Centrica plc is a British multinational utility company with its headquarters in Windsor, Berkshire. Its principal activity is the supply of electricity and gas to businesses and consumers in the United Kingdom and North America. It is the largest supplier of gas to domestic customers in the UK, and one of the largest suppliers of electricity, operating under the trading names Scottish Gas in Scotland and British Gas in the rest of the UK. It is also active in the exploration and production of natural gas; electricity generation; and the provision of household services including plumbing.Centrica is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £15 billion as of 23 December 2011, the 26th-largest of any company with a primary listing on the London Stock Exchange. Wikipedia.
News Article | May 25, 2017
"We want to recognize the hard work and sacrifices made by those who help keep our country safe, and this is just a small token of appreciation," said P.J. Popovic, General Manager U.S. Energy, Direct Energy. "Direct Energy is proud to give back to those who fight or have fought to give us our freedom every day." This offer will be available in the following states: DE, IL, MA, ME, MD, NH, NJ, NY, OH, PA, RI and the District of Columbia. To learn more about Direct Energy's Military Savings program available year-round, please visit: https://www.directenergy.com/military. About Direct Energy Direct Energy is one of North America's largest retail providers of electricity, natural gas, and home and business energy-related services with nearly five million customers. Direct Energy gives customers choice, simplicity, and innovation where energy, data, and technology meet. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 50 U.S. states plus the District of Columbia and 4 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/direct-energy-offering-reduced-rates-for-military-personnel-in-honor-of-memorial-day-300463594.html
News Article | May 23, 2017
One Hour Heating & Air Conditioning, part of the Direct Energy family of brands, has independently owned and operated locations throughout North America. Your complete satisfaction with our services and technicians, who are trained to exceed your expectations and needs, is 100% guaranteed. To find the location nearest you, or additional information and helpful tips, visit Onehourheatandair.com. About One Hour Heating & Air Conditioning® One Hour Heating & Air Conditioning® is currently ranked as the #1 HVAC franchise in Entrepreneur magazine's annual Franchise 500 (January 2017). One Hour Heating & Air Conditioning puts an emphasis on trust, customer service and courtesy. Franchised One Hour Heating & Air Conditioning locations are independently owned and operated businesses. One Hour Heating & Air Conditioning is part of the Direct Energy family of brands. ©2017 Clockwork IP, LLC About Direct Energy Direct Energy is one of North America's largest energy and energy-related services providers with nearly five million residential and commercial customers. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 50 U.S. states plus the District of Columbia and 4 provinces in Canada. © 2017 Clockwork IP, LLC. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/prepare-your-home-before-summer-strikes-to-beat-the-heat-300456540.html
News Article | May 23, 2017
Earlier this month Shell, Statoil, Tepco, Centrica and a half-dozen other energy companies joined the Energy Web Foundation, an alliance devoted to bringing blockchain to the grid. The companies donated $2.5 million to the organization. The foundation was set up in February this year as a collaboration between Rocky Mountain Institute (RMI) and Austrian blockchain developer Grid Singularity to “accelerate the commercial deployment of blockchain technology in the energy sector.” The companies and organizations involved think blockchain will be a game-changer for energy, and are working together to provide the frameworks and standards to help ensure that outcome. Jesse Morris, principal for electricity and transportation practices at RMI and co-founder of the Energy Web Foundation (EWF), said the foundation's immediate aim is to garner more affiliates and funding, while developing an open-source blockchain application for use in the energy sector. Initially, partner organizations will evaluate the software, and potentially release it to the public in 2019 or 2020, if all goes well. Blockchain is best known as the platform for Bitcoin. It is an encrypted, distributed database that allows all users to track every transaction -- thus eliminating the need for an intermediary. Blockchain enthusiasts believe the technology can also be used to seamlessly transact electrons between consumers on the grid, while keeping an accurate, incorruptible tally of where they came from and where they went. It could encourage greater peer-to-peer sales on the grid and lay the foundation for microgrids and distributed renewables. “We have a strong hypothesis that blockchain will solve a lot of long-running problems in the energy sector,” said Morris. “Overcoming these challenges could make small, incremental changes to energy infrastructure and markets in the near term, while others would be more far-reaching and disruptive." Certificates (also known as guarantees) of origin would assure the user that a particular megawatt-hour of electricity was produced from renewables. According to Morris, the U.S. alone has 10 different tracking systems, Asia-Pacific has several more, and each European country has its own system of certification. Blockchain could be used to transparently guarantee the origin of the electrons. Longer-term, and more radically, RMI sees the future of electricity networks being driven by the billions of energy storage and HVAC units, EVs, solar roof panels and other devices and appliances at the grid edge. Blockchains can allow any of them to set their own level of participation on the grid, without the need for an intermediary. And crucially, they can be configured so that if a grid operator needs guaranteed capacity, the grid-edge unit can communicate back to the grid whether or not it’s up to the task. This is an example of what Morris described as blockchain’s ability to “fuse the physical with the virtual” via machine-to-machine communication. However, these are still early days. Foundation members have a lot of work to do in order to ensure its credibility, prove the technology works for energy applications, and lay down the foundation for widespread adoption. “Think of it like the App Store,” remarked David Peters, director of strategy and innovation at grid owner-operator Stedin B.V. “We at the EWF are building a shared infrastructure where we can build on top the developed code.” Stedin joined EWF because it believes in blockchain’s potential. “It gives us access to the best blockchain people in the world,” Peters said. He hopes the widespread adoption of the technology will “lower the barriers of participation” for the grid. Engie, the French multinational electric utility, had already conducted its own blockchain research projects before joining EWF. Among them was a program to track smart meters in Burgundy, keeping detailed tabs on solar panel electricity production, and facilitating transactions of a small peer-to-peer community energy trading project in Belgium. Engie's Director of Research and Technologies Raphael Schoentgen explained that blockchain is a promising technology to track smart meter data. “It contributes to better management of electrons over the grid,” he remarked. The technology’s ability to automate transactions for peer-to-peer trading is of key interest to Dr. Hans-Heinrich Kleuker, the CEO of Technische Werke Ludwigshafen, whose company is now also part of EWF. “We’ll see many more consumers with either an energy deficit or a surplus in the near future, and the desire to trade that energy,” he said. “Machine-to-machine communication, such as that offered via blockchain, will be essential to manage the vast number of transactions needed.” Such trades would certainly be beyond the capabilities of a small, local utility such as TWL, said Kleuker. “We are looking at the convergence of different electricity markets, which are very different right now, but longer-term will be facing similar challenges,” Kleuker concluded, convinced that the application of blockchain can meet those challenges. EWF will meet at the end of May to decide which use-case scenarios from around the world it will employ to take the project forward. In the coming years, the foundation will decide on norms and standards that may allow blockchain to be used in a truly universal way and “move beyond the hype.”
News Article | May 5, 2017
Monaco, May 5, 2017, GasLog Ltd. and its subsidiaries ("GasLog" or "Group" or "Company") (NYSE: GLOG), an international owner, operator and manager of liquefied natural gas ("LNG") carriers, today reported its financial results for the quarter ended March 31, 2017. (1) Earnings/Loss per share ("EPS") and Adjusted EPS are net of the profit attributable to the non-controlling interest of $14.6 million and the dividend on preferred stock of $2.5 million for the quarter ended March 31, 2017 ($10.6 million and $2.5 million, respectively, for the quarter ended March 31, 2016). (2) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog's financial results presented in accordance with International Financial Reporting Standards ("IFRS"). For definition and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release. Paul Wogan, Chief Executive Officer, stated: "GasLog had another active quarter, achieving record revenues and EBITDA for the Company. During the period, GasLog Partners raised $78.0 million in new equity and we subsequently announced the sale of the GasLog Greece to GasLog Partners for $219.0 million. This second dropdown transaction in six months demonstrates GasLog Partner's ability to recycle capital through the business to support GasLog's ambitious LNG carrier and FSRU growth plans. As we execute further dropdowns from our extensive pipeline of contracted vessels, GasLog will increase its share of the cash flows distributed by GasLog Partners, further enhancing the ability of GasLog to fund its growth. We were pleased to execute a $250.0 million U.S. bond offering during the quarter which provides GasLog with access to a new and liquid pool of capital. The transaction also enables the Company to push out most of its 2018 debt maturities to 2022, creating additional liquidity for growth. In the short-term shipping market, spot rates fell from the highs seen during the Northern Hemisphere winter. We believe this rate sensitivity to seasonal changes in demand demonstrates that the market is tightening. We expect the current marginal vessel oversupply to be absorbed in the coming months as new liquefaction projects come online, leading to a recovery in rates in 2018." Completion of GasLog Partners' Equity Offering and Dropdown of the GasLog Greece On January 27, 2017, GasLog Partners completed an equity offering of 3,750,000 common units at a public offering price of $20.50 per unit. In addition, the option to purchase additional shares was partially exercised by the underwriter on February 24, 2017, resulting in 120,000 additional units being sold at the same price. The aggregate net proceeds from this offering, including the partial exercise by the underwriters of the option to purchase additional shares, after deducting underwriting discounts and other offering expenses, were $78.0 million. Proceeds from the public offering will be used to finance the acquisition from GasLog of 100% of the ownership interest in GAS-eleven Ltd., the entity that owns the GasLog Greece, for an aggregate purchase price of $219.0 million, which includes $1.0 million for positive net working capital balances transferred with the vessel. The acquisition closed on May 3, 2017. In February 2017, GasLog entered into three new interest rate swap agreements with a notional value of $300.0 million in aggregate, maturing in 2022. On March 22, 2017, GasLog announced the closing of a public offering of $250.0 million aggregate principal amount of 8.875% Senior Notes due in 2022 at a public offering price of 100% of the principal amount. The net proceeds from the offering after deducting the underwriting discount and offering expenses were $245.3 million. On April 5, 2017, GasLog used $150.0 million of the proceeds from the offering of the 8.875% Senior Notes to partially prepay the junior tranche of the Five Vessel Refinancing, originally due in April 2018. On February 9, 2017, GasLog closed the acquisition of a twenty percent (20%) shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing a FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance ("O&M") services for the FSRU through an O&M agreement. Gastrade is currently in discussions with a number of additional potential investors, including DEPA, the Greek state owned gas company, Bulgarian Energy Holding, the holding company of the Bulgarian Ministry of Energy, and major gas suppliers in Bulgaria, and targets to take a final investment decision ("FID") by the end of 2017 with the FSRU scheduled to be operational by the end of 2019. On April 28, 2017, the Group signed an amendment to the GasLog Skagen seasonal time charter agreement, pursuant to which the seasonal charter of the vessel was replaced by a continuous time charter for a duration of 2.4 years ending in August 2019. The amended continuous charter will cover the same number of fixed days as the previous seasonal charter and will eliminate redelivery risk at the beginning and end of each seasonal period. In addition, the amended charter will provide assurance of revenue through August 2019. The subordination period on the existing 9,822,358 subordinated units of GasLog Partners held by GasLog will extend until the second business day following the GasLog Partners' cash distribution for the first quarter of 2017 on May 12, 2017. Upon expiration of the subordination period, each outstanding subordinated unit (100% held by GasLog) will automatically convert into one common unit and will then participate pro rata with the other common units in distributions of available cash. On March 9, 2017, the board of directors declared a dividend on the Series A Preference Shares of $0.546875 per share, or $2.5 million in the aggregate, payable on April 3, 2017 to holders of record as of March 31, 2017. GasLog paid the declared dividend to the transfer agent on March 31, 2017. On May 4, 2017, the board of directors declared a quarterly cash dividend of $0.14 per common share, or $11.3 million in the aggregate, payable on May 25, 2017 to shareholders of record as of May 15, 2017. (1) Adjusted Profit, EBITDA, Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitute for GasLog's financial results presented in accordance with IFRS. For definitions and reconciliations of these measurements to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release. There were 2,070 operating days for the quarter ended March 31, 2017, as compared to 1,643 operating days for the quarter ended March 31, 2016. The increase in operating days resulted mainly from the deliveries of the GasLog Greece, the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar on March 29, 2016, June 30, 2016, September 30, 2016 and October 31, 2016, respectively. Profit was $23.4 million for the quarter ended March 31, 2017 ($5.3 million loss for the quarter ended March 31, 2016). This increase in profit is mainly attributable to the increased profit from operations mainly due to the higher number of operating days, as well as a positive movement in mark-to-market valuations of our derivative financial instruments in the first quarter of 2017. Adjusted Profit(1) was $21.9 million for the quarter ended March 31, 2017 ($6.2 million for the quarter ended March 31, 2016) adjusted for the effects of the non-cash gain on swaps and the net foreign exchange losses. Profit attributable to the owners of GasLog was $8.8 million for the quarter ended March 31, 2017 (loss of $15.9 million for the quarter ended March 31, 2016). The increase in profit attributable to the owners of GasLog resulted mainly from the respective movements in profit mentioned above, partially offset by the increased amount allocated to third parties as a result of the GasLog Partners' equity offerings in August 2016 and January 2017. EBITDA(1) was $89.1 million for the quarter ended March 31, 2017 ($62.3 million for the quarter ended March 31, 2016). Adjusted EBITDA(1) was $89.3 million for the quarter ended March 31, 2017 ($62.2 million for the quarter ended March 31, 2016). EPS was $0.08 for the quarter ended March 31, 2017 (a loss of $0.23 for the quarter ended March 31, 2016). The increase in earnings per share is mainly attributable to the respective movements in profit attributable to the owners of GasLog discussed above. Adjusted EPS(1) was $0.06 for the quarter ended March 31, 2017 (a loss of $0.09 for the quarter ended March 31, 2016). Revenues were $128.3 million for the quarter ended March 31, 2017 ($104.4 million for the quarter ended March 31, 2016). The increase was mainly driven by the new deliveries in our fleet (the GasLog Glasgow, the GasLog Geneva and the GasLog Gibraltar) and the full operation of the GasLog Greece, increased revenues from vessels operating in the spot market and fewer off-hire days due to dry-docking (no dry-dockings in the first quarter of 2017 as opposed to one dry-docking in the same quarter in 2016). Vessel operating and supervision costs were $27.5 million for the quarter ended March 31, 2017 ($28.5 million for the quarter ended March 31, 2016). The decrease was mainly driven by the decrease in scheduled technical maintenance expenses. Voyage expenses and commissions were $2.0 million for the quarter ended March 31, 2017 ($5.3 million for the quarter ended March 31, 2016). Depreciation was $33.7 million for the quarter ended March 31, 2017 ($28.2 million for the quarter ended March 31, 2016). General and administrative expenses were $10.1 million for the quarter ended March 31, 2017 ($8.7 million for the quarter ended March 31, 2016). The increase is mainly attributable to an increase in employee costs, in foreign exchange differences and in non-cash share-based compensation expenses. Financial costs were $32.5 million for the quarter ended March 31, 2017 ($29.2 million for the quarter ended March 31, 2016). An analysis of financial costs is set forth below. Gain on swaps was $0.2 million for the quarter ended March 31, 2017 ($10.4 million loss for the quarter ended March 31, 2016). An analysis of gain/loss on swaps is set forth below. The increase in gain on swaps in the first quarter of 2017 as compared to the first quarter of 2016 is mainly attributable to an increase of $10.5 million in gain from mark-to-market valuation of our derivative financial instruments carried at fair value through profit or loss. The $2.3 million gain from mark-to-market valuation of our derivative financial instruments in the first quarter of 2017 derived from the fact that the London Interbank Offered Rate ("LIBOR") yield curve, which was used to estimate the present value of the estimated future cash flows, was higher than the contracted fixed interest rates resulting in a decrease in derivative liabilities from derivative financial instruments held for trading as compared to December 31, 2016. GasLog's contracted charter revenues are estimated to increase from $444.5 million for the fiscal year 2016 to $486.5 million for the fiscal year 2019, based on contracts in effect as of March 31, 2017, without giving effect to the recently signed amendment of the GasLog Skagen seasonal charter party agreement and excluding any extension options. As of March 31, 2017, the total future firm contracted revenue stood at $3.5 billion(1), including the vessels owned by GasLog Partners but excluding the vessels operating in the spot market. (1) Contracted revenue calculations assume: (a) 365 revenue days per annum, with 30 off-hire days when the ship undergoes scheduled dry-docking; (b) all LNG carriers on order are delivered on schedule; and (c) no exercise of any option to extend the terms of charters. As of March 31, 2017, GasLog had $532.8 million of cash and cash equivalents, of which $266.3 million was held in time deposits and the remaining balance in current accounts. Moreover, as of March 31, 2017, GasLog had $10.0 million held in time deposits with an initial duration of more than three months but less than a year that have been classified as short-term investments. As of March 31, 2017, GasLog had an aggregate of $2.9 billion of indebtedness outstanding under its credit facilities and bond agreements, of which $297.9 million was repayable within one year, and a $218.7 million finance lease liability related to the sale and leaseback of the Methane Julia Louise, of which $6.0 million was repayable within one year. As of March 31, 2017, $150.0 million under the junior tranche of the Five Vessel Refinancing that subsidiaries of GasLog and GasLog Partners entered into on February 18, 2016 was reclassified under "Borrowings - current portion" following a notice of prepayment issued by the respective subsidiaries on March 24, 2017 and was prepaid on April 5, 2017, using part of the proceeds from the offering of the 8.875% Senior Notes. As of March 31, 2017, there was undrawn available capacity of $58.4 million under the revolving credit facility of the credit agreement of up to $1.1 billion entered into on July 19, 2016 (the "Legacy Facility Refinancing"). As of March 31, 2017, GasLog's commitments for capital expenditures are related to the five LNG carriers on order, which have a gross aggregate contract price of approximately $1.0 billion. As of March 31, 2017, the total remaining balance of the contract prices of the aforementioned newbuildings was $936.6 million that GasLog expects to be funded with the $664.0 million undrawn capacity under the financing agreement entered into on October 16, 2015, as well as cash balances, cash from operations and borrowings under new debt agreements. As of March 31, 2017, GasLog's current assets totalled $565.7 million while current liabilities totalled $407.4 million, resulting in a positive working capital position of $158.3 million. GasLog has hedged 49.2% of its expected floating interest rate exposure on its outstanding debt (excluding the finance lease liability and the 8.875% Senior Notes) as of March 31, 2017. GasLog has three newbuildings on order at Samsung Heavy Industries Co. Ltd. ("Samsung") and two newbuildings on order at Hyundai Heavy Industries Co., Ltd. ("Hyundai"). Our vessels presently under construction are on schedule and within budget. The expected delivery dates are as follows: Our subsidiaries that own two of the vessels expected to be delivered in 2018 and one vessel expected to be delivered in 2019 have entered into 9.5 year time charters with Methane Services Limited ("MSL"). Our subsidiary that owns the remaining vessel expected to be delivered in 2018 entered into a seven-year time charter with Total Gas & Power Chartering Limited ("Total") in July 2016. Finally, our subsidiary that owns the last vessel expected to be delivered in 2019 entered into a seven-year time charter with Pioneer Shipping Limited, a wholly owned subsidiary of Centrica plc. ("Centrica") in October 2016. During the quarter, there has been continued momentum in the start-up of new LNG liquefaction capacity with the third trains at both Gorgon and Sabine Pass commencing production. In addition, the world's first floating liquefaction terminal, the Petronas-owned PFLNG Satu, loaded its first cargo in Malaysia. Later this year, Wheatstone, Cove Point and Sabine Pass Train 4 are all expected to start production. Wood Mackenzie estimates that there will be projects with approximately 34 million tons per annum ("mtpa") of nameplate capacity coming online in 2017. Some off-takers of these projects are yet to secure all of their shipping requirements. In addition to newbuild LNG carriers, we expect a number of vessels for these projects to be sourced from vessels currently operating in the short-term market, which should be positive for the overall shipping supply and demand balance. In the 2017-2020 period, Wood Mackenzie expects approximately 120 mtpa of new nameplate capacity to come online around the world. We believe that this new supply will create significant demand for LNG carriers over and above those available in the market and on order today. Looking at the longer term, there have been a number of encouraging developments recently: ExxonMobil purchased a 25% interest in Area 4 in Mozambique; ENI's Coral FLNG has reached the final stages of a multi stage FID process; Total made a $207.0 million investment in Tellurian to develop the Driftwood LNG project; and Qatar Petroleum announced the lifting of the moratorium on incremental production from its North Field. 2016 saw significant increases in LNG demand from a number of new markets such as Pakistan, Poland, Lithuania and Jordan as well as major energy growth markets such as China and India. This trend has continued into the first quarter of 2017 with further strong increases in demand from China (+23% year-on-year to end March 2017) as well as in large conventional markets such as Japan (+13% year-on-year) and South Korea (+18% year-on-year) following the cold winter and slow progress with nuclear re-starts. A number of markets that do not currently import gas are exploring LNG as an alternative to oil and coal or to replace declining domestic supply. Many countries with growing power demand, such as Ivory Coast, South Africa, Bangladesh and Myanmar, are looking at FSRUs as a quick-to-market, cost-effective solution to import LNG. Other countries with FSRUs already in place are looking at expanding their use of FSRUs due to the successful commissioning and effective operations of the existing units. FSRUs continue to dominate new import markets as a quicker to build, more flexible and low cost alternative to an onshore facility. Many of the current and future LNG sellers are focusing their attention on FSRUs as a key enabler in creating new markets for their LNG. In the shipping market, short-term charter rates declined in February and March largely due to seasonally lower LNG demand following the Northern Hemisphere winter. A high number of "re-lets" during the quarter also weighed on the market. We expect this trend to reverse as we enter the summer cooling season in the Middle East, Europe and Asia and the Southern Hemisphere winter. While the recovery in charter rates and utilization in the LNG shipping market is taking longer than we had anticipated, we are seeing some initial signs of increased short-term and long-term activity, and we continue to believe that the longer term fundamentals point to a strengthening market in 2017 and beyond. GasLog will host a conference call to discuss its results for the first quarter of 2017 at 8:30 a.m. EDT (1:30 p.m. BST) on Friday, May 5, 2017. Paul Wogan, Chief Executive Officer, and Alastair Maxwell, Chief Financial Officer, will review the Company's operational and financial performance for the period. Management's presentation will be followed by a Q&A session. The dial-in numbers for the conference call are as follows: Conference ID: 4429094 A live webcast of the conference call will also be available on the investor relations page of the Company's website at http://www.gaslogltd.com/investor-relations. For those unable to participate in the conference call, a replay will also be available from 2:00 p.m. EDT (7:00 p.m. BST) on Friday, May 5, 2017 until 11:59 p.m. EDT (4:59 a.m. BST) on Friday, May 12, 2017. The replay dial-in numbers are as follows: The replay will also be available via a webcast in the investor relations page of the Company's website at http://www.gaslogltd.com/investor-relations. GasLog is an international owner, operator and manager of LNG carriers providing support to international energy companies as part of their LNG logistics chain. GasLog's consolidated fleet consists of 27 LNG carriers (22 ships on the water and five on order). GasLog also has an additional LNG carrier which was sold to a subsidiary of Mitsui & Co. Ltd. and leased back under a long-term bareboat charter. GasLog's consolidated fleet includes ten LNG carriers in operation owned by GasLog Partners. GasLog's principal executive offices are at Gildo Pastor Center, 7 Rue du Gabian, MC 98000, Monaco. Visit GasLog's website at http://www.gaslogltd.com All statements in this press release that are not statements of historical fact are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, particularly in relation to our operations, cash flows, financial position, liquidity and cash available for dividends or distributions, plans, strategies, business prospects and changes and trends in our business and the markets in which we operate. We caution that these forward-looking statements represent our estimates and assumptions only as of the date of this press release, about factors that are beyond our ability to control or predict, and are not intended to give any assurance as to future results. Any of these factors or a combination of these factors could materially affect future results of operations and the ultimate accuracy of the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements. Factors that might cause future results and outcomes to differ include, but are not limited to the following: We undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events, a change in our views or expectations or otherwise, except as required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. The declaration and payment of dividends are at all times subject to the discretion of our board of directors and will depend on, amongst other things, risks and uncertainties described above, restrictions in our credit facilities, the provisions of Bermuda law and such other factors as our board of directors may deem relevant. Unaudited condensed consolidated statements of financial position As of December 31, 2016 and March 31, 2017 (Amounts expressed in thousands of U.S. Dollars) Unaudited condensed consolidated statements of profit or loss For the three months ended March 31, 2016 and 2017 (Amounts expressed in thousands of U.S. Dollars, except per share data) Unaudited condensed consolidated statements of cash flows For the three months ended March 31, 2016 and 2017 (Amounts expressed in thousands of U.S. Dollars) EBITDA is defined as earnings before depreciation, amortization, interest income and expense, gain/loss on swaps and taxes. Adjusted EBITDA is defined as EBITDA before foreign exchange gains/losses. Adjusted Profit represents earnings before write-off and accelerated amortization of unamortized loan fees, foreign exchange gains/losses and non-cash gain/loss on swaps that includes (if any) (a) unrealized gain/loss on derivative financial instruments held for trading and (b) recycled loss of cash flow hedges reclassified to profit or loss. Adjusted EPS represents earnings attributable to owners of the Group before non-cash gain/loss on swaps as defined above, foreign exchange gains/losses and write-off and accelerated amortization of unamortized loan fees, divided by the weighted average number of shares outstanding. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures that are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. We believe that including EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our ongoing financial and operational strength in assessing whether to continue to hold our common shares. This is achieved by excluding the potentially disparate effects between periods of, in the case of EBITDA and Adjusted EBITDA, financial costs, gain/loss on swaps, taxes, depreciation and amortization; in the case of Adjusted EBITDA, foreign exchange gains/losses; and in the case of Adjusted Profit and Adjusted EPS, non-cash gain/loss on swaps, foreign exchange gains/losses and write-off and accelerated amortization of unamortized loan fees, which items are affected by various and possibly changing financing methods, financial market conditions, capital structure and historical cost basis and which items may significantly affect results of operations between periods. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS have limitations as analytical tools and should not be considered as alternatives to, or as substitutes for, or superior to, profit, profit from operations, earnings per share or any other measure of financial performance presented in accordance with IFRS. Some of these limitations include the fact that they do not reflect (i) our cash expenditures or future requirements for capital expenditures or contractual commitments, (ii) changes in, or cash requirements for, our working capital needs and (iii) the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows and other companies in our industry may calculate these measures differently than we do, limiting their usefulness as a comparative measure. In evaluating Adjusted EBITDA, Adjusted Profit and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Profit and Adjusted EPS should not be construed as an inference that our future results will be unaffected by the excluded items. Therefore, the non-GAAP financial measures as presented below may not be comparable to similarly titled measures of other companies in the shipping or other industries. Reconciliation of EBITDA and Adjusted EBITDA to Loss/Profit: (Amounts expressed in thousands of U.S. Dollars) Reconciliation of Adjusted Profit to Loss/Profit: (Amounts expressed in thousands of U.S. Dollars) Reconciliation of Adjusted (Loss)/Earnings Per Share to (Loss)/Earnings Per Share: (Amounts expressed in thousands of U.S. Dollars, except shares and per share data)
News Article | May 5, 2017
Derrick Services (UK) Ltd, DSL, has been awarded a multimillion pound contract by Centrica for Engineering, fabrication and offshore installation services on two of their production platforms which forms part of the Morecambe Bay production complex off of the coast of Lancashire and Cumbria. DSL will be supported throughout the project by Genesis Engineering in London. The contract has been won in the face of stiff competition from the traditional “tier one” offshore contractors and represents another significant step forward for DSL as their market share in asset integrity and decommissioning services continues to expand. The project workscope will involve the simplification of systems on board these two platforms to increase efficiency and production. In addition, there will be some topsides decommissioning as well as decommissioning of some of the existing systems, so as to enable Centrica to achieve a higher level of automation and increased production efficiency. The project is expected to last for around nine months and will involve the mobilisation of 50 offshore construction personnel at the height of the offshore element of the project. Mark Chandler, Operations Director of DSL stated; “this contract is the perfect platform from which to further build on the excellent work that everyone at DSL has put into establishing the reputation and track record that we now have in the Asset Integrity, decommissioning and Offshore Construction market in recent years for other Operators such as Repsol Sinopec, Apache, Conoco Phillips and Perenco in both the North and Southern sectors of the North Sea”. Mike Smith, Managing Director of DSL added; “We are delighted that the combined solution that DSL and Genesis has offered Centrica for this project has been selected in preference to the more traditional options. I believe that our combined diversity and flexibility is an attractive option to Operators looking for a more economically viable option, whilst sustaining their values with regard to safety and all aspects of project integrity and we are already in discussions about similar projects, both next year and beyond with other Operators”. DSL is an Offshore Construction Contractor providing Operators with both flexible and dynamic approach to achieving cost savings in the asset integrity and decommissioning market, offshore construction activities and associated support services such as Engineering, Project Management and Design with offices in Aberdeen, Great Yarmouth and Dubai, with regional offices elsewhere. DSL became part of the Joulon Group earlier this year in a move to help facilitate the growth potential of DSL.
News Article | May 8, 2017
A challenger energy firm is hoping to win back consumer trust in the industry with the launch of a tariff that shows how much profit it is making from households. Octopus Energy said its new deal would use an app to display the profit margins it made on an account, alongside the wholesale prices it paid for electricity and gas. The big six energy suppliers – British Gas, EDF, E.ON, Npower, Scottish Power and SSE – have been criticised for being slow to pass on falling wholesale costs, while being swift to impose rising prices on customers. Npower blamed wholesale prices when it announced the biggest increase in the recent round of price hikes, but the industry regulator, Ofgem, has said the rises have been hard to justify. Greg Jackson, founder and chief executive of Octopus, which has attracted 90,000 customers since launching a year ago, said he expected transparency to become an increasingly important selling point. “The debate over price rises – where the regulator is saying there is no justification for them and the big six are saying there’s no choice – it’s hard for people to know what’s true,” he said. “This tariff is the first guarantee that you won’t get ripped off.” The cost of the dual fuel tariff – for electricity and gas – would be about £907 a year based on Friday’s wholesale prices, compared with the £1,044 to £1,160 the big six suppliers are charging customers on the most commonly used deals. The Octopus price will change daily to reflect how much the company is paying to buy electricity and gas from the market. The app will show the profit margin the firm is making, which it expects to be about 10% rather than the 30% the bigger suppliers make. While Jackson said it was unlikely most customers would want to track the price daily, the supplier would be publishing its figures as an open source formula, allowing customers to “look very closely” and hold the company to account. The arrival of smart meters, which measure energy usage exactly and will be fitted in every home by the end of 2020, would make the cost breakdown even more accurate and “put us on steroids”, Jackson said. “At moment, we are on estimated consumption; in a smart meter world we’re using actual consumption.” The consumer group Which? said it was the first product it was aware of that tracked prices on a daily basis. This week will also see the debut of one of the biggest new entrants into the UK energy market for several years. Engie, a French energy giant, started supplying UK homes with electricity and gas this year but is yet to release customer numbers. The firm, a major gas supplier in Europe, will announce a new deal that will also promise greater transparency. Energy prices and the overcharging of millions of customers have risen up the political agenda in recent months, driven by five of the big six companies raising prices. Ministers have promised “strong and muscular” action to rein in energy costs and the Conservatives have promised to cap standard tariffs, which could save millions of families £100 if they are re-elected in June. The pledge saw shares at UK-listed the SSE and British Gas owner Centrica slide last week. Analysts at the investment bank Jefferies said they expected SSE to take an 8% hit to its earnings before interest and tax in 2018-19, and a 20% reduction for Centrica. While the Conservative party has focused on price caps, the Labour and Liberal Democrat manifestos are expected to place a strong emphasis on the need for improving the efficiency of Britain’s homes, which are some of the draughtiest in Europe.
News Article | April 24, 2017
Share prices for two of Britain’s biggest energy companies have fallen in the wake of the Conservative party’s pledge to cap energy bills. Shares in British Gas owner Centrica, the UK’s largest energy supplier, fell 4.2%, while SSE shares fell 3.2%. The pair’s share prices had dipped by similar amounts after Ed Miliband promised an energy price freeze in 2013. Ministers said on Sunday that the cap on standard variable tariffs, which more than two-thirds of households pay, would save the average family around £100 a year. SSE has more customers on standard tariffs than any of the big six energy companies, with 91% or 3.8 million, making it the most exposed to the Tory plan. British Gas is the only one of the large suppliers to have not hiked prices in the recent flurry of tariff rises, although analysts expect the cap will dent its parent company’s earnings before by £300m. Experts at Jefferies, the stockbroker, said that if the company offset the pain by making its fixed deals more expensive – as seems likely across the industry – it would reduce the loss to £150m. Several analysts said a price cap could hit the ability of Centrica to pay a dividend to shareholders. The bank Berenberg calculated that a £100 annual cut for the 17m households on standard variable tariffs would cost energy suppliers at least £1.7bn a year, with the big six bearing the brunt of the losses. Iain Conn, Centrica’s chief executive, reacted to the the Tory campaign pledge by arguing it would hinder rather than help consumers. “Price regulation will result in reduced competition and choice, stifle innovation and potentially impact customer service,” he said. ScottishPower criticised the policy and called for standard variable tariffs to be abolished and replaced with something more akin to an insurance product, fixed for a certain period of time after which it would need to be renewed. The company said a cap would stop competition. A spokesman for SSE said: “while we will work with an open mind with government on any reforms, we would always caution about the potential unintended consequences of any intervention in what is a rapidly changing and increasingly competitive market.” The Tory policy goes against the advice of the Competition and Markets Authority, which concluded in a review last year that a cap would “run excessive risks of undermining the competitive process, likely resulting in worse outcomes for customers in the long run”. But the founder of one of the market’s smaller suppliers said the big players had only themselves to blame, by overcharging loyal customers. “We hear the big six bleating that they barely make a profit. That’s not because their prices are competitive, it’s because they’re bloated and inefficient – and their customers pay the price,” said Greg Jackson of Octopus Energy. Miliband joked on Sunday that the interventionist stance taken by the Conservatives would prompt criticism from newspapers that had attacked his pledge four years ago. •This article was amended on 25 April 2017 to include the correct name for the competition watchdog, the Competition and Markets Authority.
News Article | April 26, 2017
Transport for London is spending £18m on upgrading the capital’s power grids to charge the first generation of battery-powered black cabs. From 1 January 2018, all new black cabs will have to be battery-powered electric models by law as part of TfL’s effort to reduce toxic pollution from diesel engines. The cash will pay for network reinforcements to enable British Gas owner Centrica and other energy companies to install 300 rapid electric-car charging stations by 2020. The charging point can top up a car’s battery within minutes, rather than the hours it takes for the city’s thousands of conventional electric vehicles. An initial 75 fast chargers are due to be operational by the end of the year. While some of the sites will be exclusively for black cabs, the network will also be open to the increasing number of owners of Teslas, Nissan Leafs and electric BMWs in London. Ben Plowden, TfL’s director of surface strategy and planning, said: “An extensive, rapid charging network is fundamental in helping drivers make the shift from fossil fuels to electric.” The cost of installing the chargers will fall on the companies that won a TfL tender: Centrica, Bluepoint London, Chargemaster, Ireland’s Electricity Supply Board and Fastned from the Netherlands. Pricing has not been announced but the main existing network in the capital, Source London, would cost a Leaf driver £10.80 to fully top up with a rapid charger, plus a £4 monthly fee. TfL said the cost to drivers would be capped for the first two years. The Licensed Taxi Drivers’ Association expects the first electric black cabs on London’s roads in September. Cabbies with an existing taxi older than 10 years will be able to claim a payment from TfL of up to £5,000 later this year towards the cost of the new zero-emission taxis, which are being built at a factory in Coventry.
Agency: GTR | Branch: EPSRC | Program: | Phase: Research Grant | Award Amount: 5.21M | Year: 2013
The UK is committed to a target of reducing greenhouse gas emissions by 80% before 2050. With over 40% of fossil fuels used for low temperature heating and 16% of electricity used for cooling these are key areas that must be addressed. The vision of our interdisciplinary centre is to develop a portfolio of technologies that will deliver heat and cold cost-effectively and with such high efficiency as to enable the target to be met, and to create well planned and robust Business, Infrastructure and Technology Roadmaps to implementation. Features of our approach to meeting the challenge are: a) Integration of economic, behavioural, policy and capability/skills factors together with the science/technology research to produce solutions that are technically excellent, compatible with and appealing to business, end-users, manufacturers and installers. b) Managing our research efforts in Delivery Temperature Work Packages (DTWPs) (freezing/cooling, space heating, process heat) so that exemplar study solutions will be applicable in more than one sector (e.g. Commercial/Residential, Commercial/Industrial). c) The sub-tasks (projects) of the DTWPs will be assigned to distinct phases: 1st Wave technologies or products will become operational in a 5-10 year timescale, 2nd Wave ideas and concepts for application in the longer term and an important part of the 2050 energy landscape. 1st Wave projects will lead to a demonstration or field trial with an end user and 2nd Wave projects will lead to a proof-of-concept (PoC) assessment. d) Being market and emission-target driven, research will focus on needs and high volume markets that offer large emission reduction potential to maximise impact. Phase 1 (near term) activities must promise high impact in terms of CO2 emissions reduction and technologies that have short turnaround times/high rates of churn will be prioritised. e) A major dissemination network that engages with core industry stakeholders, end users, contractors and SMEs in regular workshops and also works towards a Skills Capability Development Programme to identify the new skills needed by the installers and operators of the future. The SIRACH (Sustainable Innovation in Refrigeration Air Conditioning and Heating) Network will operate at national and international levels to maximise impact and findings will be included in teaching material aimed at the development of tomorrows engineering professionals. f) To allow the balance and timing of projects to evolve as results are delivered/analysed and to maximise overall value for money and impact of the centre only 50% of requested resources are earmarked in advance. g) Each DTWP will generally involve the complete multidisciplinary team in screening different solutions, then pursuing one or two chosen options to realisation and test. Our consortium brings together four partners: Warwick, Loughborough, Ulster and London South Bank Universities with proven track records in electric and gas heat pumps, refrigeration technology, heat storage as well as policy / regulation, end-user behaviour and business modelling. Industrial, commercial, NGO and regulatory resources and advice will come from major stakeholders such as DECC, Energy Technologies Institute, National Grid, British Gas, Asda, Co-operative Group, Hewlett Packard, Institute of Refrigeration, Northern Ireland Housing Executive. An Advisory Board with representatives from Industry, Government, Commerce, and Energy Providers as well as international representation from centres of excellence in Germany, Italy and Australia will provide guidance. Collaboration (staff/student exchange, sharing of results etc.) with government-funded thermal energy centres in Germany (at Fraunhofer ISE), Italy (PoliMi, Milan) and Australia (CSIRO) clearly demonstrate the international relevance and importance of the topic and will enhance the effectiveness of the international effort to combat climate change.
Agency: GTR | Branch: Innovate UK | Program: | Phase: Collaborative Research & Development | Award Amount: 425.44K | Year: 2011
Full title Verified approaches to life management & improved design of high temperature steels for advanced steam plants - VALID Summary of the VALID project The project explores the link between welding process and cross-weld creep strength for CSEF steel P92 and also the relationship between specimen geometry and weld width. Five different welding processes are being used to fabricate joints in P92 to allow acquisition of data over a wide range of process parameters and demonstrate the available welding technologies to industry. This will include the development of welding equipment and consumables. A demonstration of the creep performance of welds in new experimental steels will also be carried out. Consortium The consortium consists of seven official partners (see below, plus TSB Grant details) and six associates that have a strong involvement in the project Official Project partners: TWI Ltd – Grant £157,560 Air Liquide UK Ltd – Grant £147,390 Scottish & Southern Energy plc – Grant £12,750 Centrica Energy plc– Grant £12,000 Metrode Products Ltd – Grant £43,465 E.ON New Build & Technology Ltd - £26,117 Doosan Power Systems Ltd – Grant £26,268 Total Grant = £425,550 Associates: Polysoude SAS (Sub-Contractor) TenarisDalmine (Material Supplier) The Open University The University of Nottingham TU Chemnitz Industry Sector Power (primary) Secondary - ECM, Oil and gas, construction and engineering.