NewzIntel.com

Category: Scandinavia

  • MIL-OSI United Kingdom: PM: The world has paid the price for Putin’s aggression. He must now pay for avoiding peace.

    Source: United Kingdom – Executive Government & Departments

    Press release

    PM: The world has paid the price for Putin’s aggression. He must now pay for avoiding peace.

    Piling the pressure on the Kremlin will be the focus of discussions at the European Political Community [EPC] today, after Putin dodged US arranged peace talks in Istanbul yesterday [Thursday].

    • Prime Minister to convene leaders at EPC to drive forward response to Putin’s stalling tactics

    • Russian energy expected to be central target in widespread sanctions action in the coming weeks if Russia does not agree a ceasefire

    • Comes as around 40 leaders meet at the European Political Community summit in Tirana today

    Piling the pressure on the Kremlin will be the focus of discussions at the European Political Community [EPC] today, after Putin dodged US arranged peace talks in Istanbul yesterday [Thursday].

    More than 40 leaders will attend the Tirana summit today, discussing shared challenges facing the continent and the threat to global stability and security posed by Putin.

    It comes after President Zelenskyy underscored Ukraine’s position as the party of peace and travelled to Turkey in good faith this week, in preparation for peace talks with Russia.

    But Putin failed to attend.

    Leaders are expected to reiterate calls for a full and unconditional ceasefire today and demand Russia prove that they are serious about bringing its invasion to an end. For more than two months, Russia has failed to substantively respond to the US’ calls for a full, unconditional 30-day ceasefire and genuine peace talks.

    Work has already begun on what further sanctions can be implemented to degrade Russia’s ability to prolong the war if Russia does not agree to a ceasefire.  Today, leaders are expected to progress the conversations held in Kyiv at the weekend about sanctions, with a focus on Russian energy revenues.

    Prime Minister Keir Starmer said:

    People in Ukraine and across the world have paid the price for Putin’s aggression in Ukraine and across Europe, now he must pay the price for avoiding peace.

    Putin’s tactics to dither and delay, while continuing to kill and cause bloodshed across Ukraine, is intolerable.

    For the past three years, Ukraine has been fighting for peace and security, while Russia has sent thousands of young men and women to their deaths and compromised global stability.

    Alongside the US and more than 30 other partners, we have been clear that we will not stand for Russia kicking a ceasefire down the road.

    A full, unconditional ceasefire must be agreed and if Russia is unwilling to come to the negotiating table, Putin must pay the price.

    During the summit, the Prime Minister is expected to lead a security roundtable with the Prime Minister of Sweden, Ulf Kristersson, as well as discussing with key partners including France, Germany, Italy, Poland and Ukraine latest efforts with the US to secure peace and an end of the bloodbath in Ukraine. It comes as Putin repeatedly ignored requests for peace talks in Istanbul this week.

    The Kremlin’s biggest source of tax revenue is oil exports, and with forecasts cut by almost a quarter because of Western sanctions and compounding slowing global growth prices, further measures are likely to cause significant pain. Oil and gas tax revenues were already a third lower in dollar terms 2024 than in 2022, the first year of the war; and they are already down by almost 20% year-on-year in February and March.

    The Prime Minister is clear that supporting Ukraine, and degrading Russia’s economy and ability to prolong the war as they wreak havoc across Europe, is vital to protecting national and Euro-Atlantic security, and delivering on the Government’s Plan for Change.

    Russian aggression is plain for all to see. Just this week the Polish Prime Minister Donald Tusk revealed that the Russia Secret Service was behind a major blaze at a Polish shopping centre, while in a landmark decision, the International Civil Aviation Organisation ruled that the Russian Federation was behind the downing of Malaysian Airlines Flight MH17 in July 2014, killing 298 people, including 10 UK citizens.

    Last week, the Prime Minister announced the UK’s largest ever package of sanctions on Russia’s Shadow Fleet. The sanctions will apply further pressure on the Russian economy, which is stalling as Putin’s national wealth fund starts to run out, the non-defence sector is in recession and global oil prices are falling.

    Russia’s defence and security spending is now 40% of all federal spending and 8% GDP – a post-1990 high and double the size of federal social services spending.

    Updates to this page

    Published 15 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Video: ICC on Prosecutor’s report on Libya – Media Stakeout | United Nations

    Source: United Nations (Video News)

    Informal comments to the media by ICC Caucus on behalf of the members of the Security Council that are state parties to the Rome Statute of the International Criminal Court: France, Greece, Guyana, Panama, the Republic of Korea, Slovenia, the United Kingdom, Denmark and Sierra Leone, on the 29th report of the ICC Prosecutor’s Office to the Security Council on the situation in Libya.

    https://www.youtube.com/watch?v=ZEjPM2UVjOU

    MIL OSI Video –

  • MIL-OSI Europe: Answer to a written question – Humanitarian aid for Gaza – E-000799/2025(ASW)

    Source: European Parliament

    In 2024, the Commission allocated EUR 237 million in humanitarian aid to address the needs of vulnerable Palestinians in Gaza and the West Bank[1]. EU humanitarian aid is delivered according to the humanitarian principles of humanity, independence, impartiality and neutrality[2]. These funds were allocated by the Commission to certified non-governmental partners and international organisations, including United Nations organisations[3].

    Humanitarian non-governmental partners are thoroughly assessed by the Commission on their capacity to observe basic principles and obligations, including respect of the relevant EU, international and national law, as well as compliance with transparency, accountability and internal controls, including risk management mechanisms[4].

    Furthermore, humanitarian partners have taken measures to secure aid delivery, such as securing warehouses, ensuring presence during distributions, and coordinating routes used for movement with Israeli security forces through the Humanitarian Notification System. The Commission is in regular contact with its partners on the ground. Despite the dramatic situation, they are doing their utmost to ensure due diligence, monitoring the situation and their activities.

    Reconstruction goes beyond humanitarian aid and requires a long-term ceasefire as well as other conditions, such as governance and security arrangements, to fall in place. With the ongoing hostilities between Israel and Hamas during 2024, the EU was not able to finance any reconstruction activities in Gaza in 2024.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/where/middle-east-and-northern-africa/palestine_en#how-are-we-helping .
    • [2] https://civil-protection-humanitarian-aid.ec.europa.eu/who/humanitarian-principles_en.
    • [3] Funded partners operating in Palestine in 2024 were the United Nations Children’s Fund (United States), the World Food Programme (Italy), United Nations Relief and Works Agency in the Near East (Palestine), Norwegian Refugee Council (Norway), International Federation of Red Cross and Red Crescent Societies (Switzerland), International Committee of the Red Cross (Switzerland), World Health Organisation, War Child (Netherlands), International Rescue Committee (Denmark), Relief International (France), Humanity and Inclusion (France), Action Against Hunger (Spain), Care International (Austria), Médecins du Monde (France), World Vision (Denmark), United Nations Office for the Coordination of Humanitarian Affairs (Switzerland), and International NGO Safety Organisation (Netherlands).
    • [4] https://www.dgecho-partners-helpdesk.eu/ngo/humanitarian-partnership-2021-2027/eu-humanitarian-partnership-certificate-2021-2027 .
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Revision of Regulation (EC) No 883/2004 – E-001232/2025(ASW)

    Source: European Parliament

    Regulation (EC) No 883/2004[1] on the coordination of national social security systems, together with its implementing Regulation (EC) 987/2009, are key pieces of EU legislation that ensure the protection of social security rights for individuals moving within the EU, as well as in Iceland, Liechtenstein, Norway, and Switzerland. They establish common rules for determining which country’s social security system applies to individuals in cross-border situations, while respecting the competence of Member States to define the specifics of their social security systems, such as beneficiaries, levels of allowances, and eligibility criteria.

    In December 2016, the Commission proposed to modernise the current rules to ensure that they are fair, clear and easier to enforce. The negotiations between the co-legislators are ongoing.

    Regulation (EC) No 883/2004 also applies to frontier workers or other cross-border workers, including those in the Moselle department of France who worked in Germany and receive unemployment benefits in France. According to the current rules, for these groups of workers, the unemployment benefits are generally paid by the Member State of residence.

    • [1] https://eur-lex.europa.eu/eli/reg/2004/883/oj/eng .
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Global: How Denmark’s oysters are transforming foodies into citizen scientists

    Source: The Conversation – UK – By Dominique Townsend, Visiting Researcher, School of Geography and Environmental Science, University of Southampton

    Lea Meilandt Mathisen, CC BY-NC-ND

    This year 80 people put on their waders, grabbed buckets and quadrats (square metal frames), and splashed through the clear shallow waters. Once they reached one of the many sampling locations, marked by miniature floats, they threw their quadrats into the shallow water, ready to collect all the sea life that landed inside their quadrats.

    No one had any idea what they might find living on the seabed until they reached into the water. Nearby, kids peered down at the seabed using underwater scopes, grandparents chuckled as they returned for a second forage.

    This citizen science project combines coastal ecology and gastronomy. Our groups returned to the sorting stations to identify, count, weigh and measure each bucket of creatures and algae. A typical bucket might contain four living Pacific oysters, nine dead, a brush-clawed shore crab, four folded sea squirts and a handful of snails.

    Then, we sat down together to eat a gourmet oyster dinner, prepared by Denmark’s top chefs. Organised by a shellfish gastrotourism association called Danmarks Skaldyrshovedstad, this oyster hunt (Østerjagten 2025) is a new annual festival held at the Salling Sund Bridge in the Danish Limfjorden, a 110-mile strait of water in northern Denmark.

    Citizen scientists gather flora and fauna samples from the seafloor.
    Lea Meilandt Mathisen, CC BY-NC-ND

    The invasive Pacific oysters people had collected from the seabed then went on to be shucked and cooked. They were served au gratin, with wild flavour combinations, ranging from blueberry and blue cheese to shavings of prosciutto with strawberries and lime.

    Most people told us they came along because of the quirkiness of this event, and the promise of gourmet food. Less than one in five people stated their interest in marine research as their reason for joining. Nobody attended the event just for the science.

    As a coastal change researcher, this result was exciting – we were reaching an audience that might not normally engage. Even after participating, many people didn’t feel like citizen scientists. But when asked what they had learnt, most recalled facts about coastal ecology, as well as new ways to cook oysters.

    A delicious plate of Pacific oysters served au gratin.
    Lea Meilandt Mathisen, CC BY-NC-ND



    Read more:
    How citizen science is shaping international conservation

    Eating aliens

    Back to the basket sample contents. Pacific oyster, brush-clawed shore crab, folded sea squirts: none are native to the Limfjorden or Danish waters. So many people were shocked to find out that their baskets were full of invasive species – these “alien species” are non-native and can compete with the resident species for both food and space.

    Despite an increase in the number of empty Pacific oysters shells we found this year compared to last (indicating more oyster deaths), temperatures are rising in this estuary system. This means that conditions are becoming more suitable for the Pacific oysters and the other invasive creatures, many of which originate in warmer waters.

    Individual Pacific oysters were measured by hand.
    Lea Meilandt Mathisen, CC BY-NC-ND

    All oysters provide ecosystem services; improving water quality, forming new habitats and protecting coastlines from erosion by reducing wave energy. As Pacific oysters are bigger, rougher, tougher and much faster growing than native European oysters, they can have a greater impact on the environment.

    This, however, is not necessarily a good thing. As Pacific oysters take over European oyster and blue mussel beds, birds which once fed on these species are left without vital food sources. The thick shells mean they have no predators once they reach a certain size. Beach goers can also be affected as the razor-sharp shells occupy previously sandy bathing areas.

    Farming of the Pacific oyster has been banned in Denmark since 1998, yet despite this measure, Pacific oyster beds are now widespread and prevalent across Denmark’s estuaries. A single oyster can release between 50 and 200 million eggs during a spawning event each year meaning it is impossible to control them.

    A young citizen scientist holds a small shore crab.
    Lea Meilandt Mathisen, CC BY-NC-ND

    While children were discovering the joy of sea squirts, other marine scientists and I could have tougher conversations with adults about climate change. We explained that warming temperatures are clearly visible in the here-and-now of local monitoring data.

    The Limfjorden is made up of a series of fjords and islands in northern Denmark which link the North Sea to the Kattergat (the sea between Denmark and Sweden). This area is characterised by undisturbed coastlines and rolling hills, as well as some famous geological sites. It is a popular holiday destination for those that enjoy being in nature, some Danish hyggelig (comfort) and seafood.

    But the Limfjorden is subject to numerous pressures: eutrophication (when extra nutrients in the water cause toxic algal blooms), changing climate, fishing, dumping of dredged materials and the arrival of invasive species. Its resilience to these may serve as an ecological bell weather for the rest of the world’s coasts.

    Our event highlights how we’ll have to deal with environmental issues together. One feedback form still sits on my desk, the participant wrote in Danish: “Forskning er alle mands projekt og at det har effekt.” This translates to “research is everyone’s project and it has an effect”.

    This edible approach offers a new way of communicating complex issues such as biodiversity and the introduction of alien species. Oyster hunt-style events such as this offer an excellent opportunity for scientists like us to provide some food for thought.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. 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 so far.

    Camille Saurel receives funding from the European Union, Danish Government and research councils.

    Pedro Seabra Freitas receives funding from the European Union, Danish Government and Research Councils, Aage V. Jensen Naturfond.

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

    – ref. How Denmark’s oysters are transforming foodies into citizen scientists – https://theconversation.com/how-denmarks-oysters-are-transforming-foodies-into-citizen-scientists-255828

    MIL OSI – Global Reports –

  • MIL-OSI: Treasury Bill Auction Announcement – RIKV 25 0820 – RIKV 25 1119

    Source: GlobeNewswire (MIL-OSI)

    Series RIKV 25 0820 RIKV 25 1119
    ISIN IS0000037216 IS0000037547
    Maturity Date 08/20/2025 11/19/2025
    Auction Date 05/19/2025 05/19/2025
    Settlement Date 05/21/2025 05/21/2025

    On the Auction Date, between 10:30 am and 11:00 am, the Government Debt Management will auction Treasury bills in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Payments for the Treasury bills must be received by the Central Bank before 14:00 on the Settlement Date and the Bills will be delivered in electronic form on the same day.

    Further reference is made to the General Terms of Icelandic Treasury bills and General Terms of Auction for Treasury bills on the Government Debt Management website.

    For additional information please contact Oddgeir Gunnarsson, Government Debt Management, at +354 569 9635.

    The MIL Network –

  • MIL-OSI: Karolinska Development’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN – May 15, 2025. Karolinska Development AB (publ) (“Karolinska Development” or the “Company”) held the Annual General Meeting on May 15, 2025. The shareholders have had the right to exercise their voting rights in advance through postal voting pursuant to item 13 in the articles of association. Therefore, shareholders have had the choice to exercise their voting rights at the AGM by attending in person, by postal voting or through a proxy. The following resolutions were passed by the shareholders at the Annual General Meeting:

    Profit and loss statement and the balance sheet: It was resolved to adopt the profit and loss statement and the balance sheet and the consolidated profit and loss statement and the consolidated balance sheet.

    Appropriation of the Company’s result: It was resolved to approve the allocation of the result, proposed by the Board of Directors and the CEO, in total SEK 1,235,972,877 to be carried forward.

    Discharge from liability of the directors and the CEO: It was resolved to grant the directors and the CEO discharge from liability for the financial year 2024.

    Resolution regarding the number of directors and auditors and deputy auditors to be appointed: It was resolved that the number of directors shall be five without deputies and that the number of auditors shall be one. No deputy auditor shall be appointed.

    Resolution in respect of the fees for the Board of Directors and for the auditor: It was resolved that the chairman will be paid a fixed amount of SEK 400,000 to be paid out in proportion to board meetings attended; that all other directors will be paid a fixed amount of SEK 200,000 to be paid out in proportion to board meetings attended; that the auditor will be paid as per invoice.

    Election of Chairman of the Board of Directors, directors and auditors and deputy auditors: It was resolved to re-elect the directors Ben Toogood, Anna Lefevre Skjöldebrand, Philip Duong and Will Zeng, and to elect Anders Härfstrand as director, and it was resolved to re-elect Ben Toogood as Chairman of the Board of Directors. It was resolved to, in accordance with the audit committee’s recommendation, re-elect Ernst & Young Aktiebolag as auditor, currently with Oskar Wall as auditor in charge, for the time until the end of the 2026 Annual General Meeting.

    Principles for appointing members and instruction for the Nomination Committee: It was resolved that the Nomination Committee shall have five members. Every year, the five largest owners (voting power, as set forth in the share register kept by Euroclear Sweden AB as of the last banking day in August) shall appoint one member each. The chairman of the Board of Directors shall convene the first meeting. If a shareholder does not exercise its right to appoint a member, the shareholder next in order of voting power, who has not already appointed a member or has a right to appoint a member, shall have the right to appoint a member to the Nominating Committee. The members of the Nomination Committee shall be made public as soon as the members have been appointed, and in no case later than six months prior to the Annual General Meeting. The members shall among themselves appoint the chairman of the Nomination Committee. If a member resigns or is prevented from pursuing his/her assignment, the shareholder that has appointed such member shall appoint a new member. In the event that the shareholding in the Company is materially changed, before the Nomination Committee has completed its assignment, the Nomination Committee may decide to change the composition of the Nomination Committee, as determined by the Nomination Committee (considering the principles applicable for the appointment of the Nomination Committee). Any change in the composition of the Nomination Committee shall be announced as soon as possible. No fees shall be paid to the members of the Nomination Committee. Out of pocket expenses shall be reimbursed by the Company. The mandate of the committee shall be until the members of the succeeding committee have been announced.

    The Nomination Committee is to make proposals to the Annual General Meeting regarding the election of Chair of the Annual General Meeting, number of directors, Chair of the Board of Directors and other directors and remuneration to the directors. The Nomination Committee is also to make proposals regarding the company’s auditor, remuneration to the company’s auditor and election of members of the Nomination Committee or principles for the selection of a Nomination Committee. The Nomination Committee shall conduct an annual evaluation of this instruction and when necessary propose to amend it to the Annual General Meeting. The Nomination Committee shall otherwise carry out the tasks that, according to the Swedish Corporate Governance Code, are the responsibility of the Nomination Committee.

    Resolution on approval of the Board of Directors’ Remuneration Report 2024: It was resolved to approve the Board of Directors’ remuneration report for 2024 in accordance with Chapter 8, Section 53 a of the Swedish Companies Act.

    The Board of Directors’ proposal regarding authorization for the Board of Directors to resolve on transfer of own shares: It was resolved to authorize the Board of Directors, for the period until the next Annual General Meeting, on one or more occasions, with or without deviation from the shareholders’ preferential rights, to resolve on transfer of all shares of series B held by the Company at any given time. Transfer may take place on Nasdaq Stockholm or otherwise. Transfer on Nasdaq Stockholm shall be made at a price per share within the registered price interval at any given time, being the interval between the highest bid and lowest ask price. Otherwise, transfer shall be made on market terms. Payment for shares shall be made in cash, in kind or by set-off.

    The Board of Directors’ proposal regarding authorization for the Board of Directors to resolve on new issues of shares: It was resolved to authorize the Board of Directors, for the period until the next Annual General Meeting to resolve, on one or more occasions, with or without deviation from the shareholders’ preferential rights, and for payment in cash, by set-off or in kind, to issue new shares of series B up to a number that, at the time of the first resolution under the authorization, corresponds to twenty (20) per cent of the total share capital; provided however that any such issue must not result in the Company’s share capital exceeding the Company’s maximum allowed share capital as set out in the articles of association.

    Complete information regarding each resolution of the Annual General Meeting can be found on www.karolinskadevelopment.com.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    The information was submitted for publication through the agency of the contact persons set out above on May 15, 2025 at 16:45 CEST.

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com

    Attachment

    The MIL Network –

  • MIL-OSI Global: How Tove Jansson used her Moomins comic strip to humorously critique the financial and creative pressures of being an artist

    Source: The Conversation – UK – By Elina Druker, Professor in Department of Culture and Aesthetics, Stockholm University

    In 1954, the Finnish artist Tove Jansson was commissioned by the Evening News in London to draw comic strips about the Moomintrolls. The strip was syndicated by hundreds of newspapers, introducing the Moomins to an international audience and marking a dramatic turning point in her career.

    Between 1954 and 1959, Tove Jansson drew 21 comics, some in collaboration with her brother Lars Jansson, who continued to draw the comic strip until 1975.

    The success of the Moomin in the Evening News brought Tove Jansson economic security and helped her with the mortgage of her studio in Helsinki. However, over time, the assignment also became a burden on her creative work – a time-consuming and demanding obligation.

    Perhaps because of this personal conflict, the comics often explore themes such as the struggle of artistic creation, the role of the artist and the value of art. Jansson had previously created humorous and satirical commentaries on the art world in various artists’ magazines in Finland, but here she places the Moomin at the heart of the creative process.

    Unlike the novels and picture books, the Moomin comic strips were created for adults and can be described as satire. Jansson uses the compact format to comment on society, including the art world. The growing conflict in her own life, between the Moomintrolls and her artwork, is brought into focus in the comic strips.

    This is part of a series of articles celebrating the 80th anniversary of the Moomins. Want to celebrate their birthday with us? Join The Conversation and a group of experts on May 23 in Bradford for a screening of Moomins on the Riviera and a discussion of the refugee experience in Tove Jansson’s work. Click here for more information and tickets.

    The theme of the purpose of art and artistic creation is playfully introduced in one of the first comic strips, Moomin and the Brigands. Here Moomin and his friend Sniff embark on a quest for fortune. They engage in several schemes, including capturing rare creatures and selling them to the zoo, marketing magic rejuvenation potions and creating modern art.

    While visiting a Hemulen (a really uptight counterpart to the Moomintrolls who love rules), Moomin and Sniff accidentally break several precious items in her home. Among the broken objects is a large statue of Rebecca at the Well, which falls from its pedestal and shatters. Rebecca at the Well is a classic biblical motif, which is often portrays a model of feminine virtue, symbolising divine guidance and exemplifying ideals of hospitality and moral character.

    The friends awkwardly attempt to reassemble the statue by gluing it together. The result is a strangely angular and expressive piece of art, referencing fragmented cubist portraits. Cubism, which emerged around 1907 to 1908, aimed to represent reality in a radically new way by bringing together subjects and figures, resulting in objects that appear fragmented and abstracted.

    Sniff immediately sees the potential of the new Rebecca. “She’s more modern now,” he exclaims joyfully. The friends carry the statue to an enthusiastic art dealer who sells it for £500 in his gallery.

    The episode with the deconstructed Rebecca is, of course, a funny caricature of the trend-sensitive art market. But the shattered statue with its intricate shapes was also a commentary on the debates about the “incomprehensible” and “obscure” nature of modernist art in Nordic countries during the time.

    The destruction of the Rebecca can also be seen as an act of iconoclasm – the breaking of icons or monuments – or rather, a parody of it. While usually associated with vandalism, here, the iconoclastic act leads to the creation of something new. This expresses a desire for renewal and a liberation from restrictive conventions. It is, however, worth noting that Rebecca retains her symbol of virtue – the water jug – even after this pivotal encounter.

    Drawing on the work of French philosopher and anthropologist Bruno Latour, iconoclasm can be understood as both destructive and constructive – an ambiguity that also applies to Jansson’s interpretation of the motif.

    Later in the story, the money offered by the modernist Rebecca lures Moomin to the field of the arts. For a brief moment, he assumes the role of a painter and wholeheartedly embodies the romanticised ideal of the poor, misunderstood artist.

    Moomin dons a Rembrandtian black velvet beret, but despite this, appears lost and bewildered in his new role, muttering: “I only want to live in peace and plant potatoes and dream!”

    In a scene of self-parodying metafiction, he is blinded by his oversized beret and ends up tumbling down a cliff, abruptly ending his artistic career.

    Tove Jansson’s Moomin comic strips for the Evening News use satire to explore artistic creation, the role of the artist, and the art world.

    Through Moomintroll’s and Sniff’s pursuit of fame and fortune via the accidental modernist deconstruction of Rebecca, Jansson satirises romantic notions of the artist, the commercialisation of art and the professions surrounding artistic production. These themes are deeply connected to Jansson’s own experiences as an artist and author, constantly balancing between various professional and artistic demands, between children’s books, public obligations and painting.

    Elina Druker is employed as a professor and researcher at Stockholm University, Sweden.

    – ref. How Tove Jansson used her Moomins comic strip to humorously critique the financial and creative pressures of being an artist – https://theconversation.com/how-tove-jansson-used-her-moomins-comic-strip-to-humorously-critique-the-financial-and-creative-pressures-of-being-an-artist-256287

    MIL OSI – Global Reports –

  • MIL-OSI: Michael Sandin Appointed Interim CFO of Serstech

    Source: GlobeNewswire (MIL-OSI)

    Serstech’s Chief Financial Officer, Simon Persson, will be on parental leave from June 1 to October 31, 2025. During this period, Michael Sandin will assume the role of interim CFO.

    Michael Sandin brings over 30 years of experience in finance, including roles as an accountant and as CEO of Outbrave Finance, based in Malmö. Michael has a degree in finance from Lund University in Sweden.

    “We are pleased to welcome Michael to the Serstech team during Simon’s temporary leave. His extensive experience will ensure continued financial leadership and stability during this period,” says Stefan Sandor, CEO of Serstech.

    For further information, please contact:
    Stefan Sandor,
    CEO, Serstech AB

    Phone: +46 739 606 067
    Email: ss@serstech.com

    or

    Thomas Pileby,
    Chairman of the Board, Serstech AB

    Phone: +46 702 072 643
    Email: tp@serstech.com
    or visit: www.serstech.com

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech

    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    The MIL Network –

  • MIL-OSI United Kingdom: New safeguard measures on personal imports of animal products from the EU15 May 2025 ​​To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the… Read more

    Source: Channel Islands – Jersey

    15 May 2025

    ​​

    To protect Jersey’s livestock, food security and farming community new safeguard measures will soon come into force. This will restrict personal imports of products of animal origin (POAO) from the European Union. 

    Effective from 16 May 2025, travellers will no longer be permitted to bring meat or dairy products from EU single market area (EEA states, the Faroe Islands, Greenland and Switzerland) countries into Jersey for personal use. 

    This aligns Jersey with the existing measures in the UK and Crown Dependencies and follows an increase in confirmed cases of foot and mouth disease (FMD) across parts of Europe. 

    What This Means for Travellers 

    Banned Items 

    This is regardless of whether they are fresh, cured, raw, packed, or purchased from duty -free: 

    • Meat products from cattle, pigs, sheep or goats 
    • Dairy products including cheese, milk, and yogurt 
    • Items containing these products, such as: Meat or cheese sandwiches, cured meats, sausages and milk-based desserts.

    Items travellers can still bring

    The following remain permitted for personal import: 

    • Bread (excluding sandwiches filled with meat or dairy) 
    • Cakes (as long as they do not contain fresh cream) 
    • Biscuits, chocolate, and confectionery (excluding those with large amounts of unprocessed dairy) 
    • Pasta and noodles (not mixed with or filled with meat) 
    • Packaged soups, stocks, and flavourings 
    • Processed and packaged plant products, including packaged salads and frozen vegetables 
    • Food supplements containing small amounts of animal product (e.g. fish oil capsules) 
    • Up to 2kg per person of powdered infant milk, baby food, or special dietary food required for medical reasons.

    Why these measures are needed

    While foot and mouth disease poses no threat to human health, it is a highly contagious viral disease affecting cloven-hoofed animals. 

    The current spread of FMD across parts of Europe presents a serious risk to Jersey’s agriculture sector. 

    An outbreak could result in severe economic losses through: Reduced productivity in affected animals, disruption to trade and potential bans on export of livestock and animal products. 

    Background 

    Earlier this year, Jersey introduced specific bans on personal imports of meat and dairy products from Germany, Hungary, Slovakia, and Austria following confirmed FMD outbreaks. The latest measures now extend this safeguard to all EU countries. 

    Important clarifications 

    • These restrictions apply only to personal imports from EU countries 
    • They do not apply to personal imports from Great Britain, Northern Ireland, Guernsey, or the Isle of Man 
    • Commercial imports of meat and dairy products from the EU remain permitted, provided they meet all current import requirements and health standards. 

    Further Information

    These precautionary measures are in line with advice from the UK Department for Environment, Food & Rural Affairs (DEFRA) and are essential to maintaining the health of Jersey’s livestock. 

    For more details or specific guidance on permitted items, visit: Bringing food or animal products into Jersey​.​

    MIL OSI United Kingdom –

  • MIL-OSI: Partisia and Trust Stamp partner to make digital IDs safer and more private by securely linking them to unique biometrics

    Source: GlobeNewswire (MIL-OSI)

    Copenhagen, Denmark, May 15, 2025 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company™ today announced a strategic partnership with fellow deep tech innovator Partisia. In a major step toward strengthening digital security and privacy, the two companies will collaborate to develop a more accessible and resilient solution for biometric holder binding. This partnership aims to deliver a foundational technology for reliably and securely verifying identity across a broad range of digital platforms.

    By combining Trust Stamp’s trusted biometric technology with Partisia’s proven Multi-Party Computation (MPC) and platform for privacy-preserving data solutions the two companies are providing the digital identity and cybersecurity industry with a simplified, privacy-centric solution for securely linking digital credentials to an individual’s unique biometric data. This approach guarantees that only the legitimate owner can use the credential, without ever exposing sensitive personal information.

    Unlike traditional methods, this joint solution places user privacy at the center by ensuring that biometric data remains within the user’s control. Trust Stamp eliminates the need for traditional templates or centralized databases by transforming live biometric input into a secure, non-reversible representation. This allows users’ identities to be established cryptographically without exposing their privacy—without storing sensitive biometric data or cryptographic keys. Paired with Partisia’s MPC architecture, the result is a seamless, privacy-first identity solution built to prevent unauthorized access and eliminate single points of failure.

    A key aspect of this partnership is the leverage of GODS (Global Omnichain Data Service) Network, which enables trustworthy representation of data across networks and web3 in general. Utilizing GODS network streamlines the adoption of this approach across diverse ecosystems – including finance, digital services, government, and Web3 platforms. The interoperable credential format allows for the reuse of a verified and bound identity across multiple platforms, eliminating repetitive onboarding processes and the unnecessary exposure of personal data.

    “Our collaboration is about accelerating the industry’s progress toward delivering the ease users expect—while enabling a secure, reusable identity across platforms. It’s a step toward a future where seamless login replaces repetitive onboarding and protects personal data,” Jonathan Patscheider, Vice President at Trust Stamp says. “By joining forces with Partisia, we are making it easier for organizations to adopt best-in-class privacy-first technologies without compromising performance or user experience.”

    Mark Medum Bundgaard, Chief Product Officer at Partisia, adds: “Biometric holder binding is fundamental to establishing trust in digital identity. Our work with Trust Stamp makes this trust more accessible, demonstrating that robust privacy standards and ease of use can coexist in harmony. This partnership reflects our shared commitment to delivering tools that empower users, protect their data, and ensure broad interoperability across digital landscapes.”

    For sectors facing increasing pressure to modernize their identity systems, particularly in banking and other regulated industries, Trust Stamp and Partisia aim to introduce a unified solution, leveraging advanced biometric authentication and decentralized technology to streamline onboarding, mitigate fraud risks, and ensure compliance across sectors like finance, healthcare, and government services. The combination of a privacy-first biometric identity verification together with secure authentication mechanisms, offers a forward-looking approach to identity authentication

    Together, Trust Stamp and Partisia are building a digital identity ecosystem where individuals can prove who they are without giving up control of their personal information, and where credentials stay securely linked to the unique person they belong to.

    About Partisia.com:

    At Partisia, we’re pioneering digital trust for today’s data-sensitive world. Imagine seamless collaboration, breakthrough innovation, and a real competitive edge – all achieved without ever compromising your valuable data. Our advanced Multi-Party Computation technology, a cornerstone of everything Partisia does, makes this powerful vision a tangible reality. We cut through complex data silos and navigate stringent compliance effortlessly, empowering your organization to unlock crucial insights and forge strategic partnerships with absolute confidentiality and unwavering security. At Partisia we’re building a future where data privacy fuels progress, not hinders it.

    About Trust Stamp:

    Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide.

    With team members from twenty-two nationalities in eight countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks
    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    Business enquiries:

    Partisia:
    Name: Line Stephansen, Senior Business Developer
    Mail: ls@partisia.com

    Trust Stamp:
    Name: Jonathan Patscheider
    Mail: jpatscheider@truststamp.net

    The MIL Network –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 15, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for Bitcoin mining, today released its unaudited financial results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Highlights
    All amounts compared to Q1 2024 unless otherwise noted

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Cost of revenue was US$73.4 million vs. US$85.4 million.
    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Net income was US$409.5 million vs. US$0.6 million.
    • Adjusted EBITDA1 was negative US$56.1 million, vs. positive US$27.32 million.
    • Cash and cash equivalents were US$215.6 million as of March 31, 2025.
    • Crypto balance: US$131.1 million as of March 31, 2025.

    Management Commentary

    “This quarter marked the continued execution of our SEALMINER roadmap,” said Matt Kong, Chief Business Officer at Bitdeer. “We have energized 3.7 EH/s and 0.5 EH/s of SEALMINER A1 and SEALMINER A2, respectively, bringing our self-mining hashrate to 12.4 EH/s by the end of April. With our SEALMINER mining rigs quickly coming off the production line and ample global power capacity available, we expect to achieve rapid growth in our self-mining hashrate towards our 40 EH/s target by October 2025. Looking ahead, our R&D efforts are now focused on our SEALMINER A4 project, for which we are targeting an unprecedent chip efficiency of approximately 5 J/TH at the chip level. We believe this new chip design will revolutionize the way Bitcoin mining ASICs are made in the future and tape-out is on track for Q4 2025. We believe SEALMINER A4, along with our 3rd generation chip, will position Bitdeer as the leading supplier of the world’s most energy efficient mining rigs.”

    Mr. Kong concluded, “On the energy front, construction of our global power infrastructure remains on schedule. We expect to have nearly 1.6 GW of available global power capacity by the end of Q2 2025 and 1.8 GW by year-end. As part of our HPC/AI initiative, we engaged Northland Capital Markets in March to serve as our financial advisor for the development of our HPC/AI data center strategy. We have advanced our discussions with development partners and potential end users regarding selected large-scale sites in the U.S. targeted for HPC and AI cloud infrastructure.”

    Operational Summary

    Metrics Three Months Ended Mar 31
      2025 2024
    Total hash rate under management (EH/s) 24.2 22.5
    – Proprietary hash rate 12.1 8.4
    – Self-mining 11.5 6.7
    – Cloud Hash Rate – 1.7
    – Delivered but not yet hashing 0.6 –
    – Hosting 12.1 14.1
    Mining rigs under management 175,000 226,000
    – Self-owned 97,000 86,000
    – Hosted 78,000 140,000
    Bitcoin mined (self-mining only) 350 911
    Bitcoins held 1,156 58
    Total power usage (MWh) 881,000 1,361,000
    Average cost of electricity ($/MWh) 48 43
    Average miner efficiency (J/TH) 29.0 31.7
     

    Power Infrastructure Summary (as of April 30, 2025)

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 120 Online Completed
    – Gedu, Bhutan 100 Online Completed
    – Jigmeling, Bhutan 132 Online Completed
    Total electrical capacity 1,098    
    Pipeline capacity      
    – Tydal, Norway Phase 2 105 In progress Q2 2025
    – Massillon, Ohio 221 In progress Q3-Q4 2025
    – Clarington, Ohio Phase 1 266 Paused TBD
    – Clarington, Ohio Phase 2 304 Pending approval TBD
    – Jigmeling, Bhutan 368 In progress Q2 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    – Oromia Region, Ethiopia 50 In planning Q4 2025
    Total pipeline capacity 1,592    
    Total global electrical capacity 2,690    
     

    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded4.

    Q1 2025 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      March 31, 2025 Dec 31, 2024 March 31, 2024
    Total revenue 70.1 69.0 119.5
    Cost of revenue (73.4) (63.9) (85.4)
    Gross profit/(loss) (3.2) 5.1 34.1
    Net profit/(loss) 409.5 (531.9) 0.6
    Adjusted EBITDA (56.1) (3.8) 27.32
    Cash and cash equivalents 215.6 476.3 118.5
    US $ in millions Three Months Ended Mar 31, 2025
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 37.2 0.1 9.6 16.3 4.1
    Cost of revenue          
     – Electricity cost in operating mining rigs (24.0) – (6.8) (11.4) –
     – Depreciation and SBC expenses (13.7) (0.1) (1.5) (2.6) –
     – Cost of products sold – – – – (3.3)
     – Other cash costs (3.4) – (0.9) (1.5) –
    Total cost of revenue (41.0) (0.1) (9.1) (15.4) (3.3)
    Gross profit/(loss) (3.8) – 0.5 0.9 0.8
    US $ in millions Three Months Ended Mar 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting Sales of SEALMINERs
    Revenue 48.4 18.1 29.0 19.5 –
    Cost of revenue          
     – Electricity cost in operating mining rigs (26.2) (5.3) (14.0) (13.1) –
     – Depreciation and SBC expenses (8.7) (3.2) (3.0) (2.0) –
     – Other cash costs (2.7) (1.0) (1.6) (1.1) –
    Total cost of revenue (37.6) (9.6) (18.6) (16.2) –
    Gross profit 10.8 8.5 10.3 3.2 –
     

    Q1 2025 Management’s Discussion and Analysis (compared to Q1 2024)

    Revenue

    • Total revenue was US$70.1 million vs. US$119.5 million.
    • Self-mining revenue was US$37.2 million vs. US$48.4 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 44.8% to 9.7 EH/s from 6.7 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$0.1 million vs. US$18.1 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations by the end of 2024.
    • General Hosting revenue was US$9.6 million vs. US$29.0 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$16.3 million vs. US$19.5 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.
    • SEALMINER sales revenue was US$4.1 million.

    Cost of Revenue

    • Cost of revenue was US$73.4 million vs US$85.4 million. The decrease was primarily driven by lower power usage from hosted mining rigs, partially offset by the increase in costs of SEALMINERs sold to customers and depreciation expenses for SEALMINER launched in our datacenters during Q1 2025.

    Gross Profit and Margin

    • Gross profit was negative US$3.2 million vs. positive US$34.1 million.
    • Gross margin was -4.6% vs. 28.6%.

    Operating Expenses

    • The sum of the operating expenses below was US$75.8 million vs. US$37.8 million.
      • Selling expenses were US$1.4 million vs. US$1.7 million, about flat year-over-year.
      • General and administrative expenses were US$15.4 million vs. US$15.0 million, about flat year-over-year.
      • Research and development expenses were US$59.0 million vs. US$21.2 million, primarily due to higher R&D costs related to the one-off development and tape out costs of SEAL03 chip, higher engineering costs related to the Company’s ASIC development roadmap, and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain in Q4 2024.

    Other Net Gain

    • Other net gain was US$503.1 million primarily due to the non-cash, fair value changes of derivative liabilities, which were the US$448.7 million of gain on fair value changes for the convertible notes issued in August 2024 and November 2024 and the US$58.4 million of gain on fair value changes for the Tether warrants. 

    Net Income

    • Net income was US$409.5 million vs. US$0.6 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$89.8 million vs. adjusted profit of US$9.72 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher R&D expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$56.1 million vs. positive US$27.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D expenses as described above.

    Cash Flows

    • Net cash used in operating activities was US$284.0 million, primarily driven by working capital payments to suppliers for SEALMINER mass production.
    • Net cash used in investing activities was US$73.6 million, which included US$45.7 million of capital expenditures for infrastructure construction and mining rigs, US$18.2 million for the purchase of cryptocurrencies, US$21.9 million to acquire the site and gas-fired power project in Alberta, and US$12.3 million of proceeds from disposal of cryptocurrencies from principal business.
    • Net cash generated from financing activities was US$94.9 million, primarily driven by US$118.4 million net proceeds from issuance of ordinary shares and partially offset by US$21.0 million used for share repurchases.

    Capex

    • 2025 power and datacenter infrastructure capex lowered to be in the range of US$260 to US$290 million from prior guidance of US$340 to US$370 million primarily due to the pause of bitcoin-mining infrastructure construction at Bitdeer’s Clarington, Ohio site due to advancing discussions with development partners and potential end users for HPC/AI. This updated range includes reported infrastructure capex in Q1.

    Balance Sheet
    As of March 31, 2025 unless stated otherwise (compared to December 31, 2024)

    • US$215.6 million in cash and cash equivalents, US$131.1 million in cryptocurrencies and US$215.4 million in borrowing.
    • US$381.7 million prepayments and other assets, up from US$310.2 million. Change primarily driven by advanced payments to suppliers for SEALMINER mass volume production.
    • US$153.7 million inventories, up from US$64.9 million. Increase driven by wafers, chips, WIP and finished SEALMINER inventory.
    • US$256.8 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August 2024 and November 2024.

    Further information regarding the Company’s first quarter 2025 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for Bitcoin mining. Bitdeer is committed to providing comprehensive Bitcoin mining solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
           
      As of March 31,   As of December 31,
    (US $ in thousands) 2025   2024
    ASSETS      
    Current assets      
    Cash and cash equivalents 215,642     476,270  
    Restricted cash 12,107     9,144  
    Cryptocurrencies 131,144     77,537  
    Trade receivables 10,263     9,627  
    Amounts due from a related party 15,810     15,512  
    Prepayments and other assets 335,071     291,929  
    Inventories 153,740     64,888  
    Financial assets at fair value through profit or loss 4,540     4,540  
    Total current assets  878,317     949,447  
           
    Non-current assets      
    Restricted cash 5,906     8,212  
    Prepayments and other assets 46,652     18,244  
    Financial assets at fair value through profit or loss 35,428     37,981  
    Mining rigs 101,581     67,324  
    Right-of-use assets 75,338     69,273  
    Property, plant and equipment 302,210     251,377  
    Investment properties 30,529     30,723  
    Intangible assets 78,303     83,235  
    Goodwill 35,818     35,818  
    Deferred tax assets 8,543     6,220  
    Total non-current assets  720,308     608,407  
    TOTAL ASSETS  1,598,625     1,557,854  
           
    LIABILITIES      
    Current liabilities      
    Trade payables 50,729     31,471  
    Other payables and accruals 38,098     40,617  
    Amounts due to a related party 7,788     8,747  
    Income tax payables 2,437     2,729  
    Derivative liabilities 256,775     763,939  
    Deferred revenue 61,016     39,029  
    Borrowings 215,436     208,127  
    Lease liabilities 6,895     5,460  
    Total current liabilities  639,174     1,100,119  
           
    Non-current liabilities      
    Other payables and accruals 1,786     1,650  
    Deferred revenue 68,449     90,200  
    Lease liabilities 78,846     72,673  
    Deferred tax liabilities 15,721     16,614  
    Total non-current liabilities 164,802     181,137  
    TOTAL LIABILITIES  803,976     1,281,256  
           
    NET ASSETS  794,649     276,598  
           
    EQUITY      
    Share capital *   *
    Treasury equity (181,065 )   (160,926 )
    Accumulated deficit (239,531 )   (649,004 )
    Reserves 1,215,245     1,086,528  
    TOTAL EQUITY 794,649     276,598  
     

    * Amount less than US$1,000

    BITDEER GROUP UNAUDITED CONSOLIDATED OPERATIONS AND COMPREHENSIVE INCOME
           
       Three months ended March 31, 
    (US $ in thousands) 2025   2024
           
    Revenue 70,128     119,506  
    Cost of revenue (73,353 )   (85,375 )
    Gross profit / (loss) (3,225 )   34,131  
    Selling expenses (1,393 )   (1,690 )
    General and administrative expenses (15,389 )   (14,969 )
    Research and development expenses (59,014 )   (21,164 )
    Other operating income / (expenses) (7,789 )   1,746  
    Other net gain 503,050     2,447  
    Profit from operations 416,240     501  
    Finance income / (expenses) (9,343 )   151  
    Profit before taxation 406,897     652  
    Income tax benefit / (expenses) 2,576     (46 )
    Profit for the period 409,473     606  
    Other comprehensive income      
    Income for the period 409,473     606  
    Other comprehensive income for the period    
    Item that may be reclassified to profit or loss      
    Exchange differences on translation of financial statements 166     32  
    Other comprehensive income for the period, net of tax 166     32  
    Total comprehensive income for the period 409,639     638  
           
    Earnings / (loss) per share (in US$)      
    Basic 2.15     0.01  
    Diluted (0.37 )   0.01  
    Weighted average number of shares outstanding (thousand shares)
    Basic 190,199     114,843  
    Diluted 228,561     117,041  
               
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
           
    Cash flows from operating activities      
    Cash used in operating activities: (280,889 )   (132,867 )
    Interest paid on leases (702 )   (652 )
    Interest paid on borrowings (4,493 )   (465 )
    Interest received 2,724     1,813  
    Income tax paid (628 )   –  
    Net cash used in operating activities  (283,988 )   (132,171 )
           
    Cash flows from investing activities      
    Purchase of property, plant and equipment, investment properties and intangible assets (44,770 )   (29,615 )
    Purchase of mining rigs (955 )   (1,560 )
    Purchase of financial assets at fair value through profit or loss (132 )   (992 )
    Purchase of cryptocurrencies (18,159 )   –  
    Proceeds from disposal of cryptocurrencies 12,283     90,380  
    Cash paid for the site and gas-fired power project in Alberta, Canada (21,870 )   –  
    Net cash generated from / (used in) investing activities  (73,603 )   58,213  
           
    Cash flows from financing activities      
    Capital element of lease rentals paid (1,942 )   (1,338 )
    Proceeds from issuance of shares for exercise of share rewards 530     37  
    Proceeds from issuance of ordinary shares, net of transaction costs 118,403     49,931  
    Payment for the future issuance cost –     (303 )
    Acquisition of treasury shares (21,010 )   –  
    Payment for transaction costs in connection with convertible senior notes (1,119 )   –  
    Net cash generated from financing activities  94,862     48,327  
           
    Net decrease in cash and cash equivalents  (262,729 )   (25,631 )
    Cash and cash equivalents at the beginning of the period 476,270     144,729  
    Effect of movements in exchange rates on cash and cash equivalents held 2,101     (637 )
    Cash and cash equivalents at the end of the period 215,642     118,461  
     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of profit/(loss) for the relevant period to adjusted EBITDA and adjusted profit/ (loss), for the three months ended March 31, 2025 and 2024.

    BITDEER GROUP UNAUDITED NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
           
      Three months ended March 31,
    (US $ in thousands) 2025   2024
    Adjusted EBITDA      
    Profit for the period 409,473     606  
    Add：      
    Depreciation and amortization 25,387     18,187  
    Income tax (benefit) / expenses (2,576 )   46  
    Interest (income) / expense, net 10,880     (608 )
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted EBITDA (56,145 )   27,3392  
           
    Adjusted Profit / (loss)      
    Profit for the period 409,473     606  
    Add：      
    Share-based payment expenses 10,404     7,803  
    Changes in fair value of derivative liabilities (507,162 )   –  
    Changes in fair value of cryptocurrency-settled receivables and payables (2,551 )   1,305  
    Total of Adjusted Profit / (loss) (89,836 )   9,7142  
     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    ____________________________
    1     “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.3 million revision to Q1 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, and changes in fair value of cryptocurrency-settled receivables and payables.

    The MIL Network –

  • MIL-OSI: Euronext N.V. Annual General Meeting results   

    Source: GlobeNewswire (MIL-OSI)

    Euronext N.V. Annual General Meeting results         

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 May 2025 – Euronext announced that in its Annual General Meeting (AGM) that took place today, all resolutions with the exception of voting item 1 (advisory vote) were approved.

    The voting items were as follows:

    1. Proposal to adopt the 2024 remuneration report
    2. Proposal to adopt the 2024 financial statements
    3. Proposal to adopt a dividend of €2.90 per ordinary share
    4. Proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2024
    5. Proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2024
    6. Re-appointment of Piero Novelli as a member of the Supervisory Board
    7. Re-appointment of Olivier Sichel as a member of the Supervisory Board
    8. Appointment of Francesca Scaglia as a member of the Supervisory Board
    9. Re-appointment of Delphine d’Amarzit as a member of the Managing Board
    10. Appointment of René van Vlerken as a member of the Managing Board
    11. Proposal to amend the remuneration policy with regard to the Managing Board
    12. Proposal to amend the remuneration policy with regard to the Supervisory Board
    13. Proposal to appoint the external auditor
    14. Proposal regarding cancellation of the company’s own shares purchased by the company under the share repurchase program
    15. Proposal to designate the Managing Board as the competent body to issue ordinary shares
    16. Proposal to designate the Managing Board as the competent body to restrict or exclude the pre-emptive rights of shareholders
    17. Proposal to authorise the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company
    18. Proposal to authorise the Supervisory Board or Managing Board (subject to approval of the Supervisory Board) to grant rights to French beneficiaries to receive shares in accordance with Articles L225-197-1 and seq. of the French Code of commerce

    The payment of the annual dividend will occur on 28 May 2025, with ex-dividend on 26 May 2025 and record date on 27 May 2025.

    CONTACTS  

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Solutions        Andrea Monzani         +39 02 72 42 62 13                          

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network –

  • MIL-OSI: SHELL PLC – REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2024

    Source: GlobeNewswire (MIL-OSI)

    Shell plc – Report on Payments to Governments for the year 2024

    Basis for preparation – Report on Payments to Governments for the year 2024
    This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as “Shell”) for the year 2024 as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom. This Report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission (“SEC”) according to Section 13(q) under the US Securities Exchange Act of 1934.

    This Report is available for download from www.shell.com/payments.

    Legislation
    This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

    Reporting entities
    This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report.

    Activities
    Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full.

    Government
    Government includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

    Project
    Payments are reported at project level, except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

    “Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

    Payment
    The information is reported under the following payment types:

    Production entitlements
    These are the host government’s share of production in the reporting period derived from projects operated by Shell. This includes the government’s share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

    In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included.

    In situations where a government settles Shell’s income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

    Taxes
    These are taxes paid by Shell on its income, profits or production (which include resource severance tax and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

    Royalties
    These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken.

    Dividends
    These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2024, there were no reportable dividend payments to a government.

    Bonuses
    These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone.

    Licence fees, rental fees, entry fees and other considerations for licences and/or concessions
    These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.

    Infrastructure improvements
    These are payments which relate to the construction of infrastructure (road, bridge or rail) not substantially dedicated for the use of extractive activities. Payments which are a social investment in nature, for example building of a school or hospital, are excluded.

    Other
    Operatorship
    When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call).

    When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

    Cash and in-kind payments
    Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

    Materiality level
    For each payment type, total payments below £86,000 to a government are excluded from this Report.

    Exchange rate
    Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate.

    Report on Payments to Governments [1]

    Summary report (in USD)
    Countries Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Europe              
    Germany         –         243,935,441         –         –         –         –         243,935,441
    Italy         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Norway         2,083,221,642         1,300,962,023         –         –         122,391         –         3,384,306,056
    United Kingdom         –         -16,649,747         –         –         11,483,529         –         -5,166,218
    Asia              
    Brunei         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
    China         –         10,343,616         –         –         –         –         10,343,616
    India         –         -17,715,638         –         –         –         –         -17,715,638
    Kazakhstan         –         242,741,780         –         –         –         –         242,741,780
    Malaysia         2,317,002,807         305,924,901         500,008,822         –         –         –         3,122,936,530
    Middle East              
    Oman         633,711,368         3,954,062,451         –         –         900,000         –         4,588,673,819
    Qatar         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Oceania              
    Australia         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
    Africa              
    Egypt         –         41,164,348         –         1,836,435         –         –         43,000,783
    Nigeria         3,804,949,166         648,734,398         780,231,463         –         102,925,166         –         5,336,840,193
    Sao Tome and Principe         –         –         –         1,300,000         –         –         1,300,000
    Tanzania         –         –         –         –         140,000         –         140,000
    Tunisia         –         24,904,580         4,941,633         –         –         –         29,846,213
    North America              
    Canada         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
    Mexico         –         –         –         –         21,527,002         –         21,527,002
    USA         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
    South America              
    Argentina         53,082,051         1,984,309         143,969,668         –         123,276         –         199,159,304
    Brazil         327,688,819         656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
    Colombia         –         –         –         –         489,880         –         489,880
    Trinidad and Tobago         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
    Total         11,387,783,976         10,456,840,201         4,322,795,167         12,976,786         1,913,987,033         1,127,250         28,095,510,413

    [1] The figures in this Report are rounded.

    Germany

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FEDERAL CENTRAL TAX OFFICE         –         294,891,077         –         –         –         –         294,891,077
    MUNICIPALITY OF COLOGNE         –         -2,763,591         –         –         –         –         -2,763,591
    MUNICIPALITY OF DINSLAKEN         –         -386,534         –         –         –         –         -386,534
    MUNICIPALITY OF GELSENKIRCHEN         –         -483,145         –         –         –         –         -483,145
    MUNICIPALITY OF OSTSTEINBEK         –         584,685         –         –         –         –         584,685
    MUNICIPALITY OF WESSELING         –         -3,943,262         –         –         –         –         -3,943,262
    TAX AUTHORITY HAMBURG         –         -43,963,789         –         –         –         –         -43,963,789
    Total         –         243,935,441         –         –         –         –         243,935,441
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    DEUTSCHE SHELL HOLDING GmbH         –         243,935,441         –         –         –         –         243,935,441
    Total         –         243,935,441         –         –         –         –         243,935,441

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Italy

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    CALVELLO MUNICIPALITY         –         –         884,083         –         –         –         884,083
    CORLETO PERTICARA MUNICIPALITY         –         –         1,964,671         –         –         –         1,964,671
    GORGOGLIONE MUNICIPALITY         –         –         302,257         –         –         –         302,257
    GRUMENTO NOVA MUNICIPALITY         –         –         505,190         –         –         –         505,190
    MARSICO NUOVO MUNICIPALITY         –         –         378,893         –         –         –         378,893
    MARSICOVETERE MUNICIPALITY         –         –         126,298         –         –         –         126,298
    MONTEMURRO MUNICIPALITY         –         –         126,298         –         –         –         126,298
    REGIONE BASILICATA         –         –         44,157,199         –         79,302,465         –         123,459,664
    TESORERIA PROVINICIALE DELLO STATO         –         4,128,063         22,264,135         –         718,305         –         27,110,503
    VIGGIANO MUNICIPALITY         –         –         3,504,758         –         200,016         –         3,704,774
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ITALY UPSTREAM ASSET         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631
    Total         –         4,128,063         74,213,782         –         80,220,786         –         158,562,631

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Norway

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    EQUINOR ASA         853,946,278 [A]         –         –         –         –         –         853,946,278
    PETORO AS         1,229,275,364 [B]         –         –         –         –         –         1,229,275,364
    SKATTEETATEN         –           1,300,962,023         –         –         –         –         1,300,962,023
    SOKKELDIREKTORATET         –           –         –         –         122,391         –         122,391
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ORMEN LANGE         2,083,221,642 [C]         –         –         –         –         –         2,083,221,642
    Entity level payment                
    A/S NORSKE SHELL         —           1,300,962,023         –         –         122,391         –         1,301,084,414
    Total         2,083,221,642           1,300,962,023         –         –         122,391         –         3,384,306,056

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $853,946,278 for 12,291 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $1,229,275,364 for 17,693 kboe valuated at market price. 

    [C] Includes payment in kind of $2,083,221,642 for 29,984 kboe valuated at market price.

    United Kingdom

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    HM REVENUE AND CUSTOMS         –         -16,649,747         –         –         –         –         -16,649,747
    NORTH SEA TRANSITION AUTHORITY         –         –         –         –         11,355,210         –         11,355,210
    THE CROWN ESTATE SCOTLAND         –         –         –         –         128,319         –         128,319
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BRENT AND OTHER NORTHERN NORTH SEA PROJECTS         –         -32,113,820         –         –         563,325         –         -31,550,495
    ONEGAS WEST         –         –         –         –         3,232,597         –         3,232,597
    UK EXPLORATION PROJECTS         –         –         –         –         1,117,783         –         1,117,783
    UK OFFSHORE OPERATED         –         –         –         –         2,119,313         –         2,119,313
    WEST OF SHETLAND NON-OPERATED         –         –         –         –         1,076,456         –         1,076,456
    Entity level payment              
    SHELL U.K. LIMITED         –         15,464,073         –         –         3,374,055         –         18,838,128
    Total         –         -16,649,747         –         –         11,483,529         –         -5,166,218

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Brunei

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE AND ECONOMY         –         44,229,620         –         –         –         –         44,229,620
    PETROLEUM AUTHORITY OF BRUNEI DARUSSALEM         3,983,642         –         8,660,091         –         –         –         12,643,733
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL DEEPWATER BORNEO B.V.         –         39,001,133         –         –         –         –         39,001,133
    SHELL EXPLORATION AND PRODUCTION BRUNEI B.V.         3,983,642         5,228,487         8,660,091         –         –         –         17,872,220
    Total         3,983,642         44,229,620         8,660,091         –         –         –         56,873,353

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    China

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    TIANJIN MUNICIPAL TAXATION BUREAU         –         5,911,867         –         –         –         –         5,911,867
    YULIN MUNICIPAL TAXATION BUREAU         –         4,431,749         –         –         –         –         4,431,749
    Total         –         10,343,616         –         –         –         –         10,343,616
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    SHELL CHINA EXPLORATION AND PRODUCTION COMPANY LIMITED         –         10,343,616         –         –         –         –         10,343,616
    Total         –         10,343,616         –         –         –         –         10,343,616

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    India

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    INCOME TAX DEPARTMENT         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    BG EXPLORATION AND PRODUCTION INDIA LIMITED         –         -17,715,638         –         –         –         –         -17,715,638
    Total         –         -17,715,638         –         –         –         –         -17,715,638

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Kazakhstan

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    WEST KAZAKHSTAN TAX COMMITTEE         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    KARACHAGANAK         –         242,741,780         –         –         –         –         242,741,780
    Total         –         242,741,780         –         –         –         –         242,741,780

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Malaysia

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                  
    BRUNEI NATIONAL PETROLEUM COMPANY SENDIRIAN BERHAD         301,048,915 [A]         –         –           –         –         –         301,048,915
    LEMBAGA HASIL DALAM NEGERI         –           305,924,901         –           –         –         –         305,924,901
    MALAYSIA FEDERAL AND STATE GOVERNMENTS         –           –         469,060,363 [B]         –         –         –         469,060,363
    PETROLEUM SARAWAK EXPLORATION AND PRODUCTION SDN. BHD.         74,656,856 [C]         –         –           –         –         –         74,656,856
    PETROLIAM NASIONAL BERHAD         990,078,563 [D]         –         30,948,459           –         –         –         1,021,027,022
    PETRONAS CARIGALI SDN. BHD.         951,218,473 [E]         –         –           –         –         –         951,218,473
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530
                       
    Project report (in USD)
      Production entitlements   Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                  
    SABAH GAS (NON-OPERATED)         –           16,208,714         3,017,327           –         –         –         19,226,041
    SABAH INBOARD AND DEEPWATER OIL         1,435,194,825 [F]         158,435,164         303,452,674 [G]         –         –         –         1,897,082,663
    SARAWAK OIL AND GAS         881,807,982 [H]         116,047,586         193,538,821 [I]         –         –         –         1,191,394,389
    Entity level payment                  
    SABAH SHELL PETROLEUM COMPANY LIMITED         –           4,502,043         –           –         –         –         4,502,043
    SARAWAK SHELL BERHAD         –           3,394,907         –           –         –         –         3,394,907
    SHELL ENERGY ASIA LIMITED         –           2,616,753         –           –         –         –         2,616,753
    SHELL OIL AND GAS (MALAYSIA) LLC         –           595,653         –           –         –         –         595,653
    SHELL SABAH SELATAN SENDRIAN BERHAD         –           4,124,081         –           –         –         –         4,124,081
    Total         2,317,002,807           305,924,901         500,008,822           –         –         –         3,122,936,530

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $301,048,915 for 3,355 thousand barrels of oil equivalent (kboe) valuated at market price. 

    [B] Includes payment in kind of $342,702,511 for 3,909 kboe valuated at market price and $126,357,852 for 6,336 kboe valuated at fixed price. 

    [C] Includes payment in kind of $59,554,178 for 3,011 kboe valuated at fixed price and $15,102,678 for 201 kboe valuated at market price. 

    [D] Includes payment in kind of $783,520,240 for 8,933 kboe valuated at market price and $209,732,743 for 10,921 kboe valuated at fixed price.

    [E] Includes payment in kind of $624,146,940 for 7,163 kboe valuated at market price and $327,071,533 for 16,397 kboe valuated at fixed price.

    [F] Includes payment in kind of $1,435,194,825 for 15,977 kboe valuated at market price.

    [G] Includes payment in kind of $297,371,578 for 3,339 kboe valuated at market price.

    [H] Includes payment in kind of $596,358,454 for 30,329 kboe valuated at fixed price and $288,623,948 for 3,675 kboe valuated at market price.

    [I] Includes payment in kind of $126,357,852 for 6,336 kboe valuated at fixed price and $45,330,933 for 570 kboe valuated at market price.

    Oman

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    MINISTRY OF ENERGY AND MINERALS         633,711,368 [A]         –         –         –         –         –         633,711,368
    MINISTRY OF FINANCE         –           3,954,062,451         –         –         900,000         –         3,954,962,451
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BLOCK 6 CONCESSION         –           3,954,062,451         –         –         –         –         3,954,062,451
    BLOCK 10 CONCESSION         633,711,368 [A]         –         –         –         400,000         –         634,111,368
    BLOCK 11 CONCESSION         –           –         –         –         250,000         –         250,000
    BLOCK 55 CONCESSION         –           –         –         –         250,000         –         250,000
    Total         633,711,368           3,954,062,451         –         –         900,000         –         4,588,673,819

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $60,839,756 for 4,551 kboe valuated at fixed price and of $572,871,612 for 7,095 kboe valuated at the government’s selling price.

    Qatar

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    QATARENERGY         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    PEARL GTL         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685
    Total         1,801,453,896         1,507,244,066         –         –         30,538,723         –         3,339,236,685

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Australia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AUSTRALIAN TAXATION OFFICE         –         1,277,737,693         –         –         –         –         1,277,737,693
    BANANA SHIRE COUNCIL         –         –         –         –         217,920         –         217,920
    FEDERAL DEPARTMENT OF INDUSTRY, SCIENCE AND RESOURCES         –         –         111,989,284         –         –         –         111,989,284
    QUEENSLAND REVENUE OFFICE         –         –         356,590,166         –         –         –         356,590,166
    QUEENSLAND DEPARTMENT OF ENVIRONMENT AND SCIENCE         –         –         –         –         935,554         –         935,554
    QUEENSLAND DEPARTMENT OF NATURAL RESOURCES AND MINES         –         –         –         –         581,472         –         581,472
    RESOURCES SAFETY AND HEALTH QUEENSLAND         –         –         –         –         1,359,992         –         1,359,992
    WESTERN DOWNS REGIONAL COUNCIL         –         –         –         –         10,317,519         266,428         10,583,947
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    NORTH WEST SHELF         –         –         111,989,284         –         –         –         111,989,284
    QGC         –         583,570,540         356,590,166         –         13,412,457         266,428         953,839,591
    Entity level payment              
    SHELL AUSTRALIA PTY LTD         –         694,167,153         –         –         –         –         694,167,153
    Total         –         1,277,737,693         468,579,450         –         13,412,457         266,428         1,759,996,028

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Egypt

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    EGYPTIAN GENERAL PETROLEUM CORPORATION         –         41,164,348         –         1,836,435         –         –         43,000,783
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    EGYPT OFFSHORE DEVELOPMENT         –         41,164,348         –         540,000         –         –         41,704,348
    Entity level payment              
    SHELL EGYPT N.V.         –         –         –         1,296,435         –         –         1,296,435
    Total         –         41,164,348         –         1,836,435         –         –         43,000,783

    [I] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Nigeria

    Government report (in USD) [1]
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                    
    FEDERAL INLAND REVENUE SERVICE         –           648,734,398 [A]         –           –         –         –         648,734,398
    NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE         –           –           –           –         3,931,917         –         3,931,917
    NIGER DELTA DEVELOPMENT COMMISSION         –           –           –           –         97,260,899         –         97,260,899
    NIGERIAN NATIONAL PETROLEUM CORPORATION         3,804,949,166 [B]         –           –           –         –         –         3,804,949,166
    NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION         –           –           780,231,463 [C]         –         1,732,350         –         781,963,813
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193
                         
    Project report (in USD)
      Production entitlements   Taxes   Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                    
    EAST ASSET         1,300,681,939 [D]         –           –           –         –         –         1,300,681,939
    PSC 1993 (OML 133)         –           136,652,153 [E]         –           –         –         –         136,652,153
    PSC 1993 (OPL 212/OML 118, OPL 219/OML 135)         649,948,707 [F]         303,125,852 [G]         452,170,096 [H]         –         32,015,797         –         1,437,260,452
    WEST ASSET         1,854,318,520 [I]         –           –           –         –         –         1,854,318,520
    Entity level payment                    
    SHELL NIGERIA EXPLORATION AND PRODUCTION COMPANY LIMITED             –           –           –         440,468         –         440,468
    THE SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED             208,956,393           328,061,367             70,468,901           607,486,661
    Total         3,804,949,166           648,734,398           780,231,463           –         102,925,166         –         5,336,840,193

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $439,778,005 for 5,293 kboe valuated at market price.

    [B] Includes payment in kind of $3,804,949,166 for 80,289 kboe valuated at market price.

    [C] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [D] Includes payment in kind of $1,300,681,939 for 49,766 kboe valuated at market price. 

    [E] Includes payment in kind of $136,652,153 for 1,654 kboe valuated at market price. 

    [F] Includes payment in kind of $649,948,707 for 7,916 kboe valuated at market price. 

    [G] Includes payment in kind of $303,125,852 for 3,639 kboe valuated at market price. 

    [H] Includes payment in kind of $452,170,096 for 5,432 kboe valuated at market price. 

    [I] Includes payment in kind of $1,854,318,520 for 22,607 kboe valuated at market price.

    Sao Tome and Principe

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGÊNCIA NACIONAL DO PETRÓLEO DE SÃO TOMÉ E PRÍNCIPE         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    DW BLOCK 4         –         –         –         1,300,000         –         –         1,300,000
    Total         –         –         –         1,300,000         –         –         1,300,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Tanzania

      Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    PETROLEUM UPSTREAM REGULATORY AUTHORITY         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000
                   
      Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 1 AND 4         –         –         –         –         140,000         –         140,000
    Total         –         –         –         –         140,000         –         140,000

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Tunisia

      Government report (in USD) [1]
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Governments                
    ENTREPRISE TUNISIENNE D’ACTIVITÉS PÉTROLIÈRES         –         –         2,140,627 [A]         –         –         –         2,140,627
    LE RECEVEUR DES FINANCES DU LAC         –         24,904,580         2,801,006           –         –         –         27,705,586
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213
                     
      Project report (in USD)
      Production entitlements Taxes Royalties   Bonuses Fees Infrastructure improvements Total
    Projects                
    HASDRUBAL CONCESSION         –         24,904,580         4,941,633 [A]         –         –         –         29,846,213
    Total         –         24,904,580         4,941,633           –         –         –         29,846,213

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $2,140,627 for 37 kboe valuated at market price. 

    Canada

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    GOVERNMENT OF ALBERTA         –         –         656,638         –         119,099         –         775,737
    MINISTRY OF FINANCE (BRITISH COLUMBIA)         –         –         2,915,313         –         625,526         –         3,540,839
    MINISTRY OF JOBS, ECONOMIC DEVELOPMENT AND INNOVATION (BRITISH COLUMBIA)         –         –         –         –         679,158         –         679,158
    PROVINCIAL TREASURER OF ALBERTA         –         60,864,405         –         –         –         –         60,864,405
    RECEIVER GENERAL FOR CANADA         –         111,702,667         1,126,040         –         –         –         112,828,707
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ATHABASCA OIL SANDS         –         172,567,072         –         –         –         –         172,567,072
    FOOTHILLS         –         –         1,126,040         –         –         –         1,126,040
    GREATER DEEP BASIN         –         –         656,638         –         119,099         –         775,737
    GROUNDBIRCH         –         –         2,915,313         –         1,304,684         –         4,219,997
    Total         –         172,567,072         4,697,991         –         1,423,783         –         178,688,846

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Mexico

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    FONDO MEXICANO DEL PETRÓLEO PARA LA ESTABILIZACIÓN Y EL DESARROLLO         –         –         –         –         17,154,483         –         17,154,483
    SERVICIO DE ADMINISTRACIÓN TRIBUTARIA         –         –         –         –         4,372,519         –         4,372,519
    Total         –         –         –         –         21,527,002         –         21,527,002
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Entity level payment              
    MEXICO EXPLORATION DEEPWATER         –         –         –         –         21,527,002         –         21,527,002
    Total         –         –         –         –         21,527,002         –         21,527,002

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    USA

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    ALASKA DEPARTMENT OF NATURAL RESOURCES         –         –         –         –         243,408         –         243,408
    COMMONWEALTH OF PENNSYLVANIA         –         -400,000         –         –         –         –         -400,000
    INTERNAL REVENUE SERVICE         –         53,638,500         –         –         –         –         53,638,500
    LOUISIANA DEPARTMENT OF TRANSPORTATION AND DEVELOPMENT         –         –         –         –         –         860,822         860,822
    OFFICE OF NATURAL RESOURCES REVENUE         –         –         1,187,594,021         –         80,435,119         –         1,268,029,140
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    ALASKA EXPLORATION         –         –         –         –         243,408         –         243,408
    GULF OF AMERICA (CENTRAL)         –         –         1,076,187,269         –         282,312         –         1,076,469,581
    GULF OF AMERICA (WEST)         –         –         111,406,752         –         126,720         –         111,533,472
    GULF OF AMERICA EXPLORATION         –         –         –         –         80,026,087         –         80,026,087
    Entity level payment              
    SHELL EXPLORATION AND PRODUCTION COMPANY         –         -400,000         –         –         –         –         -400,000
    SHELL OFFSHORE INC.         –         –         –         –         –         860,822         860,822
    SHELL PETROLEUM INC.         –         53,638,500         –         –         –         –         53,638,500
    Total         –         53,238,500         1,187,594,021         –         80,678,527         860,822         1,322,371,870

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report. 

    Argentina

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGENCIA DE RECAUDACIÓN Y CONTROL ADUANERO         –           1,984,309         –         –         –         –         1,984,309
    GAS Y PETRÓLEO DEL NEUQUÉN S.A.         53,082,051 [A]         –         –         –         –         –         53,082,051
    PROVINCIA DE SALTA         –           –         2,475,819         –         –         –         2,475,819
    PROVINCIA DEL NEUQUÉN         –           –         141,493,849         –         123,276         –         141,617,125
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    ACAMBUCO         –           –         2,475,819         –         –         –         2,475,819
    ARGENTINA UNCONVENTIONAL PROJECTS         53,082,051 [A]         1,984,309         141,493,849         –         123,276         –         196,683,485
    Total         53,082,051           1,984,309         143,969,668         –         123,276         –         199,159,304

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $53,082,051 for 785 kboe valuated at market price.

    Brazil

    Government report (in USD) [1]
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments                
    AGÊNCIA NACIONAL DO PETRÓLEO GÁS NATURAL E BIOCOMBUSTÍVEIS         –           –         –         9,540,351         –         –         9,540,351
    MINISTÉRIO DA FAZENDA         –           –         1,147,687,680         –         1,556,282,443         –         2,703,970,123
    PRÉ-SAL PETRÓLEO S.A.         327,688,819 [A]         –         –         –         –         –         327,688,819
    RECEITA FEDERAL DO BRASIL         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247
                     
    Project report (in USD)
      Production entitlements   Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects                
    BASIN EXPLORATION PROJECTS         –           –         –         9,540,351         3,244,993         –         12,785,344
    BC-10         –           –         31,254,519         –         1,251,598         –         32,506,117
    BIJUPIRA AND SALEMA         –           –         –         –         501,608         –         501,608
    BM-S-9, BM-S-9A, BM-S-11, BM-S-11A AND ENTORNO DE SAPINHOÁ         29,716,011 [B]         –         882,483,636         –         1,551,284,244         –         2,463,483,891
    LIBRA PSC         297,972,808 [C]         –         233,949,525         –         –         –         531,922,333
    Entity level payment                
    SHELL BRASIL PETROLEO LTDA.         –           656,740,954         –         –         –         –         656,740,954
    Total         327,688,819           656,740,954         1,147,687,680         9,540,351         1,556,282,443         –         3,697,940,247

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    [A] Includes payment in kind of $327,688,819 for 4,585 kboe valuated at market price. 

    [B] Includes payment in kind of $29,716,011 for 410 kboe valuated at market price. 

    [C] Includes payment in kind of $297,972,808 for 4,175 kboe valuated at market price.

    Colombia

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    AGENCIA NACIONAL DE HIDROCARBUROS         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    COLOMBIA EXPLORATION (OPERATED)         –         –         –         –         489,880         –         489,880
    Total         –         –         –         –         489,880         –         489,880

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Trinidad and Tobago

    Government report (in USD) [1]
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Governments              
    MINISTRY OF FINANCE         –         561,771         –         –         –         –         561,771
    MINISTRY OF ENERGY AND ENERGY INDUSTRIES         362,690,585         –         2,210,566         300,000         13,719,070         –         378,920,221
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992
                   
    Project report (in USD)
      Production entitlements Taxes Royalties Bonuses Fees Infrastructure improvements Total
    Projects              
    BLOCK 5C         84,428,910         –         –         –         1,714,071         –         86,142,981
    CENTRAL BLOCK         –         561,771         2,210,566         –         900,921         –         3,673,258
    COLIBRI         120,876,414         –         –         –         3,332,208         –         124,208,622
    DEEPWATER ATLANTIC AREA         –         –         –         –         537,570         –         537,570
    EAST COAST MARINE AREA         99,098,428         –         –         –         2,100,156         –         101,198,584
    EXPLORATION         –         –         –         300,000         2,017,530         –         2,317,530
    MANATEE         –         –         –         –         847,999         –         847,999
    NORTH COAST MARINE AREA 1         58,286,833         –         –         –         2,268,615         –         60,555,448
    Total         362,690,585         561,771         2,210,566         300,000         13,719,070         –         379,481,992

    [1] For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 1-2 of this Report.

    Cautionary note
    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Report refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The MIL Network –

  • MIL-OSI Economics: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    Source: Thales Group

    Headline: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    • Thales fully supports the success of Vipps, Norway’s leading mobile wallet, which has enabled over one million users for mobile contactless payments since December 2024.
    • Vipps wallet users are the first to benefit from a third-party mobile contactless payment solution on iOS, enabled by Thales D1 technology that securely digitizes payment cards on smartphone.
    • This milestone highlights Thales’ continued leadership in digital payments and its commitment to support fast, large-scale innovation in partnership with financial players.

    With the launch of NFC payments for iPhone and Android devices, Vipps became the first third-party wallet on iOS to offer this feature—an industry first. Behind this innovation, Thales provided the technology foundation, its D1 platform, that made this achievement possible, ensuring a smooth, secure, and scalable experience for Norwegian consumers.

    A breakthrough in everyday payments

    In just 24 hours after the launch, more than 200,000 digital cards were activated—clear proof of the demand for simple and secure digital payments. Behind the scenes, Thales D1 technology enabled users to get a digital payment card – just in few seconds – on Vipps’ wallet, and proceed with contactless payment at shops, getting on top real time transaction notification on their iPhones. Since the launch, Vipps users enjoy a fast and convenient alternative to traditional mobile wallets for everyday purchases.

    Currently supporting Norway’s domestic BankAxept cards, Vipps will expand to include international schemes such as Visa and Mastercard in the coming months, broadening its reach and usability across borders.

    Thales D1 platform boosting innovation ​

    Built for innovation, the D1 platform supported Vipps by adding contactless payment to their wallet. This showcases the platform’s ability to consistently add new innovative use cases, while providing a scalable and secure solution that grows with customer needs.

    The D1 platform is cloud-based and works in real time, making it easy to integrate with existing systems. It helps Thales customers respond to today’s expectations for secure, flexible, and instant payment services — such as modern card issuing, tokenization, or transaction control — while also preparing for the future of payments.

    Trusted collaboration driving success

    “Everything we do at Vipps is about simplifying life for people and businesses. Hitting one million users for contactless payments shows that this is something people really want. Now, we are looking forward to when our users can add Visa and Mastercard to Vipps, enabling them to tap their phones and pay with Vipps across the world. Our collaboration with Thales has been key to making all this happen.” Rune Garborg, CEO of Vipps MobilePay.

    “Driven by strong collaboration between our teams, we successfully met ambitious launch timelines and proved the strength of our operations — delivering a reliable, high-performance service that handled both the surge in demand at launch and the steady, high-volume usage that continues today.he D1 platform is also a key enabler of innovative digital payment services, helping financial players expand and thrive in an increasingly competitive payments landscape.” François Chaffard, Vice President Digital Payment Services at Thales.

    With this milestone, Thales reaffirms its role as a trusted partner in the future of digital payments, helping financial institutions offer flexible, future-ready solutions that meet consumers’ evolving expectations.

    MIL OSI Economics –

  • MIL-OSI: Konsolidator launches FP&A project to fully automate Cash Flow forecasting

    Source: GlobeNewswire (MIL-OSI)

    Press release no. 2-2025
    Copenhagen, May 15, 2025

    Konsolidator launches FP&A project to fully automate Cash Flow forecasting 

    Konsolidator announces the launch of a new Financial Planning & Analysis (FP&A) project aimed at delivering automated predictive forecasting for finance teams in corporate groups. The new tool is a significant step in Konsolidator’s 2025–2027 Resilient Growth strategy, broadening the company’s financial software suite.

    Fits well into Konsolidator’s existing platform

    With cloud ERP adoption and access to real-time financial data, the timing is right to bring automated predictive forecasting into the financial operations of corporate groups. The new tool will integrate into Konsolidator’s core offering, enabling finance teams to take greater control of budgeting and forecasting using the financial data within the platform. This includes offering automated cash flow forecasting, a pain point for many CFOs. Cash flow forecasting at a group level is one of the most complex and essential things to get right. The future CFO won’t just report the past; they will be enabled to predict the future.

    Data accessibility has evolved significantly in the finance functions with the adoption of cloud technology, especially ERP systems.  AI’s ability to analyze complex and large data sets makes predictive forecasting an obvious choice for CFO’s.

    New Head of FP&A will lead the development

    Konsolidator has appointed Frederik Meinertsen as Head of FP&A, a newly established role that marks a significant step in the company’s 2027 strategy, Resilient Growth. Frederik Meinertsen brings two decades of experience in the financial and technology sector, having worked in management consulting and led teams of FP&A specialists. As Head of FP&A, he will be responsible for developing, testing, and launching the new product.

    Frederik Meinertsen, Head of FP&A at Konsolidator, says, “Forecasting cash flows and doing proper consolidation are complex tasks. Making seamless solutions available to group finance on the same platform is not only logical, but it will also enable the utilization of Business Intelligence and AI at a whole new level.“

    2025-2027 strategy: Broader product offerings

    The FP&A tool is part of Konsolidator’s broader Build, Buy, Partner approach, one of four strategic pillars of the Resilient Growth strategy.

    “This is a logical next step for Konsolidator,” says Claus Finderup Grove, CEO at Konsolidator. “Our customers have been asking for a more advanced way to budget and forecast. With the data already flowing through our platform and Frederik leading the development, we’re now in a strong position to deliver a tool that does exactly that. By way of this development, Konsolidator elevates our product offering to not only provide reliable but also predictive financial data.”

    Additional details, including the product name and pricing model, will be announced closer to the launch. Finance teams and partners interested in early access or beta participation are encouraged to contact Konsolidator directly.

    Contacts

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Arts carnival tickets to go on sale

    Source: Hong Kong Information Services

    The annual summer arts festival International Arts Carnival will be held from July to August and tickets will go on sale from tomorrow.

     

    This year, overseas artists will come from the Netherlands, Korea, Norway and the US. Together with their Mainland and local counterparts, they will present a wide variety of performing arts programmes covering martial arts, acrobatics, dance, music, theatre, multimedia and more.

     

    The opening programme will be the martial arts theatre performance Soul of Shaolin featuring elite performers of the Henan Provincial Shaolin Wushu Center from July 11 to 13.

     

    To celebrate the upcoming 15th National Games, the carnival will present Sounds of Sports on August 2 and 3, in which local musicians and athletes will combine karate, rugby, wushu and table tennis with jazz drums, shakuhachi, erhu, cello and piano.

     

    Films from around the world for families will also be screened under the Summer Family Cine Fest.

     

    Tickets will be available at URBTIX.

     

    The carnival also offers a wide range of parent-child workshops, an online programme, an outreach performance and an exhibition.

     

    For enquiries, call 2370 1044.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Xi Jinping sends response letter to responsible person of Danish Chamber of Commerce in China /detailed version-1/

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, May 15 (Xinhua) — Chinese President Xi Jinping has responded to the person in charge of the Danish Chamber of Commerce in China by calling on the chamber and its member enterprises to make new contributions to strengthening China-Denmark and China-EU friendship and deepening mutually beneficial cooperation.

    Xi Jinping praised the chamber’s official’s deep affection for China and the confidence of Danish enterprises operating in China in China’s future development.

    China has been, remains and will be an ideal, safe and promising destination for foreign investors. Believing in China means believing in a better future, and investing in China means investing in the future, Xi Jinping said in his response letter.

    Xi Jinping expressed the hope that the Danish Chamber of Commerce in China and its member enterprises will continue to play the role of a bridge between China and Denmark as well as between China and Europe, thereby contributing to strengthening mutual understanding and friendship and deepening mutually beneficial cooperation between the two sides.

    The person in charge of the Danish Chamber of Commerce in China recently wrote a letter to Chinese President Xi Jinping on his own behalf and on behalf of the chamber, congratulating him on the 75th anniversary of the establishment of diplomatic relations between China and Denmark and expressing hope for further deepening cooperation with China. -0-

    MIL OSI Russia News –

  • MIL-OSI: JLT Mobile Computers launches JLT6015, an industry-first rugged vehicle-mount computer with a 15” full HD widescreen

    Source: GlobeNewswire (MIL-OSI)

    Image description: JLT6015 
    Image available: pr@jltmobile.com

    Setting a new benchmark, JLT6015 is the first rugged vehicle-mount computer to feature a 15-inch full high-definition widescreen display that delivers exceptional clarity and visual detail. Built for increased durability and productivity in the toughest environments, its compact and rugged design is ideal for mining, agriculture, sawmills, and container terminals.

    Växjö, Sweden, 15thMay 2025 * * * JLT Mobile Computers, a leading developer and supplier of reliable computers for demanding environments, introduces the JLT6015 vehicle-mount computer, as the first of its kind to combine a superior full high-definition display resolution of 1920 x 1080 pixels and a 16:9 widescreen aspect ratio in a compact, rugged form factor. Designed for reliable performance in harsh and space-constrained environments, it gives operators the visibility and performance needed to stay productive in the field.

    Builds on a pioneer: JLT6012

    Built on the innovation of the JLT6012 computer, JLT6015 represents the next evolution and complements JLT’s portfolio. The JLT6012 computer was the first in a new generation of rugged vehicle-mount computers with an innovative platform concept, collaborating with developers and customers to address customer requirements. JLT6015 continues that legacy with enhanced programmability, embedded microelectromechanical systems (MEMS), including a gyro and accelerometer, and the ability to support custom solutions that improve workflow efficiency, uptime, safety, and more.

    Enables performance, security, and connectivity

    Equipped with Windows 11 IoT Enterprise LTSC operating system and certified for carrier-grade 5G in Europe and Wi-Fi 6E for enhanced security and connectivity, the JLT6015 computer delivers high-performance computing power with the reliability needed in harsh environments. The operating system’s split-screen capability allows simultaneous monitoring of systems such as equipment diagnostics, navigation, and multiple data and video streams, optimizing uptime and operations.

    Rugged and durable in any condition

    Engineered as a one-piece, dock-free solution, the JLT6015 is shock—and vibration-proof, weather-resistant, and sunlight-readable (up to 1000 NIT). With the user-friendly and virtually unbreakable capacitive JLT PowerTouch technology, the JLT6015 is operable while wearing gloves. The multi-touch display functionality with two-finger zoom, pinch, swipe, etc., makes the operator’s workday smoother and efficient. Its compact design is optimized to fit into tight vehicle cabins without compromising functionality.

    “We have listened carefully to our customers’ needs and responded by enhancing our JLT6012 computer,” says Per Holmberg, CEO of JLT Mobile Computers. “With the launch of the JLT6015, we are strengthening our position as a leader in rugged computing solutions, harnessing the full potential of the latest software applications and opening new opportunities to boost productivity – particularly in the mining, agriculture, and sawmill industries.”

    Key highlights of JLT6015

    • Brilliant 15” Full HD Display: High-resolution widescreen supports simultaneous video, data, and text with exceptional clarity.
    • Compact, Ruggedized Design: Fits tight spaces and thrives in extreme conditions, with a glove-friendly touchscreen and 1000 NIT brightness.
    • Dock-Free Simplicity: One-piece construction avoids downtime from docking station failures—reliable, efficient, and always ready.
    • Future-Ready Platform: Equipped with Trusted Platform Module security, programmable I/O, 5G, Wi-Fi 6E, and Windows 11 IoT for long-term flexibility and performance.
    • Real time operational data: Embedded sensors delivering critical operational data regarding vehicles, IT-devices, and network/access points

    For more information and technical specifications visit JLT6015 on our website. 

    To learn more about JLT Mobile Computers and the company’s products, services, and solutions, visit jltmobile.com. Financial information is available on JLT’s investor page.

    About JLT Mobile Computers

    JLT Mobile Computers is a leading developer and supplier of rugged mobile computing devices and solutions for demanding environments. 30 years of development and manufacturing experience have enabled JLT to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    The MIL Network –

  • MIL-OSI China: Xi replies to founder of Danish Chamber of Commerce in China

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

    BEIJING, May 15 — Chinese President Xi Jinping has replied to a letter from the founder of the Danish Chamber of Commerce in China, encouraging the chamber and its member enterprises to make new contributions to enhancing China-Denmark and China-Europe friendship and deepening mutually beneficial cooperation.

    Xi expressed appreciation for the founder’s deep affection for China and the confidence of Danish enterprises in China regarding the country’s future development.

    China has been and will remain an ideal, secure and promising destination for foreign investors. Believing in China is believing in a better tomorrow, and investing in China is investing in the future, Xi said in the letter.

    Xi expressed his hope that the Danish Chamber of Commerce in China and its member enterprises will continue to play the role of a bridge between China and Denmark as well as China and Europe, and contribute to enhancing mutual understanding and friendship, as well as deepening mutually beneficial cooperation between the two sides.

    Recently, the founder wrote to President Xi in both his personal and chamber capacities, congratulating on the 75th anniversary of the establishment of diplomatic relations between China and Denmark and expressing the hope to continue deepening cooperation with China.

    MIL OSI China News –

  • MIL-OSI: DNO Reports Solid First Quarter Results; Prepares Deeper Dive into Norwegian Waters

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 15 May 2025 – DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2025 operating profit of USD 28 million on the back of USD 188 million in revenues, both showing a quarter-on-quarter increase.

    In a quarter marked by the announcement of its transformative USD 1.6 billion acquisition of Norway’s Sval Energi Group AS, DNO continued to deliver strong operational performance. Net production rose eight percent to 84,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 61,600 boepd, North Sea 19,300 boepd and West Africa 3,400 boepd.

    In the flagship Kurdistan Tawke license (DNO 75 percent and operator), production increased 11 percent quarter-on-quarter. Continuing strict capital discipline since the closure of the Iraq-Türkiye export pipeline, the Company stabilized, even raised, production from existing wells through rigless interventions. Output from similar reservoirs typically decline 15-20 percent per year.

    DNO’s share of oil production was sold at its Fish Khabur terminal to local buyers at USD 35 per barrel with payments made in advance. Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow.

    “In Kurdistan we are doing a remarkable job keeping up production with minimal investment,” said DNO Executive Chairman Bijan Mossavar-Rahmani. “If a Norwegian company can accomplish this in the Middle East, we should replicate such efficiencies on our home surf whether we operate the permits or not”, he observed. “As we prepare to close the Sval acquisition around midyear,” Mr. Mossavar-Rahmani added, “DNO will pivot hard to the Anglo-Saxon culture of the early years of the Norwegian oil industry: faster, cheaper, better.”

    The Company kept up its successful exploration pace offshore Norway with two discoveries in the last quarter, Kjøttkake (40 percent and operator) and Mistral (10 percent), together adding recoverable resources of 26 million barrels of oil equivalent (MMboe) net to the Company.

    When the Sval acquisition is closed, DNO’s North Sea proven and probable (2P) reserves will quadruple to 189 MMboe and 2C resources climb to 246 MMboe from 144 MMboe, all on a yearend 2024 basis. North Sea production also quadruples to 80,000 boepd. The acquisition turns the North Sea into the biggest contributor to DNO’s net production with some 60 percent of the total and DNO will rank in top ten among producers in Norway.

    Following the Sval announcement in early March, the Company completed a USD 600 million bond placement a week later, DNO’s 20th successful bond issue in 24 years.

    On the back of the bond issue, DNO exited the quarter with cash deposits of USD 1,473 million. However, deposits were reduced following the end of the quarter by the early redemption of the DNO04 bond (outstanding amount of USD 350 million) in April.

    Given the continuing operational performance and strength of the balance sheet, the Board of Directors has authorized a dividend payment of NOK 0.3125 per share payable in June, representing NOK 1.25 per share on an annualized basis.

    A videoconference call with executive management is scheduled today at 14:00 (CET). To access the call, please visit www.dno.no.

    Key figures

      Q1 2025 Q4 2024 Full-Year 2024
    Gross operated production (boepd) 90,945 80,765 80,280
    Net production (boepd) 84,232 77,646 77,269
    Revenues (USD million) 188 177 667
    Operating profit/-loss (USD million) 28 -82 6
    Net profit/-loss (USD million) -4 -98 -27
    Free cash flow (USD million) -19 -5 59
    Net cash/-debt (USD million) 43 99 99

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at www.dno.no

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

    Attachments

    The MIL Network –

  • MIL-OSI: SBM Offshore First Quarter 2025 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, May 15, 2025

    Highlights

    • Year-to-date Directional1 revenue of US$1,103 million, up 27% versus 1Q 2024
    • Full year 2025 Directional revenue and EBITDA guidance maintained
    • Cash dividend of EUR150 million (equivalent to EUR0.8606 per ordinary share) paid on May 6, 2025
    • EUR141 million share repurchase program on track, c. 6.75% completed2
    • First oil for FPSO Almirante Tamandaré, FPSOs Alexandre de Gusmão & ONE GUYANA on track for first oil
    • Strategic Collaboration Agreement signed with Microsoft to develop carbon-free floating power solutions
    • Completion of the US$400 million sale and leaseback transaction for FPSO Cidade de Paraty
    • Refinancing and increase to US$1.1 billion of the unsecured revolving credit facility

    Øivind Tangen, CEO of SBM Offshore, commented:

    “Our first quarter results, along with our full year Directional revenue and EBITDA guidance, highlight the Company’s strong performance across all segments. They also demonstrate the resilience of our business model and our ability to navigate macroeconomic uncertainty with confidence.

    Our pro-forma Directional backlog of US$35.1 billion3 is backed by firm contracts from premium clients with inflation protection. From this we expect to generate US$9.5 billion3. We paid a cash dividend of EUR150 million in May and commenced our latest share buyback program of EUR141 million. We continue to expect that we will deliver a minimum US$1.7 billion cash return to shareholders up to 20304.

    We are on track to deliver three major vessels this year: FPSO Almirante Tamandaré achieved first oil in February 2025; FPSO Alexandre de Gusmão is progressing to achieve first oil around mid-year, while FPSO ONE GUYANA has arrived safely in Guyana. And we are set to be able to offer a near zero market-ready FPSO by the end of 2025.

    The fundamentals for deepwater developments, with low break-even costs and low emission intensity remain strong. Our Fast4Ward® program and lifecycle approach mean that we are uniquely positioned to capitalize on the strong outlook for new developments.

    Building on our ocean infrastructure expertise and capabilities, with the objective of diversifying our product offering in promising markets, we recently signed a strategic collaboration agreement with Microsoft to develop standardized carbon-free floating power solutions.

    We have demonstrated our ability to access diversified sources of financing through the successful completion in April of the US$400 million sale and leaseback transaction for FPSO Cidade de Paraty. Reflecting the strong support for the Company’s strategy, we have successfully refinanced and increased to US$1.1 billion our unsecured revolving credit facility.

    We are confident in our ocean infrastructure experience and the expert capabilities of our teams. Our strategy delivers and it pays.”

    Financial Overview5

        YTD Directional
             
    in US$ million   1Q 2025 1Q 2024 % Change
    Directional Revenue   1,103 871 27%
    Directional Lease and Operate   476 554 -14%
    Directional Turnkey   627 316 98%
             
    in US$ billion   Mar-31-25 Dec-31-24 % Change
    Directional Net Debt    5.7 5.7 0%

    Directional revenue increased by 27% to US$1,103 million in the first quarter of 2025, compared with US$871 million in the same period last year, driven by the Turnkey segment.

    Year-to-date Directional Turnkey revenue stood at US$627 million, a 98% improvement compared with US$316 million in the same period last year. This increase mainly reflects the progress on FPSO GranMorgu and FPSO Jaguar, booked under the sale and operate model.

    Directional Lease and Operate revenue amounted to US$476 million in the first quarter of 2025, below the US$554 million booked in the same period last year reflecting (i) the sale in 4Q 2024 of FPSOs Prosperity and Liza Destiny, partially offset by (ii) higher reimbursable scope and (iii) FPSO Almirante Tamandaré joining the fleet in February 2025.

    Directional net debt is stable and stood at US$5,663 million for the period ending 1Q 2025.

    Project Review and Fleet Operational Update

    Driven by execution excellence, the Company is on track to bring three FPSOs into operation in 2025 with FPSO Almirante Tamandaré formally on hire as of February 16, 2025, FPSO Alexandre de Gusmão preparing for first oil and FPSO ONE GUYANA targeting first oil in the third quarter of 2025.

    FPSO Alexandre de Gusmão – In March 2025, the FPSO arrived safely at its location in Brazil. The FPSO hook-up and installation has been completed. First oil is expected around mid-2025.

    FPSO ONE GUYANA – The vessel arrived safely in Guyana and the installation and hook-up campaign is progressing. First oil is targeted for the third quarter of 2025.

    FPSO Jaguar – The Fast4Ward® MPF hull has been delivered. The topside modules’ fabrication progress is as per plan. First oil is expected in 2027.

    FSO Trion – The engineering and procurement progress is as per plan. The fabrication of the Disconnectable Turret Mooring system has started.

    FPSO GranMorgu – The Fast4Ward® MPF hull has been delivered. The commencement of the topside modules fabrication is planned for the second half of the year.

    Fast4Ward®MPF hulls – Under the Company’s successful Fast4Ward® program, ten MPF hulls have been ordered. Four Fast4Ward® MPF hulls are in operation, another four delivered and allocated to projects under construction and two are under construction to support active discussions with clients driven by the strong FPSO market outlook.

    Fleet Uptime – Year-to-date, the fleet’s uptime was 99.5%, in line with historical performance.

    Safety 

    Safety – There were zero Fatalities or Permanent Impairment Injuries in the first quarter of 2025, within the full year target of zero.

    Blue Economy

    Strategic Collaboration Agreement with Microsoft – SBM Offshore signed a strategic collaboration agreement with Microsoft in March 2025. This partnership’s objective is to develop standardized, scalable, AI-powered Ocean Infrastructure in the growing market of floating power solutions providing carbon-free electricity. The first phase of this collaboration will focus on deploying floating gas-to-power solutions with integrated carbon capture and storage in the UK and Norway, leveraging SBM Offshore’s collaboration with Norwegian company Ocean-Power AS.

    Near Zero Emission FPSO – In line with the Company’s strategy to decarbonize traditional energy production, an important milestone has been reached in the emissionZERO® road map, which aims at proposing a near zero FPSO to the market by the end of 2025. Reflecting the Company’s solid progress, SBM Offshore has received an “Approval in Principle” from the American Bureau of Shipping for its near zero FPSO design.

    Shareholder Returns

    On April 9, 2025 shareholders of the Company voted in favor of the proposed EUR150 million cash dividend. This resulted in a dividend distribution of EUR0.8606 per ordinary share. The dividend has been paid on May 6, 2025 to all shareholders of record as at April 14, 2025.

    The Company started a new program of EUR141 million as announced on February 20, 2025 and effective from April 24, 2025. The program is progressing and was c. 6.75% completed on May 14, 2025.

    On this basis a minimum US$1.7 billion cash return to shareholders is expected up to 20304.

    Guidance

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

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

    Conference Call

    SBM Offshore has scheduled a conference call, which will be followed by a Q&A session, to discuss the First Quarter 2025 Trading Update.

    The event is scheduled for Thursday May 15, 2025, at 10.00 AM (CEST) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

    Interested parties are invited to register prior the call using the link: First Quarter 2025 Trading Update

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

    Corporate Profile

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

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

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

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

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

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

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

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

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

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

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

    1 Directional reporting, presented in the Financial Statements under section Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
    2 As of May 14, 2025.
    3 As of December 31, 2024.
    4 Including cash returned to shareholders in 2025.

    5 Numbers may not add up due to rounding.

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Summer arts festival International Arts Carnival tickets on sale from May 16 (with photos)

    Source: Hong Kong Government special administrative region

    Summer arts festival International Arts Carnival tickets on sale from May 16  
         This year, participating overseas artists will come from the Netherlands, Korea, Norway and the United States. Together with their Mainland and local counterparts, they are set to present a wide variety of performing arts programmes covering martial arts, acrobatics, dance, music, theatre, multimedia and more.
     
         The opening programme will be the martial arts theatre performance “Soul of Shaolin” featuring elite performers of the Henan Provincial Shaolin Wushu Center from July 11 to 13. The performance will showcase breathtaking martial arts scenes such as boxing, weaponry and qigong to demonstrate the harmony between the spiritual wisdom and physical strength of Chinese kung fu. “Soul of Shaolin” is finally coming to Hong Kong after its Broadway debut in 2009, which earned both Tony and Drama Desk Award nominations. After more than two decades of world touring, it is not to be missed.
     
         Celebrated violinist Ray Chen will join Italian conductor Gianandrea Noseda and members of the National Youth Orchestra of the United States of America to perform on July 28. During the concert, Chen will perform Mendelssohn’s ever-popular “Violin Concerto in E minor, Op. 64” with the orchestra. The repertoire will also include Rachmaninov’s masterful “Symphony No. 2 in E minor, Op. 27” and a new work by contemporary music composer Carlos Simon. This performance will also be part of the orchestra’s Asian tour.
     
    　　To celebrate the upcoming 15th National Games, the IAC will present “Sounds of Sports” August 2 and 3. Led by pianist Phoebus Chan, the performance will blend music and sports as local musicians and athletes will combine karate, rugby, wushu and table tennis with jazz drums, shakuhachi, erhu, cello and piano, turning the concert hall into an exciting sports ground full of energy.
     
    　The award-winning Xi’an Acrobatic Troupe will perform a new adaptation of the acrobatic ballet “Swan Lake” August 8 to 10, fusing incredible acrobatics with ballet, turning this famous dance performance into a powerful yet graceful show. The show features over 20 dazzling acrobatic acts including contortionists bending and twisting, doing flips and balancing, aerial hoops and dancing on shoulders. “Swan Lake” and “Soul of Shaolin” are also programmes that are part of this year’s Chinese Culture Festival.
     
         Other IAC stage programmes include:

    * “OvO” from Norway, a dance programme for infants aged nine to 24 months and their parents by dybwikdans;
    * “Waiting!” from Korea, an exciting and hilarious multimedia theatre by HADDANGSE;
    * “Home” from the Netherlands, an interactive multimedia theatre by Mime Wave;
    * “The Secret Agent Spin-off: The Hidden Treasure”, a musical adapted from the bestselling novel “The Secret Agent” by Musical Trio;
    * “A Musical Treasure Hunt – Percussion Kaleidoscope” and “A Showcase of Parent-child works of Cheng Kwok Kong” by the Hong Kong Chinese Orchestra;
    * “Live Animation Cinesthetics” and “The Other Side of Schumann” by the Hong Kong Sinfonietta;
    * “Little Pigs・Little Duck・Little Riding Hood 2.0” by Pop Theatre;
    * “My Arena: Dance of Triumph” by the City Contemporary Dance Company;
    * “The Kids in Rainbow Jerseys 2.0” by the Hong Kong Dance Company;
    * “‘It’s Time to Dance’ Inclusive Dance Theatre by Dancing Andy and Dancers “; and
    * 2025 Hong Kong Youth Music Camp Concerts “Summer Echoes” by the Music Office.
     
         In addition to stage performances, there will also be a fine selection of films from around the world under the Summer Family Cine Fest by the Film Programmes Office. The IAC also offers a wide range of parent-child workshops, an online programme, an outreach performance and an exhibition. Venue partners and LCSD libraries will also hold plenty of related activities and programmes during the festival period.
     
         Tickets for the IAC will be available at URBTIX (www.urbtix.hk 
         For enquiries on programmes and ticketing, please call 2370 1044 or visit its website at     www.hkiac.gov.hkIssued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: AGNICO EAGLE ANNOUNCES ADDITIONAL INVESTMENT IN FORAN MINING CORPORATION

    Source: Agnico Eagle Mines

    Stock Symbol: AEM (NYSE and TSX)

    TORONTO, May 14, 2025 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle”) announced today that it has agreed to subscribe for 30,000,000 voting common shares (“Common Shares”) of Foran Mining Corporation (“Foran”) in a non-brokered private placement at a price of C$3.00 per Common Share for total consideration of C$90,000,000 (the “Private Placement”). The Private Placement is expected to close in two tranches. The closing of each tranche remains subject to certain closing conditions, including approval of the Toronto Stock Exchange, and closing of the second tranche is also subject to approval by the shareholders of Foran. Closing of the first tranche is expected to occur on or about May 28, 2025 and the second tranche is expected to close as soon as practicable following receipt of shareholder approval.

    Agnico Eagle currently owns 39,125,448 Common Shares, representing approximately 9.9% of the issued and outstanding Common Shares on an undiluted basis. On closing of the first tranche of the Private Placement, Agnico Eagle is expected to own 64,454,767 Common Shares, which will represent approximately 13.1% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 73,173,590 Common Shares in connection with the first tranche of the concurrent private placements). On closing of the second tranche of the Private Placement, Agnico Eagle is expected to own 69,125,448 Common Shares, which will represent approximately 13.5% of the issued and outstanding Common Shares on an undiluted basis (assuming that Foran issues an additional 13,493,077 Common Shares in connection with the second tranche of the concurrent private placements).

    Agnico Eagle and Foran are party to an investor rights agreement dated August 8, 2024 (the “Existing Agnico IRA”), pursuant to which Agnico Eagle is entitled to certain rights, provided Agnico Eagle maintains certain ownership thresholds, including: (a) the right to participate in certain equity financings by Foran to acquire up to the greater of: (i) 19.99% of the Common Shares being offered in the equity financing, or (ii) such number of Common Shares that would permit Agnico Eagle to maintain its pro rata ownership interest in Foran; (b) the right to top-up its holdings in relation to dilutive issuances by Foran in order to maintain its pro rata ownership interest in Foran; and (c) the right to nominate one person to the board of directors of Foran.

    On the closing of the first tranche of the Private Placement, the Existing Agnico IRA will be amended and restated in order to, among other things: (a) amend the participation and top-up rights to permit Agnico Eagle to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in Foran at the time of such financing or acquire up to a 19.99% ownership interest in Foran; and (b) amend the nomination right to permit Agnico Eagle to nominate an additional individual to the board of directors of Foran if the size of the board is increased to 10 or more directors.

    In addition, Agnico Eagle is announcing a previously reported follow-on investment in Azimut Exploration Inc. (“Azimut”). On September 28, 2023, Agnico Eagle acquired an additional 2,197,300 common shares (“Azimut Shares”) of Azimut at C$1.05 per Azimut Share (the “Share Purchases”) for total consideration of C$2,307,165 from several sellers that participated in an offering of flow-through Azimut Shares undertaken by Azimut at such time (as more particularly described in Azimut’s news release dated September 28, 2023). Prior to the Share Purchases, Agnico Eagle owned 8,003,425 Azimut Shares, representing approximately 10.06% of the issued and outstanding Azimut Shares on a undiluted basis at such time. Following the Share Purchases, Agnico Eagle owned 10,200,725 Azimut Shares, representing approximately 12% of the issued and outstanding Azimut Shares on a undiluted basis at such time.

    Agnico Eagle is acquiring the Common Shares, and acquired the Azimut Shares for investment purposes. Depending on market conditions and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares, Azimut Shares or other securities of Foran or Azimut, or dispose of some or all of the Common Shares, Azimut Shares or other securities of Foran or Azimut it owns at such time.

    Separate early warning reports in respect of the Foran investment and the Azimut investment will be filed by Agnico Eagle today. To obtain a copy of either early warning report, please contact:

    Agnico Eagle Mines Limited
    c/o Investor Relations
    145 King Street East, Suite 400
    Toronto, Ontario M5C 2Y7
    Telephone: 416-947-1212
    Email: investor.relations@agnicoeagle.com

    Agnico Eagle’s head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Foran’s head office is located at 409 Granville Street, Suite 904, Vancouver, British Columbia V6C 1Y2. Azimut’s head office is located at 110 De la Barre Street, Suite 224, Longueuil, Quebec J4K 1A3.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    Forward-Looking Statements

    The information in this news release has been prepared as at May 14, 2025. Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as “may”, “will” or similar terms.

    Forward-looking statements in this news release include, without limitation, statements relating to the expected closing of the Private Placement (including the expected closing date of each tranche), the ability to satisfy closing conditions in respect of the Private Place (including obtaining approval of the Toronto Stock Exchange and the shareholders of the Foran), Agnico Eagle’s expected ownership interest in Foran upon closing of each tranche of the Private Placement, the expected number of securities to be issued in each tranche of the Private Placement and Agnico Eagle’s acquisition or disposition of securities of Foran or Azimut in the future.

    Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.

    View original content to download multimedia:https://www.prnewswire.com/news-releases/agnico-eagle-announces-additional-investment-in-foran-mining-corporation-302455954.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics –

  • MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:

    • Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    • Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.

    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

    In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

    Full text of the End Price Gouging for Medications Act can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: NASA Observes First Visible-light Auroras at Mars

    Source: NASA

    On March 15, 2024, near the peak of the current solar cycle, the Sun produced a solar flare and an accompanying coronal mass ejection (CME), a massive explosion of gas and magnetic energy that carries with it large amounts of solar energetic particles. This solar activity led to stunning auroras across the solar system, including at Mars, where NASA’s Perseverance Mars rover made history by detecting them for the first time from the surface of another planet.

    “This exciting discovery opens up new possibilities for auroral research and confirms that auroras could be visible to future astronauts on Mars’ surface.” said Elise Knutsen, a postdoctoral researcher at the University of Oslo in Norway and lead author of the Science Advances study, which reported the detection.
    Picking the right aurora
    On Earth, auroras form when solar particles interact with the global magnetic field, funneling them to the poles where they collide with atmospheric gases and emit light. The most common color, green, is caused by excited oxygen atoms emitting light at a wavelength of 557.7 nanometers. For years, scientists have theorized that green light auroras could also exist on Mars but suggested they would be much fainter and harder to capture than the green auroras we see on Earth.
    Due to the Red Planet’s lack of a global magnetic field, Mars has different types of auroras than those we have on Earth. One of these is solar energetic particle (SEP) auroras, which NASA’s MAVEN (Mars Atmosphere and Volatile EvolutioN) mission discovered in 2014. These occur when super-energetic particles from the Sun hit the Martian atmosphere, causing a reaction that makes the atmosphere glow across the whole night sky.
    While MAVEN had observed SEP auroras in ultraviolet light from orbit, this phenomenon had never been observed in visible light from the ground. Since SEPs typically occur during solar storms, which increase during solar maximum, Knutsen and her team set their sights on capturing visible images and spectra of SEP aurora from Mars’ surface at the peak of the Sun’s current solar cycle.
    Coordinating the picture-perfect moment
    Through modeling, Knutsen and her team determined the optimal angle for the Perseverance rover’s SuperCam spectrometer and Mastcam-Z camera to successfully observe the SEP aurora in visible light. With this observation strategy in place, it all came down to the timing and understanding of CMEs.
    “The trick was to pick a good CME, one that would accelerate and inject many charged particles into Mars’ atmosphere,” said Knutsen.
    That is where the teams at NASA’s Moon to Mars (M2M) Space Weather Analysis Office and the Community Coordinated Modeling Center (CCMC), both located at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, came in. The M2M team provides real-time analysis of solar eruptions to the CCMC for initiating simulations of CMEs to determine if they might impact current NASA missions. When the simulations suggest potential impacts, the team sends out an alert.
    At the University of California, Berkeley, space physicist Christina Lee received an alert from the M2M office about the March 15, 2024, CME. Lee, a member of the MAVEN mission team who serves as the space weather lead, determined there was a notable solar storm heading toward the Red Planet,which could arrive in a few days. She immediately issued the Mars Space Weather Alert Notification to currently operating Mars missions.
    “This allows the science teams of Perseverance and MAVEN to anticipate impacts of interplanetary CMEs and the associated SEPs,” said Lee.
    “When we saw the strength of this one,” Knutsen said, “we estimated it could trigger aurora bright enough for our instruments to detect.”
    A few days later, the CME impacted Mars, providing a lightshow for the rover to capture, showing the aurora to be nearly uniform across the sky at an emission wavelength of exactly 557.7 nm. To confirm the presence of SEPs during the aurora observation, the team looked to MAVEN’s SEP instrument, which was additionally corroborated by data from ESA’s (European Space Agency) Mars Express mission. Data from both missions confirmed that the rover team had managed to successfully catch a glimpse of the phenomenon in the very narrow time window available.
    “This was a fantastic example of cross-mission coordination. We all worked together quickly to facilitate this observation and are thrilled to have finally gotten a sneak peek of what astronauts will be able to see there some day,” said Shannon Curry, MAVEN principal investigator and research scientist at the Laboratory for Atmospheric and Space Physics (LASP) at the University of Colorado Boulder (CU Boulder).
    The future of aurora on Mars
    By coordinating the Perseverance observations with measurements from MAVEN’s SEP instrument, the teams could help each other determine that the observed 557.7 nm emission came from solar energetic particles. Since this is the same emission line as the green aurora on Earth, it is likely that future Martian astronauts would be able to see this type of aurora.
    “Perseverance’s observations of the visible-light aurora confirm a new way to study these phenomena that’s complementary to what we can observe with our Mars orbiters,” said Katie Stack Morgan, acting project scientist for Perseverance at NASA’s Jet Propulsion Laboratory in Southern California. “A better understanding of auroras and the conditions around Mars that lead to their formation are especially important as we prepare to send human explorers there safely.”

    More About Perseverance and MAVEN
    The Mars 2020 Perseverance mission is part of NASA’s Mars Exploration Program portfolio and NASA’s Moon to Mars exploration approach, which includes Artemis missions to the Moon that will help prepare for human exploration of the Red Planet. NASA’s Jet Propulsion Laboratory, which is managed for the agency by Caltech, built and manages operations of the Perseverance rover.
    The MAVEN mission, also part of NASA’s Mars Exploration Program portfolio, is led by LASP at CU Boulder. It’s managed by NASA’s Goddard Space Flight Center and was built and operated by Lockheed Martin Space, with navigation and network support from NASA’s JPL.
    —
    By Willow ReedLaboratory for Atmospheric and Space Physics (LASP), University of Colorado Boulder
    Media Contact: 
    Karen Fox / Molly Wasser
    Headquarters, Washington
    202-358-1600
    karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov  
    Nancy N. JonesNASA’s Goddard Space Flight Center, Greenbelt, Md.
    DC AgleJet Propulsion Laboratory, Pasadena, Calif.818-393-9011agle@jpl.nasa.gov

    MIL OSI USA News –

  • MIL-OSI Video: Joint Stakeout on the Humanitarian Situation in Gaza- Media Stakeout | United Nations

    Source: United Nations (Video News)

    Joint Press Encounter delivered by ambassador Barbara Woodward, Permanent Representative of the United Kingdom to the United Nations, on the humanitarian situation in Gaza on behalf of the UK, France, Denmark, Greece and Slovenia.

    https://www.youtube.com/watch?v=OLh0JEtLckE

    MIL OSI Video –

  • MIL-OSI United Kingdom: Managing risk-reduction even in times of crisis: UK Statement to the OSCE

    Source: United Kingdom – Government Statements

    Speech

    Managing risk-reduction even in times of crisis: UK Statement to the OSCE

    Ambassador Holland reiterates the UK’s support to Ukraine, calls on Russia to end its war and to use this unique Forum for risk-reduction, even in crisis.

    Thank you Madam Chair, dear Kaja, and to the Secretary General, for setting out Estonia’s priorities for the Forum for Security Co-operation this Trimester.  You can count on the UK’s continued support, as you chair our Forum at this crucial time for Euro-Atlantic Security. 

    Madam Chair, as we know, the FSC’s mandate is broad and has rightly evolved over decades.  In 1996, our Heads of State and Government adopted a Decision tasking the Forum to manage “preventive diplomacy, crisis management and post-conflict rehabilitation”.  In the 1996 Budapest Document, Ministers tasked the FSC with: “tackling regional security problems (including crises) flexibly in ways appropriate to each case”.  So not only did our Ministers mandate the Forum to manage risk-reduction, they also saw value in our politico-military dialogue continuing even in times of crisis.   

    The OSCE has an extensive acquis and toolkit to do this work.  But it relies on political will to be effective.  Participating States have used the toolkit, including transparency mechanisms, to offer de-escalation.  For example, by Georgia in 2008, by Ukraine – twenty times – in 2014, and again by Ukraine in 2022.  As these examples proved, transparency mechanisms can offer a ladder to defuse a situation or at least an early warning indicator.  But no tool can substitute for the political will required to de-escalate.  Especially if that State has decided to invade, as Russia’s actions have shown so clearly. 

    Madam Chair, the Code of Conduct commits us to act in solidarity if OSCE norms and commitments are violated.  As catalogued by the OSCE Moscow Mechanisms, ODIHR and UN, there is irrefutable independent evidence of Russia violating international law.  As per the Code, such breaches are a “direct and legitimate” concern for us all.  

    That is why our weekly statements will continue reiterating our support for Ukraine and calling for Russia to end its war and return to abiding by the UN Charter and the Helsinki Final Act.  That is why we welcome Estonia’s three Security Dialogue topics on the Code of Conduct; Women, Peace & Security; and protection of children in armed conflicts, keeping a focus on Russia’s invasion.  That is also why we will keep on using this Forum and its tools to execute our mandate, including on risk-reduction and voluntary briefs on military exercises. 

    Madam Chair, our Ministers mandated the Forum to hold a weekly politico-military dialogue in order to execute our vital mandate.  We can only do that if we respect the Forum and meet weekly to fulfil, not to frustrate, its work. 

    I wish to conclude by welcoming Finland to the FSC Troika, and to thank Denmark for their work as they leave the Troika.  And most importantly, I wish you, Madam Chair, and your able teams here in Vienna and in Tallinn the best of luck this Trimester.  You can count on the support of the UK delegation.

    Updates to this page

    Published 14 May 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI USA: Welch, Merkley, Sanders, Dingell Team Up to Introduce Bill to Lower Prescription Drug Prices for All Americans

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today joined Senator Jeff Merkley (D-Ore.), Senator Bernie Sanders (I-Vt.), and U.S. Representative Debbie Dingell (D-MI-06) in introducing the End Price Gouging for Medications Act.
    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.
    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”
    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed.”
    Merkley continued, “If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”
    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive,” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will help to bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”
    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
    Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.
    In addition to Welch, Merkley, Sanders, and Dingell, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.
    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.
    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President of Just Care USA.
    “The reason Americans pay higher prescription drug prices than other countries is because big drug and insurance companies, and their armies of lobbyists, work overtime to ensure their monopolies are protected and their CEOs continue to get massive compensation packages. It is far past time that Congress acts to rein in the out-of-control cost of what Americans have to pay for life-saving medications. The End Price Gouging for Medications Act is an important step,” said Wendell Potter, President of the Center for Health and Democracy.
    Full text of the End Price Gouging for Medications Act can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI Global: Why are Turkey and the PKK turning to peace – and can it last?

    Source: The Conversation – UK – By Pinar Dinc, Associate Professor of Political Science, Department of Political Science and Researcher, Centre for Advanced Middle Eastern Studies, Lund University

    Negotiations to end more than 40 years of conflict between the Turkish state and the Kurdistan Workers’ party (PKK) have taken on a concrete dimension. On May 12, two months after the PKK’s imprisoned leader, Abdullah Öcalan, wrote a letter in which he called on the group to lay down its arms, it has announced it will disband.

    The PKK, which has been fighting for greater Kurdish rights and autonomy, has outlined several conditions it views as essential for it to dissolve. It insists that Öcalan lead and direct the peace process, that the right to democratic politics in Turkey is recognised, and that the group is given solid legal guarantees.

    On the one hand, there seems to be great longing for peace between Turkey and the PKK. This has been evidenced by the positive reactions to the PKK’s statement both nationally and internationally.

    Turkish president, Recep Tayyip Erdoğan, said the PKK’s disengagement with terror had opened “the doors of a new era in every area, namely strengthening politics and democratic capacity”.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    However, there is also scepticism. Turkey views the peace process very differently from the Kurds, referring to it as part of the government’s “terror-free Turkey” initiative. The Kurdish movement has instead adopted the title of Öcalan’s February letter, “Call for Peace and Democratic Society”.

    Many also see Erdoğan’s willingness to resolve the Kurdish issue as a political maneuver by the ruling Justice and Development party (AKP). Positioning itself as the party that ended decades of “terror” at the hands of the PKK would allow the AKP to consolidate its hold on power.

    But, notwithstanding this, there are clear reasons for both the Turkish state and the PKK to come to the negotiating table now. One of the leading reasons is the changing geopolitical dynamics of the Middle East.

    In late 2024, Bashar al-Assad’s regime was toppled in Syria and the country was subsequently taken over by Islamist militants. Iran’s influence has also been weakened following the collapse of parts of its regional proxy network, notably Hamas in Gaza, Hezbollah in Lebanon and, most recently, the Houthis in Yemen.

    Israel, meanwhile, is continuing its war in Gaza. And it has intensified its military operations in Syria, particularly near the Israeli-occupied Golan Heights, alongside open expressions of support for Syria’s Druze religous communities.

    At the same time, Donald Trump has returned to the White House and reopened the door to dialogue with Iran over its nuclear programme. The region’s politics are being reshaped, and leaders across the Middle East are repositioning themselves accordingly.

    For the PKK and its broader political base, a peace process with Turkey offers a pathway to equal citizenship, democratic participation and long-term legitimacy for Kurds in the Middle East after nearly a century of struggle.

    This was signalled by the Kurdish National Conference in April 2025. The conference, which was attended by different Kurdish parties and organisations, highlighted the importance of strategic coordination among Kurds in the region.

    For Turkey, peace with the PKK now would further reduce a weakened Iran’s ability to project power westward. Some groups suspected of being affiliated with the PKK, such as the Sinjar Resistance Units in northern Iraq, have been indirectly supported by Iran.

    Turkey’s handling of the PKK conflict and the broader Kurdish issue has also often complicated its engagement with the west. For example, human rights groups have accused Turkey of allowing the Syrian National Army (a coalition of armed groups in northern Syria) to act with impunity against Kurdish civilians in areas outside its control.

    This has created friction in Turkey’s diplomatic outreach to the US and Europe. By addressing the longstanding Kurdish issue, Ankara could lay the groundwork for more stable relations with the west. These relations are particularly important now as Turkey is looking to take an increasingly key role in European security.

    It is serving as a mediator in negotiations to end the Ukraine war. And Erdoğan has even offered to host direct talks between the Ukrainian president, Volodymr Zelensky, and his Russian counterpart, Vladimir Putin, in Istanbul.

    Bumpy road ahead

    The PKK’s dissolution will not guarantee peace in Turkey. The Kurdish people expect equal citizenship and the end the government’s practice of removing elected mayors and replacing them with state-appointed trustees.

    They also demand the release of political prisoners and reforms to Turkey’s anti-terrorism laws, which critics say are frequently used to suppress dissent. These issues will be discussed in parliament over the coming days, with talks on a new constitution expected to take place in the autumn.

    The negotiations will not be simple. The Kurds have been persistently labelled as rebels, traitors and terrorists since the beginning of the Turkish republic in 1923. It will not be easy to change entrenched opinions overnight.

    Özgür Özel, the leader of Turkey’s main opposition Republican People’s party (CHP), has emphasised the importance of resolving the Kurdish issue peacefully and democratically. But it is not clear whether his views reflect those of his supporter base and Turkish society more broadly.

    Turkey must be further democratised to give the peace process a greater chance of success. The nation’s vibrant civil society currently operates under intense pressure from the state. Giving it more of a voice will help bring Turkey’s deeply divided society together.

    It is always difficult – if not impossible – to make predictions about the future when it comes to Middle Eastern politics. However, a new balance is being established in the Middle East, and in this new balance very different players have to sit at the same table.

    Pinar Dinc is the principal investigator of the ECO-Syria project, which receives funding from the Strategic Research Area: The Middle East in the Contemporary World (MECW) at the Centre for Advanced Middle Eastern Studies, Lund University, Sweden.

    – ref. Why are Turkey and the PKK turning to peace – and can it last? – https://theconversation.com/why-are-turkey-and-the-pkk-turning-to-peace-and-can-it-last-256527

    MIL OSI – Global Reports –