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News Article | April 25, 2017
Site: globenewswire.com

Strong Start to 2017 with Increased Guidance due to Increased Profitability and Cash Flow Strategic MOU with Saudi Aramco Supports Leadership Position in the Middle East Implementation Underway of First-of-its-Kind Software Platform to Deliver Best Industry Solutions for Project Lifecycle Acquisition and Sale Leaseback of Deepwater Pipelay and Construction Vessel Amazon Continued Focus on Company Taking the Lead Safety Culture led to 1-year LTI Free Company Wide Company to Host Conference Call and Webcast Today at 7:30 a.m. Central Time HOUSTON, April 25, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) (“McDermott,” the “Company,” “we” or “us”) today announced financial and operational results for the first quarter ended March 31, 2017. “McDermott saw a profitable and strategic start to 2017 and I am extremely pleased with our first quarter performance.  Excellent project execution and customer alignment led to cost savings, better than anticipated closeouts and customer driven change orders, driving McDermott’s profitability.  Over the past few years, we have worked to stabilize and optimize the business and are now taking long-term strategic steps to transform McDermott for sustainability and growth,” said David Dickson, President and Chief Executive Officer of McDermott.  “During the first quarter, we signed a strategic Memorandum of Understanding (“MOU”) with Saudi Aramco for a land lease at the new maritime facility at Ras Al Khair in Saudi Arabia, which we believe strengthens our leadership position in the Middle East.  We announced the strategic acquisition and sale leaseback of the Amazon vessel to build our ultradeepwater capabilities when upgraded as planned; and we also began implementation of a first-of-its-kind project lifecycle management software platform that will leverage data and analytics to improve efficiency and productivity and create a digital twin to mirror the as-built physical state with a living, up-to-date 3D model.  This new technology will position McDermott as a valued partner for our customers from concept to decommissioning.  Additionally, with continued focus on our Taking the Lead quality and safety culture, we achieved an outstanding full year LTI-free as a company.  While there were limited material contracts awarded in our market during the quarter, we still see a solid revenue pipeline, and these strategic investments help position McDermott for continued success as the market recovers.” First quarter 2017 earnings attributable to McDermott stockholders, computed in accordance with U.S. generally accepted accounting principles (“GAAP”), were $21.9 million, or $0.08 per fully diluted share, compared to a net loss of $2.2 million, or $0.01 per fully diluted share, for the prior-year first quarter.  We generated first quarter 2017 net income of $21.9 million, or $0.08 per fully diluted share, for which there were no adjustments from GAAP, compared to an adjusted net income of $36.3 million, or $0.13 per adjusted fully diluted share, excluding restructuring charges of $6.4 million and impairment charges of $32.3 million, in the prior-year first quarter. The Company reported first quarter 2017 revenues of $519.4 million, a decrease of $209.6 million, compared to revenues of $729.0 million for the prior-year first quarter.  The key projects driving revenue for the first quarter of 2017 were the ONGC Vashishta, Saudi Aramco Long Term Agreement II (“LTA II”), KJO Hout and INPEX Ichthys projects. The decrease from the prior-year first quarter is primarily due to reduced activity on Ichthys as the project progresses through the installation phase. Our operating income for the first quarter of 2017 was $56.0 million, or an operating margin of 10.8%, compared to $36.0 million, or an operating margin of 4.9%, for the first quarter of 2016.  Our operating income for the first quarter of 2017 was $56.0 million, or an operating margin of 10.8%, for which there were no adjustments from GAAP, compared to $74.7 million, or an adjusted operating margin of 10.2%, for the first quarter of 2016, excluding the restructuring charges and impairment mentioned above.  Operating income for the first quarter of 2017 was primarily driven by fabrication and marine activity under the Saudi Aramco LTA II, marine activity on Karan-45 and progress on the Marjan power system replacement, fabrication activity on Yamal and fabrication on Abkatun-A2. These activities were partially offset by a decrease in activity on Ichthys and a decrease in active projects in AEA compared to the same quarter last year. Cash provided by operating activities in the first quarter of 2017 was $48.5 million, a decrease compared to the $59.3 million of cash provided in the first quarter of 2016. The decrease was primarily driven by higher receivable collections from Pemex in the first quarter of 2016 compared to the first quarter of 2017. We report financial results under three reportable segments consisting of (1) the Americas, Europe and Africa (“AEA”), (2) the Middle East (“MEA”) and (3) Asia (“ASA”). We also report certain corporate and other non-operating activities under the heading “Corporate and Other”. Corporate and Other primarily reflects costs that are not allocated to our reportable segments. In the first quarter of 2017, we implemented changes to our financial reporting structure to better align with how we operate the business. Corporate expenses, certain centrally managed initiatives (such as restructuring charges), impairments, year-end mark-to-market (“MTM”) pension actuarial gains and losses, costs not attributable to a particular reportable segment, and unallocated direct operating expenses associated with the underutilization of vessels, fabrication facilities and engineering resources, are no longer apportioned to our reportable segments. Those expenses are now reported under “Corporate and Other”. As of March 31, 2017, the Company’s backlog was $3.9 billion, compared to $4.3 billion at December 31, 2016. Of the March 31, 2017 backlog, approximately 85% was related to offshore operations and approximately 15% was related to subsea operations. Order intake in the first quarter of 2017 totaled $96 million, resulting in a book-to-bill ratio of 0.2x.  At March 31, 2017, the Company had bids outstanding and target projects of approximately $3.1 billion and $12.6 billion, respectively, in its pipeline that it expects will be awarded in the market through June 30, 2018.  In total, the Company’s potential revenue pipeline, including backlog, was $19.6 billion as of March 31, 2017. In the Americas, Europe and Africa (“AEA”) Area, during the first quarter of 2017, detail design and fabrication of the compression platform for the Abkatun-A2 project progressed with the project continuing to advance on schedule.  Front-end engineering and design (“FEED”) and early detailed engineering for a Caribbean gas development continued throughout the quarter and is progressing ahead of plan.  During the quarter, we were awarded the Hess Penn State subsea scope, which includes installation of a rigid pipeline that is scheduled to be fabricated in our Gulfport Spoolbase and reeled onto the NO 105 for installation offshore.  The project scope also includes installation of a 4,500 foot umbilical and four electrical flying leads, fabrication and installation of two pipeline end terminations (“PLETS”) and pipeline pre-commissioning and system start-up support. In our Altamira fabrication yard, upgrades to increase skidway and loadout capabilities are substantially complete, and the blast and paint facility foundations and framing have been installed. These upgrades are on track for completion early in the second quarter of 2017. In the Middle East (“MEA”) Area, fabrication activity increased steadily through the first quarter, with the Jebel Ali and Dammam facilities operating at high levels of utilization.  Regional marine assets continued to operate in Qatar, Saudi Arabia and the Khafji Neutral Zone.  Qatar marine activity was focused on the RasGas Flow Assurance and Looping project, with the umbilical installation scope completed ahead of schedule.  Additionally, the DLV 2000 has now relocated to the Middle East, where she is expected to remain busy on existing contracts for most of 2017.  Installation of the KJO Hout structures was completed during the quarter, with pipeline activity and platform hook up and commissioning still remaining.  Project completion is still expected in the second quarter of 2017.  Engineering and procurement on the Saudi Aramco Lump Sum LTA II project are in the final stages, with focus now transitioning to fabrication.  Progress on the three Saudi Aramco projects awarded in the second quarter of 2016 remains on target.  The Safaniya Phase 5 and 4 Jackets and 3 Observation Platforms projects are in the engineering and procurement phases, with both slightly ahead of the overall planned progress. The Area’s exceptional QHSES performance was maintained through the quarter, now reaching 54 million man hours lost time incident (“LTI”) free. In the Asia (“ASA”) Area, during the first quarter of 2017, the LV 108 carried out subsea construction and pre-commissioning works to prepare for the arrival of the floating facilities on the INPEX Ichthys project.  Also on Ichthys, we continued working collaboratively with INPEX and the supplier to rectify the subsea connector component issue identified in January 2017.  Engineering, procurement and fabrication of the pre-lay structures, in-line tees (“ILTs”) and PLETs for the Woodside Greater Western Flank Phase 2 pipeline project commenced in February, and the project is progressing on schedule.  In India, the ONGC Vashishta project continues to achieve significant progress with the completion of the shallow water section of pipelines and umbilical installation by the DB 30.  The fabrication of pipe stalks for the deepwater pipelay was completed utilizing McDermott’s mobile spoolbase in our consortium partner Larsen & Toubro’s fabrication yard in Kattupalli, along with the first and second loadouts onboard the NO 105.  The NO 105 also completed the installation of the first two deepwater pipeline sections and continues to install the remaining two.  The DB 30 is scheduled to mobilize at the end of April 2017 for the Brunei Shell Petroleum offshore pipelines installation.  In our Batam fabrication yard, fabrication of the modules for the Yamal LNG project is reaching the final completion stage with sailaway scheduled in April 2017.  Also in Batam, the fabrication of 14 jackets for Saudi Aramco is progressing well, with 3 of the 14 jackets complete and sailed on a fast transport vessel to Ras Tanura, Saudi Arabia. In the first quarter of 2017 for Corporate and Other, costs were mainly attributable to selling, general, and administrative costs of $12.9 million and unallocated direct operating expenses of $27.3 million. Unallocated direct operating expenses were primarily driven by the underutilization of marine assets which incurred less than standard activity during the first quarter. These expenses were offset by a gain of $3.4 million on the sale of certain thrusters. The increase in 2017 guidance is mainly attributable to increased profitability and cash flow due to closeouts from excellent project execution in the first quarter of 2017, as well as customer driven change orders awarded this quarter.  While we expect change orders, close-outs and settlements to continue as part of our normal business activities, the period in which they are recognized is largely driven by the finalization of agreements with customers and suppliers and, as a result, is difficult to predict.  We previously reported it was reasonably possible costs on the INPEX Ichthys project could increase by an additional $10 million due to a failure identified in a supplier-provided subsea-pipe connector component, which had previously been installed. However, we have continued to mitigate the $10 million risk and now believe the range of reasonably possible additional costs has decreased to $5 million. Costs forecasted under Corporate and Other include $115 million of unallocated direct operating expenses resulting from the expected underutilization of our marine assets during 2017. Weighted average common shares outstanding on a fully diluted basis were approximately 282.3 million and 239.1 million for the quarters ended March 31, 2017 and 2016, respectively.  Additional shares of 38.0 million related to the Tangible Equity Units (“TEUs”), as well as other potentially dilutive shares, were included in the quarterly dilution calculation for the quarter ended March 31, 2017.  Subsequent to quarter end, on or about April 3, 2017, we delivered 40.8 million shares of our common stock related to the settlement of the TEUs. McDermott has scheduled a conference call and webcast related to its first quarter 2017 results today at 7:30 a.m. U.S. Central Time.  Interested parties may listen over the Internet through a link posted in the Investor Relations section of McDermott’s website. A replay of the webcast will be available for seven days after the call and may be accessed by dialing (855) 859-2056, Passcode 2104294. In addition, a presentation will be available on the Investor Relations section of McDermott’s website that contains supplemental information on McDermott’s financials, operations and 2017 Guidance. McDermott is a leading provider of integrated engineering, procurement, construction and installation (“EPCI”), front-end engineering and design (“FEED”) and module fabrication services for upstream field developments worldwide. McDermott delivers fixed and floating production facilities, pipelines, installations and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons.  Our customers include national and major energy companies.  Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923, and shares of its common stock are listed on the New York Stock Exchange. To learn more, please visit our website at www.mcdermott.com This press release includes several “non-GAAP” financial measures as defined under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), but believe that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of our ongoing operations and are useful for period-over-period comparisons of those operations. Non-GAAP measures are comprised of the total and diluted per share amounts of adjusted net income (loss) attributable to the Company and adjusted operating income and operating income margin for the Company, in each case excluding the impact of certain identified items.  The excluded items represent items that our management does not consider to be representative of our normal operations.  We believe that total and diluted per share adjusted net income (loss) and adjusted operating income and operating margin are useful measures for investors to review because they provide a consistent measure of the underlying financial results of our ongoing business and, in our management’s view, allows for a supplemental comparison against historical results and expectations for future performance. Furthermore, our management uses adjusted net income (loss) and adjusted operating income as a measure of the performance of our operations for budgeting and forecasting, as well as employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for operating income, net income or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP. The Forecast non-GAAP measures we have presented in this press release include forecast free cash flow, adjusted free cash flow and EBITDA, in each case excluding the impact of certain identified items. We believe these forward-looking financial measures are within reasonable measure.  We define “free cash flow” as cash flows from operations less capital expenditures.  We believe investors consider free cash flow as an important measure, because it generally represents funds available to pursue opportunities that may enhance shareholder value, such as making acquisitions or other investments.  Our management uses free cash flow for that reason.  Additionally, adjusted free cash flow represents free cash flow plus cash expected as a result of the sale leaseback arrangement for the acquisition of the Amazon vessel.  We define EBITDA as net income plus depreciation and amortization, interest expense, net, and provision for income taxes.  We have included EBITDA disclosures in this press release because EBITDA is widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry.  Our management also uses EBITDA to monitor and compare the financial performance of our operations.  EBITDA does not give effect to the cash that we must use to service our debt or pay our income taxes, and thus does reflect the funds actually available for capital expenditures, dividends or various other purposes.  In addition, our presentation of EBITDA may not be comparable to similarly titled measures in other companies’ reports.   You should not consider EBITDA in isolation from, or as a substitute for, net income or cash flow measures prepared in accordance with U.S. GAAP. Reconciliations of these non-GAAP financial measures and forecast non-GAAP financial measures to the most comparable GAAP measures are provided in the tables set forth at the end of this press release. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott's actual results of operations. These forward-looking statements include, among other things, statements about backlog, bids and change orders outstanding, target projects and revenue pipeline, to the extent these may be viewed as indicators of future revenues or profitability, our beliefs with respect to the expected benefits to be derived from recent strategic activities, including the MOU signed with Saudi Aramco, the planned upgrades to the Amazon and the implementation of the project lifecycle management software platform, the expected scope, execution and timing associated with the projects discussed, the expected timing of upgrades to our Altamira fabrication yard, the expected utilization of the DLV 2000, McDermott’s earnings and other guidance for 2017 and expectations related to the guidance, expectations with respect to change orders, close-outs and settlements,  our expectations with respect to the range of additional costs on the Ichthys project related to the subsea-pipe connector component issue identified in January 2017 and the expected underutilization of our marine assets in 2017. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit markets, our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties, changes in industry norms and adverse outcomes in legal or other dispute resolution proceedings.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.  You should not place undue reliance on forward looking statements.  For a more complete discussion of these and other risk factors, please see McDermott's annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2016 and subsequent quarterly reports on Form 10-Q. This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.


News Article | May 5, 2017
Site: www.greentechmedia.com

TWiB: All You Need to Know About Batteries in a Dozen Tweets Is there a solid-state battery in your EV future?  Not unless you are less than 50 years old (assumption: life expectancy=70). I made it. Toshiba has turned down pre-emptive bids for its Swiss-based smart meter group Landis+Gyr, hoping for a higher price at auction, for which bankers have begun preparing debt packages of around $1 billion, people familiar with the matter said. Buyout group CVC and Japan's industrial conglomerate Hitachi several weeks ago offered to buy Landis+Gyr for almost $2 billion, and another private equity group also made an offer earlier this year, but both were declined, the sources said. Toshiba is instead waiting for tentative offers to come in by a May 22 deadline, they said, adding that groups including Advent, AEA, BC Partners, Bain, Blackstone, Carlyle, Cinven, CD&R, Onex and Triton are expected to bid. Toshiba is instead waiting for tentative offers to come in by a May 22 deadline, they said, adding that groups including Advent, AEA, BC Partners, Bain, Blackstone, Carlyle, Cinven, CD&R, Onex and Triton are expected to bid. Three French companies have emerged as the most prolific venture capital dealmakers for new energy technologies as the country starts to seek out low-polluting alternatives for its aging nuclear reactors. Engie SA, Demeter Partners SA and Total SA participated in more green-energy deals than any other venture capital firms last year, according to the most recent data compiled by Bloomberg New Energy Finance. While the $62.3 million that French funds put into the industry is a fraction of the overall $7.5 billion VCs invested in green energy, the number of deals indicates a budding community of early-stage financiers outside Silicon Valley. Even as Electricite de France SA seeks to prolong the lives of aging nuclear reactors, the leading presidential contender is pushing for a shift toward renewables and companies are gearing up to make bigger investments in wind and solar farms. The VC funds are backing technologies that modernize the power grid to cope with power supplies that vary with the weather and can accommodate more electric mobility. Even as Electricite de France SA seeks to prolong the lives of aging nuclear reactors, the leading presidential contender is pushing for a shift toward renewables and companies are gearing up to make bigger investments in wind and solar farms. The VC funds are backing technologies that modernize the power grid to cope with power supplies that vary with the weather and can accommodate more electric mobility. Inside Climate News: U.S. Wind Energy Installations Surge -- a New Turbine Rises Every 2.4 Hours Every two and a half hours, workers installed a new wind turbine in the United States during the first quarter of 2017, marking the strongest start for the wind industry in eight years, according to a new report by the American Wind Energy Association (AWEA) released on May 2. "We switched on more megawatts in the first quarter than in the first three quarters of last year combined," Tom Kiernan, CEO of AWEA, said in a statement. Nationwide, wind provided 5.6 percent of all electricity produced in 2016, an amount of electricity generation that has more than doubled since 2010. Much of the demand for new wind energy generation in recent years has come from Fortune 500 companies including Home Depot, GM, Walmart and Microsoft that are buying wind energy in large part for its low, stable cost. Nationwide, wind provided 5.6 percent of all electricity produced in 2016, an amount of electricity generation that has more than doubled since 2010. Much of the demand for new wind energy generation in recent years has come from Fortune 500 companies including Home Depot, GM, Walmart and Microsoft that are buying wind energy in large part for its low, stable cost. Yahoo Finance: FuelCell Energy Announces Closing of $15.4 Million Public Offering of Common Stock and Warrants FuelCell Energy, a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, announced today the completion of an underwritten public offering of (i) 12,000,000 shares of its common stock, (ii) Series C warrants to purchase 12,000,000 shares of its common stock and (iii) Series D warrants to purchase 12,000,000 shares of its common stock, for gross proceeds of approximately $15.4 million, at a public offering price of $1.28 per share and accompanying warrants.  Total net proceeds to the Company were approximately $13.8 million.  FuelCell Energy intends to use the net proceeds from this offering for project development, project financing, working capital and general corporate purposes.  Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering.


News Article | April 20, 2017
Site: motherboard.vice.com

You might not remember your first time smoking weed. But you'll remember the first time smoking weed made you freak the fuck out. I was at a friend's house five years ago, curled into a ball after three hits of unequivocally good weed. My brain loomed in and out of consciousness. I was scared. Every few seconds, the room would turn black. I could feel my heart about to burst, and eventually, I succumbed to a comatose-like sleep. It wasn't like other times, and it sucked. Marijuana-induced anxiety is weed culture's Bigfoot—an urban legend that's perpetuated by hearsay, rather than fact. Everyone knows someone whose friend's cousin had a bad trip. ("But like, weed is really good for anxiety, right?"). As a result, the truth of the matter is muddled, and discussing reefer madness can actually make you feel insane. "I puked some indeterminate number of times. Then I basically just lay down on the tile floor. Some part of me was aware, the whole time, that I was just way too high, and it would eventually pass," one person told me about their experience. "I woke up on the bathroom floor in the morning. I felt extremely bad." "My boyfriend and I had tickets to a Kate Nash concert and smoked a joint before heading out," said another. "I remember feeling kind of floaty on the cab ride over—almost like I wasn't fully in my body…Then, during the opener, the room started to go dizzy and I suddenly couldn't see or hear anything. The next thing I remember is waking up on the floor several minutes later, a crowd of people hovering around me, feeling like I'd died." "I wasn't right for the next three days," one person who developed a later anxiety disorder told me. "My friends still talk about this event and we laugh, but that experience fucked me up and I never smoked weed again. And never will." I spoke to dozens of people whose symptoms were mostly the same: anxiety, distorted vision or hearing, dizziness, and blacking out. These aren't the nice effects of weed, mind you. And as someone with an anxiety disorder, I can tell you they feel a lot like a panic attack. Thanks in part to stringent marijuana laws, it's been difficult for researchers to gather data that isn't only self-reported. But it's not clear whether weed jumpstarts anxiety disorders, and the association is tenuous. When existing studies on this topic were reevaluated, and other anxiety stressors were controlled for, an almost insignificant amount of people showed a link between marijuana use and anxiety development. Research based on longitudinal data from a National Epidemiologic Survey on Alcohol and Related Conditions, which included interviews with 34,653 participants, also found negligible evidence that weed can catalyze anxiety. Still, thanks in part to stringent marijuana laws, it's been difficult for researchers to gather data that isn't only self-reported. Things like cannabis strain, for instance, which can determine the type of high that someone gets, are impossible to standardize in large studies. "It's not just whether or not a person has a genetic risk factor. It's really looking at the expression of those genes, and that's brought on by environmental factors that change the way genes are expressed," April Thames, an assistant professor at the University of California, Los Angeles' Department of Psychiatry and Biobehavioral Sciences, told me. "It's conceivable that the use of these substances could impact one's trajectory to develop anxiety, but need there needs to be more research." For people who already have anxiety disorders, it's a little different. Stress and anxiety are brother and sister—controlling one can help the other. A prominent theory suggests that naturally occurring cannabinoids in our brains can be produced in response to stress hormones. These molecules, in turn, may disrupt the amygdala, a region near the base of our brain that contributes to anxious feelings when overstimulated, according to a 2016 study published in the Journal of Neuroscience. It should be noted, however, that this was an animal study, which affects its ability to reliably predict these same results in humans. Another study, published one year earlier in Neuropsychopharmacology Reviews, also linked cannabinoids, specifically anandamide (AEA) and 2-arachidonoylglycerol (2-AG), to stress responses. It stated that certain cannabinoid receptors interact with these molecules to regulate stress. Based on this research, it's been theorized that when tetrahydrocannabinol, or THC—the psychoactive compound in weed that gets you high—binds with specific brain receptors, feelings of anxiety can either be increased or decreased. And for some people, smoking weed with higher levels of THC can induce symptoms common with anxiety. "If someone has a history of anxiety, panic episodes, or even depression, cannabis can exacerbate those effects, according to some literature," Thames added. "There's some thought that cannabis has a connection [with making these receptors more sensitive], bringing on an anxiety-like state." Different strains of weed can also play a role. Thoughtful sellers often prescribe indica, rather than sativa, to anxiety-prone people. There are shaky genetic differences between modern Cannabis indica and Cannabis sativa, but very broadly, certain types of indica can possess higher cannabidiol (CBD) levels. CBD is a cannabinoid like THC, but is non-psychoactive, resulting in a gentler high. (As with all homeopathic medicine, your method may vary.) If one thing's for certain, it's that weed is still drastically under-researched, and we won't know if and when weed will give us a panic attack until we surpass regulatory hurdles and embrace the science. Hopefully, as marijuana laws become less draconian, psychologists will have more freedom to study its effects—positive and negative. Until then, don't feel down if weed makes you feel bad. Experiment with different strains, and at the end of the day, remember that it's supposed to make you feel good. Motherboard is nominated for three Webby Awards for Best Science YouTube Channel , Best Drama , Best Tech/Science Podcast . Please vote for us!


News Article | May 16, 2017
Site: www.businesswire.com

SAN RAMON, Calif.--(BUSINESS WIRE)--24 Hour Fitness USA, Inc. announced today that Chris Roussos has been named Chief Executive Officer. 24 Hour Fitness® is owned by AEA Investors, Ontario Teachers’ Pension Plan and Fitness Capital Partners. During his career, Roussos has driven the success of fast-growth, multi-unit companies. Most recently, he served as CEO of Epic Health Services, and his rise from business entrepreneur to head of private-equity backed companies has earned industry recognition. Roussos brings all of his talents, a passion for fitness and mission-based companies to his new role with 24 Hour Fitness. “I am elated to join such a strong company with an extremely talented executive team and enthusiastic, driven team members,” said Chris Roussos, CEO, 24 Hour Fitness. “24 Hour Fitness is well-positioned for future growth, and I look forward to the collaboration that will help us to achieve future success. I’d like to thank the Board of Directors and leaders of 24 Hour Fitness for this opportunity to lead such a revered company.” Frank Napolitano, President, 24 Hour Fitness, said, “Chris is a strong, engaging leader with a proven record for driving results at growth companies. He has tremendous energy and a vision for our company that gives us continuity as we continue on our path to greater success.” Headquartered in San Ramon, Calif., 24 Hour Fitness is a leading health club industry pioneer, serving nearly 4 million members in over 400 clubs across the U.S. For more than 30 years, the company has been dedicated to helping members change their lives and reach their individual fitness goals. With convenient club locations, personal training services, popular GX24® studio classes and a variety of strength, cardio and functional training equipment, 24 Hour Fitness offers fitness solutions for everyone. Please visit 24hourfitness.com for more information and to find the club nearest you.


MINNEAPOLIS--(BUSINESS WIRE)--Piper Jaffray Companies (NYSE: PJC), a leading investment bank and asset management firm, is pleased to announce the hiring of Chris Geyer and Tim Shea. Based in Minneapolis, Geyer and Shea will be part of the firm’s diversified industrials & services investment banking group. “These hires represent another step forward in building upon our multi-year growth trajectory in investment banking and expanding our platform where we see concrete opportunities to expand our reach,” said Scott LaRue, global co-head of Piper Jaffray investment banking. “Adding Chris and Tim bolsters our coverage in this important sector and adds strength to our overall franchise.” “We continue to invest in domain expertise, and Tim and Chris bring significant expertise in facility services and chemicals, respectively. Our clients value deep sector knowledge along with world-class M&A execution, and that combination will drive our continued momentum,” said Michael Dillahunt, co-head of Piper Jaffray diversified industrials & services investment banking. Geyer re-joined Piper Jaffray from Lazard Middle Market’s industrials investment banking group, where he advised chemicals companies. Prior to Lazard, Geyer spent four years in corporate development at Entegris, Inc. and began his career with Piper Jaffray investment banking. Geyer has advised on approximately 30 transactions valued in aggregate at more than $5 billion. He earned a Master of Business Administration degree from the University of Minnesota – Carlson School of Management and a bachelor’s degree in business administration from the University of Colorado at Boulder. Shea was most recently the chief financial officer of Southwest Foodservice Excellence. Previously, he served as an investment banking director at Robert W. Baird & Co., covering companies in the facility services space. Shea has advised on dozens of transactions with an aggregate deal value of approximately $10 billion. He holds a Juris doctorate from the University of Wisconsin Law School, and a bachelor’s degree in business administration from the University of Wisconsin – Madison, and is a CPA. Recent Piper Jaffray industrials assignments include advising Industrial Container Services, a portfolio company of Aurora Capital on its sale to Centerbridge Partners L.P.; Arctic Glacier Group Holdings, Inc., a portfolio company of H.I.G. Capital on its $723 million sale to The Caryle Group; Evans Delivery Company, a portfolio company of AEA Investors SBF on its sale to Calera Capital; Unishippers Global Logistics, a portfolio company of Ridgemont Equity Partners on its merger with Worldwide Express, a portfolio company of Quad-C Management; Arrow Tru-Line Holdings, Inc., a portfolio company of Long Point Capital on its sale to Sun Capital Partners; and Universal Lubricants, LLC, a portfolio company of Pegasus Capital Advisors on its sale to Clean Harbors, Inc. Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through five separate investment advisory affiliates―U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc., Piper Jaffray Investment Management LLC, PJC Capital Partners LLC and Piper Jaffray & Co., and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission.


HOUSTON, May 09, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today that Ty Lawrence has been appointed Vice President, Treasurer and Investor Relations, replacing Kathy Murray who has been appointed Vice President of Finance for Project Execution and Delivery. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/90ba574b-e695-4191-adfe-0d1719d01e08 “These moves ensure McDermott continues to build the strength of our leadership team by expanding their breadth and depth of experience,” said Stuart Spence, Executive Vice President and Chief Financial Officer for McDermott. “These moves provide both Ty and Kathy new experiences and opportunities to broaden their understanding of McDermott’s vast business and position them for continued success within our company.” Prior to this appointment, Ty Lawrence was Senior Director of Finance for McDermott’s Americas, Europe and Africa Area (AEA). He joined McDermott in 2013 and has previously held the roles of Subsea Finance Director and Senior Finance Director for Commercial and Project Support. Ty is a trained chartered accountant with over 20 years of experience working for various listed and private equity companies across a variety of industry sectors mainly in London, in roles of increasing responsibility. “I look forward to working with the investment and financial communities to strategically broaden McDermott’s investor base and highlight the tremendous value McDermott brings as the engineering, procurement, construction and installation leader in the offshore and subsea market,” said Ty Lawrence. McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please visit our website at www.mcdermott.com.


HOUSTON, May 09, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today that Ty Lawrence has been appointed Vice President, Treasurer and Investor Relations, replacing Kathy Murray who has been appointed Vice President of Finance for Project Execution and Delivery. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/90ba574b-e695-4191-adfe-0d1719d01e08 “These moves ensure McDermott continues to build the strength of our leadership team by expanding their breadth and depth of experience,” said Stuart Spence, Executive Vice President and Chief Financial Officer for McDermott. “These moves provide both Ty and Kathy new experiences and opportunities to broaden their understanding of McDermott’s vast business and position them for continued success within our company.” Prior to this appointment, Ty Lawrence was Senior Director of Finance for McDermott’s Americas, Europe and Africa Area (AEA). He joined McDermott in 2013 and has previously held the roles of Subsea Finance Director and Senior Finance Director for Commercial and Project Support. Ty is a trained chartered accountant with over 20 years of experience working for various listed and private equity companies across a variety of industry sectors mainly in London, in roles of increasing responsibility. “I look forward to working with the investment and financial communities to strategically broaden McDermott’s investor base and highlight the tremendous value McDermott brings as the engineering, procurement, construction and installation leader in the offshore and subsea market,” said Ty Lawrence. McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please visit our website at www.mcdermott.com.


HOUSTON, May 09, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today that Ty Lawrence has been appointed Vice President, Treasurer and Investor Relations, replacing Kathy Murray who has been appointed Vice President of Finance for Project Execution and Delivery. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/90ba574b-e695-4191-adfe-0d1719d01e08 “These moves ensure McDermott continues to build the strength of our leadership team by expanding their breadth and depth of experience,” said Stuart Spence, Executive Vice President and Chief Financial Officer for McDermott. “These moves provide both Ty and Kathy new experiences and opportunities to broaden their understanding of McDermott’s vast business and position them for continued success within our company.” Prior to this appointment, Ty Lawrence was Senior Director of Finance for McDermott’s Americas, Europe and Africa Area (AEA). He joined McDermott in 2013 and has previously held the roles of Subsea Finance Director and Senior Finance Director for Commercial and Project Support. Ty is a trained chartered accountant with over 20 years of experience working for various listed and private equity companies across a variety of industry sectors mainly in London, in roles of increasing responsibility. “I look forward to working with the investment and financial communities to strategically broaden McDermott’s investor base and highlight the tremendous value McDermott brings as the engineering, procurement, construction and installation leader in the offshore and subsea market,” said Ty Lawrence. McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please visit our website at www.mcdermott.com.


HOUSTON, May 09, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today that Ty Lawrence has been appointed Vice President, Treasurer and Investor Relations, replacing Kathy Murray who has been appointed Vice President of Finance for Project Execution and Delivery. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/90ba574b-e695-4191-adfe-0d1719d01e08 “These moves ensure McDermott continues to build the strength of our leadership team by expanding their breadth and depth of experience,” said Stuart Spence, Executive Vice President and Chief Financial Officer for McDermott. “These moves provide both Ty and Kathy new experiences and opportunities to broaden their understanding of McDermott’s vast business and position them for continued success within our company.” Prior to this appointment, Ty Lawrence was Senior Director of Finance for McDermott’s Americas, Europe and Africa Area (AEA). He joined McDermott in 2013 and has previously held the roles of Subsea Finance Director and Senior Finance Director for Commercial and Project Support. Ty is a trained chartered accountant with over 20 years of experience working for various listed and private equity companies across a variety of industry sectors mainly in London, in roles of increasing responsibility. “I look forward to working with the investment and financial communities to strategically broaden McDermott’s investor base and highlight the tremendous value McDermott brings as the engineering, procurement, construction and installation leader in the offshore and subsea market,” said Ty Lawrence. McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver.  McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, please visit our website at www.mcdermott.com.


News Article | February 16, 2017
Site: www.prweb.com

Spring break cash awaits a lucky educator with California Casualty’s next $2,500 Academic Award. The deadline to enter is March 10, 2017, at http://www.calcasacademicaward.com. The $2,500 Academic Award was created in 2012 to give public K-12 teachers, who often spend $500 to $1,000 of their own funds each year, a financial break buying necessities for students and projects. This will be the 13th Academic Award given since the program began. Illinois special education teacher Sharon H. will be able to set up an interactive listening center with the award she received in January. Another recent winner, Eduardo N., was able to purchase important chemistry equipment for his California high school science classes. New Jersey’s Tony M. bought exercise and workout equipment for physical education classes at the middle school where he teaches. “Working with educators for over 65 years, we’ve heard over and over how much they spend preparing their classrooms and helping students,” said California Casualty Sr. Vice President Mike McCormick. “This award is one of the many ways we show support and give thanks for what they do.” California Casualty is ready to pick up the cost for classroom supplies and materials. The deadline for the next $2,500 Academic Award is Friday, March 10, with a winner announced in April. Visit http://www.calcasacademicaward.com to enter. Eligibility requires membership in the AEA, CTA, NEA (National Education Association), or referral by a current member of the state NEA affiliate or one of our other participating educator associations including: ACSA, CASE, COSA, KASA, NASA, UAESP or UASSP. Headquartered in San Mateo, California, with Service Centers in Arizona, Colorado and Kansas, California Casualty provides auto and home insurance to educators, firefighters, law enforcement and nurses across the country. Founded in 1914, California Casualty has been led by four generations of the Brown family. To learn more about California Casualty, or to request an auto insurance quote, please visit http://www.calcas.com or call 1.800.800.9410.

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