying, secure jobs in communities across Australia. We know that First Nations businesses who export generated over $670 million in revenue in 2022-23 and typically employed over seven times more workers than other First Nations businesses.

    The group will help First Nations businesses tap into a wide array of trade and economic opportunities, including our recently signed free trade agreement with United Arab Emirates, so that First Nations businesses can reap more of the benefits from international trade.

    By establishing this pilot Advisory Group we are delivering on our commitment to share the benefits of trade widely across our community.

    The membership includes a range of First Nations business leaders, industry groups and experts in international trade including:

    • Mr Bevan Mailman, Desert Springs Octopus
    • Mr Joshua Gilbert, Gilbert Consulting
    • Mr Cameron Costello, Costello Consultancy
    • Mr Brian Bero, First Nations Clean Energy Network
    • Ms Sharon Brindley, First Nations Bushfood and Botanical Alliance Australia
    • Mr Michael Dickerson, Gambarra Kaha
    • Ms Shannon McGuire, Kirrikin Foundation
    • Ms Leah Armstrong, First Nations Representative on the Indigenous Peoples Economic Trade and Cooperation Agreement (IPETCA)
    • Mr Leslie Delaforce, Dreamspark
    • Ms Jenny Wardrop, Supply Nation Representative
    • Ms Michelle Deshong, Deshong Consulting

    More information, including terms of reference, will be available at Advisory Group webpage.

    Quotes attributable to the Minister for Trade and Tourism Don Farrell:

    “Our First Nations people were our first traders, exchanging goods with Makassan seafarers from Indonesia.

    “These days First Nations businesses export a range of goods including native botanicals, art, design, cyber and clean energy solutions to the world markets.

    “We know First Nations business involved in trade create more jobs and grow faster.

    “That’s why our government is focussed on helping more First Nations businesses tap into the many opportunities provided by exporting to the world.”

    Quotes attributable to the Minister for Indigenous Australians Malarndirri McCarthy:

    “First Nations Australians are the holders of traditional knowledge and culture, and these perspectives can only benefit Australia’s international trade and investment agenda.

    “Initiatives like the First Nations Trade and Investment Advisory Group ensure First Nations perspectives, experiences and interests are embedded in our international economic agenda.

    “Working in partnership demonstrates the value of knowledge sharing and can deliver real, long-term economic empowerment and self-determination for First Nations Australians.”

    MIL OSI News –

    February 20, 2025
  • MIL-OSI New Zealand: Changes to enable investment in build-to-rent housing passed into law

    Source: New Zealand Government

    The coalition Government has passed legislation to support overseas investment in the Build-to-Rent housing sector, Associate Minister of Finance Chris Bishop says.  

    “The Overseas Investment (Facilitating Build-to-Rent Developments) Amendment Bill has completed its third reading in Parliament, fulfilling another step in the Government’s plan to support an increase in New Zealand’s housing supply and get Kiwis into warm and dry homes. 

    “The changes provide a streamlined consent pathway for foreign investors looking to invest in existing Build to Rent developments.

    “This Bill addresses a key concern of BTR developers – that they need certainty they will be able to on-sell their developments. Given the size and complexity of these assets, this can be challenging when limited to the domestic market.  

    “The Build to Rent sector has real potential for growth in New Zealand. 

    “Build to Rent developments are medium-to-large scale rental properties, typically well located and often within walking distance to key transport links. The developments tend to be professionally managed, with good amenities. Often offering longer leases to tenants, they can be a popular choice for renters. 

    “They are a relatively new form of rental housing in New Zealand but are well established overseas. 

    “BTR developments are often financed and operated by institutional investors and developers (such as pension funds), as they offer long-term, stable returns. 

    “However, to date Overseas Investment Act settings have been holding back growth in the sector and made investment challenging. 

    “Under the Act, it is difficult for overseas investors to invest in existing Build to Rent assets. There are a limited number of domestic investors with the capital and expertise to run these developments, and as a result developers in New Zealand have been uncertain as to whether they would be able to sell their assets when they choose to exit their investment.

    “Under the new pathway, overseas investors will be able to apply to purchase existing Build to Rent developments with at least 20 dwellings, provided they intend to continue to lease these.   

    “These changes mean BTR developers will have confidence in their ability to eventually exit their investment, meaning they’re more likely to build in the first place.   

    “Build to Rent developments offer an opportunity to increase the supply of secure, affordable and quality rental developments, placing downward pressure on rents.” 

    MIL OSI New Zealand News –

    February 20, 2025
  • MIL-OSI: Diversified Energy Announces Pricing of Offering of Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.

    Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.

    The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

    A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

    This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

    In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.

    Post Transaction Report

    In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.

    Name of Issuer Diversified Energy Company PLC
    Transaction Details The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025.

    Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024.

    Use of Proceeds The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. 
    Quantum of Proceeds Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses).
    Discount The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering).
    Allocations Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements.
    Consultation The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law.
    U.K. Retail Investors Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity.


    CONTACTS

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Media Relations  


    About Diversified

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

    Important Notice to UK and EU Investors

    This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

    Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

    Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

    The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

    In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.

    Citigroup and Mizuho are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

    In connection with the Offering, Citigroup and Mizuho or any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the US prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Citigroup and Mizuho or any of their respective affiliates acting as investors for their own accounts. Citigroup and Mizuho or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

    Neither Citigroup nor Mizuho, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

    The MIL Network –

    February 20, 2025
  • MIL-OSI China: Abu Dhabi to enhance trade, investment with China

    Source: China State Council Information Office

    The Abu Dhabi Department of Economic Development (ADDED) is currently leading a high-level delegation of 140 government and business leaders on an official visit to China. The visit, which commenced on Feb. 17, aims to further strengthen partnership with a leading economy and cement Abu Dhabi’s stature as a global magnet for talent, businesses and investment.

    The delegation is meeting with senior government officials, key businesses and investors in Beijing, Shanghai, Shenzhen and Hong Kong to explore business opportunities and foster strategic relations with their Chinese counterparts.

    During the visit, the Abu Dhabi Investment Office and the Abu Dhabi Global Market hosted the Abu Dhabi Investment Forum (ADIF) in Beijing on Feb. 18 under the theme “Invest with Abu Dhabi.” Meanwhile, an additional session of the forum will be held in Shanghai on Feb. 20.

    The ADIF features a comprehensive agenda, including keynote addresses, panel discussions and bilateral meetings with delegates representing various sectors of Abu Dhabi’s economy. Industry experts, including executives from institutions such as Abu Dhabi National Oil Company, Mubadala, HSBC and Gulf Capital, provided in-depth insights into the emirate’s investment landscape, showcasing opportunities in technology, financial services, health care and trade.

    Additionally, the Abu Dhabi Chamber of Commerce and Industry, in collaboration with the Shanghai Federation of Industry and Commerce, held the Business Connect-Abu Dhabi-Shanghai in Shanghai on Feb. 19. The event focused on strengthening economic relations and partnerships between the business communities in Abu Dhabi and China.

    Ahmed Jasim Al Zaabi, chairman of ADDED, said: “Our longstanding relations with China are going from strength to strength, as reflected by the growth of bilateral trade and mutual investments over the past few years, and we are doubling down our efforts to take it to the next level by deepening cooperation and exploring new opportunities in various sectors to create more partnerships.”

    He added: “We are eager to enable investors and businesses to benefit from ample opportunities provided by our soaring ‘Falcon Economy,’ which is harmonizing between advanced technologies, sustainability, human development and economic diversification as we accelerate the transition towards the next phase of Abu Dhabi’s development.”

    According to the data from ADDED, bilateral trade between China and the United Arab Emirates is projected to reach $200 billion by 2030. Abu Dhabi is already home to many of the over 6,000 Chinese companies operating in UAE’s key sectors including technology, financial services and energy. As such, the emirate continues to reinforce its position as the main gateway for Chinese investment in the Middle East and beyond.

    MIL OSI China News –

    February 20, 2025
  • MIL-OSI United Nations: Guterres urges Caribbean leaders to keep pushing for peace, climate action and sustainable development

    Source: United Nations 2

    19 February 2025 Peace and Security

    In an address on Wednesday to Caribbean leaders meeting in Barbados, UN Secretary-General António Guterres announced a potential plan to support an “effective force” in Haiti as armed gangs continue to terrorize the population. 

    Mr. Guterres was speaking during the opening of the Caribbean Community (CARICOM) Heads of Government Meeting in the capital Bridgetown, where he called for unity to achieve progress in peace and security, climate and sustainable development.

    “A unified Caribbean is an unstoppable force,” he said. “I urge you to keep using that power to push the world to deliver on its promises.”

    ‘Trouble in paradise’

    The Secretary-General noted that the region’s “exquisite beauty is famed the world over, but there is trouble in paradise.”

    He told leaders that “wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes.”

    Caribbean countries are experiencing uncertainty fuelled by geopolitical tensions, the socio-economic impact of the COVID-19 pandemic, soaring debt and interest rates, and a surge in the cost of living. 

    Global solutions exist

    These are all happening “amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets,” and as countries “remain locked-out of many international institutions – one of the many legacies of colonialism today.”

    The UN chief insisted that “the cure for these ills is global,” and the world needs to deliver on hard-won global commitments to address the immense challenges the international community is facing.

    He listed three key areas “where, together, we must drive progress.” 

    Peace in Haiti

    Mr. Guterres called for unity for peace and security, “particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.”

    He said CARICOM and its Eminent Persons Group have provided invaluable support in this regard. 

    “We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections,” he said.

    Security and stability

    A UN-backed Multinational Security Support Mission is currently on the ground to back up the Haitian National Police.

    The Secretary-General said he will soon report to the Security Council on the situation in the country, including proposals on the role the UN can play to both support stability and security, and address the root causes of the crisis.

    He intends to present a proposal similar to the one for Somalia, in which the UN assumes responsibility for the structural and logistical expenditures necessary to put the force in place. Salaries are paid through a trust fund that already exists.

    “If the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive,” he said, drawing applause.

    © WFP/Fedel Mansour

    Hurricane Beryl last July caused devastation on Union Island in Saint Vincent and the Grenadines.

    Climate crisis opportunity

    His second point – unity on the climate crisis – underlined “a deplorable injustice” as Caribbean countries “have done next to nothing” to create it. Moreover, they have “fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.”

    Mr. Guterres said countries must deliver new national climate plans ahead of the COP30 UN climate conference later this year.  The plans must align with the 1.5 goal, with the G20 group of industrial nations leading the way.

    “This is a chance for the world to get a grip on emissions,” he said. “And it’s a chance for the Caribbean to seize the benefits of clean power, to tap your vast renewables potential, and to turn your back on costly fossil fuel imports.”

    As finance is required, he underscored the need for confidence that the $1.3 trillion agreed at the previous COP will be mobilized. Developed countries also must honour their promises on adaptation finance and make meaningful contributions to the new Loss and Damage Fund.

    “When the Fund was created, the pledges made were equivalent to the new contract for just one baseball player in New York City,” he remarked.

    Finance for sustainable development

    Meanwhile, the Sustainable Development Goals (SDGs) “are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.”

    The Secretary-General said Caribbean countries have been at the forefront of the fight for change, pioneering bold and creative solutions.  He said the Pact for the Future, together with the Bridgetown Initiative, marks significant progress.

    Mr. Guterres thanked Caribbean leaders for supporting the Pact, which UN Member States adopted last year. 

    Key deliverables include support for an SDG Stimulus of $500 billion annually and commitment to reform international financial institutions to allow greater participation by developing countries. 

    MIL OSI United Nations News –

    February 20, 2025
  • MIL-OSI USA: Senators Markey, Van Hollen, Whitehouse, and Sanders Demand Answers from Justice Department on Forced Resignation of Assistant U.S. Attorney Over Illegal Pressure to Freeze National Green Bank Funding

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (February 19, 2025) – Senator Edward J. Markey (D-Mass.) and Senator Chris Van Hollen (D-Md.) today wrote to Department of Justice Inspector General Michael Horowitz about revelations that Assistant U.S. Attorney Denise Cheung was pressured to find evidence of a crime as a justification for freezing the release of billions of dollars in congressionally approved federal funds for the National Clean Investment Fund and the Clean Communities Investment Accelerator. These programs, which are part of the Greenhouse Gas Reduction Fund, leverage private capital to cut energy bills for families and small businesses, improve resiliency against climate change-fueled disasters, and create local economic opportunity while combatting climate change. Senator Sheldon Whitehouse (D-R.I.) and Senator Bernie Sanders (I-Vt.) also signed the letter. 

    In the letter, the lawmakers write, “The reports that Ms. Cheung was pressured to circumvent this standard suggest a deliberate attempt to weaponize the Justice Department for political purposes. Indeed, according to one report, ‘Cheung’s resignation came in connection with a Justice Department effort to assist President Donald Trump’s new head of the Environmental Protection Agency, who said last week that he would try to rescind $20 billion in grants awarded by the Biden administration for climate and clean energy projects.’” 

     
    The lawmakers continue, “Federal prosecutors have an obligation to comply with the legal ethics rules governing their conduct, including their duty to refuse illegal or unethical orders from superiors. Not even a month into the second Trump administration, several career prosecutors have already resigned rather than participate in legally and ethically questionable actions, igniting a crisis within the Justice Department. The Department must not become an instrument of political retribution or partisan maneuvering.” 

    The lawmakers urge the Office of the Inspector General, “to immediately open an investigation into the circumstances surrounding Ms. Cheung’s resignation, the directives she received, and the broader pattern of political interference in prosecutorial decisions. The integrity of our justice system depends on the independence of prosecutors and their ability to enforce the law free from political influence. If substantiated, these allegations represent an existential threat to the rule of law and demand swift corrective action.” 

    Senator Markey secured numerous provisions in the Inflation Reduction Act, including the creation of a $27-billion national climate financing network based on the National Climate Bank Act, which he introduced along with Senator Van Hollen. Following the passage of the Inflation Reduction Act in 2022, Senators Markey and Van Hollen and Congresswoman Debbie Dingell (MI-06) — the House lead on the climate financing legislation — welcomed the launch of the Greenhouse Gas Reduction Fund in April 2023.  

    MIL OSI USA News –

    February 20, 2025
  • MIL-OSI Security: McAllen man sentenced to over 33 years for sexually abusing minors

    Source: Office of United States Attorneys

    McALLEN, Texas – A 29-year-old local resident has been sentenced for enticement of a minor and production of child sexual abuse material, announced U.S. Attorney Nicholas J. Ganjei.

    Christian Hanks pleaded guilty Oct. 15, 2024.

    U.S. District Judge Micaela Alvarez has now sentenced Hanks to 400 and 360 months for enticement and production of child pornography convictions, respectively. The court ordered the sentences will run concurrently. In handing down the prison terms, the court noted the repeat nature of the offenses and the degree of manipulation involved in them. Judge Alvarez also indicated Hanks’ behavior was consistent with that of a sexual predator. He was further ordered to serve 10 years on supervised release following completion of his prison terms. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the internet. Hanks will also be ordered to register as a sex offender.

    “As the court found, the defendant’s behavior in this case was particularly abhorrent, and deserving of a significant sentence” said Ganjei. “Children deserve to grow up in a safe community, free from the predations of individuals like Hanks. We will continue to work with our law enforcement partners to ensure that similar predators are uncovered and prosecuted.”

    “The conviction and sentencing of this individual today highlights our steadfast dedication to safeguarding our children,” said Immigration and Customs Enforcement’s Homeland Security Investigations (ICE-HSI) Deputy Special Agent in Charge Mark Lippa. “With the sentence of production of child pornography, ICE-HSI sends a strong message that such reprehensible behavior will not be tolerated. We must remain united in our efforts to protect the safety and well-being of every child.”

    Hanks recorded himself sexually abusing a minor victim in December 2023. The investigation revealed years of communication between himself and the minor regarding further sexual abuse, and requests to abuse the minor and other minor children.

    The investigation also revealed Hanks had engaged in grooming behavior with another minor victim in the Western District of Louisiana to entice her to engage in sexual conduct with him. The investigation revealed he also engaged in sexual intercourse with the second minor victim.

    He will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    Homeland Security Investigations in Texas and Louisiana conducted the investigation.

    Assistant U.S. Attorneys Cahal P. McColgan and Earl M. Campbell prosecuted the case, which was brought as part of Project Safe Childhood (PSC), a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state and local resources to locate, apprehend and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources link on that page.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Security: New Orleans Man Sentenced for Making False Statements to United States Small Business Administration

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – RENIC PALMER, JR. (“PALMER”), age 25, of New Orleans, Louisiana, was sentenced on February 13, 2025, before United States District Judge Carl J. Barbier.  PALMER previously pled guilty to making or using false writings or documents to the United States Small Business Administration (SBA), in violation of Title 18, United States Code, Section 1001(a)(3), announced Acting U.S. Attorney Michael M. Simpson.

    According to court documents, PALMER submitted false writings and documents to the SBA, to obtain a Payroll Protection Program (“PPP”) Loan.  In his application, among other things, PALMER falsely represented that he was the owner of a merchant wholesale hair supply company formed in 2017, and that he was eligible for PPP funds.  As a result of these false representations, PALMER obtained $20,832.00 from the SBA.

    Judge Barbier sentenced PALMER to three years of probation, restitution of $20,832 to the SBA, and a $100 mandatory special assessment fee.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    Acting U.S. Attorney Simpson commended the Special Agents of the Coast Guard Investigative Service for their work on this case.  Assistant United States Attorney Andre J. Lagarde of the Public Integrity Unit is in charge of the prosecution.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI United Kingdom: Major investment to boost growth and cement Britain’s place as cultural powerhouse

    Source: United Kingdom – Executive Government & Departments

    Over £270 million Arts Everywhere Fund for arts venues, museums, libraries and the heritage sector in major boost for growth

    • Intervention is next step of Government’s Plan for Change to help boost local economies and increase opportunities to gain creative skills 
    • Comes as Culture Secretary marks the 60th anniversary of the first ever arts white paper

    People across the nation will benefit from access to the arts and culture on their doorsteps as a result of a major funding package to boost growth and opportunity. 

    Hundreds of arts venues, museums, libraries and heritage buildings will receive a share of more than £270 million as part of an Arts Everywhere Fund from the government, supporting jobs and creating opportunities for young people to learn creative skills while helping to boost people’s sense of pride in where they live. 

    The cash will be targeted at organisations in urgent need of financial support to keep them up and running, carry out vital infrastructure work and improve long term financial resilience. 

    Today’s announcement will help protect hundreds of jobs in the cultural and heritage sectors. Overall, cultural sectors support 666,000 filled jobs across the country.

    Arts and culture are a vital part of our first-class creative industries and are a key part of what makes Britain so great. The creative industries are worth £124 billion to our economy, creating jobs, opportunities and showcasing the best of Britain to the world. That is why the creative industries were identified as one of the eight growth-driving sectors in the government’s Industrial Strategy – with the potential to boost economic growth throughout communities in the UK.

    At an inaugural lecture marking the 60th anniversary of the first ever arts white paper by former Minister Jennie Lee, Culture Secretary Lisa Nandy will gather leaders from across the arts and culture sectors at the Royal Shakespeare Company (RSC) in Stratford-upon-Avon. She will set out how Jennie Lee’s vision of the ‘arts for everyone, everywhere’ will be made a reality as part of the Government’s Plan for Change. 

    Culture Secretary Lisa Nandy said: 

    Arts and culture help us understand the world we live in, they shape and define society and are enjoyed by people in every part of our country. They are the building blocks of our world-leading creative industries and make a huge contribution towards boosting growth and breaking down barriers to opportunities for young people to learn the creative skills they need to succeed. 

    The funding we are announcing today will allow the arts to continue to flourish across Britain, creating good jobs and growth by fixing the foundations in our cultural venues, museums, libraries and heritage institutions.  

    As a government that is on your side, our Plan for Change will ensure that arts and cultural institutions truly are for everyone, everywhere.

    During the lecture, the Culture Secretary will announce the following funding for the next financial year, beginning in April:

    • A new £85 million Creative Foundations Fund to support urgent capital works to keep venues across the country up and running; 
    • A fifth round of the popular Museum Estate and Development Fund worth £25 million, which will support museums to undertake vital infrastructure projects, and tackle urgent maintenance backlogs; 
    • A new £20 million Museum Renewal Fund to help keep cherished civic museums open and engaging, protect opening hours and jobs, continue serving communities, and tell our national story at a local level;
    • An additional £15 million for Heritage at Risk will provide grants for repairs and conservation to heritage buildings at risk, focusing on those sites with most need. This will restore local heritage, such as shops, pubs, parks, and town halls;
    • A fourth round of the Libraries Improvement Fund worth £5.5 million, which will enable public library services across England to upgrade buildings and technology to better respond to changing user needs;
    • A new £4.85 million Heritage Revival Fund to empower local people to take control of and look after their local heritage. It will support community organisations to own neglected heritage buildings bringing them back into good use;
    • An additional £120 million to continue the Public Bodies Infrastructure Fund, which will ensure national cultural public institutions are able to address essential works to their estate;
    • A 5% increase to the budgets of all national museums and galleries to support their financial resilience and help them provide access to the national collection; 
    • Confirmation that DCMS will be providing £3.2 million in funding for four cultural education programmes for the next financial year to preserve increased access to arts for children and young people through the Museums and Schools Programme, the Heritage Schools Programme, the Art & Design National Saturday Club and the BFI Film Academy.

    This package will be integral to ensuring that arts and culture are a catalyst for growth in the Creative Industries and local economies by making sure cultural venues are supported to reach their full potential and attracting more tourists through our cultural institutions. 

    The Culture Secretary is also set to confirm the advisory panel of experts who will be supporting Baroness Margaret Hodge with her independent review of Arts Council England, as well as the scope of the review within the newly agreed Terms of Reference. 

    The beneficiaries of the fourth round of the Museum Estate and Development Fund will also be announced, which will see 29 local museums up and down the country receiving a share of almost £25 million to upgrade their buildings. 

    The news follows another boost for regional growth and regeneration earlier this week, when the Ministry of Housing, Communities and Local Government announced ten critical culture projects across the UK will receive a total of £67 million. This funding will support exciting projects such as the National Railway Museum in York, the International Slavery Museum and Maritime Museum in Liverpool, and in Leeds, both the National Poetry Centre and the revamping of ‘Temple Works’, paving the way for it to house the British Library North.

    Deputy Prime Minister Angela Rayner said:   

    Our Plan for Change promises growth for every corner of the UK, which is why this week I announced more than £67 million for ten major cultural projects that celebrate our nation.

    I had the pleasure to visit some of these projects last week and seeing the role they will play in igniting regeneration in their communities and on a national scale. This means more tourism, more growth and more money in people’s pockets.

    This comes on top of the £60 million package recently announced by the Culture Secretary at the Creative Industries Growth Summit to support hundreds of creative businesses and projects across the UK. This is the first step towards delivering the Creative Industry Sector Plan, as part of the UK’s modern Industrial Strategy. Today’s announcement will build upon this, ensuring that the culture sector is able to achieve its full potential. 

    More details on how to apply to each of these funds and schemes will be made available in due course.

    Supportive quotes

    Daniel Evans, Tamara Harvey and Andrew Leveson from the Royal Shakespeare Company, said:

    The RSC welcomes the government’s celebration of the anniversary of Jennie Lee’s White Paper for the Arts and its announcement of the £85m Creative Foundations Fund, an urgently needed intervention.  Ageing capital infrastructure remains a tremendous drag on the sector’s ability to create the work for which it is globally celebrated and maximise its economic and social contribution.  We stand ready to work with the government and other stakeholders to ensure that theatre buildings are effectively maintained and put to the most effective use in creating impactful programmes of work that, true to Jennie Lee’s legacy, make the arts accessible to as many people as possible.

    Arts Council England, Chief Executive, Darren Henley said: 

    Today’s a good news day for arts organisations, museums and libraries. We know how much cultural places and spaces are valued in towns and cities across the land. For years to come, this new investment will help more people in more places to flourish by finding joy and connection with high quality culture close to home.

    Baroness Hodge’s review gives all of us at the Arts Council the chance to make sure that we’re doing everything we can to serve audiences right across England – and that we’re nurturing an environment where artists, arts organisations, museums and libraries can create their best work for those audiences. We’re looking forward to working with Baroness Hodge and her advisory panel to make sure that happens for everyone everywhere every day.

    Duncan Wilson, Chief Executive at Historic England, said: 

    The £15m Heritage at Risk funding will enable us to help regenerate cherished historic buildings in some of our most deprived areas, boosting local pride and wellbeing, as well as stimulating economic growth where it’s really needed.

    Kate Varah, Executive Director and Co-Chief Executive, National Theatre, said: 

    The support announced today shows that, like the visionary Jennie Lee, this Government keenly understands the arts ecosystem and its leading role in boosting the economy, enriching local communities and enhancing soft power. Much-needed capital investment will begin the task of enabling arts venues in towns and cities across our country to upgrade their facilities, providing more jobs and training, improving their financial and environmental sustainability, and offering more opportunities for young people and communities. Today’s announcement is further proof that the Government sees the benefit of working long term, in deep partnership with our sector, to break down barriers to growth and opportunity. Capital isn’t about bricks and mortar, it’s about making space for creativity to flourish.

    Alex Beard, CEO of Royal Ballet and Opera, said: 

    I am delighted that Government has recognised the need to invest in the country’s performing arts infrastructure. This one year programme is a vital first step in ensuring that future generations of audience members can continue to enjoy our world leading performing arts sector, which plays such an important role in the Government’s growth and wellbeing agendas.

    Gurinder Chadha, Film Director, said:

    Time and time again the creative industries have proved how much income they bring into our economy from box office sales to expertise, skills and jobs. I am proud to be a part of the British arts industry that is respected globally. Anything that helps local communities and local artists build their skills, to fulfil their potential and further the cultural economy is something to be applauded. 

    Kwame Kwei-Armah, Director and Playwright, said: 

    Today’s announcement by our government to invest in our world leading cultural sector could not have come sooner or at a better time. From personal inspiration to international soft power I, like many, will be overjoyed that our government has seen the cultural sector who we are and what we contribute to Britain and beyond.

    James Graham, Playwright and Writer, said: 

    This new investment is an extremely welcome acknowledgement of the role culture can play in rebuilding local communities.

    The sector has been just-about-surviving for too long and such injections mean much-loved local venues can begin planning for the future.

    On a personal note, as someone who grew up in a town with very limited access to the arts, the new funding for education programmes is to be celebrated. I only fell in love with theatre because of the passion of the drama teachers in my comprehensive school. It’s deeply encouraging to see that the collapse of culture in education over the last decade can finally turnaround, and unleash the creativity of all young people everywhere.

    Adjoa Andoh, Actress and Writer, said: 

    Arts and culture belong to all the people of our amazing creative nation.

    Our drama, our literature, our music, our painting, our history – it’s what we’re known for across the world, so at home everyone should have access to their heritage with no barriers to participation. I am thrilled that with the announcement of this fantastic injection of targeted funding for arts infrastructure and education, locally and nationally, the government recognises that only with their active support can all the people fully share in our wonderful cultural inheritance. I am sure Jennie Lee whose white paper championed the arts 60 years ago, would be proud.

    Tracy-Ann Oberman, Actress and playwright, said:

    Lisa Nandy has shown a huge commitment to the arts. She has been incredibly supportive of my production of “The Merchant of Venice 1936” and the need to tell stories through theatre to bring communities together. I think this announcement shows a real commitment to the arts in the UK and investment in the rich cultural heritage of this country.

    Lemn Sissay, Author and Broadcaster, said: 

    Investing in the arts is an investment in our communities, our creativity, and our future. The creation of the National Poetry Centre is a shining example of this commitment, offering a space where creativity can flourish and voices from all backgrounds are celebrated.

    Lisa Nandy’s commitment to providing funding for the arts, for everyone everywhere, ensures that the transformative power of culture reaches every corner of our nation, fostering unity, inspiration, and opportunity for all.

    Actors Sanjeev Bhaskar and Meera Syal said:

    As not only a vital sector for tourism but also for local communities and businesses, it’s encouraging to see British arts and culture being supported in a tangible and constructive way.

    Es Devlin, Stage Designer, said: 

    Now, more than ever, the cultivation of our collective consciousness, our shared imagination, our ability to seek patterns and imagine possible futures is critical, and this investment in the arts and arts education is urgent and most welcome.

    Kate Mosse CBT, Novelist, Historian & Playwright, said: 

    Today marks the 60th anniversary of Jennie Lee’s visionary White Paper that changed everything. The idea – radical at the time and no less important today – that the arts are for everyone, that creativity can be found everywhere and fostered, that books, theatre, dance, music transform lives, these ideas took root because of Lee’s commitment, enthusiasm and passion. She was one of the great transformational politicians of the 20th century and writers – and artists – salute you.

    Nicholas Cullinan, British Museum Director, said: 

    This additional funding is a wonderful investment in the UK’s museums sector. In every corner of the country, our national and civic museums play a vital role protecting our heritage, bringing communities together, and supporting and inspiring the UK’s world-leading cultural sector.

    Mary Beard, Trustee of the British Museum: 

    This is great news. Museums across the country are places where we go to learn, to be challenged, to wonder, to debate and disagree, and to discover times, people and places different from ourselves. They deserve (and need) all the support we can give them.

    Doug Gurr, Natural History Museum Director, said: 

    I really welcome and am grateful for the additional support from the government for the museums sector, providing a vital lifeline to ensure we continue to reach and inspire audiences locally, nationally, globally.

    Tom Sleigh, Chair, Norwich Theatre, said: 

    We really welcome this announcement. There is a pressing need for better investment in cultural infrastructure, and this funding will be incredibly important for many regional arts organisations, who have such an important role to play in their local communities.

    Isobel Hunter MBE, chief executive of Libraries Connected, said:

    The Libraries Improvement Fund has been transformative in helping library services in England adapt to the changing needs of their users. This new round will broaden that legacy, creating more accessible, sustainable and inclusive libraries across the country. We can’t wait to see the successful projects take shape.

    Jenny Mollica, Chief Executive Officer of English National Opera and London Coliseum, said:

    We warmly welcome today’s announcement from the Secretary of State of a new Creative Foundations Fund. This will provide critical and transformative support for many performing and visual arts venues across the country, ensuring that they continue to play a vital role at the heart of their communities. These much-needed, urgent interventions in our cultural spaces will support creativity and innovation, locally and nationally – and are an investment in our audiences of today and the future.

    Stephen Freeman, Chief Executive, Royal Exchange Theatre said: 

    Today’s announcement of a new capital fund to support our cultural infrastructure is most welcome. It is deeply encouraging to see the Secretary of State responding to the real and urgent need for support at cultural venues up and down the country. Many of our most iconic institutions are in serious need of capital funds to support the future sustainability of our world class cultural offer.

    Sir Ian Blatchford, Director and Chief Executive, Science Museum Group said: 

    We are delighted with the Government’s continued strong support for national museums and the wider cultural sector. Museums benefit society in many ways, inspiring audiences with engaging stories, contributing to cohesive communities and showcasing creativity that helps drive tourism. The confirmation this week of £15 million Government investment in our ambitious plans for the National Railway Museum is a clear vote of confidence in the transformative work underway across the Science Museum Group.

    Jon Finch – Chair of English Civic Museum Network (ECMN) and Head of Culture and Visitor Economy at Barnsley Council said:

    On behalf of England’s regional museum sector, the English Civic Museum Network (ECMN) welcomes the Government’s unprecedented announcement of £45M investment to support regional museums. ECMN is delighted that the Government has recognised the compelling case for investment in local museums as part of its growth agenda. Civic museums are a fundamental part of England’s cultural, creative, and social fabric and are a catalyst for growth on our high streets

    Michael Eakin OBE, Chief Executive of Royal Liverpool Philharmonic said:

    Royal Liverpool Philharmonic welcomes this additional capital funding to support the sector in 2025-26. We are grateful that Liverpool Philharmonic Hall, one of the UK’s great concert halls, has benefitted from such essential support in past years, but we know that it will continue to need investment in the future. Many of this country’s great cultural buildings are urgently in need of capital works  to ensure they can continue to function and meet the needs of performances and audiences, and this new funding will be very welcome and helpful in addressing some of those needs.

    Jenny Waldman, Director of Art Fund said:

    The £20 million Museum Renewal Fund is a vital lifeline for our civic museums, which have a central place in the lives of local communities. It’s a welcome response to the severe financial pressures museums are facing, particularly those reliant on local authority funding. How appropriate that this crucial investment has been announced to mark the 60th anniversary of Jennie Lee’s visionary first White Paper on the Arts. This investment is an important first step to ensuring financial resilience, economic growth and ensuring our public collections remain accessible for future generations.

    Grayson Perry, Artist said: 

    We should be proud of the brilliant museums and galleries that we have all across the country. It is great to hear that the government understands how important they are and is putting a good chunk of money into maintaining them. These cultural powerhouses give our towns and cities a vital part of their identity, art is a central element of who we are.

    Sir Alistair Spalding and Britannia Morton, Co CEOs Sadler’s Wells. Artistic and Executive Directors said: 

    We welcome today’s announcement. It shows that the Culture Secretary is listening to the needs of the sector and is prepared to  act to protect our cultural infrastructure for future generations.

    Joshua McTaggart, CEO of Theatres Trust:

    Theatres Trust is thrilled that the government has announced its £85million Creative Foundations Fund. We know from our research and industry knowledge that this funding is desperately needed by so many theatres across England. Our diligent team is primed to advise and support theatres up and down the country as they begin their journey on developing and delivering new capital projects, and we encourage people to make use of Theatres Trust’s free impartial expert advice service as they begin their applications.

    Rebecca Lawrence, Chief Executive Officer:

    The British Library welcomes the extension of the Public Bodies Infrastructure Fund for the next financial year. We hope it will be a vital source of support for addressing some of the most urgent pressures on our buildings and estates, which continue to require substantial ongoing investment to ensure they are well maintained for our users and the national collection. We are also pleased to see the extension of the Libraries Improvement Fund for local authority run library services, who we collaborate with all across the country.

    Maria Balshaw, Director of Tate and Chair of the National Museum Directors’ Council said:

    Today’s funding announcements are fantastic news for the whole museum sector. We are incredibly grateful to see the Government’s recognition of the importance of our world-class museums.

    The increase in budgets for national museums and galleries like my own organisation Tate will be vital in supporting our financial resilience, enabling us to continue caring for and providing access to the national collection and the incredible public benefit we deliver. We also warmly welcome the announcement of additional capital investment for national and regional museums through the Public Bodies Infrastructure Fund and the Museum Estate and Development Fund. This investment is urgently needed right across the museum sector for maintenance and repairs.

    In particular, we are delighted to see the announcement of new funding for civic museums, who are facing an unprecedented set of economic pressures. They are some of the finest creative and cultural spaces in the world – caring for internationally significant collections, driving regional tourism and providing vital community services. The new Museum Renewal Fund will help bring civic museums back to a more sustainable position, and we are heartened that Government has listened to calls to protect this key part of our cultural and civic infrastructure.

    Andrew Lovett OBE, Chief Executive, Black Country Living Museum

    We welcome the financial support announced by the Secretary of State, coming as it does at a challenging economic time for many in the sector. A financial decision is a policy decision and we welcome this policy. On the anniversary of the publication of Jennie Lee’s white paper, this is a timely reminder that Museums and the arts are not only crucial to everyday lives and wellbeing, but are also a vital part of the UK economy and merit sustained investment. We make a mistake when we think museums are in the business of collecting and exhibitions; their business is social cohesion and helping us to better understand the world. And it doesn’t get more important than that.

    Notes to editors: 

    On the review of Arts Council England

    Arts Council England is set to undergo a transformative review that will reimagine how we support, develop, and celebrate creativity across every corner of our nation. This landmark independent review, led by Baroness Margaret Hodge, will shine a light on how we can break down barriers, amplify diverse voices, and ensure that arts and culture are truly accessible to everyone, regardless of background or postcode. By examining everything from funding mechanisms to community engagement, we’re taking a crucial step towards building a more inclusive, vibrant, and dynamic cultural landscape that reflects the rich creativity of every community in England.

    Cultural organisations and other interested parties are invited to participate in a survey to feed in their views as part of the review. 

    Read the survey, the advisory panel of experts and the full Terms of Reference for the review.

    On the fourth round of the Museum Estate and Development Fund

    The Museum Estate and Development Fund enables museums across the country to deliver a better experience for visitors and staff, make access and environmental improvements, unlock income-generating opportunities, and continue to protect treasured buildings and collections for future generations. It is open to museums in England accredited by the Arts Council which are not directly funded by DCMS. This fourth round of funding, worth £24.8 million, will benefit 29 local museums across the country: 

    North West

    • Queen Street Mill, Burnley, Lancashire – £813,115
    • Furness Abbey, Barrow-in-Furness, Lancashire – £457,795
    • Fusilier Museum and Learning Centre, Bury, Lancashire –  £81,244

    North East

    • Weardale Museum, Weardale, County Durham – £499,665
    • Sunderland Winter Gardens, Sunderland, Tyne and Wear –  £488,705
    • Preston Park Museum, Stockton-on-Tees, County Durham – £366,300
    • Hartlepool Art Gallery, Hartlepool, County Durham – £302,383

    Yorkshire

    • Museum of North Craven Life, Settle, North Yorkshire –  £798,500
    • Land of Iron, Skinningrove, North Yorkshire  – £655,907
    • Bankfield Museum, Halifax, West Yorkshire – £441,978
    • Pickering Beck Isle Museum, Pickering, North Yorkshire – £388,023 
    • Millennium Gallery, Sheffield, South Yorkshire – £315,684

    Midlands

    • Tamworth Castle, Tamworth, Staffordshire – £1,716,238
    • Wolverhampton Art Gallery, Wolverhampton, West Midlands – £1,695,75
    • Newstead Abbey, Ravenshead, Nottinghamshire – £1,482,882 
    • Creswell Crags, Worksop, Nottinghamshire – £499,999

    East

    • Peterborough Museum & Art Gallery, Peterborough, Cambridgeshire – £137,745 
    • Sainsbury Centre, Norwich, Norfolk – £1,276,711 
    • Bressingham Steam Museum, Diss, Norfolk – £429,719
    • Colchester Castle, Colchester, Essex – £1,293,625
    • Southchurch Hall, Southend-on-Sea, Essex – £423,105

    South East 

    • Bletchley Park, Bletchley, Buckinghamshire – £2,451,350 
    • The Lightbox, Woking, Surrey – £319,000

    South West

    • Russell Cotes Art Gallery and Museum, Bournemouth, Dorset – £1,500,817 
    • Nothe Fort, Weymouth, Dorset – £1,374,763  
    • Dorset Museum and Art Gallery, Dorchester, Dorset – £940,500 
    • Wheal Martyn Clay Works, St Austell, Cornwall – £707,200

    London

    • London Museum of Water and Steam, Brentford, London – £2,626,277
    • The Foundling Museum, Camden, London – £319,000

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    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

    February 20, 2025
  • MIL-OSI New Zealand: Name release and appeal for information, Hastings homicide

    Source: New Zealand Police (National News)

    Please attribute to Detective Inspector Martin James, Eastern District Investigations Manager:

    Police can now confirm the name of the man who died in Hastings Sunday 23 February, and are appealing for information to assist in our ongoing investigation.

    A homicide investigation was launched after a man was pronounced deceased in Hawke’s Bay Hospital around 11pm, after he was brought into the hospital following an assault.

    Police can now confirm he was 33-year-old Keith Pati, of Flaxmere, Hastings. Our condolences go out to his family and loved ones at this time.

    Police are continuing to focus our enquiries on the area of Camberley. In particular, we are wanting to hear from the residents of Huia Street and Takahe Street

    Police are asking residents to report any items that may have been located in the area, including discarded clothing items.

    If you have found any property not belonging to yourself in the area, please contact Police.

    You can contact us via 105 either online or over the phone – please quote reference number 250217/0218.

    ENDS

    Issued by Police Media Centre 
     

    MIL OSI New Zealand News –

    February 20, 2025
  • MIL-OSI Security: Two Teens Indicted on Charges of Assault with Intent to Kill and Other Charges After Opening Fire Near High School

    Source: Office of United States Attorneys

                WASHINGTON – Saki Frost, 18, and Azhari Graves, 18, both of Washington, D.C., were indicted today on charges of assault with intent to kill while armed and other charges stemming from a shooting that occurred on May 3, 2024, near Dunbar High School. The charges were announced by U.S. Attorney Edward R. Martin, Jr. and Chief Pamela Smith of the Metropolitan Police Department. Both defendants are to be arraigned on February 20, 2025, before the Honorable J. Michael Ryan.

                Frost and Graves were indicted by a grand jury in the Superior Court of the District of Columbia on charges of assault with intent to kill while armed, aggravated assault while armed, assault with a dangerous weapon, and related firearms charges.  Frost, who was 17 at the time of the shooting, was charged as an adult under Title 16, and was also indicted on charges of assault with intent to murder while armed.

                According to the government’s evidence, at approximately 9:53 am, on May 3, 2024, Graves and Frost opened fire on a sedan that was driving down Kirby Street, NW, near Dunbar High School. A witness to the shooting reported hearing machine gun fire. Surveillance video captures Frost and Graves running down an alleyway holding firearms prior to the shooting.  Surveillance video also captures the shooting, in which an individual appearing to be Frost fires a gun toward the sedan. Surveillance footage also captures Graves after the shooting holding a firearm with the slide locked to the rear of the weapon, indicating that the weapon had been fired and the magazine emptied. Graves and Frost then fled the area in a vehicle. Later that day, MPD officers located the defendants’ vehicle and arrested Graves and Frost. Investigators recovered a total of 29 shell casings from the scene of the shooting and numerous fragments from the exterior of Dunbar High School, as well as classrooms inside the school. Investigators also observed at least six bullet strikes to the N Street side of Dunbar. During the shooting, one Dunbar student suffered a graze wound to the head from the gunfire. 

                This case is being investigated by the Metropolitan Police Department. It is being prosecuted by Assistant U.S. Attorneys Benjamin Helfand and Christian Natiello of the U.S. Attorney’s Office for the District of Columbia.

                An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Security: Capital Region Man Indicted on Drug and Gun Charges

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Devere Williams, age 36, of Troy, New York, was charged last week by indictment for possession of a controlled substance with intent to distribute, possession of a firearm in furtherance of a drug trafficking crime, and possession of a firearm by a convicted felon.  Acting United States Attorney Daniel Hanlon and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.  

    The charges filed against Williams carry a prison term of at least 5 year and up to life in federal prison, a fine of up to $1 million, and a supervised release term of up to 5 years.  The charges in the indictment are merely accusations.  The defendant is presumed innocent unless and until proven guilty.

    A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

    Williams was arraigned today in Albany before United States Magistrate Judge Paul J. Evangelista, and will continue to be detained pending a hearing on February 21.  The FBI is investigating this case.  Assistant United States Attorneys Joseph S. Hartunian and Nicholas Walter are prosecuting this case.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Security: U.S. Attorney’s Office and FBI Charge Woman with Involuntary Manslaughter

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Casamero Lake woman faces federal charges for involuntary manslaughter following a fatal car crash on tribal lands in New Mexico last summer.

    According to the indictment, on August 6, 2024, Debbie Rojack, 45, an enrolled member of the Navajo Nation, killed John Doe by operating a motor vehicle with disregard for human life when she knew and should have known that her conduct imperiled the lives of others.

    Rojack will remain in third party custody on conditions of release pending trial, which has not been set. If convicted, Rojack faces up to 8 years in prison.

    Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Navajo Department of Criminal Investigations and the New Mexico State Police. Assistant U.S. Attorney Brittany DuChaussee is prosecuting the case.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Security: Bridgeport Man Sentenced to 51 Months in Prison for Drug Robbery Attempt

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that ANDY MARTE, also known as “AD,” 31, of Bridgeport, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 51 months of imprisonment, followed by three years of supervised release, for his role in a drug robbery conspiracy.

    According to court documents and statements made in court, on April 28, 2023, Marte, Kareem Porter, and Tyrone Allen drove to a Bridgeport apartment building where they intended to carry out a robbery at an apartment they believed contained a substantial quantity of drugs and drug proceeds.  Marte separately contacted Jermaine Bethel, who arrived to participate in the robbery.  Marte instructed Bethel, Porter, and Allen, who had a crowbar, to carry out the robbery, while Marte remained in the car, with two handguns, to serve as a getaway driver.  After failing to enter the apartment, Bethel, Porter, and Allen returned to the vehicle where they were encountered by law enforcement. Investigators learned of the scheme by monitoring Marte’s phone, which was subject to a court-authorized wiretap related to alleged drug trafficking activity.  Officers searched the vehicle and its occupants and seized the two handguns and the crowbar.

    Marte’s criminal history includes convictions for multiple firearms offenses and a violent robbery.

    Marte has been detained since his arrest on April 28, 2023.  On March 28, 2024, he pleaded guilty to conspiracy to commit Hobbs Act Robbery.

    Porter, Allen, and Bethel pleaded guilty to the same charge.  On October 28, 2024, Porter was sentenced to 24 months of imprisonment.  On December 2, 2024, Bethel was sentenced to 12 months and one day of imprisonment.  Allen awaits sentencing.

    This investigation was conducted by FBI’s Bridgeport Safe Streets Task Force and the Bridgeport Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Ross Weingarten and Karen Peck.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Security: Wausau Man Sentenced to 8 Years for Methamphetamine Trafficking

    Source: Office of United States Attorneys

    MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Bee Her, 45, Wausau, Wisconsin, was sentenced today by U.S. District Judge William M. Conley to 8 years in federal prison for distributing 50 grams or more of methamphetamine. The prison term will be followed by 5 years of supervised release. Her pleaded guilty to this charge on November 26, 2024.

    In 2023, investigators with the Central Wisconsin Narcotics Task Force identified Bee Her as a multi-pound methamphetamine dealer operating out of Wausau. On October 13, 2023, a confidential informant purchased one pound of methamphetamine from Her at Her’s residence. On October 23, 2023, a confidential informant received two ounces of methamphetamine from Her at Her’s residence.

    On February 8, 2024, Her was arrested on an active supervision warrant. Information obtained during the investigation suggests that Her was working for the cartels to traffic methamphetamine and that the cartels were trying to establish a line and system near Wausau. Her told investigators that he obtained 5 pounds of methamphetamine every two to three weeks to distribute.

    During this time, Her was on state supervision for two felony cases, one involving a conviction for Child Enticement-Sexual Contact and the other involving convictions for Possession of Methamphetamine and Possession of Drug Paraphernalia. Her’s supervision on the child sex crime was not revoked. His supervision on the drug case was revoked and he was sentenced to one year in jail.

    At sentencing, Judge Conley said Her was identified as a large-scale trafficker of methamphetamine in Wausau with connections to Minnesota and Mexico and weighed the seriousness of Her’s conduct against his addiction to methamphetamine.

    The charge against Her was the result of an investigation conducted by the Federal Bureau of Investigation’s Central Wisconsin Narcotics Task Force comprised of investigators from the FBI, Wisconsin State Patrol, Wisconsin Department of Criminal Investigation, Lincoln County Sheriff’s Office, Marathon County Sheriff’s Office, Portage County Sheriff’s Office, Mountain Bay Police Department, Wausau Police Department and Wisconsin National Guard Counter Drug Program. Assistant U.S. Attorney Steven P. Anderson prosecuted this case. 

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI USA: President of Insurance Brokerage Firm and CEO of Marketing Company Charged in $161M Affordable Care Act Enrollment Fraud Scheme

    Source: US State of California

    An indictment was unsealed today charging Cory Lloyd, 46, of Stuart, Florida, and Steven Strong, 42, of Mansfield, Texas, in connection with their alleged participation in a scheme to submit fraudulent enrollments to fully subsidized Affordable Care Act insurance plans (ACA plans) in order to obtain millions of dollars in commission payments from insurance companies.

    ACA plans offer tax credits to eligible enrollees. These tax credits, or “subsidies,” could be paid by the federal government directly to insurance plans in the form of a payment toward the applicable monthly premium. According to court documents, Lloyd and Strong conspired to enroll consumers in ACA plans that were fully subsidized by the federal government by submitting false and fraudulent applications for individuals whose income did not meet the minimum requirements to be eligible for the subsidies. Lloyd allegedly received commission and other payments from an insurance company in exchange for enrolling consumers in the ACA plans. In turn, Lloyd allegedly paid commissions to Strong in exchange for consumer referrals.

    As alleged in the indictment, Lloyd and Strong targeted vulnerable, low-income individuals experiencing homelessness, unemployment, and mental health and substance abuse disorders, and, through “street marketers” working on their behalf, sometimes offered bribes to induce those individuals to enroll in subsidized ACA plans. Marketers working for Strong’s company allegedly coached consumers on how to respond to application questions to maximize the subsidy amount and provided addresses and social security numbers that did not match the consumers purportedly applying. As a result of being enrolled in subsidized ACA plans for which they did not qualify, some of these consumers experienced disruptions in their medical care.

    The indictment alleges that Lloyd and Strong used misleading sales scripts and other deceptive sales techniques to convince consumers to state that they would attempt to earn the minimum income necessary to qualify for a subsidized ACA plan, even when the consumer initially projected having no income. Lloyd and Strong also allegedly conspired to bypass the federal government’s attempts to verify income and other information. Lloyd and Strong allegedly engaged in the scheme to maximize the commission payments they received from insurers, resulting in their companies’ receiving millions of dollars in commissions.

    As alleged in the indictment, Lloyd and Strong’s scheme caused the federal government to pay at least $161,900,000 in subsidies.

    Cory Lloyd and Steven Strong are each charged with conspiracy to commit wire fraud, three counts of wire fraud, conspiracy to defraud the United States, and two counts of money laundering. If convicted, each faces a maximum penalty of 20 years in prison on each count of conspiracy to commit wire fraud and wire fraud, five years in prison for conspiracy to defraud the United States, and 10 years in prison for each count of money laundering.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting Special Agent in Charge Justin Fleck of the FBI Miami Field Office, Acting Special Agent in Charge Isaac Bledsoe of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office, and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

    The FBI, HHS-OIG, and IRS-CI are investigating the case.

    Assistant Chief Jamie de Boer and Trial Attorney D. Keith Clouser of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

    February 20, 2025
  • MIL-OSI Australia: Feisty Feminist Murder Mystery He Had It Coming Announced

    Source: Australia Government Statements 4

    18 02 2025 – Media release

    Stars of He Had It Coming, Lydia West, Natasha Liu Bordizzo and Liv Hewson. 
    Stan and Screen Australia have announced the brand-new series He Had It Coming, produced by Jungle Entertainment with major production investment from Screen Australia.
    Starring Lydia West, Natasha Liu Bordizzo and Liv Hewson, the series is an odd couple comedy-drama of two women accidentally entangled in a murder mystery when their spontaneous feminist art activism is co-opted by a killer.
    From Executive Producer Gretel Vella (Totally Completely Fine, The Great), with Chloe Rickard (Population 11, No Activity), Shay Spencer (Wakefield), Bridget Callow-Wright (Population 11), Robert Taylor and Ellie Gibbons. He Had It Coming is a comedic whodunnit following mismatched friends who get caught up in gender politics on campus and murder.
    Created and written by Gretel Vella and Craig Anderson (Double The Fist), with writers Emme Hoy (Renegade Nell), Belinda King (Wellmania), Nicholas Cole (Bump) and Hannah Samuel (The Heights). Directed by Rachel House (Mountain) and Anne Renton (The Good Doctor, The Bold Type).
    He Had It Coming stars Lydia West (Big Mood, It’s a Sin) and Natasha Liu Bordizzo (Ahsoka: Star Wars, The Voyeurs) who are also Executive Producers, and Liv Hewson (Yellowjackets, Bombshell), with ensemble cast Duncan Fellows (Deadloch), Roxie Mohebbi (Critical Incident), Tom Dawson (Total Control), Alex Campion De Crespigny (Heartbreak High) and Miah Madden (The Sapphires).
    Lydia West plays Elise, an awkward English scholarship student (for the bagpipes, she has the shoulders for it) who forms an unlikely alliance with Barbara (Liu Bordizzo), a fashion influencer who posts about girl power all day but is always too busy to attend a protest. After a series of mishaps with men, both decide to take a stand. Barbara spearheads an activist art project in the dead of night and drunk as skunks, the girls deface a statue of the university’s male founder in the University’s Quadrangle.
    When the girls wake to discover that the university’s star athlete has been murdered and displayed at the foot of their political statement, they must urgently erase all ties to the crime. With Detective Shepherd (Hewson) following the breadcrumbs they have been trying to sweep up, Barbara and Elise need to find the real culprit amid rising gender tensions on campus and a growing body count.
    Screen Australia Director of Narrative Content Louise Gough said, “He Had It Coming is a fun, feminist romp that approaches gender equality in a contemporary, innovative and hilarious way. With a standout cast and powerhouse creative and producing teams, this is must-watch TV.”
    Stan Chief Content Officer Cailah Scobie said, “He Had It Coming is a clever and sharp exploration of gender politics led by an extraordinary cast in this vacuum-sealed murder mystery. We celebrate the ongoing collaboration with Gretel Vella who has developed yet another exciting script, attracting an incredible cast to film in Australia. We are also thrilled to continue our ongoing successful collaboration with Jungle Entertainment with support from FIFTH SEASON, Screen Australia and Screen NSW.”
    Ava Knight, Director of Acquisitions at FIFTH SEASON said, “We’re thrilled to be partnering with Jungle Entertainment and creator Gretel Vella on He Had It Coming. Gretel expertly uses humour to explore universal themes around gender politics in a way that feels incredibly fresh and timely. We’re excited to bring this brilliant and bold female-led crime caper to audiences around the world – where nothing is quite as it seems.”
    Jungle partner and Executive Producer Chloe Rickard said, “We have absolutely loved collaborating again with Stan, Screen Australia and Screen NSW and new partners FIFTH SEASON to bring another unique Australian voice and story to the world. Add Lydia West, Natasha Liu Bordizzo and Liv Hewson to the mix and you’ve got the sizzle for a completely original and fun campus caper.”
    Head of Screen NSW Kyas Hepworth said, “Jungle Entertainment continues to produce leading Australian content, and Screen NSW is pleased to support them to bring another first-class project to NSW. With a standout creative team led by NSW-based Gretel Vella and Craig Anderson, the series is a clever and hilarious whodunnit story. I look forward to audiences tuning in when it arrives on Stan.”
    The Stan Original series He Had It Coming is produced by Jungle Entertainment. Major production investment from Screen Australia in association with Stan. Financed with support from Screen NSW. International sales by FIFTH SEASON. Post, digital, and visual effects supported by Screen NSW. Developed with the assistance of Screen NSW and in association with The Development Partnership. Stan Executive Producers are Cailah Scobie and Alicia Brown.
    The Stan Original Series He Had It Coming has wrapped production and is coming soon, only on Stan.
    Stan Media Enquiries
    [email protected]
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

    February 20, 2025
  • MIL-OSI Australia: Goodwood man charged with drug and firearms offences

    Source: Tasmania Police

    Goodwood man charged with drug and firearms offences

    Thursday, 20 February 2025 – 9:53 am.

    Investigators from the Southern Drugs and Firearms Unit have charged a 45-year-old man with drug and firearms offences, following a targeted search of his Goodwood residence yesterday.
    Police will allege the man was in possession of a quantity of various illicit substances, a loaded shortened single barrel firearm and a small pistol.
    Detective Acting Inspector Felicity Boyd said police know the impact drugs and firearms have on the community.
    “This search is evidence of our continued commitment to community safety and holding offenders to account,” she said.
    The man was detained in custody to appear in the Hobart Magistrates Court at 10am today.

    MIL OSI News –

    February 20, 2025
  • MIL-OSI Security: President of Insurance Brokerage Firm and CEO of Marketing Company Charged in $161M Affordable Care Act Enrollment Fraud Scheme

    Source: United States Attorneys General 1

    An indictment was unsealed today charging Cory Lloyd, 46, of Stuart, Florida, and Steven Strong, 42, of Mansfield, Texas, in connection with their alleged participation in a scheme to submit fraudulent enrollments to fully subsidized Affordable Care Act insurance plans (ACA plans) in order to obtain millions of dollars in commission payments from insurance companies.

    ACA plans offer tax credits to eligible enrollees. These tax credits, or “subsidies,” could be paid by the federal government directly to insurance plans in the form of a payment toward the applicable monthly premium. According to court documents, Lloyd and Strong conspired to enroll consumers in ACA plans that were fully subsidized by the federal government by submitting false and fraudulent applications for individuals whose income did not meet the minimum requirements to be eligible for the subsidies. Lloyd allegedly received commission and other payments from an insurance company in exchange for enrolling consumers in the ACA plans. In turn, Lloyd allegedly paid commissions to Strong in exchange for consumer referrals.

    As alleged in the indictment, Lloyd and Strong targeted vulnerable, low-income individuals experiencing homelessness, unemployment, and mental health and substance abuse disorders, and, through “street marketers” working on their behalf, sometimes offered bribes to induce those individuals to enroll in subsidized ACA plans. Marketers working for Strong’s company allegedly coached consumers on how to respond to application questions to maximize the subsidy amount and provided addresses and social security numbers that did not match the consumers purportedly applying. As a result of being enrolled in subsidized ACA plans for which they did not qualify, some of these consumers experienced disruptions in their medical care.

    The indictment alleges that Lloyd and Strong used misleading sales scripts and other deceptive sales techniques to convince consumers to state that they would attempt to earn the minimum income necessary to qualify for a subsidized ACA plan, even when the consumer initially projected having no income. Lloyd and Strong also allegedly conspired to bypass the federal government’s attempts to verify income and other information. Lloyd and Strong allegedly engaged in the scheme to maximize the commission payments they received from insurers, resulting in their companies’ receiving millions of dollars in commissions.

    As alleged in the indictment, Lloyd and Strong’s scheme caused the federal government to pay at least $161,900,000 in subsidies.

    Cory Lloyd and Steven Strong are each charged with conspiracy to commit wire fraud, three counts of wire fraud, conspiracy to defraud the United States, and two counts of money laundering. If convicted, each faces a maximum penalty of 20 years in prison on each count of conspiracy to commit wire fraud and wire fraud, five years in prison for conspiracy to defraud the United States, and 10 years in prison for each count of money laundering.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting Special Agent in Charge Justin Fleck of the FBI Miami Field Office, Acting Special Agent in Charge Isaac Bledsoe of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office, and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

    The FBI, HHS-OIG, and IRS-CI are investigating the case.

    Assistant Chief Jamie de Boer and Trial Attorney D. Keith Clouser of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

    February 20, 2025
  • MIL-OSI Submissions: Health Care Acquisitions – Valsoft Enters the Managed Care Space with the Acquisition of Chordline Health

    Source: Valsoft Corporation Inc

    Montreal, Canada, February 19, 2024 – Valsoft Corporation Inc. (“Valsoft”), a Canadian company specializing in acquiring and developing vertical market software businesses, is pleased to announce the acquisition of Chordline Health, a leading provider of managed care software designed by clinicians to support health plans, third-party administrators (TPAs), accountable care organizations (ACOs), and other risk-bearing entities across both private and public sectors.

    With a comprehensive suite of solutions, Chordline Health seamlessly integrates case management, utilization management, appeals and grievances, and advanced analytics to enhance decision-making, improve patient outcomes, and optimize costs. By focusing on population health, regulatory compliance, and operational efficiency, Chordline empowers healthcare organizations to enhance care delivery, manage risk, and streamline workflows.

    “For years, we have been dedicated to empowering healthcare organizations with technology-driven solutions that improve patient outcomes and operational efficiency,” said Matt Fahner, CEO at Chordline. “With Valsoft’s support, we are poised to scale our offerings, enhance our capabilities, and bring even greater value to our customers.”

    “Chordline Health’s deep industry expertise and commitment to healthcare transformation align perfectly with Valsoft’s vision of acquiring and growing industry-leading businesses,” said Antonino Piazza, Investment Partner at Valsoft. “Together, we will expand Chordline’s reach and continue driving innovation in the healthcare technology sector.”

    Valsoft is committed to providing Chordline with the additional resources and operational experience necessary to accelerate its growth. The Chordline leadership team will remain in place, continuing to drive innovation and support their customers with the expertise and dedication that have defined their success.

    About Chordline

    Chordline Health was founded in 1983 to address the critical need for managed care solutions designed from the clinician perspective. Chordline’s cloud-based software and analytics platforms deliver actionable, real-time data to users, empowering healthcare organizations to deliver optimized clinical outcomes and improved patient experiences, all while reducing operational costs. Supported by a team of clinicians and developers recognized for their best-in-class managed care expertise and customer support, Chordline is the leading provider of software designed to support health plans, TPAs, ACOs, and other risk-bearing organizations. For more information: https://chordline.com/

     

    About Valsoft Corporation

    Valsoft Corporation acquires and develops vertical market software companies that deliver mission-critical solutions. A key tenet of Valsoft’s philosophy is to invest in established businesses and foster an entrepreneurial environment that shapes a company into a leader in its respective industry. Unlike private equity and VC firms, Valsoft does not have a predefined investment horizon and looks to buy, hold, and create value through long-term partnerships with existing management and customers. Learn more at www.valsoftcorp.com

     

    Valsoft was represented internally by David Felicissimo (General Counsel), Shinjay Choi (Ssin) (Senior Legal Counsel), and Pamela Romero (Paralegal). Chordline was represented by Fifth Third Securities (Exclusive Financial Advisors) and Barnes & Thornburg LLP (Legal Counsel)

    MIL OSI – Submitted News –

    February 20, 2025
  • MIL-OSI Submissions: Renewable Energy – Ethiopia Signs Memorandum of Understanding with ATIDI to Support PPP Renewable Energy Projects

    Source: Media Fast

    Addis Ababa, Ethiopia, 19 February, 2025: The Federal Democratic Republic of Ethiopia, represented by the Ministry of Finance and Ethiopian Electric Power (EEP), has signed a Memorandum of Understanding (MoU) with the African Trade Insurance Agency (ATIDI), a leading pan-African multilateral trade and investment insurer. This milestone agreement is designed to accelerate Ethiopia’s transition to clean energy by attracting foreign investment into renewable energy projects through ATIDI’s Regional Liquidity Support Facility (RLSF).

    The MoU establishes a framework for collaboration between Ethiopia and ATIDI, ensuring that Independent Power Producers (IPPs) or Public Private Partnerships can leverage RLSF, a liquidity support mechanism developed by ATIDI in partnership with KfW Development Bank and Norad. RLSF provides financial protection to IPPs/PPPs by availing and accelerating payments owed by state-owned utilities, addressing a key challenge in the energy sector by enhancing payment security and financial stability.

    “We are honored to partner with the Government of Ethiopia and Ethiopian Electric Power to support the development of the country’s renewable energy sector. Through our liquidity support, this collaboration will not only reduce financial risks but also attract more investment into Ethiopia’s energy infrastructure. We believe that this partnership will help accelerate the growth of Ethiopia’s renewable energy capacity and contribute to the broader goal of sustainable development across the African continent,” said CEO, ATIDI Manuel Moses,

    In his key message H.E. Ahmed Shide, Ethiopia’s Minister of Finance, said “through this partnership, Ethiopia aims to facilitate timely payments to developers, mitigate financial risks, strengthen the bankability of power purchase agreements (PPAs), and enhance the creditworthiness of EEP”. His Excellency further strengthened his message by stating that “these efforts will create a more attractive investment environment for renewable energy projects”.

    Ethiopia becomes the 11th ATIDI member state to sign the RLSF MoU joining Benin, Burundi, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Togo, Uganda and Zambia. Since its inception, guarantees worth USD24.7 million have been approved under the RLSF portfolio; in turn facilitating investments totaling USD373.1 million and the development of 181.95 MW of installed renewable energy capacity across Africa.

    “Ethiopia has embarked on a comprehensive economic reform agenda known as the Homegrown Economic Reform Agenda (1&2). This initiative aims to address structural challenges and promote sustainable economic growth.  The key aspects of the reform are creating Macroeconomic Stability; Investment and Trade. Efforts are being made to enhance the investment climate and promote trade by simplifying regulations, improving infrastructure, and encouraging private sector participation. The Regional Liquidity Support Facility (RLSF) is expected to play great role by enhancing the bankability of PPP projects and the sustainable implementation of such projects,” H.E Shide said.

    Ethiopia has made significant strides in expanding its energy sector, primarily relying on hydropower as the backbone of its electricity generation. The Ethiopian government aims to diversify this energy mix by leveraging its vast renewable resources including wind, solar, and geothermal energy to enhance reliability and sustainability.

    “The reform also aims to boost productivity in key sectors such as agriculture, manufacturing, and services to drive economic growth and create jobs. Investment Attraction too focuses on creating improved investment climate that has already attracted foreign direct investment, particularly in sectors like energy, manufacturing, and agriculture. We look forward to expanding this positive collaboration with ATIDI to cover additional sectors other than energy,” the Minister added.

    This collaboration marks a significant step towards a more resilient and investor-friendly renewable energy landscape in Ethiopia. With ATIDI’s support, the country is poised to achieve its energy transition goals while ensuring financial stability for its power sector stakeholders.

    About ATIDI

    ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s (S&P), and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been revised to A3/Positive.

    More about ATIDI: www.atidi.africa

    About the Regional Liquidity Support Facility (RLSF)

    RLSF is a guarantee instrument provided by ATIDI to renewable energy Independent Power Producers (IPPs) that sell the electricity generated by their projects to state-owned power utilities, located in ATIDI member states that have signed the RLSF Memorandum of Understanding. RLSF was launched in 2017 by ATIDI and the German Development Bank, KfW, with financing from the German Federal Ministry for Economic Cooperation and Development (BMZ); in 2022, the Norwegian Agency for Development Cooperation (Norad) committed additional funding towards its continued implementation. RLSF has a capacity of USD153.7 million and supports small and mid-scale renewable energy projects with an installed capacity of up to 100 MW (larger projects can be considered on a case-by-case basis) by protecting the projects against the risk of delayed payments by public offtakers; in turn improving project bankability and ensuring that more projects reach financial close.

    More on RLSF: https://www.atidi.africa/our-solutions/energy-solutions/regional-liquidity-support-facility-rlsf/

    MIL OSI – Submitted News –

    February 20, 2025
  • MIL-OSI Submissions: Energy Sector – Brazil-Africa Energy Ties Strengthen as G20 Drives Regional Development

    SOURCE: African Energy Chamber

    As a key G20 member, Brazil is deepening its energy cooperation with African nations through strategic investments, partnerships and knowledge exchange, with this year’s African Energy Week: Invest in African Energies conference paving the way for greater collaboration

    CAPE TOWN, South Africa, February 19, 2025/ — As a prominent member of the G20, Brazil has been actively fostering energy cooperation with African nations, aiming to bolster regional energy development and address shared challenges. Last month, the African Energy Chamber (AEC) (https://EnergyChamber.org/) hosted the “Invest in African Energies” reception in Rio de Janeiro to highlight investment opportunities in Africa’s energy sector and underscore the pivotal role of Brazilian entities, including Petrobras, the Brazilian Petroleum Association and independent oil producers, in advancing cross-continental collaboration.

    Petrobras, Brazil’s state-owned oil company, is actively pursuing opportunities in African nations, including a planned 40% stake acquisition in Namibia’s Mopane oil and gas exploration block. The company’s deepwater expertise, honed in Brazil’s Campos and Santos Basins, positions it to significantly contribute to Africa’s offshore developments, particularly in the Orange Basin. Additionally, Brazil’s independent oil producers, such as PRIO, 3R Petroleum, Enauta and PetroRecôncavo, have demonstrated proficiency in revitalizing mature fields and employing advanced extraction technologies. Their experience offers valuable insights for Africa’s onshore and offshore energy projects, with discussions at the event highlighting lucrative oil and gas opportunities in Namibia, Angola and the Republic of Congo.

    Meanwhile, the Namibia Energy Corporation (NEC), an integrated energy firm, is focused on increasing Brazil’s investments in upstream exploration and infrastructure in Namibia and across Africa. On February 4, a collaboration was announced between Petrobras, NEC, the AEC and the Brazilian Institute of Petroleum to strengthen oil and gas investments between Brazil and Africa.

    Aligning with this agenda, last year’s Brazil Africa Forum in São Paulo focused on renewable energy, climate and sustainable prosperity, emphasizing infrastructure investment as key to sustainable development in both Brazil and Africa. Discussions highlighted Brazil’s diverse energy mix, which includes hydropower, wind, solar and biomass, and explored how Brazil’s experience in renewable energy can inform Africa’s energy transition efforts.

    Brazil’s technical expertise, particularly in deepwater exploration and renewable energy, aligns with Africa’s energy development goals. Collaborations in oil and gas exploration are expected to enhance Africa’s energy production capabilities, contributing to economic growth and increased energy access. Furthermore, Brazil’s experience with renewable energy integration offers a model for African countries aiming to diversify their energy sources and promote sustainability. Knowledge exchange in clean energy sectors can support Africa’s efforts to build resilient, sustainable energy systems.

    Brazil’s active engagement with African nations, facilitated through G20 frameworks and bilateral initiatives, is fostering meaningful partnerships in the energy sector. These collaborations are not only advancing Africa’s energy development, but also contributing to global efforts toward sustainable and inclusive growth. As these partnerships continue to evolve, they hold the promise of delivering substantial benefits to both Brazil and African countries, reinforcing the importance of South-South cooperation in addressing shared energy challenges.

    The “Invest in African Energies” reception set the stage for the African Energy Week: Invest in African Energies 2025 conference in Cape Town, which will play a central role in advancing Brazil-Africa energy cooperation. The conference will bring together industry leaders, policymakers and investors to explore new opportunities in oil and gas, deepen existing partnerships and facilitate deals that strengthen Brazil’s role in Africa’s energy sector. With Petrobras and independent Brazilian producers increasingly looking to Africa for investment, AEW 2025 is expected to drive further collaboration, technology exchange and capital inflows into African markets.  

    About AEW: Invest in African Energies:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    MIL OSI – Submitted News –

    February 20, 2025
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