Category: Latin America

  • MIL-OSI Security: Mexican Man Sentenced for Illegal Re-Entry of a Deported Alien

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – ActingU.S. Attorney Michael M. Simpson announced that JESUS MALDONADO-LOPEZ (“MALDONADO-LOPEZ”), age 38, a citizen of Mexico, was sentenced on April 15, 2025, for reentry of a removed alien, in violation of Title 8, United States Code, Section 1326(b)(1).

    According to court documents, MALDONADO-LOPEZ, an illegal alien with a prior felony conviction for transporting illegal aliens within the United States, was found in the New Orleans area on or around July 29, 2024.  MALDONADO-LOPEZ had previously been deported to Mexico on May 29, 2008.

    MALDONADO-LOPEZ was sentenced to one year of probation by United States District Judge Jay C. Zainey.

    Acting U.S. Attorney Simpson praised the work of the U.S. Immigration and Customs Enforcement – Enforcement and Removal Operations, in investigating this matter. Assistant United States Attorney Spiro G. Latsis of the General Crimes Unit oversees the prosecution.

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    MIL Security OSI

  • MIL-OSI Security: Jury Finds Former Border Patrol Agent Guilty of Corruption

    Source: Office of United States Attorneys

    TUCSON, Ariz. – On Friday, April 25, 2025, a jury found former Border Patrol Agent Jorge J. Jimenez, 54, of Rio Rico, guilty of Conspiracy to Commit Honest Services Wire Fraud. The guilty verdict followed a 10-day trial before U.S. District Judge Rosemary Marquez. A conviction for this crime carries a maximum penalty of 20 years in prison, a fine of $250,000, and not more than three years supervised release. Sentencing is scheduled for July 9, 2025. 

    “Securing the southern border requires an effective law enforcement force, held to the highest standard of integrity,” said U.S. Attorney Timothy Courchaine. “Mr. Jimenez forgot his oath and put his community in danger for his own gain.” 

    According to court documents and evidence presented at trial, Jimenez was employed as a United States Border Patrol Agent since 2010. Between July and October 2024, Jimenez was stationed at the Interstate 19 (I-19) Border Patrol Checkpoint where he worked the primary lanes performing inspections. 

    At trial, the government showed that between June 2024 and October 2024, Jimenez conspired with at least two individuals in Mexico to allow “load” vehicles to pass through his assigned checkpoint lane without inspection. The individuals in Mexico handled arrangements and the receipt of payment while Jimenez provided information about activities at the checkpoint and let the “load” vehicles pass through his lane. In exchange for his help, Jimenez expected to receive half of the $40,000 that the conspirators were paid for getting five “load” vehicles through the checkpoint.   

    The Department of Homeland Security Office of Inspector General, Customs and Border Protection’s Office of Professional Responsibility, and the FBI conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Tucson, handled the prosecution. 

    CASE NUMBER: 24-CR-08599-TUC-RM 
    RELEASE NUMBER: 2025-067_Jimenez 

    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news. 

    MIL Security OSI

  • MIL-OSI USA: In Senate Floor Speech, Senator Murray Calls Out Trump’s Staggeringly Lawless and Inhumane Immigration Policy

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    60 Minutes: U.S. sent 238 migrants to Salvadoran mega-prison; documents indicate most have no apparent criminal records

    ***WATCH: Senator Murray’s remarks on the Senate Floor***

    Washington, D.C. – Today U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, took to the Senate floor to deliver a speech on President Trump’s lawless immigration policy. Senator Murray highlighted the absence of any semblance of due process for—in many cases—legal residents with no criminal record being detained and deported—and even sent to a prison in El Salvador with no outside contact and no end date. She also discussed how Trump’s crackdown has caused confusion for international students, fear among farmworkers, and led to U.S. citizens being detained, having their homes raided, and even to some U.S. citizens who are children being deported with their parents.

    Emphasizing the complete lack of transparency from the Trump administration on why the people sent to El Salvador are being detained and what is being done to bring them home, Senator Murray demanded more information from the Trump administration about its recent actions—from the full details of the secret agreement with El Salvador, to the names of all the individuals sent to El Salvador, their current status, what sort of evidence and process has been afforded them, and what sort of contact they can make with lawyers and family. She also pressed for a good faith effort to follow Supreme Court orders, to return everyone wrongly sent to El Salvador, and to establish lines of communication for individuals to speak with their lawyers and families.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others,” said Senator Murray. “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record. There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record. There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’ Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. So, is that enough of a pattern for my Republican colleagues? Do you still need more?”

    Senator Murray has championed comprehensive and humane immigration reform throughout her Senate career, repeatedly pushing for legislative solutions that would offer a fair pathway to citizenship for the more than 11 million undocumented immigrants living in America, including Dreamers, farmworkers, and those with Temporary Protected Status. During Trump’s first administration, Senator Murray helped lead the charge in pushing back against Trump’s appalling treatment of migrant children and families at the southern border— cosponsoring the Fair Day in Court for Kids Act, which would require unaccompanied children and vulnerable individuals to be provided with legal assistance during immigration court proceedings, the Stop Cruelty to Migrant Children Act to end family separations at the border, and legislation to prevent the separation of families at sensitive locations such as schools, religious institutions, and hospitals, among many other efforts.

    Senator Murray’s remarks, as delivered, are below, and video is HERE:

    “Thank you, M. President.

    “Over the past month we have seen a wave of righteous outrage across the country in response to President Trump’s completely lawless move to disappear hundreds of people to a notorious mega-prison in El Salvador, without even the barest semblance of due process.

    “And as I join my colleagues in calling for the Trump Administration to abide by the Supreme Court ruling, and facilitate the release of Kilmar Abrego Garcia—a man they said, in court, was sent to El Salvador by mistake—I have to emphasize, his case is one of many where Trump has completely shredded our norms and laws. In addition to Garcia, Trump sent off some two hundred people—including innocent people who were in our country legally—to a foreign prison without any due process whatsoever.

    “And they did it all on the basis of some arrangement negotiated in secret and paid for with millions of taxpayer dollars. What we do know, is that many of these people were sent there without any criminal conviction—the Administration actually admitted that! In their own court filing the Trump Administration acknowledged that many of these people have no criminal records in the U.S. And yet, all of these people have now been imprisoned in a foreign country with no end date in sight—unconstitutional doesn’t even begin to cover that.

    “There are so many questions, basic questions, about this that we all should be demanding answers to. At the barest, smallest, slimmest minimum, and I mean as a starting point, the Administration must release more details about this secret agreement where it is paying El Salvador with our taxpayer dollars to imprison people without a trial. Details like: who all is being imprisoned, how long is El Salvador holding these people with  Trump’s orders, how many people is El Salvador going to imprison under this agreement, what outside contact is possible for those people, and how do we learn their status and condition—are they alive, are they healthy? What are those details?

    “Most of these details we do have are from reporting—and news reports say the deal was only for El Salvador to take convicted criminals—so why did Trump send people with no criminal record? And importantly: where in the world is this money coming from? Does anyone here remember voting to pass a single dollar in appropriations to fund a torture prison in El Salvador? Because I sure don’t! And last I checked Congress has the power of the purse.

    “You know what else we don’t know? We still don’t know the names of everyone they did this to. Think about that. We don’t even have their names! That information should be released immediately. Today. Because there are families who still have no confirmation where their loved ones are, and the only list we have right now was not even released by the Administration! It was reported by the press.

    “Some families only learned their son was gone, their husband was gone, their father was gone, through photos of them being marched into a torture prison. This is the first, last, and only update we have on just about all of those people. We don’t know if they are alive. We don’t know if they are being treated decently. We don’t even know if they have been moved. Even their lawyers can’t reach them.

    “Here’s what we do know: there are many names on the El Salvador list of people who were here legally, who had no criminal record. That seems to be getting lost in the debate for some of my Republican colleagues. This is not about any one case, or any one person, it is about a lawless system for the President to deny due process. And when you cut out due process, you put innocent people in harm’s way.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others.

    “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record.

    “There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record.

    “There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’

    “Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. 

    “So, is that enough of a pattern for my Republican colleagues? Do you still need more?

    “Because there’s also Jerce Reyes Barrios, he’s a soccer player, he came here legally. Again—no criminal record.

    “There’s Gustavo Aguilera, a food delivery driver. Legally here. No criminal record.

    “Or Anyelo Sarabia. Here legally. No criminal record.

    “I mean, how many more before my colleagues can actually admit this is a pattern? How many people have to be disappeared with no due process before it becomes a problem? Because for me—one is too many. And the pattern isn’t even over yet. Trump was reportedly ready to disappear even more people to El Salvador—before the Supreme Court put its foot down. In this latest round, the Trump Administration was preparing to disappear a man who came here legally, had no record, except traffic violations!

    “Another was a young man accused of being a gang member because of a photo with a toy water gun. That is the level of so-called ‘evidence’ that gets you locked away in a foreign torture prison under President Trump. And I will keep saying it Mr. President, most of the people they disappeared have no criminal records, and many were even here legally. They came here for a better life, and Trump disappeared them based on nothing more than tattoos that say ‘mom’ and ‘dad,’ or that they celebrate soccer teams, or a daughter’s birth, or autism awareness.

    “And Mr. President, I realize, I keep hammering home that—many of these people are not criminals—and many of these people came here legally. But I do want to remind my colleagues, this question is not whether someone who was vanished to El Salvador without a trace is good or bad, the question is whether everyone in this country—including American citizens—have the rights they were promised in our Constitution.

    “At the end of the day, this is not about who these people are, it is about who we are—whether we are a country of due process, or not. A country of laws, or not.

    “Trump has said where he stands. He literally said ‘We don’t have time’ to give them due process. If the Trump Administration think’s someone is a criminal, if they are really bad and dangerous, prove it in court. Prove it! Just simply prove it! It shouldn’t be hard. That is how this works. Everyone in this country understands that.

    “You can’t just say ‘criminals don’t get due process’—when due process is how you determine who is a criminal in the first place! I mean, in the case of one person they sent to El Salvador, not only did the government’s file against him show no criminal record, it also got his name wrong several times, and used two different identification numbers! Those are pretty major errors to make when you are locking someone away. The kind of errors that due process helps to avoid.

    “That’s not some theory—we are seeing that happen in another case right now. There is a couple that Trump is saying are part of a gang, but instead of just disappearing them with no trial to speak of, the Administration was forced to prove it, to prove it in court. And you know what happened? The government failed. The judge found the government’s claims, ‘completely and wholly unsubstantiated’ and ordered the couple to be released.

    “That just goes to show, if we ignore our laws, if we tear down the guardrails that saved that couple, it’s not criminals who pay the price, it is innocent people. Because due process protects them too! Due process allows us to confirm whether people are lawfully present. Due process lets us confirm whether Trump is about to send them to a foreign prison. Due process lets us confirm whether people are guilty—instead of going off how they look, or what tattoo they have.

    “And at the end of the day, due process means they get an actual determination of guilt or innocence, instead of getting disappeared with a question mark. But no one here was told they are facing ‘X’ years in a foreign prison.

    “There is no end date in El Salvador! Because there was no sentence! Because there was no trial! There was just Trump, ignoring our laws, ignoring our courts, and sending people to gulags to rot, to die, to never be heard from again. How can anyone ignore that outrageous breach of our laws—of our values!

    “And M. President—as a co-equal branch of this government, I want to impress upon my colleagues: It is not just due process that is getting trampled here, it is basic checks and balances. Trump is imprisoning these people under the Alien Enemies Act. He is using a war power. We are not at war! Everyone here should know that. After all, Congress, we, have to vote to declare war. I remember every war vote we have taken in my time here in Congress—and I can tell you—there has never been a vote on this so-called war Trump declared all on his own.

    “As if that weren’t enough, earlier this month the National Intelligence Council, the National Intelligence Council, determined that Venezuela is not directing an ‘invasion’ by gangs. That directly undercuts what Trump claimed when he announced his illegal end run around Congress. Here’s a simple question for everyone, there is no invasion, there is no war, so why is Trump invoking a wartime authority?

    “But add on top of that—that Trump has reached some secret, multi-million-dollar deal to pay El Salvador to imprison these people without a trial. I’m Vice Chair of the Appropriations Committee—I can tell you, we did not include a single cent—not one penny!—for running torture prisons in El Salvador in our last funding bill.

    “Congress has the power of the purse, but Trump is picking our pockets to fund his own personal gulag. And by the way, while we talk about checks and balances, let’s not forget how the Trump Administration is arresting judges, his allies and advisors are attacking judges publicly and calling to impeach those who disagree with him, and of course, Trump is blatantly ignoring the courts. And worse than that, the White House is in open defiance of the Supreme Court.

    “The Supreme Court wrote the Administration must facilitate Mr. Garcia’s release. The White House wrote that he is never coming back.

    “The Supreme Court wrote people being targeted under the Alien Enemies Act must have a reasonable opportunity to file for habeas corpus. The Trump Administration said, ‘no—we will give them 12 hours.’

    “Foreign policy is not an end run around the courts or the constitution. The President cannot just be given unilateral authority to cut completely unethical deals with foreign nations. What happens when a President negotiates in secret to have his political rivals detained abroad? Is that allowed? Can he argue the courts can’t require him to call such a deal off? Or maybe he just denies it and says any agreements are state secrets? Does that work?

    “If President Trump said he would pay El Salvador $6 million to assassinate his rivals—I think we would all agree that is blatantly unconstitutional. And if the court said he had to facilitate a reversal of that deal, and he said ‘well.. it’s a sovereign nation… I can’t stop them from assassinating anyone,’—I think we all would have a huge problem with that. So, do we want to say that is wrong now—or are we going to have to wait until he tries it?

    “What are we waiting for? We cannot just all stand by silent as the President pries open a pandora’s box that is all together unprecedented—and that poses a direct threat to our Republic. And let’s cut through this BS where Trump and El Salvador are both trying to pretend there is no way to facilitate the return of people sent there wrongly.

    “Cause here’s the thing: El Salvador has already sent back people that Trump tried to disappear. El Salvador immediately sent back a Nicaraguan individual. And they sent back women—yeah, Trump tried to disappear women to their all-male torture prison in El Salvador. If anyone wants to try and pretend this was some careful vetting process, pleaseexplain that to me. So it’s not like El Salvador can’t send people back—they have already done that.

    “The Administration should be making clear—one: that these people were wrongly sent, and two: that, as with others wrongly sent, they need to be returned. Though, I want to keep in mind of course, that ‘wrongly sent’ is still an enormous understatement. The reality is these people were completely denied due process. The reality is President Trump is not just disappearing these people to El Salvador, he is disappearing our most basic constitutional rights, and he is doing it in plain sight.

    “Not just in El Salvador either! Right here, in America, his immigration crackdown is upturning lives, and overturning some of our most basic values, like freedom of speech. We have people who are here legally—who are being detained and threatened with deportation. Not for any crime, not for any violence, but for speech, for protest, for things as simple and fundamental as writing an op-ed the Administration disagreed with.

    “In America, the land of the free and the land of free speech, is dissent the bar for deportation now? Is that what this country has come to? What next? How far does Trump’s new standard apply? Can you get deported for saying we shouldn’t invade Canada? Can you get detained for an op-ed saying Greenland is not going to be a state? Are you going to have legal status revoked for admitting Biden won the 2020 election?

    “Because that may seem outrageous—but it also seems perfectly in line with Trump’s new policy which amounts to—disagree with the President and your rights are gone. That is fundamentally un-American.

    “And beyond people who are being targeted for protest, there are thousands of students in this country, that Trump is trying to push out over minor issues; fishing citations, jay walking, speeding tickets, even charges that were dismissed. So far, some 1,800 foreign students are having their visa revoked with little to no explanation, to say nothing of due process.

    “That includes students in Washington state, my homes state, at the UW, at Gonzaga, at Shoreline Community College—where I once worked—my alma mater WSU, and more! It’s not clear whether these students have done anything wrong, and it’s not clear in some cases—what exactly they are supposed to do next. Because when the Administration can’t revoke visas—it has been trying to remove students’ records—something courts have already ruled against.

    “One of the judges really put it best. And I want to read this and quote it to you. This is a judge. ‘I’ve got two experienced immigration lawyers on behalf of a client who is months away from graduation, who has done nothing wrong, who has been terminated from a system that you all keep telling me has no effect on his immigration status, although that clearly is BS. And now, his two very experienced lawyers can’t even tell him whether or not he’s here legally, because the court can’t tell him whether or not he’s here legally, because the government’s counsel can’t tell him if he’s here legally.’

    “M. President, the point seems to be, if we can’t deport you, we can scare and confuse you. And to add even more confusion, DOJ announced they were reversing course on some of this, only to then say they are still working on a plan to push out all these students. And by the way, we are only still scratching the surface of just how inhumane Trump’s immigration crackdown has become.

    “Trump is slashing funds to ensure 26,000 migrant kids have legal assistance—meaning more four-year-olds are being marched in front of immigration judges, expected to make their own legal case with a plushy toy. Trump is also trying to mass cancel protected status for people who came here who were fleeing harsh conditions and dictators. Trump is sending Christian refugees and women back to live under the Taliban—where they will face near certain persecution. Trump is sending ICE officials to elementary schools, where they have tried to gain access by lying about having permission from parents to speak with their kids.

    “ICE officials are arresting people with maximum violence and lawlessness—showing up without a judicial warrant, since the Trump Administration says it is fine to storm into someone’s house without one, showing up in masks, grabbing people off the streets without any badge or identification to distinguish them from a kidnapper, whisking people away in unmarked cars, and even smashing in windshields.

    “M. President, back in my home state of Washington—I have heard from folks who saw that firsthand. Last month, ICE aggressively detained Lelo, a farmworker in my state—and it appears he may have even been targeted because of his advocacy for better working conditions for his fellow farmworkers. They are still denying him bond—despite no criminal charges. I spoke with his wife last week—who watched in horror as they arrested her husband shortly after he dropped her off at work. She told me through tears about how officers broke his window and pushed him against the car. And how, Lelo wants to be free so he can take care of his brothers and sisters and work so they can study. He wants to continue doing his work in the community and with the union. And they are working right now to try and get bond—something I strongly support. This is not someone M. President, with a dangerous record—it is someone with a record of hard work, and of trying to make his community better.

    “Skagit County is known for its agricultural industry—and that industry doesn’t survive without the immigrant farmworkers who help power that local economy. Period.

    “More than that, we are talking about many families who have been here for decades. They are part of our community—they’re not just the people who feed this country. These people work hard, they follow the law. They should not be terrorized as if they were violent criminals. Last week, I met with farmworkers there who told me there have been days they have been afraid to go to work, because an unmarked vehicle was seen in their neighborhood. They are absolutely terrified of being grabbed off the street by ICE and locked up with no semblance of due process, regardless of their legal status.

    “And this situation is not unique to Skagit County or even to my state. It’s happening across the country. Let’s not forget, Trump is trying to deport a cancer researcher to Russia where she fears retaliation for protesting the war in Ukraine. Sending her away would both put her in danger and completely upend groundbreaking cancer research—her colleagues say her role is irreplaceable.

    “But it’s not just cancer research, Trump also deported a little girl, a U.S. citizen, who was on her way to get cancer treatment! She was with her mother, an undocumented immigrant—who was forced to choose between being separated from her 10-year-old daughter or being sent away together. What an unthinkable choice to force on a mother. What an unthinkable thing to do to a child, a citizen, a citizen who is fighting cancer.

    “And Trump has done that twice. That’s right twice, he has deported a mother—along with a kid who is fighting cancer—a kid who is an American citizen. And he is doing that without giving these parents any meaningful time to talk to a lawyer, or a spouse, to figure out what is best for their child. We know that because Trump deported another U.S. citizen last week—that’s right another one. Trump deported a two-year-old, an American citizen. They refused to tell this kids’ father where his wife and kid were being held. They refused to let him talk to his wife for more than a minute. They even forced him to hang up the phone when he tried to give his wife their lawyer’s number. And then, as the judge put it, they seem to have ‘deported a U.S. citizen with no meaningful process.’

    “And now we are hearing about a family in Oklahoma—U.S. citizens who recently moved in who had their home raided by ICE. A mom and her daughters—forced out of their house, in the rain, in underwear. ICE agents seized phones, laptops, even their full life savings—and didn’t leave so much as a number they could call to get their stuff back. That happened to U.S. citizens, who did nothing but move into a new house.

    “These horror stories underscore something important—Trump’s cruel war on immigrants is hurting American citizens too. U.S. citizens are having their spouses ripped away, even servicemembers are seeing their families targeted. They are having their parents ripped away. They are having their lives turned upside down.

    “And—let’s not forget—U.S. citizens are even being detained by this administration. We have several instances now—where American citizens have been caught up in Trump’s immigration crackdown. American citizens have been detained and wrongly locked up—even after someone showed them their birth certificates. Even for days! And let’s keep in mind—if you are a citizen who is mistakenly detained, and you are being denied due process, and you can’t reach someone to show your birth certificate, how are you supposed to get released? What if you are put on the next plane to El Salvador before you get the chance to set the record straight? And let’s not pretend that’s far-fetched.

    “Not when citizens havealready been mistakenly detained. Not when the government hasalready admitted it sent some people to El Salvador by mistake. Now when Trump has already disappeared some people who were here legally, and many people who had no criminal record—with no due process. And not when Trump hasalreadysaid he wants to send U.S. citizens to El Salvador prisons. He was caught on mic telling the President of El Salvador he needs to build more jails, telling him the ‘homegrowns’ are next. What happens when you get sent there, and you can’t contact a lawyer? These are serious questions—what happens? Because if there is nothing we can do for the people there now, what precedent does that set for the people that are sent there next?

    “M. President—I’ve been speaking for a while now and I’ve posed a lot of questions, and I hope my colleagues think about this carefully. So, I am going to wrap it up, but I will end now with just one more.

    “Where will Republicans draw the line? Because we are well past the bounds of law—and we are well past the bounds of basic humanity. So, I hope more of my colleagues will join me in saying enough is enough. And in demanding transparency, accountability, and justice from the Trump Administration. That starts with some very basic things.

    “First—accurate, up-to-date information on the names of people who are being detained in, and deported from, ICE facilities across the country—including by the way, the Northwest ICE Detention Center in Tacoma, so that their loved ones and community members can at least know where they are!

    “And we need a clear list of every person who was disappeared to El Salvador, along with what evidence—if any—the government has. As well as the full terms of whatever agreement the Trump administration has negotiated with El Salvador’s dictator.

    “But it doesn’t stop there. We need to see clear, good faith efforts to abide by court orders, and to bring back everyone wrongfully, unjustly sent to a foreign prison. We need to have lines of communication so these people can talk to their lawyers, or talk to their loved ones, and let us know if they are okay.

    “And we need due process—with evidence, with judges, and a meaningful opportunity for people to present a defense. Let’s be clear we are not saying everyone is innocent. We are saying no more than what the constitution says, no more than what the courts have said time and again: Everyone, in the United States of America, gets due process.

    “Thank you.”

    MIL OSI USA News

  • MIL-OSI USA: Cotton, Colleagues Reintroduce the Living Donor Protection Act

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
     
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353April 30, 2025
    Cotton, Gillibrand, and Colleagues Reintroduce the Living Donor Protection Act 
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator Kristen Gillibrand (D-New York) today reintroduced the Living Donor Protection Act, legislation that will protect the rights of living organ donors. The Living Donor Protection Act would ensure living donors do not face discrimination from insurance companies, codify Department of Labor (DOL) guidance that covers living donors under the Family Medical Leave Act (FMLA) in the private and civil service, remove barriers to organ donation, and provide certainty to donors and recipients. 
    Co-sponsoring the legislation are Senators Marsha Blackburn (R-Tennessee), Richard Blumenthal (D-Connecticut), Shelley Moore Capito (R-West Virginia), Chris Coons (D-Delaware), Dick Durbin (D-Illinois), Kristen Gillibrand (D-New York), Cindy Hyde-Smith (R-Mississippi), Tim Kaine (D-Virginia), Mark Kelly (D-Arizona), Angus King (I-Maine), Amy Klobuchar (D-Minnesota), Ben Ray Luján (D-New Mexico), Jeff Merkley (D-Oregon), Pete Ricketts (R-Nebraska), Jacky Rosen (D-Nevada), Jeanne Shaheen (D-New Hampshire), Tina Smith (D-Minnesota), Thom Tillis (R-North Carolina), Raphael Warnock (D-Georgia), Sheldon Whitehouse (D-Rhode Island), and Ron Wyden (D-Oregon). Representatives Jerrold Nadler (New York-12) and Don Bacon (Nebraska-02) are introducing companion legislation in the House. 
    “Organ donors make an extraordinary sacrifice so someone else can have a new chance at life,” said Senator Cotton. “The Living Donor Protection Act would encourage more donors to step forward by protecting them from adverse consequences like denial of coverage and job loss.” 
    “It’s a tragedy that so many people die while waiting for life-saving organ donations. We must do more to remove the barriers that keep Americans from donating,” said Senator Gillibrand. “The Living Donor Protection Act would help ensure that the individuals who are willing to save someone’s life through an organ donation can do so without worrying that they’ll face insurance discrimination or that they could lose their job as they recover. I am proud to be introducing this bipartisan legislation and will keep fighting to finally get it passed.”
    “Our state is fortunate to have Nebraska Medicine, which has a robust living donor kidney exchange program, performing more kidney chains which involves anonymous donors donating to someone without a compatible living donor, than almost any hospital nationwide. However, some living donors are discriminated against when it comes to rates and provision of life insurance and disability insurance,” said Representative Bacon. “They also don’t always receive adequate time to recover from the surgeries related to their selfless gift. This legislation will help open the doors to more living donors so we can save more lives.”
    “When an organ donor decides to donate one of their organs to someone else, they aren’t just saving someone’s life—they’re making one of the most selfless, difficult decisions anyone could ever make. The last thing they need in the midst of that challenging process is to be confronted by needless roadblocks or insurance discrimination,” said Representative Nadler. “These roadblocks can make it economically impossible for potential donors to make that choice and, simply put, they are costing lives. April is National Donate Life Month, and I’m proud to introduce the Living Donor Protection Act to bring awareness to this issue and knock down these needless barriers to lifesaving organ donation.”
    Full text of the bill may be found here.
     The Living Donor Protection Act would:  
    Prohibit life, disability, and long-term care insurance companies from denying or limiting coverage and from charging higher premiums for living organ donors. 
    Amend the Family and Medical Leave Act of 1993 to specifically include living organ donation as a serious health condition for private and civil service employees.
    Direct the U.S. Department of Health and Human Services (HHS) to update their material on live organ donation to reflect these new protections and encourage more individuals to consider donating an organ.

    MIL OSI USA News

  • MIL-OSI Security: Honduran Citizen Indicted for Illegal Firearm Possession, Possession with Intent to Distribute Narcotics, and Possession of Firearm to Further Drug Trafficking Crime

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that JUAN JOSUE CUEVAR-ALVARADO (“CUEVAR-ALVARADO “), 20, a native of Honduras, was indicted in a three-count superseding indictment on April 24, 2025, for being an illegal alien in possession of a firearm, in violation of Title 18, United States Code, Section 922(g)(5)(A) (Count 1), possession with the intent to distribute controlled substances, in violation of 21, United States Code, Sections 841(a)(1), 841(b)(1)(C), and 841(b)(1)(D) (Count 2); and possession of a firearm, in furtherance of a drug trafficking crime, in violation of 18, United States Code, Section 924(c)(1)(A)(i) (Count 3).

    According to the superseding indictment, on or about September 15, 2023, CUEVAR-ALVARADO, an alien present illegally in the United States, was found in possession of a .22 caliber revolver and a nine-millimeter semi-automatic pistol, as well as  a quantity of marijuana.

    As to Count 1, CUEVAR-ALVARADO faces up to 15 years in prison, up to 3 years of supervised release, and up to a $250,000 fine.  As to Count 2, he faces up to 5 years in prison, up to 3 years of supervised release, and up to a $250,000 fine.  As to Count 3, he faces a prison term of 5 years consecutive to any other prison term he receives, up to 3years of supervised release, and up to a fine of $250,000.  Each count also carries a mandatory special assessment fee of $100. The defendant also faces deportation to his home country of Honduras after serving any prison sentence.

    Acting U.S. Attorney Simpson praised the work of United States Department of Homeland Security and the Kenner Police Department in investigating this matter. Assistant United States Attorneys Spiro G. Latsis and Paul J. Hubbell of the General Crimes Unit are in charge of the prosecution.

    This case is part of Operation Take Back America,  a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    *       *      *

    MIL Security OSI

  • MIL-OSI USA: Luján Applauds Committee Passage of Bipartisan Bill to Combat Online Scams, Protect Consumers in the Online Ticket Marketplace

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the U.S. Senate Committee on Commerce, Science, and Transportation, applauded committee passage of his bipartisan bill that would better protect consumers in the online ticket marketplace. Senator Luján’s bipartisan Mitigating Automated Internet Networks for (MAIN) Event Ticketing Act, which he introduced with U.S. Senator Marsha Blackburn (R-Tenn.), passed in a markup in the Senate Committee on Commerce, Science, and Transportation.

    “Today, we are one step closer to ensure Americans can enjoy live entertainment without the fear of being scammed,” said Senator Luján. “Far too many Americans face excessive price-gouging for tickets from online bots and resellers. That’s why I partnered with Senator Blackburn to advance our MAIN Event Ticketing Act which will strengthen protections for consumers and artists from scammers. Now, I urge the full Senate to take up our legislation and pass this bipartisan bill to better protect consumers.”

    “As a cultural institution dedicated to making the performing arts accessible to all, the Santa Fe Opera applauds this bipartisan effort to better combat and enforce unfair ticketing practices and protect consumers and artists from exploitation,” said Santa Fe Opera General Director Robert K. Meya. “The MAIN Event Ticketing Act addresses critical challenges, ensuring that access to live performances remains fair and equitable to all audiences. We are grateful for Senator Luján and Senator Blackburn’s leadership on this important issue and fully support their efforts to enhance transparency and fairness in the online ticket marketplace.”

    “We are fully behind this legislation,” said Lensic 360 Director Jamie Lenfestey. “Enforcement of the existing law is a great approach. In high sales season we can see as many as 96,000 bot hits on our sales website daily. Any efforts in enhancing consumer protection and helping promoters and presenters best engage their audiences directly much needed step in the right direction.”

    “As a small venue owner, the health of my business relies heavily on food, beverage, and merchandise sales to complement ticket revenue. When bots and scalpers purchase tickets en masse, it not only drives up prices but also prevents true fans from attending events. This results in empty seats at my venue, leading to a significant loss—up to 75% of my projected revenue from concessions and merchandise sales,” said Jayson Wylie, President and CEO of Taos Mesa Brewing and Musich Entertainment.

    Specifically, the MAIN Event Ticketing Act would:

    • Create reporting requirements whereby online ticket sellers have to report successful bot attacks to the Federal Trade Commission (FTC);
    • Create a complaint database so consumers can also share their experiences with the FTC, which in turn is required to share the information with state attorneys general;
    • Enact data security requirements for online ticket sellers and requires the sharing of information between the FTC and law enforcement; and
    • Require a report to Congress on BOTS enforcement.  

    This legislation is endorsed by the Recording Academy, Recording Industry Association of America, Live Nation Entertainment, and the National Independent Venue Association.

    MIL OSI USA News

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025
    December 31,
    2024
    March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z           2,919  
    Other effects of dilution on an adjusted operating income basis AA $       $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025
    December 31,
    2024
    March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits           485  
    Strategic initiatives costs – General and administrative expenses           1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount           793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025
    December 31,
    2024
    March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025
    December 31,
    2024
    March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N     126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S     181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025
    December 31,
    2024
    March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410    
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount     793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits     485  
    Strategic initiatives costs – General and administrative expenses     1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025
    December 31,
    2024
    March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount     793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410    
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits     485  
    Strategic initiatives costs – General and administrative expenses     1,640  
    Total pre-tax impact of adjusting items     2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025
    December 31,
    2024
    March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount     793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410    
    Strategic initiatives costs – Salaries, wages and benefits     485  
    Strategic initiatives costs – General and administrative expenses     1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-OSI: Tenaris Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

    Summary of 2025 First Quarter Results

    (Comparison with fourth and first quarter of 2024)

      1Q 2025 4Q 2024 1Q 2024 
    Net sales ($ million) 2,922 2,845 3% 3,442 (15%)
    Operating income ($ million) 550 558 (2%) 812 (32%)
    Net income ($ million) 518 519 0% 750 (31%)
    Shareholders’ net income ($ million) 507 516 (2%) 737 (31%)
    Earnings per ADS ($) 0.94 0.94 0% 1.27 (26%)
    Earnings per share ($) 0.47 0.47 0% 0.64 (26%)
    EBITDA* ($ million) 696 726 (4%) 987 (29%)
    EBITDA margin (% of net sales) 23.8% 25.5%   28.7%  
     
    *EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.
     

    In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

    During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

    Market Background and Outlook

    Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

    US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

    For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

    Analysis of 2025 First Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 1Q 2025 4Q 2024
    1Q 2024
    Seamless 775 748 4% 777 0%
    Welded 212 164 29% 269 (21%)
    Total 987 913 8% 1,046 (6%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 1Q 2025 4Q 2024
    1Q 2024
    Net sales ($ million)          
    North America 1,244 1,131 10% 1,590 (22%)
    South America 552 595 (7%) 617 (11%)
    Europe 208 341 (39%) 253 (17%)
    Asia Pacific, Middle East and Africa 761 629 21% 833 (9%)
    Total net sales ($ million) 2,765 2,695 3% 3,292 (16%)
    Services performed on third party tubes ($ million) 101 93 9% 192 (47%)
    Operating income ($ million) 514 533 (4%) 785 (35%)
    Operating margin (% of sales) 18.6% 19.8%   23.9%  
               

    Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

    Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 1Q 2025 4Q 2024 1Q 2024
    Net sales ($ million) 157 150 5% 150 4%
    Operating income ($ million) 36 25 44% 26 38%
    Operating margin (% of sales) 23.1% 16.8%   17.5%  
               

    Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

    Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

    Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

    Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

    Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

    Cash Flow and Liquidity of 2025 First Quarter

    Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

    With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/gu6ip3ag/

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

     
    Consolidated Condensed Interim Income Statement
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      Unaudited
    Net sales 2,922,212 3,441,544
    Cost of sales (1,920,855) (2,134,052)
    Gross profit 1,001,357 1,307,492
    Selling, general and administrative expenses (457,065) (508,132)
    Other operating income 11,788 16,024
    Other operating expenses (6,167) (3,720)
    Operating income 549,913 811,664
    Finance Income 78,444 56,289
    Finance Cost (11,745) (20,583)
    Other financial results, net (31,441) (60,468)
    Income before equity in earnings of non-consolidated companies and income tax 585,171 786,902
    Equity in earnings of non-consolidated companies 14,035 48,179
    Income before income tax 599,206 835,081
    Income tax (81,342) (84,856)
    Income for the period 517,864 750,225
         
    Attributable to:    
    Shareholders’ equity 506,931 736,980
    Non-controlling interests 10,933 13,245
      517,864 750,225
     
    Consolidated Condensed Interim Statement of Financial Position
     
    (all amounts in thousands of U.S. dollars) At March 31, 2025   At December 31, 2024
      Unaudited    
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,183,251     6,121,471  
    Intangible assets, net 1,359,463     1,357,749  
    Right-of-use assets, net 147,606     148,868  
    Investments in non-consolidated companies 1,574,156     1,543,657  
    Other investments 1,014,502     1,005,300  
    Deferred tax assets 838,912     831,298  
    Receivables, net 197,411 11,315,301   205,602 11,213,945
    Current assets          
    Inventories, net 3,519,237     3,709,942  
    Receivables and prepayments, net 174,294     179,614  
    Current tax assets 360,416     332,621  
    Contract assets 51,736     50,757  
    Trade receivables, net 1,842,313     1,907,507  
    Derivative financial instruments 4,083     7,484  
    Other investments 2,581,761     2,372,999  
    Cash and cash equivalents 770,208 9,304,048    675,256 9,236,180
    Total assets   20,619,349     20,450,125
    EQUITY          
    Shareholders’ equity   17,164,683     16,593,257
    Non-controlling interests   231,994     220,578
    Total equity   17,396,677     16,813,835
    LIABILITIES          
    Non-current liabilities          
    Borrowings 7,437     11,399  
    Lease liabilities 91,148     100,436  
    Deferred tax liabilities 472,789     503,941  
    Other liabilities 300,116     301,751  
    Provisions 68,969 940,459   82,106 999,633
    Current liabilities          
    Borrowings 345,183     425,999  
    Lease liabilities 54,061     44,490  
    Derivative financial instruments 1,945     8,300  
    Current tax liabilities 304,019     366,292  
    Other liabilities 377,238     585,775  
    Provisions 139,965     119,344  
    Customer advances 228,086     206,196  
    Trade payables 831,716 2,282,213   880,261 2,636,657
    Total liabilities   3,222,672     3,636,290
    Total equity and liabilities   20,619,349     20,450,125
     
    Consolidated Condensed Interim Statement of Cash Flows
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      (Unaudited)
    Cash flows from operating activities    
    Income for the period 517,864 750,225
    Adjustments for:    
    Depreciation and amortization 146,406 175,442
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas 9,877
    Income tax accruals less payments (54,133) (29,222)
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Interest accruals less payments, net (8,423) 11,938
    Changes in provisions (2,393) 1,545
    Changes in working capital 223,817 (9,548)
    Others, including net foreign exchange 2,020 34,776
    Net cash provided by operating activities 821,000 886,977
         
    Cash flows from investing activities    
    Capital expenditures (173,838) (172,097)
    Changes in advances to suppliers of property, plant and equipment 12,916 2,952
    Loan to joint ventures (1,359) (1,354)
    Proceeds from disposal of property, plant and equipment and intangible assets 900 5,412
    Changes in investments in securities (225,636) (759,667)
    Net cash used in investing activities (387,017) (924,754)
         
    Cash flows from financing activities    
    Changes in non-controlling interests 1,120
    Acquisition of treasury shares (237,188) (311,064)
    Payments of lease liabilities (14,655) (16,768)
    Proceeds from borrowings 347,570 829,947
    Repayments of borrowings (429,126) (754,078)
    Net cash used in financing activities (333,399) (250,843)
         
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
         
    Movement in cash and cash equivalents    
    At the beginning of the period 660,798 1,616,597
    Effect of exchange rate changes (2,430) (4,921)
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
    At March 31, 758,952 1,323,056
         

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Income for the period 517,864 750,225
    Income tax charge 81,342 84,856
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Financial Results (35,258) 24,762
    Depreciation and amortization 146,406 175,442
    EBITDA 696,319 987,106
         

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Net cash provided by operating activities 821,000 886,977
    Capital expenditures (173,838) (172,097)
    Free cash flow 647,162 714,880
         

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Cash and cash equivalents 770,208 1,323,350
    Other current investments 2,581,761 2,248,863
    Non-current investments 1,007,444 976,206
    Current borrowings (345,183) (608,278)
    Non-current borrowings (7,437) (28,122)
    Net cash / (debt) 4,006,793 3,912,019
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Inventories 3,519,237 3,911,719
    Trade receivables 1,842,313 2,303,293
    Customer advances (228,086) (239,342)
    Trade payables (831,716) (1,041,434)
    Operating working capital 4,301,748 4,934,236
    Annualized quarterly sales 11,688,848 13,766,176
    Operating working capital days 134 131
         

    Giovanni Sardagna
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network

  • MIL-OSI USA: DEA Nominee to Graham: Garcia’s Knuckle Tattoos Suggest MS-13 Membership

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham
    WASHINGTON — U.S. Senator Lindsey Graham (R-South Carolina) today questioned President Donald Trump’s nominee to be the next Administrator of the Drug Enforcement Administration (DEA) Terrance Cole. Prior to his nomination, Cole had worked for the DEA for over two decades, including service in Mexico and Colombia.
    On a photo of tattoos on the hand of Kilmar Abrego Garcia, an illegal immigrant and suspected MS-13 gang member who has been deported to El Salvador by the Trump Administration:
    On China’s role in the fentanyl poisoning crisis:
    GRAHAM: “Mr. Cole, you mentioned something that most Americans need to pay more attention to. Three hundred Americans… die every day from fentanyl poisoning?”
    COLE: “Yes sir.
    GRAHAM: “And fentanyl comes across the U.S.-Mexico border?
    COLE: “Yes that’s correct.”
    GRAHAM: “The precursors to fentanyl come from what country, mainly?”
    COLE: “From China.”
    GRAHAM: “Do you agree that China has done very little to combat the precursor problem that exists in China?
    COLE: “I would agree. Yes sir.”
    GRAHAM: “Do you believe that China is complicit in the fentanyl poisoning of America?”
    COLE: “Yes, I do.” https://youtu.be/r0RpPl815n4?si=AGo4Q0cefXj21VLZ&t=9
    Click here to watch Graham’s questions

    MIL OSI USA News

  • MIL-OSI Security: Dominican Man Sentenced for Being in the United States Illegally After Having Been Previously Removed by Immigration Officials

    Source: Office of United States Attorneys

    Rutland, Vermont – The United States Attorney’s Office for the District of Vermont stated that on April 29, 2025, Luis Edison Capellan-Ortiz, 49, of the Dominican Republic was sentenced by United States District Judge Mary Kay Lanthier to time served. The defendant, who had been detained since his arrest on October 20, 2024, previously pleaded guilty to illegally reentering the United States after having been removed.

    According to court records, Capellan-Ortiz unlawfully entered the United States by walking across the United States-Canada border on October 20, 2024 in the area of Jay, Vermont, where United States Border Patrol agents encountered and arrested him. Border Patrol agents discovered that Capellan-Ortiz had previously been ordered removed by a United States Immigration Judge in May 2023. Capellan-Ortiz had been removed to the Dominican Republic that same month. Because Capellan-Ortiz had not obtained permission to re-enter the United States, his presence in the country was in violation of U.S. law.

    Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the U.S. Border Patrol.

    The case was prosecuted by Assistant U.S. Attorney Andrew C. Gilman. Capellan-Ortiz was represented by Assistant Federal Public Defender Sara M. Puls.

    MIL Security OSI

  • MIL-OSI Security: Mexican citizen sentenced for illegally reentering the country for third time

    Source: Office of United States Attorneys

    BROWNSVILLE, Texas – A 42-year-old man from Aldamas, Tamaulipas, Mexico, has been ordered to federal prison following his conviction of illegal reentry into the United States, announced U.S. Attorney Nicholas J. Ganjei.

    Alfredo Balderas-Rivera pleaded guilty Aug. 29, 2024.

    U.S. District Judge Rolando Olvera has now ordered Balderas-Rivera to serve 50 months in federal prison. Not a U.S. citizen, he is again expected to face removal proceedings following his imprisonment. At the hearing, Balderas-Rivera also admitted he violated his supervised release for his original offense of illegal reentry. In handing down the sentence, the court noted his prior criminal record and that there is no excuse or reasoning to enter the United States illegally.

    Balderas-Rivera has a conviction for illegal reentry. He was first removed in 2016 with a subsequent removal in 2018 and 2023.

    Authorities found Balderas-Rivera in Cameron County March 30, 2024. He had been in custody for allegedly committing fraud  and assault bodily injury.

    Balderas-Rivera admitted he was a citizen of Mexico who had entered the United States illegally in March 2024. He had no immigration documents to be legally present or remain in the United States.

    Balderas-Rivera has been and will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    Immigration and Customs Enforcement – Enforcement and Removal Operations conducted the investigation. Assistant U.S. Attorney David Coronado prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI

  • MIL-OSI: XRP News: Buy XDX Token As XenDex Fills Its Soft Cap Ahead of Exchange Listing

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 30, 2025 (GLOBE NEWSWIRE) — XenDex has officially filled its presale soft cap, and the clock is now ticking for those who still want in. As the crypto world celebrates Brazil’s first XRP Spot ETF, the SEC’s lawsuit against Ripple gets withdrawn, and ProShares’ XRP Futures ETF receives approval, XRP sentiment has never been stronger, and XenDex is right at the heart of it.

    With the presale now entering its final stretch, the price of $XDX is getting higher, and with token supply shrinking fast, many believe this is the last chance to buy before full sellout and major listings go live.

    Buy $XDX Now Before Presale Ends

    XenDex Is Listing on Top Exchanges Soon

    Following the presale, $XDX will be listed on major centralized exchanges, opening the door to global access and deep liquidity. Confirmed exchange partners include:

    • Binance
    • Gate.io
    • BitMart
    • MEXC
    • FirstLedger
    • MagneticX

    These listings are expected to significantly drive up demand, making current entry points even more valuable.

    Buy Before It Sells Out Completely: https://xendex.net/presale

    Why $XDX Is In High Demand

    XenDex is solving some of XRPL’s biggest gaps by delivering a first-of-its-kind decentralized exchange with:

    • AI-Powered Copy Trading – Mirror the trades of top-performing investors
    • Non-Custodial Lending & Borrowing – Borrow and lend XRP and XDX tokens to earn rewards
    • Cross-Chain Trading – Swap XRP tokens across chains like Solana and BNB
    • Staking and Yield Farming – Earn rewards by supplying liquidity to our liquidity pool
    • DAO Governance – Use $XDX to vote on new features, upgrades, and token listings

    Buy $XDX Now & Earn Rewards

    Thousands of XRP holders have already joined XenDex’s Telegram and Twitter communities. Now that the soft cap is filled, attention is turning to the final phase of the presale, and tokens are vanishing quickly.

    We’ve passed our soft cap, locked in listings, and entered our final presale pricing. The next step is sellout,” said a XenDex spokesperson. “Those who wait will pay more, if there’s even any left to buy.”

    Final Opportunity Before Full Sellout

    With listings locked in, token supply diminishing, and price pressure mounting, now is the moment to act. Every minute you wait could mean paying more, or missing out completely.

    Visit Official XenDex Links

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91d8ec49-9b74-4631-a137-5362249fa888

    The MIL Network

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Results

    • Total revenues of $50.0 million, a 14% year-over-year improvement
    • Gross margin improved to 42% from 39%; adjusted gross margin improved to 44% from 40% in the first quarter of 2024
    • Net income of $4.1 million and diluted earnings per share of $1.51, an improvement compared to $2.1 million and diluted earnings per share of $0.82 one year ago
    • Adjusted EBITDA of $8.2 million, a $2.1 million year-over-year improvement
    • $23.0 million in cash and $7.6 million of total debt as of March 31, 2025

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended March 31, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “NCS had a strong start to 2025, with total revenues and Adjusted EBITDA for the first quarter exceeding our expectations as provided in the last earnings call, led by our performance in Canada.

    Total revenues of $50.0 million increased by 14% year-over-year and 11% sequentially and represents our highest quarterly revenue since the first quarter of 2020. This is reflective of the consistent efforts of our team to deliver differentiated performance through the implementation of our core strategies.

    Our adjusted gross margin improved to 44% for the quarter, compared to 40% for the same period one year ago, as we benefitted from the higher revenue, including higher-margin international work in both the Middle East and the North Sea.

    Our Adjusted EBITDA was $8.2 million for the first quarter, an improvement of $2.1 million, or 35%, year-over-year. This demonstrates the operating leverage in our business and the benefits of our capital light operating model, as our Adjusted EBITDA margin for the first quarter of 2025 of 16% improved from 14% in the first quarter of 2024.

    This improved operating performance resulted in net income attributable to NCS of $4.1 million, or $1.51 per diluted share for the first quarter of 2025, a meaningful improvement as compared to $2.1 million and $0.82 per diluted share, respectively, for the same period in 2024.

    Our cash balance as of March 31, 2025, totaled $23.0 million and our net cash position was $15.4 million. Total liquidity was $49.8 million as of March 31, 2025, inclusive of our cash balance and availability under our undrawn revolving credit facility, an increase of $15.4 million compared to one year ago.

    We have not experienced a significant impact on our business from escalating global trade tensions, and we expect that to continue to be the case in the second quarter of 2025. However, such global trade tensions and potential additional U.S. tariffs — along with retaliatory measures by other countries — present risks to commodity prices that could result in lower drilling and completions activity as compared to our initial expectations for both the second half and full year in 2025. If sustained, such conditions may result in a more pronounced decrease in drilling and completion activity across these markets. In addition, we are evaluating options to mitigate the impact of potential cost increases from tariffs that have been imposed by the U.S. on products from China and on steel imports, in particular.

    I want to express my continued appreciation to our team at NCS and Repeat Precision. Our accomplishments and our upcoming opportunities reflect the talent, effort and dedication of our outstanding teams. We have the right people, the right technology, and the right strategies in place to deliver extraordinary outcomes to our customers, drive innovation in the industry and create value for our shareholders. We’ve had a good start for the year and remain cautiously optimistic about the remainder of 2025. Our strong balance sheet remains a strategic asset for NCS and we will react swiftly and decisively in response to changing market conditions and opportunities.”

    Financial Review

    Total revenues were $50.0 million for the quarter ended March 31, 2025 compared to $43.9 million for the first quarter of 2024. Revenue growth was driven primarily by an increase in Canadian product sales and increases in services revenue across all of our geographic regions, partially offset by a decline in U.S. product sales attributed to certain project delays. The increase in product and service sales for Canada reflects robust activity levels, particularly for fracturing systems completions, a trend that began in the fourth quarter of 2024 and continued throughout the first quarter. The increase in international service revenues was driven by Middle East tracer diagnostics projects and North Sea fracturing systems product sales and services. 

    Compared to the fourth quarter of 2024, total revenues increased by 11%, with an increase in Canada of 26% due to continued strong activity levels. This increase was partially offset by a decline of 34% in international revenues, primarily associated with the timing of tracer service work in the Middle East, and a 13% decline in U.S. revenues.

    Gross profit was $21.1 million, with a gross margin of 42%, for the first quarter of 2025, compared to $17.0 million, with a gross margin of 39%, for the first quarter of 2024. Gross margin for 2025 improved due to an increase in higher-margin international work in both the Middle East and North Sea, and increased product sales in Canada. We also benefitted from efficiencies related to our supply chain and our manufacturing/assembly operations, leveraging certain fixed costs and capitalizing on lean manufacturing strategies implemented over the last year. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $21.9 million, or an adjusted gross margin of 44%, for the first quarter of 2025, compared to $17.6 million, or 40%, for the first quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $16.2 million for the first quarter of 2025, an increase of $2.4 million compared to the same period in 2024. This increase in expense reflects a higher annual incentive bonus accrual year-over-year, higher professional fees and an increase in share-based compensation expense attributable to cash settled awards, which are remeasured at the balance sheet date based on the price of our common stock.

    Other income was $0.9 million for the first quarter of 2025 compared to $1.1 million for the first quarter of 2024. The decline in other income reflects the absence of a contribution from a technical services and assistance agreement with our local partner in Oman for the first quarter of 2025, as that program ended in November 2024. Partially offsetting this year-over year decrease was an increase in the royalty income earned from licensees for these periods.

    Net income was $4.1 million, or $1.51 per diluted share, for the quarter ended March 31, 2025 compared to net income of $2.1 million, or $0.82 per diluted share for the quarter ended March 31, 2024.

    Adjusted EBITDA was $8.2 million for the quarter ended March 31, 2025, an increase of $2.1 million compared to the same period a year ago. This improvement is primarily the result of an increase in Canada revenues and higher-margin international projects partially offset by an increase in SG&A expenses due to higher annual incentive bonus accruals. Adjusted EBITDA margin of 16% for the quarter ended March 31, 2025, compared to 14% for the same period a year ago. 

    Cash flow from operating activities for the three months ended March 31, 2025 was a use of cash of $(1.6) million, a $0.2 million improvement compared to the same period in 2024. For the three months ended March 31, 2025, free cash flow less distributions to non-controlling interest was a use of cash of $(2.1) million compared to a use of cash of $(2.5) million for the same period in 2024. The overall change in free cash flow was largely attributed to our operating results, change in net working capital including payment of incentive bonuses and cash-settled awards remeasured based on the price of our stock in the first quarter of 2025, and the absence of a distribution to our non-controlling interest in 2025, partially offset by an increase in net cash invested in capital expenditures.

    Liquidity and Capital Expenditures

    As of March 31, 2025, NCS had $23.0 million in cash, $7.6 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $26.8 million. Our working capital, defined as current assets minus current liabilities, was $85.2 million and $80.2 million as of March 31, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.4 million and $56.4 million as of March 31, 2025 and December 31, 2024, respectively. The increase in our net working capital was primarily attributable to an increase in accounts receivable and a decrease in accrued expenses due in part to payment of our 2024 incentive bonus in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to Non-GAAP Financial Measures” below.

    Conference Call

    The Company will host a conference call to discuss its first quarter 2025 results and updated guidance on Thursday, May 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). For those participants who wish to ask questions, please dial (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international) and enter the Conference ID: 7182351. A listen-only option is also available through this link. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, www.ncsmultistage.com.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of thesafe harborprovisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such asanticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expectsand similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
       
        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues                
    Product sales   $ 35,066     $ 31,758  
    Services     14,939       12,100  
    Total revenues     50,005       43,858  
    Cost of sales                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     20,352       19,692  
    Cost of services, exclusive of depreciation and amortization expense shown below     7,798       6,595  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     28,150       26,287  
    Selling, general and administrative expenses     16,195       13,830  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    Income from operations     4,289       2,501  
    Other income (expense)                
    Interest expense, net     (42 )     (100 )
    Other income, net     883       1,137  
    Foreign currency exchange loss, net     (3 )     (498 )
    Total other income     838       539  
    Income before income tax     5,127       3,040  
    Income tax expense     673       487  
    Net income     4,454       2,553  
    Net income attributable to non-controlling interest     398       483  
    Net income attributable to NCS Multistage Holdings, Inc.   $ 4,056     $ 2,070  
    Earnings per common share                
    Basic earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.58     $ 0.83  
    Diluted earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.51     $ 0.82  
    Weighted average common shares outstanding                
    Basic     2,568       2,508  
    Diluted     2,686       2,539  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)
     
                 
        March 31,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 22,997     $ 25,880  
    Accounts receivable—trade, net     38,403       31,513  
    Inventories, net     40,756       40,971  
    Prepaid expenses and other current assets     1,852       2,063  
    Other current receivables     5,033       5,143  
    Total current assets     109,041       105,570  
    Noncurrent assets                
    Property and equipment, net     20,477       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,523       3,690  
    Operating lease assets     5,773       5,911  
    Deposits and other assets     660       712  
    Deferred income taxes, net     422       424  
    Total noncurrent assets     46,077       47,242  
    Total assets   $ 155,118     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 11,751     $ 8,970  
    Accrued expenses     5,348       8,351  
    Income taxes payable     1,103       683  
    Operating lease liabilities     1,676       1,602  
    Current maturities of long-term debt     2,250       2,141  
    Other current liabilities     1,737       3,672  
    Total current liabilities     23,865       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,370       6,001  
    Operating lease liabilities, long-term     4,662       4,891  
    Other long-term liabilities     207       206  
    Deferred income taxes, net     178       186  
    Total noncurrent liabilities     10,417       11,284  
    Total liabilities     34,282       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024            
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at March 31, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     447,936       447,384  
    Accumulated other comprehensive loss     (87,615 )     (87,604 )
    Retained deficit     (254,968 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at March 31, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     103,168       98,839  
    Non-controlling interest     17,668       17,270  
    Total equity     120,836       116,109  
    Total liabilities and stockholders’ equity   $ 155,118     $ 152,812  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
       
      Three Months Ended  
      March 31,  
      2025   2024  
    Cash flows from operating activities            
    Net income $ 4,454   $ 2,553  
    Adjustments to reconcile net income to net cash used in operating activities:            
    Depreciation and amortization   1,371     1,240  
    Amortization of deferred loan costs   52     51  
    Share-based compensation   1,445     902  
    Provision for inventory obsolescence   (35 )   316  
    Deferred income tax expense   1     5  
    Gain on sale of property and equipment   (36 )   (172 )
    Provision for credit losses   42      
    Net foreign currency unrealized loss (gain)   (849 )   373  
    Proceeds from note receivable       61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (6,978 )   (10,282 )
    Inventories, net   200     1,521  
    Prepaid expenses and other assets   890     29  
    Accounts payable—trade   3,742     2,355  
    Accrued expenses   (3,003 )   130  
    Other liabilities   (3,273 )   (1,339 )
    Income taxes receivable/payable   332     377  
    Net cash used in operating activities   (1,645 )   (1,880 )
    Cash flows from investing activities            
    Purchases of property and equipment   (464 )   (299 )
    Purchase and development of software and technology       (13 )
    Proceeds from sales of property and equipment   13     176  
    Net cash used in investing activities   (451 )   (136 )
    Cash flows from financing activities            
    Payments on finance leases   (522 )   (449 )
    Line of credit borrowings   1,963     1,158  
    Payments of line of credit borrowings   (1,963 )   (602 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest       (500 )
    Net cash used in financing activities   (790 )   (630 )
    Effect of exchange rate changes on cash and cash equivalents   3     (70 )
    Net change in cash and cash equivalents   (2,883 )   (2,716 )
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 22,997   $ 14,004  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $   $ 696  
    Assets obtained in exchange for new operating lease liabilities $ 244   $  
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)
     
       
        Three Months Ended  
        March 31,  
        2025     2024  
    United States                
    Product sales   $ 6,867     $ 7,767  
    Services     2,505       2,244  
    Total United States     9,372       10,011  
    Canada                
    Product sales     26,843       22,675  
    Services     10,875       8,994  
    Total Canada     37,718       31,669  
    Other Countries                
    Product sales     1,356       1,316  
    Services     1,559       862  
    Total other countries     2,915       2,178  
    Total                
    Product sales     35,066       31,758  
    Services     14,939       12,100  
    Total revenues   $ 50,005     $ 43,858  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income, income from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        March 31,     December 31,  
        2025     2024  
    Working capital   $ 85,176     $ 80,151  
    Cash and cash equivalents     (22,997 )     (25,880 )
    Current maturities of long term debt     2,250       2,141  
    Net working capital   $ 64,429     $ 56,412  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended  
        March 31,  
        2025     2024  
    Total revenues   $ 50,005     $ 43,858  
    Total cost of sales, exclusive of depreciation and amortization expense     28,150       26,287  
    Total depreciation and amortization associated with cost of sales     715       616  
    Gross Profit   $ 21,140     $ 16,955  
    Gross Margin     42 %     39 %
    Exclude total depreciation and amortization associated with cost of sales     (715 )     (616 )
    Adjusted Gross Profit   $ 21,855     $ 17,571  
    Adjusted Gross Margin     44 %     40 %

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended  
        March 31,  
        2025     2024  
    Net income   $ 4,454     $ 2,553  
    Income tax expense     673       487  
    Interest expense, net     42       100  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    EBITDA     6,540       4,380  
    Share-based compensation (a)     552       766  
    Professional fees (b)     989       253  
    Foreign currency exchange loss (c)     3       498  
    Other (d)     130       180  
    Adjusted EBITDA   $ 8,214     $ 6,077  
    Adjusted EBITDA Margin     16 %     14 %
    Adjusted EBITDA Less Share-Based Compensation   $ 7,662     $ 5,311  

    ___________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions. 
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Three Months Ended  
        March 31,  
        2025     2024  
    Net cash used in operating activities   $ (1,645 )   $ (1,880 )
    Purchases of property and equipment     (464 )     (299 )
    Purchase and development of software and technology           (13 )
    Proceeds from sales of property and equipment     13       176  
    Free cash flow   $ (2,096 )   $ (2,016 )
    Distributions to non-controlling interest           (500 )
    Free cash flow less distributions to non-controlling interest   $ (2,096 )   $ (2,516 )

    The MIL Network

  • MIL-OSI: SEACOR Marine Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

    SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

    Notable first quarter items include:

    • 11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
    • Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
    • 60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
    • DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% in the fourth quarter of 2024, due in part to $5.2 million of drydocking and major repairs during the first quarter of 2025 compared to $8.5 million in the first quarter of 2024 and $3.5 million in the fourth quarter of 2024, all of which are expensed as incurred.
    • Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of $7.5 million and a gain of $5.6 million.
    • At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”). The sales of these vessels closed in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million, and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

    For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

    Chief Executive Officer John Gellert commented:

    “The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

    We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

    As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

    I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”
    ___________________

    (1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
         

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended March 31,  
        2025     2024  
    Operating Revenues   $ 55,499     $ 62,770  
    Costs and Expenses:            
    Operating     41,928       48,099  
    Administrative and general     11,486       11,917  
    Lease expense     337       481  
    Depreciation and amortization     12,810       12,882  
          66,561       73,379  
    Gains (Losses) on Asset Dispositions and Impairments, Net     5,809       (1 )
    Operating Loss     (5,253 )     (10,610 )
    Other Income (Expense):            
    Interest income     436       593  
    Interest expense     (9,586 )     (10,309 )
    Derivative gains (losses), net     125       (543 )
    Foreign currency losses, net     (1,196 )     (80 )
    Other, net           (95 )
          (10,221 )     (10,434 )
    Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (15,474 )     (21,044 )
    Income Tax Expense     904       925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (16,378 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     889       (1,100 )
    Net Loss   $ (15,489 )   $ (23,069 )
                 
    Net Loss Per Share:            
    Basic   $ (0.56 )   $ (0.84 )
    Diluted   $ (0.56 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:            
    Basic     27,908,297       27,343,604  
    Diluted     27,908,297       27,343,604  
                     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Time Charter Statistics:                            
    Average Rates Per Day $ 18,825     $ 18,901     $ 18,879     $ 19,141     $ 19,042  
    Fleet Utilization   60 %     72 %     67 %     69 %     62 %
    Fleet Available Days (2)   4,583       4,870       5,026       4,994       5,005  
    Operating Revenues:                            
    Time charter $ 51,933     $ 66,095     $ 63,313     $ 65,649     $ 59,263  
    Bareboat charter   708       364       372       364       364  
    Other marine services   2,858       3,349       5,231       3,854       3,143  
        55,499       69,808       68,916       69,867       62,770  
    Costs and Expenses:                            
    Operating:                            
    Personnel   18,537       20,365       21,940       21,566       21,670  
    Repairs and maintenance   8,520       10,433       9,945       10,244       9,763  
    Drydocking   3,869       2,467       6,068       6,210       6,706  
    Insurance and loss reserves   2,153       2,473       2,584       3,099       1,738  
    Fuel, lubes and supplies   4,546       4,884       6,574       3,966       4,523  
    Other   4,303       6,104       5,796       4,435       3,699  
        41,928       46,726       52,907       49,520       48,099  
    Direct Vessel Profit (1)   13,571       23,082       16,009       20,347       14,671  
    Other Costs and Expenses:                            
    Lease expense   337       347       364       486       481  
    Administrative and general   11,486       10,888       11,019       10,889       11,917  
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
        24,633       24,114       24,311       24,314       25,280  
    Gains (Losses) on Asset Dispositions and Impairments, Net   5,809       11,624       1,821       37       (1 )
    Operating (Loss) Income   (5,253 )     10,592       (6,481 )     (3,930 )     (10,610 )
    Other Income (Expense):                            
    Interest income   436       372       358       445       593  
    Interest expense   (9,586 )     (10,001 )     (10,127 )     (10,190 )     (10,309 )
    Derivative gains (losses), net   125       (536 )     67       104       (543 )
    Loss on debt extinguishment         (31,923 )                  
    Foreign currency (losses) gains, net   (1,196 )     1,308       (1,717 )     (560 )     (80 )
    Other, net         187       29             (95 )
        (10,221 )     (40,593 )     (11,390 )     (10,201 )     (10,434 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   (15,474 )     (30,001 )     (17,871 )     (14,131 )     (21,044 )
    Income Tax Expense (Benefit)   904       (2,345 )     (513 )     (682 )     925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies   (16,378 )     (27,656 )     (17,358 )     (13,449 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies   889       1,430       1,012       966       (1,100 )
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
                                 
    Net Loss Per Share:                            
    Basic $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Diluted $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:                            
    Basic   27,908       27,773       27,773       27,729       27,344  
    Diluted   27,908       27,773       27,773       27,729       27,344  
    Common Shares and Warrants Outstanding at Period End   29,488       28,950       28,950       28,941       28,906  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    United States, primarily Gulf of America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 23,874     $ 26,116     $ 17,188     $ 22,356     $ 28,156  
    Fleet utilization   25 %     45 %     42 %     37 %     27 %
    Fleet available days   1,121       920       920       921       927  
    Out-of-service days for repairs, maintenance and drydockings   153       75       116       179       137  
    Out-of-service days for cold-stacked status (2)   173       184       175       127       182  
    Operating Revenues:                            
    Time charter $ 6,765     $ 10,744     $ 6,593     $ 7,697     $ 6,957  
    Other marine services   235       1,114       1,188       480       1,026  
        7,000       11,858       7,781       8,177       7,983  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   6,486       6,097       6,297       6,284       5,781  
    Repairs and maintenance   1,479       1,680       1,655       1,879       1,404  
    Drydocking   1,066       1,451       2,615       2,570       1,968  
    Insurance and loss reserves   702       854       799       943       396  
    Fuel, lubes and supplies   819       854       964       866       667  
    Other   349       229       225       226       (171 )
        10,901       11,165       12,555       12,768       10,045  
    Direct Vessel (Loss) Profit (1) $ (3,901 )   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )
    Other Costs and Expenses:                            
    Lease expense $ 136     $ 136     $ 140     $ 141     $ 138  
    Depreciation and amortization   3,705       3,196       3,194       3,194       2,750  
                                 
    Africa and Europe                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,294     $ 16,895     $ 18,875     $ 18,580     $ 15,197  
    Fleet utilization   70 %     73 %     77 %     74 %     76 %
    Fleet available days   1,710       1,856       1,990       1,969       1,775  
    Out-of-service days for repairs, maintenance and drydockings   382       180       203       203       238  
    Out-of-service days for cold-stacked status               58       91       91  
    Operating Revenues:                            
    Time charter $ 20,835     $ 22,999     $ 28,809     $ 27,047     $ 20,555  
    Other marine services   852       1,027       3,048       1,028       169  
        21,687       24,026       31,857       28,075       20,724  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   5,183       5,654       6,083       4,969       5,181  
    Repairs and maintenance   3,462       3,712       3,455       3,161       3,209  
    Drydocking   1,241       835       681       1,226       2,032  
    Insurance and loss reserves   594       577       599       819       334  
    Fuel, lubes and supplies   2,180       2,226       2,514       1,170       1,287  
    Other   2,727       3,748       3,975       2,801       2,199  
        15,387       16,752       17,307       14,146       14,242  
    Direct Vessel Profit (1) $ 6,300     $ 7,274     $ 14,550     $ 13,929     $ 6,482  
    Other Costs and Expenses:                            
    Lease expense $ 63     $ 82     $ 75     $ 172     $ 178  
    Depreciation and amortization   4,402       4,477       4,540       4,565       3,915  

    _______________
    (1) See full description of footnote above.
    (2) Includes one FSV cold-stacked in this region as of March 31, 2025.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
     
      Three Months Ended  
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Middle East and Asia                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,848     $ 17,337     $ 17,825     $ 17,083     $ 16,934  
    Fleet utilization   75 %     88 %     71 %     82 %     71 %
    Fleet available days   1,170       1,266       1,288       1,296       1,365  
    Out-of-service days for repairs, maintenance and drydockings   82       30       229       168       224  
    Operating Revenues:                            
    Time charter $ 15,710     $ 19,385     $ 16,411     $ 18,073     $ 16,477  
    Other marine services   292       635       375       619       350  
        16,002       20,020       16,786       18,692       16,827  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   4,927       5,470       5,769       6,930       5,963  
    Repairs and maintenance   2,505       3,574       3,318       3,443       2,712  
    Drydocking   1,031       (226 )     832       707       1,483  
    Insurance and loss reserves   702       804       927       798       618  
    Fuel, lubes and supplies   883       840       1,043       1,103       1,198  
    Other   881       1,305       1,131       989       1,000  
        10,929       11,767       13,020       13,970       12,974  
    Direct Vessel Profit (1) $ 5,073     $ 8,253     $ 3,766     $ 4,722     $ 3,853  
    Other Costs and Expenses:                            
    Lease expense $ 83     $ 72     $ 73     $ 71     $ 85  
    Depreciation and amortization   3,230       3,272       3,261       3,247       3,496  
                                 
    Latin America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 22,084     $ 21,390     $ 21,984     $ 22,437     $ 28,308  
    Fleet utilization   67 %     73 %     63 %     71 %     58 %
    Fleet available days (2)   582       828       828       808       938  
    Out-of-service days for repairs, maintenance and drydockings         20       94       41       1  
    Operating Revenues:                            
    Time charter $ 8,623     $ 12,967     $ 11,500     $ 12,832     $ 15,274  
    Bareboat charter   708       364       372       364       364  
    Other marine services   1,479       573       620       1,727       1,598  
        10,810       13,904       12,492       14,923       17,236  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   1,941       3,144       3,791       3,383       4,745  
    Repairs and maintenance   1,074       1,467       1,517       1,761       2,438  
    Drydocking   531       407       1,940       1,707       1,223  
    Insurance and loss reserves   155       238       259       539       390  
    Fuel, lubes and supplies   664       964       2,053       827       1,371  
    Other   346       822       465       419       671  
        4,711       7,042       10,025       8,636       10,838  
    Direct Vessel Profit (1) $ 6,099     $ 6,862     $ 2,467     $ 6,287     $ 6,398  
    Other Costs and Expenses:                            
    Lease expense $ 55     $ 57     $ 76     $ 102     $ 80  
    Depreciation and amortization   1,473       1,934       1,933       1,933       2,721  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    AHTS                            
    Time Charter Statistics:                            
    Average rates per day worked $     $ 10,410     $ 10,316     $ 8,125     $ 8,538  
    Fleet utilization   %     79 %     46 %     49 %     75 %
    Fleet available days         178       334       364       364  
    Out-of-service days for repairs, maintenance and drydockings         28       87       29        
    Out-of-service days for cold-stacked status               58       91       91  
    Operating Revenues:                            
    Time charter $ 15     $ 1,465     $ 1,576     $ 1,459     $ 2,331  
    Other marine services   9             13       219        
        24       1,465       1,589       1,678       2,331  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 1     $ 595     $ 981     $ 1,045     $ 1,064  
    Repairs and maintenance   38       128       239       465       220  
    Drydocking         5       436       280       68  
    Insurance and loss reserves         49       66       97       43  
    Fuel, lubes and supplies   66       25       90       69       616  
    Other   12       210       263       230       287  
        117       1,012       2,075       2,186       2,298  
    Other Costs and Expenses:                            
    Lease expense $     $ 7     $ 4     $ 164     $ 171  
    Depreciation and amortization   4       122       175       175       175  
                                 
    FSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 13,786     $ 13,643     $ 13,102     $ 12,978     $ 11,834  
    Fleet utilization   71 %     72 %     81 %     80 %     72 %
    Fleet available days   1,980       2,024       2,024       2,002       2,002  
    Out-of-service days for repairs, maintenance and drydockings   135       118       96       128       216  
    Out-of-service days for cold-stacked status   90       92       83       36       91  
    Operating Revenues:                            
    Time charter $ 19,357     $ 19,992     $ 21,606     $ 20,698     $ 17,081  
    Other marine services   762       416       1,012       516       126  
        20,119       20,408       22,618       21,214       17,207  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 4,933     $ 5,078     $ 5,637     $ 5,829     $ 5,649  
    Repairs and maintenance   2,983       4,480       4,378       4,572       3,093  
    Drydocking   353       426       448       457       1,869  
    Insurance and loss reserves   517       422       532       546       277  
    Fuel, lubes and supplies   1,173       1,586       1,962       993       1,051  
    Other   1,782       2,456       2,238       1,850       1,649  
        11,741       14,448       15,195       14,247       13,588  
    Other Costs and Expenses:                            
    Depreciation and amortization $ 4,932     $ 4,746     $ 4,744     $ 4,746     $ 4,744  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    PSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 19,424     $ 17,912     $ 21,819     $ 20,952     $ 19,133  
    Fleet utilization   55 %     72 %     58 %     66 %     53 %
    Fleet available days (1)   1,890       1,932       1,932       1,900       1,911  
    Out-of-service days for repairs, maintenance and drydockings   396       117       349       291       307  
    Operating Revenues:                            
    Time charter $ 20,286     $ 24,865     $ 24,488     $ 26,390     $ 19,390  
    Bareboat charter   708       364       372       364       364  
    Other marine services   508       1,561       2,855       2,266       416  
        21,502       26,790       27,715       29,020       20,170  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 8,351     $ 8,999     $ 9,360     $ 8,979     $ 8,850  
    Repairs and maintenance   3,949       4,101       3,798       3,151       4,393  
    Drydocking   2,513       1,046       2,629       2,616       3,386  
    Insurance and loss reserves   631       618       636       1,037       395  
    Fuel, lubes and supplies   2,594       2,379       3,594       1,575       1,889  
    Other   2,018       2,566       2,821       1,850       1,395  
        20,056       19,709       22,838       19,208       20,308  
    Other Costs and Expenses:                            
    Lease expense $     $     $ (3 )   $ 3     $  
    Depreciation and amortization   4,133       4,122       4,117       4,128       4,073  

    _______________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Liftboats                            
    Time Charter Statistics:                            
    Average rates per day worked $ 39,559     $ 39,326     $ 36,423     $ 43,204     $ 53,506  
    Fleet utilization   44 %     68 %     58 %     54 %     53 %
    Fleet available days   713       736       736       728       728  
    Out-of-service days for repairs, maintenance and drydockings   87       41       109       143       78  
    Out-of-service days for cold-stacked status   83       92       92       91       91  
    Operating Revenues:                            
    Time charter $ 12,275     $ 19,773     $ 15,643     $ 17,102     $ 20,461  
    Other marine services   1,289       1,177       1,142       666       1,772  
        13,564       20,950       16,785       17,768       22,233  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5,247     $ 5,678     $ 5,926     $ 6,842     $ 6,140  
    Repairs and maintenance   1,571       1,722       1,531       2,054       2,035  
    Drydocking   1,003       990       2,555       2,857       1,383  
    Insurance and loss reserves   1,241       1,384       1,334       1,482       1,282  
    Fuel, lubes and supplies   712       894       928       1,329       967  
    Other   482       860       473       519       343  
        10,256       11,528       12,747       15,083       12,150  
    Other Costs and Expenses:                            
    Depreciation and amortization   3,719       3,866       3,866       3,865       3,866  
                                 
    Other Activity                            
    Operating Revenues:                            
    Other marine services $ 290     $ 195     $ 209     $ 187     $ 829  
        290       195       209       187       829  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5     $ 15     $ 36     $ (1,129 )   $ (33 )
    Repairs and maintenance   (21 )     2       (1 )     2       22  
    Insurance and loss reserves   (236 )           16       (63 )     (259 )
    Fuel, lubes and supplies   1                          
    Other   9       12       1       (14 )     25  
        (242 )     29       52       (1,204 )     (245 )
    Other Costs and Expenses:                            
    Lease expense $ 337     $ 340     $ 363     $ 319     $ 310  
    Depreciation and amortization   22       23       26       25       24  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    ASSETS                            
    Current Assets:                            
    Cash and cash equivalents $ 42,988     $ 59,491     $ 35,601     $ 40,605     $ 59,593  
    Restricted cash   2,440       16,649       2,263       2,255       2,566  
    Receivables:                            
    Trade, net of allowance for credit loss   63,946       69,888       76,497       70,770       58,272  
    Other   8,811       7,913       7,841       6,210       12,210  
    Tax receivable   1,602       1,601       983       983       983  
    Inventories   2,827       2,760       3,139       3,117       2,516  
    Prepaid expenses and other   6,075       4,406       4,840       5,659       3,425  
    Assets held for sale   12,195       10,943             500       500  
    Total current assets   140,884       173,651       131,164       130,099       140,065  
    Property and Equipment:                            
    Historical cost   881,961       900,414       921,445       921,443       919,139  
    Accumulated depreciation   (365,422 )     (367,448 )     (362,604 )     (349,799 )     (337,001 )
        516,539       532,966       558,841       571,644       582,138  
    Construction in progress   27,248       11,904       11,935       11,518       13,410  
    Net property and equipment   543,787       544,870       570,776       583,162       595,548  
    Right-of-use asset – operating leases   3,293       3,436       3,575       3,683       3,988  
    Right-of-use asset – finance leases   28       36       19       28       29  
    Investments, at equity, and advances to 50% or less owned companies   4,507       3,541       2,046       2,641       3,122  
    Other assets   1,665       1,577       1,864       1,953       2,094  
    Total assets $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
    LIABILITIES AND EQUITY                            
    Current Liabilities:                            
    Current portion of operating lease liabilities $ 540     $ 606     $ 494     $ 861     $ 1,285  
    Current portion of finance lease liabilities   11       17       17       26       33  
    Current portion of long-term debt   30,000       27,500       28,605       28,605       28,605  
    Accounts payable   28,445       29,236       22,744       17,790       23,453  
    Other current liabilities   16,414       27,683       28,808       23,795       21,067  
    Total current liabilities   75,410       85,042       80,668       71,077       74,443  
    Long-term operating lease liabilities   2,926       2,982       3,221       3,276       3,390  
    Long-term finance lease liabilities   17       20       4       5        
    Long-term debt   310,108       317,339       272,325       277,740       281,989  
    Deferred income taxes   20,312       22,037       26,802       30,083       33,873  
    Deferred gains and other liabilities   1,356       1,369       1,416       1,447       2,285  
    Total liabilities   410,129       428,789       384,436       383,628       395,980  
    Equity:                            
    SEACOR Marine Holdings Inc. stockholders’ equity:                            
    Common stock   293       287       287       286       286  
    Additional paid-in capital   480,904       479,283       477,661       476,020       474,433  
    Accumulated deficit   (196,089 )     (180,600 )     (154,374 )     (138,028 )     (125,609 )
    Shares held in treasury   (9,628 )     (8,110 )     (8,110 )     (8,110 )     (8,071 )
    Accumulated other comprehensive income, net of tax   8,234       7,141       9,223       7,449       7,506  
        283,714       298,001       324,687       337,617       348,545  
    Noncontrolling interests in subsidiaries   321       321       321       321       321  
    Total equity   284,035       298,322       325,008       337,938       348,866  
    Total liabilities and equity $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
     
            Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Cash Flows from Operating Activities:                            
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                            
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
    Deferred financing costs amortization   43       254       298       297       295  
    Stock-based compensation expense   1,627       1,622       1,604       1,587       1,645  
    Debt discount amortization   226       1,799       2,061       1,993       1,926  
    Allowance for credit losses   (407 )     59       101       39       3  
    (Gains) losses from equipment sales, retirements or impairments   (5,809 )     (11,624 )     (1,821 )     (37 )     1  
    Losses on debt extinguishment         28,252                    
    Derivative (gains) losses   (125 )     536       (67 )     (104 )     543  
    Interest on finance lease   1       2             1        
    Settlements on derivative transactions, net   (373 )                       164  
    Currency losses (gains)   1,196       (1,308 )     1,717       560       80  
    Deferred income taxes   (1,725 )     (4,766 )     (3,281 )     (3,790 )     (1,845 )
    Equity (earnings) losses   (889 )     (1,430 )     (1,012 )     (966 )     1,100  
    Dividends received from equity investees               1,498       1,418        
    Changes in Operating Assets and Liabilities:                            
    Accounts receivables   5,333       5,448       (7,411 )     (6,928 )     4,291  
    Other assets   (1,681 )     1,338       1,032       (2,395 )     (1,290 )
    Accounts payable and accrued liabilities   (6,204 )     1,693       9,325       (4,378 )     (3,895 )
    Net cash (used in) provided by operating activities   (11,466 )     8,528       626       (12,247 )     (7,169 )
    Cash Flows from Investing Activities:                            
    Purchases of property and equipment   (20,795 )     (3,010 )     (210 )     (658 )     (3,416 )
    Proceeds from disposition of property and equipment   8,472       22,441       2,331       86        
    Net cash (used in) provided by investing activities   (12,323 )     19,431       2,121       (572 )     (3,416 )
    Cash Flows from Financing Activities:                            
    Payments on long-term debt   (5,000 )     (2,479 )     (7,770 )     (6,533 )     (7,530 )
    Payments on debt extinguishment         (328,712 )                  
    Payments on debt extinguishment cost         (3,671 )                  
    Proceeds from issuance of long-term debt, net of debt discount and issuance costs   (396 )     345,192                    
    Payments on finance leases   (9 )     (13 )     (10 )     (9 )     (9 )
    Proceeds from exercise of stock options and warrants               38       102        
    Tax withholdings on restricted stock vesting   (1,518 )                 (39 )     (3,850 )
    Net cash (used in) provided by financing activities   (6,923 )     10,317       (7,742 )     (6,479 )     (11,389 )
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents               (1 )     (1 )     2  
    Net Change in Cash, Restricted Cash and Cash Equivalents   (30,712 )     38,276       (4,996 )     (19,299 )     (21,972 )
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period   76,140       37,864       42,860       62,159       84,131  
    Cash, Restricted Cash and Cash Equivalents, End of Period $ 45,428     $ 76,140     $ 37,864     $ 42,860     $ 62,159  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Managed     Total  
    March 31, 2025                  
    AHTS           2       2  
    FSV     22       1       23  
    PSV     21             21  
    Liftboats     7             7  
          50       3       53  
    December 31, 2024                  
    AHTS           2       2  
    FSV     22       1       23  
    PSV     21             21  
    Liftboats     8             8  
          51       3       54  
                             

    The MIL Network

  • MIL-OSI USA: Following Push From Luján and Ag Committee Democrats, Trump Administration Releases $1.3 Billion for Specialty Crop Producers

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research, issued the following statement after the U.S. Department of Agriculture (USDA) released $1.3 billion in assistance for specialty crop producers that was previously withheld:
    “Our specialty crop producers provide high-quality, nutritious produce that feeds our nation and the world. Yet the Trump administration and Elon Musk recklessly suspended critical assistance that our producers rely on. This halt in funding was a direct blow to our agricultural industry and should never have happened.
    “I called on the Trump administration to ensure our farmers, ranchers, and producers receive the support they need — and now, the administration has heeded that call. New Mexico’s specialty crop producers work tirelessly to put food on tables and support our signature crops, from pecans to chile. I’m relieved they will now regain access to the resources they need and deserve. Specialty crop producers are the backbone of U.S. agriculture, and I will continue defending them from attacks by this administration.”
    Background on Senator Luján’s efforts to ensure assistance for New Mexico specialty crop producers, farmers, and ranchers:
    Senator Luján and Agriculture Committee Democrats sent a letter to then-USDA Acting Secretary Gary Washington asking for clarity and to raise concerns regarding the impact of recent Executive Orders and Presidential Memo on the U.S. Department of Agriculture. 
    “Farmers, ranchers, schools, and state governments have contacted my office in search of clarity on programs, websites, offices, and activities impacted by these orders. Conflicting information from the administration has added to the uncertainty, costing those who depend on the Department time and money,” said Senator Luján and Agriculture Committee Democrats. “The farmers, rural families, and businesses that depend on the Department need certainty to plan ahead for this growing season.”
    Senator Luján and Agriculture Committee Democrats urged USDA Secretary Brooke Rollins to ensure the timely delivery of economic and disaster assistance to farmers, ranchers, and producers.
    “Farmers of fruits, vegetables, and other specialty crops have also experienced difficult economic conditions and high input prices. Specialty crop producers have already applied for and received initial payment under the Marketing Assistance for Specialty Crops (MASC), and USDA should make the planned additional payments before we get into the growing season,” said Senator Luján and Agriculture Committee Democrats.

    MIL OSI USA News

  • MIL-OSI Security: Man Sentenced for Illegally Reentering the United States After Being Deported

    Source: Office of United States Attorneys

    A man who illegally returned to the United States after being deported was sentenced today to more than two months in federal prison.

    Jose Solis-Alvarado, age 34, a citizen of Mexico illegally present in the United States and residing in Traer, Iowa, received the prison term after a March 10, 2025 guilty plea to one count of illegal reentry into the United States after having been deported.

    At the guilty plea, Solis-Alvarado admitted he had previously been deported from the United States and illegally reentered the United States without the permission of the United States government.  Solis-Alvarado was previously deported in 2010.  On February 4, 2025, immigration officials learned Solis‑Alvarado had illegally returned to the United States and found him at the Benton County Jail following his arrest on state charges for operating while under the influence.

    Solis-Alvarado was sentenced in Cedar Rapids by United States District Court Chief Judge C.J. Williams.  Solis-Alvarado was sentenced to 85 days’ imprisonment.  He must also serve a one-year term of supervised release after the prison term.  There is no parole in the federal system.

    Solis-Alvarado is being held in the United States Marshal’s custody until he can be turned over to immigration officials.

    The case was prosecuted by Assistant United States Attorney Adam J. Vander Stoep and was investigated by Enforcement and Removal Operations of the United States Immigration and Customs Enforcement. 

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 25-CR-9.

    Follow us on X @USAO_NDIA.

    MIL Security OSI

  • MIL-OSI: National Bank Holdings Corporation Announces 3.4% Increase to Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    DENVER, April 30, 2025 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (NYSE: NBHC) announced today that its Board of Directors approved a cash dividend to shareholders. The quarterly cash dividend will increase 3.4% from twenty-nine cents ($0.29) to thirty cents ($0.30) per share of common stock. The dividend will be payable on June 13, 2025 to shareholders of record at the close of business on May 30, 2025.

    “We are pleased to deliver another increase to our quarterly dividend. Over the last five years, the quarterly dividend per common share has increased by 50%, which demonstrates our commitment to drive meaningful shareholder returns as a result of our strong balance sheet, solid capital position, and diversified funding sources,” said Chairman and CEO, Tim Laney.

    About National Bank Holdings Corporation

    National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 85 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

    For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

    Forward Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” or similar expressions that relate to the Company’s strategy, plans or intentions. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Form 10-K filed with the Securities and Exchange Commission (SEC), and other risks and uncertainties listed from time to time in our reports and documents filed with the SEC. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

    Contact:  
       
    Analysts/Institutional Investors:  
    Emily Gooden, 720-554-6640  
    Chief Accounting Officer and Investor Relations Director  
    ir@nationalbankholdings.com  
       
    Nicole Van Denabeele, 720-529-3370,  
    Chief Financial Officer
    ir@nationalbankholdings.com
     
       
    or  
       
    Media:  
    Jody Soper, 303-784-5925  
    Chief Marketing Officer  
    Jody.Soper@nbhbank.com  
       
    Source: National Bank Holdings Corporation  

    The MIL Network

  • MIL-OSI Security: IAEA Kicks Off 2025 Cooperation with G20 under South African Presidency

    Source: International Atomic Energy Agency – IAEA

    IAEA and South African G20 Presidency side event on the role of nuclear power and the clean energy transitions, in Cape Town. (Photo: B. Carpinelli/IAEA)

    For the second year in a row, the IAEA has been invited to collaborate with the G20 on work related to nuclear power. The cooperation with the G20 (Group of Twenty) resumed under the presidency of South Africa at meetings this week in Cape Town, kicking off with a side event hosted by the IAEA and South Africa on the role of nuclear energy in clean energy transitions, as one of the technology dialogues that the presidency is featuring throughout the yearlong process.

    Building on its first-ever collaboration on nuclear power with the G20 in 2024 under the presidency of Brazil, the IAEA engagement this year will include publications tailored to inform the group on topics such as the prospects for nuclear power in Africa and repurposing coal-fired plants with nuclear power such as small modular reactors (SMRs),  as well as participation in the G20 Ministerial Meeting on Energy, set for 23-26 September.

    “At a time when energy access and security of supply are issues of global concern, the role of nuclear energy in low carbon, resilient and affordable energy systems remains indispensable,” IAEA Director General Rafael Mariano Grossi said. “Continuing the work that the IAEA began under the presidency of Brazil, we are now looking forward to working with South Africa.”

    The first African country to assume the G20 presidency, South Africa is pursuing an Africa-wide approach emphasizing energy security, a just and inclusive clean energy transition and regional energy cooperation. While South Africa remains the only country on the continent to have nuclear power and aims to expand its programme, several African countries have expressed interest in or are embarking its introduction. Egypt is building four large reactors, and other countries such as Ghana and Kenya are working with the IAEA to establish the necessary infrastructure for a nuclear power programme, with a particular interest in SMRs.

    The side event opened with special remarks from Kgosientsho Ramokgopa, Minister of Electricity and Energy of South Africa. Delegates from the G20 Energy Transitions Working Group (ETWG) attended the event, which discussed the state of nuclear power in South Africa as well as the IAEA’s outlook on nuclear power and a description of the upcoming publications that the IAEA will publish as part of its G20 collaboration this year. A session on nuclear power project financing issues followed, with panellists from the IAEA, the International Energy Agency, France and South Africa discussing ways to unlock financing for nuclear power projects and pave the way for faster deployment.

    “In the wake of the world aiming to reach net zero by 2050, there has been a return to realism where it is globally accepted that nuclear technology has a huge role to play in the energy mix as a key source to ensure countries achieve their energy security, energy sovereignty, and energy justice in the transition,” said Minster Ramokgopa. “The expansion of the nuclear programme gives South Africa energy security and sovereignty that enables the country to move its economy into a digital era, engage in new research frontiers and take its rightful place amongst leading nations.” 

    Minister Kgosientsho Ramokgopa delivering his opening remarks at the nuclear energy side event hosted by the IAEA and South Africa during the G20 ETWG meetings. (Photo: B. Carpinelli/IAEA)

    During the event, delegates from G20 members and invited countries delivered remarks from the floor and offered their national perspectives.

    “Italy is working to relaunch the use of sustainable nuclear energy, in its net zero emissions path by 2050. We have created the National Platform for Sustainable Nuclear involving R&D centres and industrial capabilities and nowadays our Government is strongly committed to work on enabling a favourable legislative and regulatory framework aimed at promoting the use of safe and innovative nuclear at the national level, including small modular reactors and Generation IV advanced modular reactors,” said Alberto Pela, Head of Delegation and Senior Advisor on International activities at the Department of Energy of the Ministry of Environment and Energy Security of Italy.

    The United Arab Emirates, an invited country, recently began operating four large nuclear power reactors.

    “In the UAE, nuclear energy is more than a power source — it’s a cornerstone of our clean, safe, and sustainable energy future,” said Nawal Yousif Alhanaee, Director of the Future Energy Department at the UAE’s Ministry of Energy and Infrastructure. “With the Barakah Nuclear Energy Plant meeting up to 25 per cent of our electricity needs, we affirm our commitment to a carbon-free tomorrow powered by peaceful and reliable nuclear technology.”

    MIL Security OSI

  • MIL-OSI Security: Jury convicts conspirator involved in transporting aliens shot en route to Houston

    Source: Office of United States Attorneys

    HOUSTON – A 21-year-old New Orleans, Louisiana, resident has been found guilty for conspiracy to transport illegal aliens, announced U.S. Attorney Nicholas J. Ganjei.

    Mailon Almendares-Martinez, 21, New Orleans, was convicted of one count of conspiracy to transport aliens.    

    The jury deliberated for less than an hour before returning the guilty verdict following a three-day trial.

    The jury heard how Almendares-Martinez conspired with others from Oct. 30 – Nov. 2, 2022, to transport aliens from the South Texas border to Houston.

    The jury heard testimony that Almendares-Martinez recruited friends and conspirators from New Orleans to carry out the scheme. Witnesses testified that Almendares-Martinez and others offered to pay them $1,000 to $2,000 per alien they transported.   

    Evidence revealed he had directed them as to where to pick up the aliens through WhatsApp messages and phone calls.

    After picking up the aliens near the border, the conspirators headed back to Houston. En route, individuals believed to be a part of a rival alien smuggling and transporting organization had shot at them. Two of the aliens suffered gunshot wounds to the arm and leg. One was a native of Honduras who had recently crossed the Rio Grande River and entered the United States illegally. 

    After the shooting, Almendares-Martinez told the co-conspirators to return to Houston and not seek medical attention for the two wounded aliens. 

    Co-conspirators then brought the aliens to a motel in Houston Nov. 1, 2022. The next day, the illegal aliens had escaped. Law enforcement arrived at the scene and took four people in custody, to include Jonathan Melendez-Merino, Oscar Melendez-Sosa, Cristian Mencias-Padilla and Cesar Monge-Milla.

    The defense attempted to convince the jury Almendares-Martinez was not part of the conspiracy and someone else was using his WhatsApp account to communicate with co-conspirators. They did not believe those claims and found Almendares-Martinez guilty as charged.

    “This case demonstrates—like so many cases before it—that human smuggling is an inhumane, dangerous, and sometimes fatal business,” said Ganjei. “Those that smuggle human beings for profit deserve prosecution, and those that would willingly place themselves in a situation to be smuggled need to think twice. Stay home, stay safe.”

    U.S. District Judge Kenneth Hoyt presided over trial and set sentencing for Aug. 11. At that time, Almendares-Martinez faces up to 10 years in federal prison as well as a possible $250,000 maximum fine.   

    Previously released on bond, Almendares-Martinez was taken into custody following the verdict where he will remain pending that hearing.

    Seven others, all from New Orleans, Louisiana, previously pleaded guilty in the case – Melendez-Merino, 32, Melendez-Sosa, 22, Mencias-Padilla, 21, and Monge-Milla, 25, along with Yunior Sorto-Ramirez, 23, Bayron Pineda-Alvarado, and Alan Galvez-Baquedano, 22.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Houston Police Department. Assistant U.S. Attorneys Michael Day and Anthony Franklyn prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI

  • MIL-OSI Africa: Why are women paid less than men? New research in South Africa shows the company you work for makes the biggest difference

    Source: The Conversation – Africa – By Ihsaan Bassier, Researcher in Economics, University of Surrey

    Why do women earn less than men? The usual suspects – occupation, hours, experience – explain some of it. But a powerful, often overlooked reason is simply this: where women work. The companies that hire them play a huge role in shaping their lifetime earnings.

    South Africa has a severe gender pay gap, much of which is unexplained by worker characteristics such as occupation, skills or experience.

    In our new study published in the Journal of Development Economics, using tax data on the universe of formal workers in South Africa, we uncover a striking fact: nearly half of the gender pay gap in South Africa is explained by women working at lower-paying companies than men. That is, more women tend to work at companies that pay all workers less.

    In addition, this phenomenon evolves dramatically over a woman’s life.

    We tracked millions of workers between 2010 and 2018 using tax data. We wanted to figure out how much money different companies paid, relative to each other, regardless of the type of worker. To do this, we compared what two companies pay the same worker. We looked at workers who switched companies and compared how their pay changed when they moved to a new company. By doing this for many workers and many companies, we could see how much more or less that company tends to pay people with the same kind of background or job.

    In the formal sector in South Africa, women, on average, get paid 12% less than men. We find that about 45% of this gap – 5.5 percentage points – is due to women being concentrated in firms that pay less overall (to both women and men).

    This isn’t because women are paid less within the same company — that kind of direct discrimination plays a much smaller role. Instead, it’s largely about sorting: women and men end up at different companies, and those pay differently.

    Women disproportionately enter lower-paying sectors such as education, retail, or personal care, while men are over-represented in high-premium sectors like construction, mining, and manufacturing.

    As labour and development economists, we argue that reducing the gender pay gap takes more than putting women into male-dominated jobs or promoting equal pay for equal work. It means tackling the invisible structures that steer women into lower-paying companies.

    A gender gap that grows, then shrinks

    What’s particularly revealing is how the firm-pay gap changes across the life cycle. For workers in their early twenties, this gap is almost nonexistent. But from the mid-20s to the mid-40s — roughly the child-rearing years — the gap widens significantly.

    Why does this happen?

    First, women who remain continuously employed through their 30s tend to move to worse-paying firms than men, even though they switch jobs at similar rates.

    Second, women entering or re-entering formal work (after a spell of unemployment or informal work) tend to start at lower-paying firms than men. This disadvantage when re-entering contributes to the overall gap, but is more constant over the life cycle.

    Interestingly, churn (moving in and out of employment) is common — but men and women do it at similar rates. The key difference is what type of firm they land in when they return. Nearly half the gap among entrants is explained by industry sorting — women disproportionately enter lower-paying sectors such as education, retail, or personal care, while men are overrepresented in high-premium sectors like construction, mining, and manufacturing.

    This isn’t because women have less (or different) skills. That might be another contributor to the overall gender gap in pay, but it’s not what we looked at. This is the pay disadvantage that women face from being at firms that pay less for the same job or skill.

    The firms that women join tend to be in lower-paying industries, have fewer resources, and are less likely to be covered by collective bargaining agreements (union-negotiated industry wages) that boost pay.

    Just like women leave or re-enter formal jobs at the same rates as men, they are in fact just as likely to switch jobs when employed. The problem then is that their job switches are less likely to lead to upward moves in the pay hierarchy, possibly due to employer discrimination or a need to prioritise non-pay job characteristics (like flexibility).

    Then something remarkable happens. As women age into their late 40s and 50s, the gender gap begins to close. They start making more advantageous moves than men. This is likely because, having been sorted into lower-paying firms earlier in their careers, they have more room to climb. And with child-related constraints easing later in life, they finally can.

    Firms in developing countries

    Our finding — that women ending up in lower-paying companies accounts for nearly half of the pay gap — is higher than estimates from high-income countries like Portugal or Italy, where it explains around 20%–25%. But in developing countries like Brazil and Chile, the contribution is similar to what we find.

    Why do firms matter more in places like South Africa?

    Labour markets are more “monopsonistic” — firms have more power to set wages due to high unemployment and few outside options for workers. So because formal jobs are scarce, entering or moving up within the formal sector is harder, especially for women. In fact, we show that in regions of South Africa with lower levels of formality, the gender gap in firm pay is wider.

    Policy takeaways

    One instructive exception is the public sector, where the state has actively pursued gender equity in hiring. Public administration employs a much higher share of women than men and offers relatively high pay premia.

    In developing countries especially, where formality is limited and transitions into good jobs are harder, policy can focus on easing women’s access to high-paying companies.

    This can mean policies that support childcare, promote flexibility without penalising pay, or reduce discrimination in hiring. Otherwise, sorting into low-paying firms will keep reproducing the gender pay gap, one job move at a time.

    – Why are women paid less than men? New research in South Africa shows the company you work for makes the biggest difference
    – https://theconversation.com/why-are-women-paid-less-than-men-new-research-in-south-africa-shows-the-company-you-work-for-makes-the-biggest-difference-254221

    MIL OSI Africa

  • MIL-OSI USA: Trump’s Border Protection Nominee Commits to Sharing Public Information about Location in Custody “As Soon As Possible”

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 30, 2025
    Asserts refusing detainees phone calls and their families information on their location will not be his policy
    Scott: “I will follow court orders…(and) commit to transparency and sharing (custody and location) information consistent with law and policy as quickly as possible.”
    Warren: “Targeting people who have never committed a crime, but who are now terrified that the United States government is going to remove them from their families without any legal help…is not only wrong, it is not making us safer.”
    Video of Exchange (YouTube)
    Washington, D.C. — At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) pushed Mr. Rodney Scott, nominee for Commissioner of Customs and Border Protection (CBP), to commit to following court orders, ensuring agents do not deny entry based on travelers’ political views, allowing detained individuals to make phone calls to their families and their lawyers, and publicly releasing information on where people in CBP custody are being held. 
    Senator Warren highlighted the Trump administration’s recent disturbing pattern of detaining people with no criminal record, refusing to let them speak with their families and lawyers, and then deporting them even after courts have said not to. Mr. Scott said he would “follow court orders.” 
    Senator Warren also pointed to a recent report of immigration officials searching a traveler’s phone and denying entry to the United States for criticizing the Trump administration. Mr. Scott agreed that, if confirmed, he would not allow politically motivated denials of entry based on criticism of the President. 
    Senator Warren pushed Mr. Scott to commit to letting the public know within hours, instead of the current policy of 48 hours, when someone is in CBP custody and where they are located. Mr. Scott refused to commit but said he would share public information about the location of people in CBP custody “as soon as possible.”
    “I am concerned that, while I appreciate that you are making commitments to do your best here, that we really are going to need continued oversight to make sure that this happens,” said Senator Warren. 
    “Targeting people who have never committed a crime, but who are now terrified that the United States government is going to remove them from their families without any legal help… is not making us safer,” Senator Warren concluded. 
    Transcript: “Hearing to Consider the Nomination of Rodney Scott, of Oklahoma, to be Commissioner of U.S. Customs and Border Protection, Department of Homeland Security, vice Chris Magnus”Senate Finance CommitteeApril 30, 2025
    Senator Elizabeth Warren: Thank you, Mr. Chairman. So, Americans want to be safe, but in just 100 days, the Trump administration has started to round up people with no criminal record, move them so that even their families and lawyers have no idea where they are, and deport them even after a court has said not to. That is not making our nation safer.  
    Now, Mr. Scott, if confirmed as Customs and Border Protection Commissioner, you will decide whether to continue or to reverse these very troubling trends. 
    So, I want to understand what policies you would follow. Last month, ICE transported Kilmar Abrego Garcia and more than one hundred others to El Salvador after a court ordered they not be removed. Concerns have also been raised about whether CBP is deporting people in violation of court orders.
    So let me start there. Mr. Scott, will it be your policy as CBP Commissioner to deport people in violation of court orders?
    Mr. Rodney Scott, nominee for Commissioner of Customs and Border Protection: No, ma’am. I will follow court orders. 
    Senator Warren: That’s what I like to hear. So, let’s try another one. Last month, CBP reportedly searched the phone of a French scientist at a Houston airport, and reportedly found text messages criticizing President Trump’s research policies, and then denied him entry. 
    Mr. Scott, will it be your policy as CBP Commissioner to deny entry to travelers because they criticize Donald Trump? 
    Mr. Scott: In my experience, that does not happen. In my experience—
    Senator Warren: That’s not my question. My question is will it be your policy that if someone criticizes Donald Trump will be denied entry to the United States of America?
    Mr. Scott: No, and I don’t believe that happens today either.
    Senator Warren: Alright, but you will make sure that that is not the policy that CBP follows, is that right? 
    Mr. Scott: If confirmed, that’s correct. 
    Senator Warren: Alright, let’s do one more. Lawyers and loved ones are finding CBP to be a black box that detains people and refuses to tell anyone where they are for hours, sometimes for days. 
    For example, two U.S. citizen children and their immigrant mother were detained by CBP for three days without being able to communicate with legal counsel or anyone in their family. They reported feeling “kidnapped.” 
    Mr. Scott, you said you care about transparency. Will it be your policy for CBP agents to detain a family and prevent them from speaking with counsel or their families for days?
    Mr. Scott: That is not the policy of CBP. And if confirmed that would not be my policy.
    Senator Warren: Alright. And will you commit to letting the public know within hours, not days, when someone is in CBP custody and where they are located, the same way that ICE does?
    Mr. Scott: I have learned to not over commit to something that I can’t follow through on. I commit to transparency and sharing that information consistent with law and policy as quickly as possible, but CBP is slightly different. There’s an interdiction, there’s a processing, we don’t have detention facilities, so a lot of times they are taken somewhere else. 
    There are time delays and the generality of within hours—as soon as possible I will commit to, but I cannot commit to a specific timeline, because it changes in different parts of the country depending on where the individual is encountered. 
    Senator Warren: So, are you telling me that literally it can be days before CBP understands they’ve got someone and to let that person be able to call a family member so they’re not frantically wondering what happened to them?
    Mr. Scott: So, under the last administration and the chaos that was created the answer to your question was yes. People being arrested were so backed up that in many cases it was taking CBP officers and patrol agents days just to get to them to do basic processing. 
    Senator Warren: And in the meantime, none of them were permitted to make a phone call? 
    Mr. Scott: We didn’t know who they were. 
    Senator Warren: So you can’t let them make a phone call to just tell their family where they are or find a lawyer if that’s what they think they need? 
    Mr. Scott: I believe there were 15,000 of them in one day. There wasn’t time. It was about officer safety, it was about keeping people safe and keeping them safe. Because it’s not just 15,000 families. There were criminals mixed in there. There were gang members mixed in there. There were cartel members mixed in there. And all of the officers and agents when we create this chaos have to deal with all of that and keep people safe, so it gets delayed. 
    Today we don’t have that problem, because the Trump administration’s created policies that have deterred all that massive chaos on the border from crossing. So those calls will take place quicker because we actually have time to—
    Senator Warren: So, if the Trump administration has ended all the chaos, is there a reason that you cannot commit to let people be able to reach out to their families within hours of being detained by CBP?
    You said you got that chaos under control now?
    Mr. Scott: I will confirm that if confirmed as commissioner, my commitment to you is we will let them make that call as quickly as reasonably possible with the other factors that I just outlined for you.
    Senator Warren: Well, the questions I asked are really straightforward and I’m very worried about what’s happening now—denying people entry because they criticize Donald Trump. 
    I’m worried about the feeling that people have been disappeared, including mothers with children, for days on end. And I am concerned that, while I appreciate that you are making commitments to do your best here, that we really are going to need continued oversight to make sure that this happens.
    Targeting people who have never committed a crime, but who are now terrified that the United States government is going to remove them from their families without any legal help, take them off of our streets or out of our airports is not only wrong, it is not making us safer. 
    I apologize for going over, Mr. Chairman.

    MIL OSI USA News

  • MIL-OSI USA: Hoyer, Norton, Van Hollen Lead Bicameral Letter on Cuts to Medicaid in District of Columbia

    Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

    WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

    In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region. 

    “It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

    “Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

    “As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.” 

    “Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

    The full text of the letter is included below:

    Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

    We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

    We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

    In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

    As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

    Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

    Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

    Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

    Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

    MIL OSI USA News

  • MIL-OSI USA: Cassidy, Grassley, Colleagues Highlight National Fentanyl Awareness Day

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Chuck Grassley (R-IA), and colleagues introduced a resolution designating April 29th, 2025, as “National Fentanyl Awareness Day” to highlight the dangers of counterfeit fentanyl pills.
    “Tens of thousands of Americans die each year from fentanyl. In President Trump’s first 100 Days, Republicans have done their best to fight this epidemic, including advancing my HALT Fentanyl Act,” said Dr. Cassidy. “Let’s bring the death toll to zero.”
    “Fentanyl overdoses claimed the lives of more than 58,000 Americans last year, many of whom suffered from accidental poisonings after taking counterfeit prescription pills. President Trump has taken strong action to stem the flow of fentanyl pills. Additionally, Congress must act to hold corporations accountable for their role in the illicit drug trade,” Grassley said. “Our resolution demonstrates continuing resolve to put an end to America’s fentanyl epidemic.” “Fentanyl overdoses claimed the lives of more than 58,000 Americans last year, many of whom suffered from accidental poisonings after taking counterfeit prescription pills. President Trump has taken strong action to stem the flow of fentanyl pills. Additionally, Congress must act to hold corporations accountable for their role in the illicit drug trade,” said Senator Grassley. “Our resolution demonstrates continuing resolve to put an end to America’s fentanyl epidemic.”
    Cassidy and Grassley were joined by U.S. Senators Mitch McConnell (R-KY), John Fetterman (D-PA), Dave McCormick (R-PA), Catherine Cortez Masto (D-NV), Steve Daines (R-MT), Raphael Warnock (D-GA), Kevin Cramer (R-ND), Ruben Gallego (D-AZ), Jim Justice (R-WV), Ben Ray Luján (D-NM), Jim Risch (R-ID), Mark Kelly (D-AZ), Shelley Moore Capito (R-WV), Todd Young (R-IN), Jeanne Shaheen (D-NH) Deb Fischer (R-NE), Jerry Moran (R-KS), John Hoeven (R-ND), Bill Hagerty (R-TN), Joni Ernst (R-IA), and Susan Collins (R-ME).
    Background
    In February, Cassidy spoke on the U.S. Senate floor amid Senate Democrats’ attempt to undermine his HALT Fentanyl Act to make permanent the temporary classification of fentanyl-related substances as a Schedule I drug of the Controlled Substances Act (CSA). 
    Drug overdoses, largely driven by fentanyl, are the leading cause of death among young adults aged 18 to 45 years old. Synthetic opioids like fentanyl account for 66 percent of the total U.S. overdose deaths. In the last two fiscal years, U.S. Customs and Border Protection (CBP) seized record amounts of fentanyl —nearly 50,000 pounds—enough to produce more than 2 billion lethal doses. According to the U.S. Centers for Disease Control and Prevention (CDC), in 2023, there were an estimated 107,543 drug overdose deaths—74,702 of which were attributed to fentanyl. This was primarily fueled by synthetic opioids, including illegal fentanyl, which are largely manufactured in Mexico from raw materials supplied by China. In 2022, there were over 50.6 million fentanyl-laced fake prescription pills seized by the U.S. Drug Enforcement Administration (DEA), more than doubling the amount seized in 2021.

    MIL OSI USA News

  • MIL-OSI: Delayed publication of the Annual Report for 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 30 April 2025

    Interoil Exploration and Production ASA (the “Company”) informs that the publication of its Annual Report for 2024 will be delayed. The process of finalising the Annual Report and completing the audit is ongoing, but the Company will not be able to publish the Annual Report by the 30 April deadline. The Company expects that the Annual Report will be published no later than 20 May 2025.

    Contact information: ir@interoil.no

    About Interoil

    Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

    The MIL Network

  • MIL-OSI Security: Mexican Citizen Sentenced to 8 Months for Illegally Reentering the United States After Prior Removal

    Source: Office of United States Attorneys

    MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Rafael Cruz-Hernandez, 39, a citizen of Mexico found in Monroe County, Wisconsin, was sentenced today by U.S. District Judge William M. Conley to 8 months in prison for illegally reentering the United States after having previously been removed.  Cruz-Hernandez pleaded guilty to this charge on February 25, 2025.

    On December 23, 2023, Cruz-Hernandez was arrested in Monroe County, Wisconsin for a domestic abuse offense. This was his second arrest for a domestic offense. He was originally removed from the United States in 2010, following a conviction for third degree sexual assault.

    In choosing an 8-month sentence, Judge Conley considered Cruz-Hernandez’s criminal history and his recent domestic arrests and injunction, along with Cruz-Hernandez’s consistent employment and the outpouring support from his family and friends. Judge Conley noted that he lacks the authority to release Cruz-Hernandez into the community and that he poses a risk of unlawfully returning to the United States. Judge Conley advised him that should he return, he could face higher penalties.

    The charge against Cruz-Hernandez was the result of an investigation conducted by U.S. Immigration and Customs Enforcement (ICE) and Removal Operations (ERO) and the Sparta Police Department. Assistant U.S. Attorney Colleen Lennon prosecuted this case. 

    MIL Security OSI

  • MIL-OSI USA: ICE removes illegal alien, child sex predator to Mexico

    Source: US Immigration and Customs Enforcement

    BUFFALO, N.Y. – U.S. Immigration and Customs Enforcement removed illegally present Mexican national Miguel Saldivar-Moran from the United States to Mexico, April 29. Saldivar has convictions for acting in a course of sexual conduct against a child and criminal sex act among other charges.  

    “ICE will not tolerate criminal aliens who violate innocent children in our communities,” said ICE Enforcement and Removal Operations Acting Deputy Field Office Director Philip Rhoney. “We will pursue these vile predators with utmost urgency and effect their removal from the United States.”

    Salvidar, 45, admitted to illegally entering the United States in 1997 by crossing the border from Mexico into Arizona without being admitted or paroled by a U.S. Immigration official. Between 2003 – 2013, Saldivar was convicted of three counts of DWI and one count of endangering the welfare of a child for which he was sentenced to probation and fines. An immigration judge ordered him removed from the U.S. Sept. 7, 2016. Saldivar appealed to the Board of Immigration Appeals, but the BIA denied his claim June 30, 2017.

    The Suffolk County Court on Long Island, New York convicted Saldivar May 14, 2019, for the crimes of first-degree sexual abuse, acting in course of sexual conduct against a child, first degree criminal sex act and acting in a manner to injure a child.

    ICE Buffalo arrested Saldivar April 10, upon his release from New York State Department of Corrections and Community Supervision custody in Attica, New York.

    Members of the public can report crimes and suspicious activity by dialing 866-347-2423 or completing ICE’s online tip form.

    Learn more about ERO Buffalo’s mission to preserve public safety on X, @EROBuffalo.

    MIL OSI USA News

  • MIL-OSI Global: Tony Blair opposes phasing out fossil fuels. These academics disagree

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    Rapidly phasing out fossil fuels and limiting energy consumption to tackle climate change is “a strategy doomed to fail” according to former UK prime minister Tony Blair.

    In the foreword of a new report, Blair urges governments to rethink their approach to reaching net zero emissions.

    Instead of policies that are seen by people as involving “financial sacrifices”, he says world leaders should deploy carbon capture and storage, including technological and nature-based approaches, to meet the rising demand for fossil fuels.

    But speak to many academic experts on climate change and they will tell a very different story: that there is no strategy for addressing climate change that does not involve ending, or at least massively reducing, fossil fuel combustion.


    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed.


    A fossil fuel phase-out is ‘essential’

    “There is a wealth of scientific evidence demonstrating that a fossil fuel phase-out will be essential for reining in the greenhouse gas emissions driving climate change,” says Steve Pye, an associate professor of energy at UCL.




    Read more:
    COP28 president is wrong – science clearly shows fossil fuels must go (and fast)


    “I know because I have published some of it.”

    Ed Hawkins, a climate scientist at the University of Reading, agrees.

    “Rapidly reducing our reliance on fossil fuels, and not issuing new licenses to extract oil and gas, is the most effective way of minimising future climate-related disruptions,” he says.




    Read more:
    Science shows the severe climate consequences of new fossil fuel extraction


    “The sooner those with the power to shape our future recognise this, the better.”

    Fossil fuels are responsible for 90% of the carbon dioxide heating the climate. The amount burned annually is still rising, and so is the rate at which the world is getting hotter. Scientists now fear we are approaching irreversible tipping points in the climate system, hence their support for an urgent replacement of fossil fuels with renewable energy.




    Read more:
    Climate tipping points are nearer than you think – our new report warns of catastrophic risk


    Blair is confident that an emergency response on this scale can be avoided by absorbing CO₂ immediately after burning fossil fuels, from the smokestacks where the greenhouse gas is concentrated.

    Not all of the emissions responsible for climate change would be prevented. UCL earth system scientist Mark Maslin says that natural gas, which would linger as an energy source thanks to carbon capture, still leaks from pipelines and storage vessels upstream of power plants.




    Read more:
    The UK’s £22 billion bet on carbon capture will lock in fossil fuels for decades


    Commercial applications of the technology also have a poor track record. Just two large-scale coal-fired power plants are operating with CCS worldwide – one in the US and one in Canada.

    “Both have experienced consistent underperformance, recurring technical issues and ballooning costs,” Maslin says.

    CCS is no alternative to turning off the fossil fuel taps.
    Pan Demin/Shutterstock

    Blair might baulk at what he perceives to be the expense of ditching fossil fuels. But economic modelling led by Oxford University’s Andrea Bacilieri suggests his concern is misplaced. A rapid phase-out of fossil fuels could save US$30 trillion (US$1 trillion a year) by 2050 she concludes, compared with allowing power plants and factories to keep burning them with CCS.

    Developing CCS will be necessary to help manage an orderly transition from fossil fuels according to Myles Allen, a professor of geosystem science at Oxford University. But it is not a substitute for undergoing that transition, he says.




    Read more:
    Getting carbon capture right will be hard – but that doesn’t make it optional


    “Above all, we need to make sure the availability of CCS does not encourage yet more CO₂ production.”

    Keeping the public on board

    Is Blair right to fret about a public backlash to lower energy use? Academics suggest multiple reasons to think otherwise if the alternative is prolonging the use of fossil fuels.




    Read more:
    Should you get a heat pump? Here’s how they compare to a gas boiler


    Replacing a gas boiler with a heat pump that runs on electricity, for example, can lower a household’s energy consumption without a deliberate effort. That’s because renewable appliances convert power to heat more efficiently (how much depends on how well insulated the home is).




    Read more:
    Heat pumps without home insulation could raise bills and energy demand – here’s what the government can do


    In fact, it’s dependence on fossil fuel that is preventing many households from making this switch. The high wholesale price of gas determines the cost of electricity for UK consumers.




    Read more:
    How gas keeps the UK’s electricity bills so high – despite lots of cheap wind power


    And surveys repeatedly show that support for net zero policies is broad and deep in the UK – including those that would involve lifestyle changes say Lorraine Whitmarsh (University of Bath), Caroline Verfuerth and Steve Westlake (both Cardiff University), who research public behaviour and climate change.




    Read more:
    Net zero: direct costs of climate policies aren’t a major barrier to public support, research reveals


    “Crucially, the public wants and needs the government to show clear and consistent leadership on climate change,” they say.

    Meanwhile, what can corrode public acceptance of sacrifices is the high-consuming behaviour of a minority (think pop stars in rockets, as Westlake recently argued). And, arguably, the statements of powerful people like Blair.




    Read more:
    Why Katy Perry’s celebrity spaceflight blazed a trail for climate breakdown


    New research even suggests the politics that Blair and many others like him favour might also play a role here. Felix Schulz (Lund University) and Christian Bretter (The University of Queensland) are social scientists who study how ideology affects personal views on climate policy.

    They identified respondents in six countries (the UK, US, Germany, Brazil, South Africa and China) who shared Blair’s neoliberal worldview, which the pair define as a belief that individuals are primarily responsible for their own fortune, and need to take care of themselves – as well as an abiding faith in the free market.




    Read more:
    People with neoliberal views are less likely to support climate-friendly policies – new research


    “We observed a strong link between a neoliberal worldview and lack of support for the climate policies in our study,” they say.

    Schulz and Bretter urge us to consider how someone’s ideology ultimately shapes their understanding of the problem and its solutions as well.

    ref. Tony Blair opposes phasing out fossil fuels. These academics disagree – https://theconversation.com/tony-blair-opposes-phasing-out-fossil-fuels-these-academics-disagree-254530

    MIL OSI – Global Reports

  • MIL-OSI USA: My weekly column: 100 days of promises kept under President Trump

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    April 30th marked 100 days of promises kept under President Trump. Like he pledged on the campaign trail, he has mobilized every tool at his disposal to make America strong again and reverse the failed policies pushed by the Biden administration. From border security and energy dominance to government efficiency and economic investment, President Trump has delivered real results for the American people and has worked around the clock to put our families, farmers, workers, and small businesses first.

    The clearest example of President Trump’s decisive leadership is his complete and total lockdown of our southern border. Illegal border crossings have plummeted by 95% and illegal immigrant “gotaways” have fallen by 99%. Drug traffickers, criminals, sex traffickers, and violent MS-13 and Tren de Aragua gang members have been quickly removed from our country. After Biden halted construction of the border wall, President Trump immediately restarted this vital national security initiative and reiterated his unwavering support for our border patrol agents who were treated so poorly under the Biden administration. President Trump was absolutely right when he remarked during his joint address to Congress on March 4th that “it turned out that all we really needed was a new President” to secure our border.

    Strengthening his work to close the border, President Trump honored families who have lost loved ones to illegal immigrant crime by signing the Laken Riley Act – the first piece of legislation to become law this year. The Laken Riley Act also included Sarah’s Law, in honor of 21-year-old Iowan Sarah Root, who was senselessly killed by a drunk driving illegal immigrant in 2016. Instead of answering for his crimes, this criminal posted bail, was released from jail, and fled our country never to be seen again. Sarah’s Law – now the law of the land thanks to President Trump – ensures that illegal immigrants who murder or seriously injure American citizens are detained without bail and held accountable for their actions. Fortunately, the illegal immigrant who killed Sarah Root was recently arrested in Honduras and the Trump administration worked quickly with Honduran authorities to extradite this criminal back to the United States to face justice. This is the action that the American people wanted to see, and President Trump is delivering.

    Upon his return to the White House, President Trump also announced that he would do everything in his power to restore American energy dominance – and that he did. He created the National Energy Dominance Council to determine every avenue available to increase energy production, lower gas prices, and make the United States the world’s energy powerhouse. He rescinded countless Biden executive orders that promoted the Green New Deal over affordable gas and electricity prices and cut needless red tape that prevented American energy producers from reaching their full production capacity. He overturned the Biden administration’s ban on liquefied natural gas exports, signed a resolution – that I voted for – to completely repeal Biden’s costly tax on natural gas production, and stopped the Biden administration’s ridiculous electric-vehicle mandates on American families. Under President Trump’s watch, we will use the energy resources abundantly available in our own country and reduce our dependence on our foreign adversaries for our energy needs.

    Government efficiency is another bright spot of President Trump’s America First agenda. The Biden administration exploded our national debt with trillions of dollars of wasteful spending that fueled inflation and made life more expensive for Americans. As promised, the Trump administration uncovered example after example of waste, fraud, and abuse in our federal government. DEI positions in federal agencies have been cut, spending on liberal initiatives has been slashed, and welfare for illegal immigrants has been suspended. Eliminating this type of waste ensures that programs like Medicare and Social Security – intended for American citizens only – can remain solvent now and well into the future. With President Trump in the White House, taxpayer dollars are being treated with the care that they deserve.

    Additionally, because of President Trump’s mission to hold our trading partners accountable to our laws and protect our farmers, workers, manufacturers, and businesses from unfair and unlawful trade practices, business investment is accelerating in our country. More than $5 trillion in new investments in America have been announced, which will create over 451,000 new jobs in American communities. This impressive figure does not even include pledges that other countries have made to bring manufacturing and jobs to the United States, spurring additional economic growth. To complement these investments, my Republican colleagues and I are working hard to extend President Trump’s Tax Cuts and Jobs Act to deliver tax relief for our families, farmers, workers, and businesses. While Democrats want Americans to see the highest tax hike in U.S. history, President Trump and Republicans are committed to lowering taxes and unleashing U.S. economic prosperity. The American workforce and American industry will no longer be taken advantage of by foreign nations, and American citizens will rightfully keep more of their hard-earned money.

    This is not an exhaustive list of the amazing achievements that President Trump has delivered in just 100 days, but it does prove that he is working harder than ever to serve the American people. I know that President Trump will take this same aggressive and results-oriented approach to his next four years in office.

    MIL OSI USA News

  • MIL-OSI Global: People with neoliberal views are less likely to support climate-friendly policies – new research

    Source: The Conversation – UK – By Felix Schulz, Research Fellow, Lund University Centre for Sustainability Studies, Lund University

    Sambulov Yevgeniy/Shutterstock

    Donald Trump won the US election on a campaign that included rolling back environmental laws. In the UK, Conservative party leader Kemi Badenoch has called the national net zero target “impossible”. And former prime minister Tony Blair has said the current approach of phasing out fossil fuels is “doomed to fail”.

    Meanwhile in Germany, the parties in the most likely incoming coalition government hardly engaged with climate policy during the recent election campaign – and the far-right Alternative für Deutschland (AfD), which openly denies human-made climate change, received 20% of the vote.

    With political leaders around the world moving away from progressive climate policy, it’s worth asking: is this what the public wants?

    When it comes to the climate, what people think is influenced by where they live and what else they believe in. In recently published research, we sought to find out just how much people’s ideologies affected their views on climate policy.

    We surveyed representative samples of the public in six countries about their attitudes towards different types of climate policy. We asked about support for regulation (for example, building and vehicle standards or product bans), taxes (like carbon taxes), subsidies (to promote low-carbon alternatives), and information-based policies (such as emission disclosure requirements). Our survey covered policies in transport, housing, energy and industry.

    We also asked respondents about their ideologies: cultural worldviews, personal values, free market beliefs and political trust. Our findings reveal how people’s ideologies shape their support for climate policies.

    We included three high-income countries of the global north (the US, UK and Germany) and three upper-middle income countries from the global south (Brazil, South Africa and China). Together, these six countries are responsible for half of global CO₂ emissions.

    Our definition of global south, which includes countries such as China, is based on work by UN Trade and Development and the UN G-77 countries. It includes Africa, Latin America and the Caribbean, most of Asia (excluding Israel, Japan and South Korea) and Oceania (excluding Australia and New Zealand). These countries generally have lower per capita income and are considered “developing” compared to global north countries.

    This comparison is important because, as we will explain, political and economic ideologies that originated in the global north can influence how people view climate policies.

    Across all policy types, we found more support for climate policies in the global south countries. In the global north countries, we found only minority support for regulatory policies and climate-related taxes. In Germany, support for regulatory policies and taxes was as little as 18%.

    Subsidies for the four sectors – for example, to support renewable energy projects or the production of green steel – received 35% support in Germany and 48% in the US. In contrast, the majority of the public in the three countries of the global south supported subsidies and regulatory climate policies.

    As with subsidies, we found strong majority support for information-based policies in the three countries of the global south (74-79%), against only minority support in Germany (36%) and the US (49%). In the UK, 53% supported information-based climate policies.

    Personal values play a role in support for the policies. Our findings show people with stronger biospheric values – the importance people place on the environment and the relationship between humans and nature – are more supportive of climate policies. This is true irrespective of the country they live in. People who are more trusting of political institutions and politicians also support these policies more.

    But demographics such as age, gender, education or income have a negligible effect on attitudes towards these policies, when accounting for other factors in our analysis.

    Neoliberalism and the climate

    We observed a strong link between a neoliberal worldview and lack of support for the climate policies in our study. As a political economic project, neoliberalism originated in the global north. But it continues to take root in the global south, particularly in Latin America.

    The belief that individuals need to take care of themselves and are responsible for their own fortune and problems was associated with less support for climate policies. And in every country we studied, we found a strong relationship between support for the free market and lack of support for climate policies.

    People who believe the free market is best at allocating outcomes efficiently and meeting human needs without government interference, and that it is more important than some local environmental concerns, show less support for the climate policies.

    These two sets of beliefs – individualistic worldviews and support for the free market – are the core principles of neoliberal thought.

    In the Global North countries, we found only only minority support for regulatory policies and climate-related taxes.
    Fotogrin/Shutterstock

    The superiority of the market over governments as an efficient and fair allocation machine has been the mantra of neoliberal politicians, thinktanks and institutions for more than half a century.

    Neoliberalism opposes government regulation and spending, and supports the free market. It also fosters an individualistic worldview. Instead of seeing themselves as workers, citizens or members of a collective, people are persuaded to internalise market logic – to see themselves as individuals who are out to maximise their personal profit.

    The cultural shift from more communitarian and egalitarian ideals towards an ideology based on the self-driven individual and the free market has been quite successful. Empirical evidence from 41 countries shows that individualist practices and values around the world have surged significantly over the past 50 years.

    We know from research that what the public thinks (or votes for) does influence what governments do. This is true even when accounting for the influence of powerful interest groups.

    So, those creating and campaigning for urgently needed climate policies need to take this into account. Support for climate policies isn’t just about whether someone believes in human-made climate change or cares about the planet – there are deeply-rooted ideological factors at play too.

    Felix Schulz receives funding from Formas, a Swedish research council for sustainable development and the Hans-Böckler-Foundation.

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

    ref. People with neoliberal views are less likely to support climate-friendly policies – new research – https://theconversation.com/people-with-neoliberal-views-are-less-likely-to-support-climate-friendly-policies-new-research-253478

    MIL OSI – Global Reports

  • MIL-OSI Security: Mexican National Charged with Possession of Child Pornography While Attempting to Enter the United States

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – Alan Xavier Cabrera, 27, of Mexico, was arrested on April 25, 2025, and charged by criminal complaint for Possession of Child Pornography.

    According to the complaint, on April 25, 2025, Cabrera applied for entry into the United States at the port of entry in San Luis, Arizona with a B1/B2 travel visa. Based on Cabrera’s behavior, agents examined his cell phone and identified numerous images of child pornography, also known as Child Sexual Abuse Material (CSAM). The material included images and videos that appeared to depict minors under the age of ten years old engaged in sexual acts on adult males.

    A conviction for Possession of Child Pornography carries a maximum penalty of up to 20 years in prison, a $250,000 fine, or both, and a term of supervised release up to life.

    A criminal complaint is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    Homeland Security Investigations is conducting the investigation in this case. The United States Attorney’s Office, District of Arizona, Phoenix, is handling the prosecution.

    CASE NUMBER:           25-01524MJ
    RELEASE NUMBER:    2025-066_Cabrera

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    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI