UMS
Villebon-sur-Yvette, France
UMS
Villebon-sur-Yvette, France

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News Article | May 15, 2017
Site: www.businesswire.com

SAN FRANCISCO--(BUSINESS WIRE)--IGEL, a world leader in endpoint management software for the secure enterprise, today announced that CRN , a brand of The Channel Company, has named IGEL’s Director of Marketing, Enit Nichani to its prestigious 2017 Women of the Channel list. Nichani is making her debut on the list this year, and is being honored for her passion and commitment to ensuring the success of IGEL's channel partners through the development and execution of industry-leading sales and marketing enablement programs. The 2017 CRN Women of the Channel List is comprised of executives within the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation. CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel. As an integral part of the IGEL team, Nichani is responsible for elevating the IGEL message with partners and customers through event marketing, lead generation and demand generation programs. She played an instrumental role in the re-launch of IGEL’s Partner Program in October 2016, and has since been working with IGEL’s Platinum Partners, Authorized IGEL Partners (AIPs) and resellers to drive success through comprehensive marketing and sales resources, deal registration, backend rebates and MDF accrual. She was also involved in the recent launch of IGEL’s new software-focused brand message and website to reflect its bolstered focus on software innovation. During the past year, Enit has also planned and executed more than 200 channel-led marketing events. Additionally, she works with IGEL ecosystem partners including Citrix, Samsung, VMware, Intel and AMD to collaborate and participate in relevant industry and vendor-driven events, and other marketing campaigns to help further elevate the IGEL message. Another significant initiative has been the development of IGEL Demo Kits. At Citrix Synergy 2017, taking place later this month in Orlando, Fla., IGEL will distributing the new Demo Kits to IGEL’s 17 Platinum Partners. Sponsored by Intel and valued at more than $5,000 each, the demo kit includes two i7 Intel NUCs, one i7 Intel NUC Skull Canyon, a Wi-Fi Router/Extender, Network Switch, and IGEL UD6. The IGEL and Intel Demo Kit will also include one IGEL UDC (valued at $149), one IGEL UD Pocket (valued at $169), and IGEL UMS, the industry’s most powerful endpoint management solution. “As a 100 percent channel-driven company, one of our biggest accomplishments in the past 12 months has been the launch of the re-designed IGEL Partner Program, and we could not have done it without Enit,” said Jed Ayres, President and CEO, IGEL North America. “She has proven to be a tremendous asset to our organization, working tirelessly to ensure that our partners have everything they need to successfully market and sell our industry-leading endpoint management solutions to their customers, and we are proud to have her as a valued member of our team.” “These extraordinary executives support every aspect of the channel ecosystem, from technical innovation to marketing to business development, working tirelessly to keep the channel moving into the future,” said Robert Faletra, CEO of The Channel Company “They are creating and elevating channel partner programs, developing fresh go-to-market strategies, strengthening the channel’s network of partnerships and building creative new IT solutions, among many other contributions. We congratulate all the 2017 Women of the Channel on their stellar accomplishments and look forward to their future success.” The 2017 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc. IGEL delivers powerful unified endpoint management (UEM) software that is revolutionary in its simplicity and purpose-built for the enterprise. The company’s world-leading products, including the IGEL Universal Management Suite™, IGEL OS™-powered thin and zero clients, and all-in-one thin client solutions, deliver a smart and secure endpoint management experience that shifts granular control of thin and zero client devices from the end user to IT. This enables enterprises to remotely control all thin client devices from a single dashboard interface. IGEL has offices worldwide and is represented by partners in over 50 countries. For more information on IGEL, visit www.igel.com. To experience the capabilities of the IGEL OS, download the IGEL UMS, request a 12-minute demonstration of the IGEL OS or request evaluation hardware visit https://www.igel.com/demoit. To locate an IGEL partner, visit https://www.igel.com/find-a-solution-provider/. The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com


News Article | May 18, 2017
Site: www.marketwired.com

Teekay Corporation (Teekay or the Company) (NYSE:TK) today reported the Company's results for the quarter ended March 31, 2017. These results include the Company's three publicly-listed subsidiaries (Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP), and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK)) (collectively, the Daughter Entities), all of which are consolidated in the Company's financial statements, and all remaining subsidiaries of the Company. The Company, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the first quarter 2017 earnings releases of Teekay Offshore, Teekay LNG and Teekay Tankers, which are available on the Company's website at www.teekay.com, for additional information on their respective results. "While our consolidated results declined from the fourth quarter of 2016, Teekay's offshore and tanker business performed slightly better than our expectations in the first quarter of 2017, driven by higher cash flow generated by our shuttle tanker, FPSO and conventional tanker fleets, while our gas business performed as expected," commented Kenneth Hvid, President and Chief Executive Officer of Teekay Corporation. "Since reporting earnings in February 2017, the Teekay Group has successfully secured multiple contracts and made an opportunistic investment in an LPG carrier newbuilding," commented Mr. Hvid. "Teekay Parent finalized the previously-announced contract amendment to extend the firm period of the Hummingbird Spirit FPSO charter until September 2020 and secured a new, one-year charter contract for the Polar Spirit LNG carrier; Teekay Offshore secured two additional shuttle tanker contracts of affreightment in the North Sea, concluded a five-year FSO contract extension, and entered into a customer-funded front-end engineering and design (FEED) study for the Varg FPSO in the North Sea; and Teekay LNG acquired a 50 percent interest in a mid-size LPG carrier newbuilding through its joint venture with Exmar." "Project execution at Teekay LNG and Teekay Offshore also continues to be a primary focus," commented Mr. Hvid. "During the past three months, Teekay LNG has completed or is nearing completion of approximately $640 million(1) of new, long-term financings for its growth projects, with the remainder of the required financings on track to be completed in the second half of 2017. In late-March 2017, Teekay Offshore took delivery of its largest current project, the jointly-owned Libra FPSO, which is scheduled to commence operations in late-June or early-July 2017 on a 12-year charter contract with an international consortium, led by Petrobras. As mentioned previously, Teekay Offshore has experienced delays and additional costs on the Gina Krog FSO and Petrojarl I FPSO projects. Teekay Offshore is in active discussions with the charterers, shipyards, and lenders of both projects to deliver these units into operation as soon as possible. The Gina Krog FSO is now scheduled to commence operations in the third quarter of 2017 and the Petrojarl 1 FPSO is expected to commence operations in early-2018." Mr. Hvid added, "With respect to the Arendal Spirit UMS, Teekay Offshore had recently been notified by the charterer, Petrobras, of its termination of the charter contract on this unit. Teekay Offshore is disputing the termination and reviewing its legal options, while at the same time actively marketing the unit for alternative employment." (1) Based on Teekay LNG's proportionate ownership interests in the projects. The Company's consolidated results decreased during the quarter ended March 31, 2017, compared to the same period of the prior year, primarily due to lower revenues from Teekay Parent related to a new contract in place for the Hummingbird Spirit FPSO at a lower fixed charter rate that took effect on July 1, 2016 and lower tariff revenue for the Foinaven FPSO; lower income and cash flows in Teekay LNG, mainly as a result of the sales of two conventional tankers in 2016 and lower income from Teekay LNG's Exmar LPG joint venture; lower income and cash flows in Teekay Offshore due to the redelivery of the Petrojarl Varg (Varg) FPSO in July 2016 and non-payment of charter hire by the charterer of the Arendal Spirit UMS since early-November 2016 related to an operational review by the charterer; and a reduction in income and cash flows in Teekay Tankers due to lower spot tanker rates. These decreases were partially offset by higher income and cash flows from Teekay LNG as a result of the deliveries of three MEGI LNG carrier newbuildings in 2016 and 2017, the Creole Spirit, Oak Spirit and Torben Spirit, which commenced their respective charter contracts. Teekay Parent GPCO Cash Flow, which includes distributions and dividends paid to Teekay Parent from Teekay's publicly-listed subsidiaries in the following quarter, less Teekay Parent's corporate general and administrative expenses, was $4.7 million for the quarter ended March 31, 2017, compared to $6.9 million for the same period of the prior year. This decrease was primarily due to a reduction in the cash dividend received from Teekay Tankers as a result of lower spot tanker rates in the first quarter of 2017 compared to the first quarter of 2016. Teekay Parent OPCO Cash Flow, which includes cash flow attributable to assets directly-owned by, or chartered-in to, Teekay Parent, net of interest expense and dry-dock expenditures, decreased to negative $25.7 million for the three months ended March 31, 2017, from negative $20.7 million for the same period of the prior year. The decrease was primarily due to the sale of the Shoshone Spirit VLCC in the fourth quarter of 2016, the new contract in place for the Hummingbird Spirit FPSO at a lower fixed charter rate, and lower average spot tanker rates, partially offset by higher revenues from the Banff FPSO in the first quarter of 2017. Total Teekay Parent Free Cash Flow, which is the total of Teekay Parent GPCO Cash Flow and Teekay Parent OPCO Cash Flow, was negative $21.0 million during the first quarter of 2017, compared to negative $13.8 million for the same period of the prior year. Please refer to Appendix D of this release for additional information about Teekay Parent Free Cash Flow. Teekay LNG's results decreased during the quarter ended March 31, 2017, compared to the same period of the prior year, primarily due to lower revenues from four vessels in Teekay LNG's 52 percent-owned LNG joint venture with Marubeni Corporation as a result of the continued closure of LNG operations in Yemen and lower spot rates earned on the redeployment of two LNG carriers, lower revenues from Teekay LNG's 50 percent-owned joint venture with Exmar due to a reduction in mid-sized LPG carrier spot rates and fleet changes, charter rate deferrals for six LPG carriers on charter to I.M. Skaugen S.E. (Skaugen) and the sales of three conventional tankers in 2016 and 2017. These decreases were partially offset by, among other things, the deliveries of the Creole Spirit and Oak Spirit MEGI LNG carrier newbuildings, which commenced their five-year charter contracts with Cheniere Energy in February and August 2016, respectively, and the delivery of the Torben Spirit MEGI LNG carrier newbuilding, which commenced its charter contract in early-March 2017. Please refer to Teekay LNG's first quarter of 2017 earnings release for additional information on the financial results for this entity. Teekay Offshore's results decreased during the quarter ended March 31, 2017, compared to the same period of the prior year, primarily due to the redelivery of the Varg FPSO (which left its field at the end of July 2016), the redelivery of a shuttle tanker upon completion of its time-charter-out contract, which is now operating in the contract of affreightment (CoA) fleet in the North Sea, non-payment of charter hire for the Arendal Spirit UMS since early-November 2016, lower towage fleet utilization and the sale-leaseback transactions on two conventional tankers in 2016. These decreases were partially offset by higher shuttle tanker CoA fleet utilization, lower operating expenses in Teekay Offshore's FPSO fleet and the delivery of a towage newbuilding in September 2016. Please refer to Teekay Offshore's first quarter of 2017 earnings release for additional information on the financial results for this entity. Teekay Tankers' results decreased during the quarter ended March 31, 2017, compared to the same period of the prior year, primarily due to lower average spot tanker rates in the first quarter of 2017 compared to the same period of the prior year. Although Teekay Tankers recorded stronger average spot tanker rates in its Aframax and LR2 Product tanker fleets and similar Suezmax tanker spot tanker rates in the first quarter of 2017 compared to the fourth quarter 2016, the tanker market experienced downward pressure over the course of the first quarter due to heavy refinery maintenance, OPEC supply cuts and higher tanker fleet growth. However, changing trade patterns due to OPEC production cuts have provided support for mid-sized spot tanker rates, as a decline in Middle Eastern oil exports resulted in an increase in ton-mile intensive Atlantic Basin to Asia oil movements. Please refer to Teekay Tankers' first quarter of 2017 earnings release for additional information on the financial results for this entity. In April 2017, Teekay Parent finalized the previous-announced contract amendment with Centrica Energy to extend the firm period of the Hummingbird Spirit FPSO contract until September 30, 2020. The contract amendment is expected to take effect in October 2017. In March 2017, Teekay Parent secured a one-year charter contract for the Polar Spirit LNG carrier, which is in-chartered from Teekay LNG until April 2018, with a major energy company, which commenced in April 2017. In May 2017, Teekay LNG's 52 percent-owned joint venture with Marubeni Corporation (MALT LNG Joint Venture) signed an 18-month charter contract (plus a one-year extension option) with a major Japanese utility company, which is scheduled to commence in the fourth quarter of 2018. This charter contract will be serviced by one of the MALT LNG Joint Venture's existing vessels currently trading in the short-term market. In April 2017, Teekay LNG's 50 percent-owned joint venture with Exmar (Exmar LPG Joint Venture) agreed to acquire an existing mid-size LPG carrier newbuilding, which is scheduled to deliver in mid-2018. The acquisition is consistent with the Exmar LPG Joint Venture's strategy of fleet renewal to preserve its market share and CoA franchise with its customers in both the ammonia and LPG trades. The remaining installment payments on the vessel are expected to be financed by the Exmar LPG Joint Venture's existing liquidity and the joint venture expects to secure long-term financing for the vessel prior to delivery. On April 20, 2017, in lieu of receiving cash on a portion of the charter hire on six LPG carriers on charter with Skaugen, Teekay LNG took over Skaugen's 35 percent ownership interest in a 2003-built LPG carrier, the Norgas Sonoma. As part of this transaction, Teekay LNG also acquired the remaining 65 percent ownership in this vessel from the other shareholders for a total purchase price of approximately $13 million (including Skaugen's 35 percent ownership interest that was transferred to Teekay LNG). The vessel is currently trading in the Norgas pool. Giving pro forma effect for this transaction, Skaugen owed Teekay LNG approximately $8.3 million in outstanding charter hire and accrued interest thereon as of March 31, 2017. In April 2017, Teekay LNG commenced charter extension and deferral negotiations with Awilco LNG regarding two modern LNG vessels chartered to Awilco LNG, which include purchase obligations for Awilco LNG to acquire the vessels in November 2017 and September 2018. These negotiations are expected to conclude in the second quarter of 2017. In May 2017, Teekay Offshore concluded a five-year contract extension, plus extension options, for the Falcon Spirit FSO unit, commencing June 1, 2017. Since 2009, the Falcon Spirit FSO unit has been operating on the Al Rayyan field located offshore Qatar. In late-April 2017, Logitel Offshore Norway AS, a subsidiary of Teekay Offshore, was notified by the charterer, Petroleo Brasileiro S.A. (Petrobras), of its termination of the charter contract for the Arendal Spirit UMS. Teekay Offshore is disputing the termination and is reviewing its legal options, including its ability to collect amounts under the contract. Teekay Offshore is also in discussions with the lenders of the Arendal Spirit debt facility. In March 2017, Teekay Offshore finalized the previously-announced five-year shuttle tanker CoA, plus extension options, with a consortium of oil companies to service a development located in the U.K. Central North Sea. This CoA is expected to commence during the first quarter of 2018 and is expected to require the use of up to approximately 0.6 shuttle tanker equivalents per annum. In addition, in April 2017, Teekay Offshore was awarded a new three-year shuttle tanker CoA to service a development in the U.K. North Sea. This CoA is expected to commence during the third quarter of 2017 and is also expected to require the use of up to approximately 0.6 shuttle tanker equivalents per annum. In March 2017, Teekay Offshore entered into a six-month customer-funded front-end engineering and design (FEED) study agreement for the Varg FPSO unit with Alpha Petroleum Resources Limited, which is backed by private equity firm Petroleum Equity, for the development of the Cheviot field, formerly known as the Emerald field, located in the U.K. North Sea. The purpose of the FEED is to define the modifications required for the Varg FPSO and to negotiate the terms of a potential FPSO lease and operate contract for the development of the Cheviot field. In April 2017, Teekay Tankers signed a term sheet for a $153 million, 12-year sale-leaseback financing relating to four of its modern Suezmax tankers. The transaction, once completed, is expected to further strengthen Teekay Tankers' balance sheet and increase its liquidity position by approximately $30 million. The transaction, which is subject to final lessor approval and customary closing conditions, is expected to be completed in mid-2017. In March 2017, Teekay Tankers agreed to sell a 1999-built Aframax tanker, the Kyeema Spirit, to a third party for proceeds of approximately $7.5 million, which is scheduled to deliver in the second quarter of 2017. Since February 2017, Teekay Tankers entered into a time charter-out contract for one Suezmax tanker at a rate of approximately $21,000 per day and a firm period of one year, plus an extension option, which commenced in early-April 2017. As at March 31, 2017, Teekay Parent had total liquidity of $192.3 million (consisting of $119.2 million of cash and cash equivalents and $73.1 million of undrawn revolving credit facilities) and, on a consolidated basis, Teekay Corporation had total liquidity of approximately $890.3 million (consisting of $541.4 million of cash and cash equivalents and $348.9 million of undrawn revolving credit facilities). Giving pro-forma effect to Teekay Parent's $200 million corporate revolving credit facility amendment completed in early-April 2017, Teekay Parent's total liquidity would have been approximately $242.0 million as of March 31, 2017 and, on a consolidated basis, Teekay Corporation's consolidated liquidity at March 31, 2017 would have been approximately $940.0 million. The Company plans to host a conference call on Friday, May 19, 2017 at 11:00 a.m. (ET) to discuss its results for the first quarter of 2017. An accompanying investor presentation will be available on Teekay's website at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options: An accompanying First Quarter Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time. Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 8,000 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies. Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK". This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the U.S. Securities and Exchange Commission. These non-GAAP financial measures, which include Cash Flow From Vessel Operations, Adjusted Net Loss Attributable to Shareholders of Teekay, Teekay Parent GPCO Cash Flow, Teekay Parent OPCO Cash Flow, Teekay Parent Free Cash Flow, Net Interest Expense and Adjusted Equity Income, are intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings, and may not be comparable to similar measures presented by other companies. The Company believes that certain investors use this information to evaluate the Company's financial performance, as does management. Cash flow from vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels and equipment and adjustments for direct financing leases to a cash basis, but includes realized gains or losses on the settlement of foreign currency forward contracts and a derivative charter contract. CFVO - Consolidated represents CFVO from vessels that are consolidated on the Company's financial statements. CFVO - Equity Investments represents the Company's proportionate share of CFVO from its equity-accounted vessels and other investments. The Company does not control the equity-accounted vessels and investments and as a result, the Company does not have the unilateral ability to determine whether the cash generated by its vessels and other investments is retained within the equity accounted investment or distributed to the Company and other shareholders. In addition, the Company does not control the timing of such distributions to the Company and other shareholders. Consequently, readers are cautioned when using total CFVO as a liquidity measure as the amount contributed from CFVO - Equity Investments may not be available to the Company in the periods such CFVO is generated by the equity-accounted vessels and other investments. CFVO is a non-GAAP financial measure used by certain investors to measure the operational financial performance of companies. Please refer to Appendices C and E of this release for reconciliations of these non-GAAP financial measures to income from vessel operations and income from vessel operations of equity accounted vessels, respectively, the most directly comparable GAAP measures reflected in the Company's consolidated financial statements. Adjusted net loss excludes items of income or loss from GAAP net income (loss) that are typically excluded by securities analysts in their published estimates of the Company's financial results. The Company believes that certain investors use this information to evaluate the Company's financial performance. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net income (loss), and refer to footnote (3) of the income statement for a reconciliation of adjusted equity income to equity income, the most directly comparable GAAP measure reflected in the Company's consolidated financial statements. Teekay Parent Free Cash Flow represents the sum of (a) distributions received, including payments in kind, as a result of ownership interests in its publicly-traded subsidiaries (Teekay LNG, Teekay Offshore, and Teekay Tankers) net of Teekay Parent's corporate general and administrative expenditures in the respective period (collectively, Teekay Parent GPCO Cash Flow) plus (b) CFVO attributed to Teekay Parent's directly-owned and chartered-in assets, less Teekay Parent's net interest expense and dry-dock expenditures in the respective period (collectively, Teekay Parent OPCO Cash Flow). Net interest expense includes interest expense, interest income and realized gains and losses on interest rate swaps. Please refer to Appendices B, C, D and E of this release for further details and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures reflected in the Company's consolidated financial statements. Teekay Corporation Summary Consolidated Statements of Income (Loss) (in thousands of U.S. dollars, except share and per share data) Teekay Corporation Summary Consolidated Balance Sheets (in thousands of U.S. dollars) Teekay Corporation Summary Consolidated Statements of Cash Flows (in thousands of U.S. dollars) Teekay Corporation Appendix A - Reconciliation of Non-GAAP Financial Measures Adjusted Net Loss (in thousands of U.S. dollars, except per share data) Teekay Corporation Appendix B - Supplemental Financial Information Summary Statement of Income (Loss) for the Three Months Ended March 31, 2017 (in thousands of U.S. dollars) (unaudited) Teekay Corporation Appendix C - Supplemental Financial Information Teekay Parent Summary Operating Results For the Three Months Ended March 31, 2017 (in thousands of U.S. dollars) (unaudited) Teekay Corporation Appendix D - Reconciliation of Non-GAAP Financial Measures Teekay Parent Free Cash Flow (in thousands of U.S. dollars, except share and per share data) Teekay Corporation Appendix E - Reconciliation of Non-GAAP Financial Measures Cash Flow from Vessel Operations - Consolidated (in thousands of U.S. dollars) Teekay Corporation Appendix E - Reconciliation of Non-GAAP Financial Measures Cash Flow from Vessel Operations - Equity Accounted Vessels (in thousands of U.S. dollars) Teekay Corporation Appendix E - Reconciliation of Non-GAAP Financial Measures Cash Flow from Vessel Operations - Teekay Parent (in thousands of U.S. dollars) Teekay Corporation Appendix E - Reconciliation of Non-GAAP Financial Measures Net Interest Expense - Teekay Parent (in thousands of U.S. dollars) This release contains forward-looking statements (as defined in Section 21E of the U.S. Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the Arendal Spirit UMS charter contract termination, including the outcome of Teekay Offshore's dispute of the contract termination by Petrobras and ability to collect amounts under the contract, discussions with the lenders under the unit's related credit facility and the potential for alternative employment of the unit; the timing, amount and certainty of securing financing for Teekay LNG's committed growth projects; the timing of delivery and start-up and costs of various newbuildings and conversion/upgrade projects and the commencement of related contracts, including potential delays and additional costs on the Petrojarl I FPSO unit and Gina Krog FSO unit; the outcome of discussions with the charterers, shipyards and lenders about delivering the Petrojarl I FPSO unit and Gina Krog FSO unit for operation; the timing of charter contract amendments taking effect; the financing for Exmar LPG Joint Ventures mid-size LPG carrier newbuilding acquisition; the commencement of the charter contract for one of the MALT LNG Joint Venture vessels; the outcome of charter contract extension and deferral negotiations with Awilco LNG; the timing of start-up and the vessel equivalent requirements of the new CoAs; the timing and certainty of Teekay Tankers' sale-leaseback financing transaction relating to four modern Suezmax tankers and the expected impact on its balance sheet and liquidity; the timing and certainty of vessel sales; and the charter payment deferral on six LPG carriers on charter to Skaugen, including the temporary nature of such deferrals. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in production of, or demand for oil, petroleum products, LNG and LPG, either generally or in particular regions; greater or less than anticipated levels of newbuilding orders or greater or less than anticipated rates of vessel scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs, FPSOs, UMS, and towage vessels; changes in oil production and the impact on the Company's tankers and offshore units; fluctuations in global oil prices; trends in prevailing charter rates for the Company's vessels and offshore unit contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts; the inability of charterers to make future charter payments; the inability of Teekay Offshore to successfully make a claim against, and collect from, Petrobras for the Arendal Spirit UMS; the inability of Teekay Offshore to negotiate acceptable terms with the lenders of the Arendal Spirit UMS credit facility; the inability of Teekay Offshore to negotiate acceptable terms with the charterers, shipyards and lenders related to the delay of the Petrojarl I FPSO and Gina Krog FSO projects; Teekay LNG's and Teekay LNG's joint ventures' ability to secure financing for its existing newbuildings and projects; the inability of Teekay Offshore to negotiate acceptable lease and operate terms related to the Varg FPSO; the ability to fund Teekay Offshore's remaining capital commitments and debt maturities; the inability to complete or changes to the terms of Teekay Tankers' sale-leaseback financing transaction relating to four modern Suezmax tankers; potential shipyard and project construction delays, newbuilding specification changes or cost overruns; costs relating to projects; delays in commencement of operations of FPSO and FSO units at designated fields; the inability of Teekay LNG to collect the deferred charter payments from Skaugen; delays in CoA project start-ups; changes in the Company's expenses; a delay in, or failure to complete, vessel sales; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2016. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.


News Article | May 18, 2017
Site: www.marketwired.com

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO), today reported the Partnership's results for the quarter ended March 31, 2017. "The Partnership's first quarter of 2017 results were better than our expectations, driven mainly by higher cash flow generated by our shuttle tanker and FPSO fleets," commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. "However, our results for the quarter continued to be impacted by the non-payment of charter hire on the Arendal Spirit UMS. We were recently notified by the charterer, Petrobras, of its termination of the charter contract on this unit. We are disputing the termination and are reviewing our legal options, while at the same time actively marketing the unit for alternative employment." "We continue to be focused on project execution and are pleased to announce the delivery of our largest current project, the jointly-owned Libra FPSO," commented Ms. Sæther. "Our joint venture took delivery of the Libra FPSO in late-March, which remains on time and on budget, and the unit is scheduled to arrive in Brazil within the next few days. After undergoing field installation and testing, the FPSO is scheduled to commence its 12-year charter contract with an international consortium, led by Petrobras, in late-June or early-July 2017. Our Gina Krog FSO project has experienced some delays and additional costs, with start-up currently scheduled in the third quarter of 2017. We are finalizing discussions with Statoil on a bridging solution whereby Teekay Offshore will provide shuttle tanker offloading services in the interim to ensure no delays to Statoil's start-up of the Gina Krog field. Lastly, as mentioned previously, we have also experienced delays and additional costs on the Petrojarl I FPSO upgrade and we are currently engaged in discussions with the charterer, shipyard and our lenders to deliver this unit into operation as soon as possible. We currently expect the FPSO to achieve first oil in early-2018." "Since reporting earnings in February 2017, our business development teams have continued to successfully secure new charter contracts and extensions," commented Ms. Sæther. "We finalized the previously-announced five-year shuttle tanker CoA contract and recently secured a new three-year shuttle tanker CoA contract, both done at successively higher rates. We also entered into a five-year charter contract extension on the Falcon Spirit FSO, which is operating on the Al Rayyan field in Qatar. Lastly, we entered into a customer-funded front-end engineering and design (FEED) study for the Varg FPSO with Alpha Petroleum to define the required FPSO modifications and negotiate the terms of a potential FPSO lease and operate contract for the development of the Cheviot field located in the U.K. sector of the North Sea." In March 2017, the Partnership finalized the previously announced five-year shuttle tanker CoA, plus extension options, with a consortium of oil companies to service a development located in the U.K. Central North Sea. This CoA is expected to commence during the first quarter of 2018 and will be serviced by the Partnership's existing CoA shuttle tanker fleet. The CoA will require the use of up to approximately 0.6 shuttle tanker equivalents per annum. In addition, in April 2017, the Partnership was awarded a new three-year shuttle tanker CoA to service a development in the U.K. North Sea. This CoA is expected to commence during the third quarter of 2017 and will be serviced by the Partnership's existing CoA shuttle tanker fleet. The CoA will require the use of up to approximately 0.6 shuttle tanker equivalents per annum. In March 2017, the Partnership entered into a six-month customer-funded FEED study agreement for the Varg floating production, storage and offloading (FPSO) unit with Alpha Petroleum Resources Limited, which is backed by private equity firm Petroleum Equity, for the development of the Cheviot field, formerly known as the Emerald field, located in the U.K. sector of the North Sea. The purpose of the FEED study is to define the modifications required for the Varg FPSO and to negotiate the terms of a potential FPSO lease and operate contract for the development of the Cheviot field. In late-April 2017, Logitel Offshore Norway AS, a subsidiary of the Partnership, was notified by the charterer, Petroleo Brasileiro S.A. (Petrobras), of its termination of the charter contract for the Arendal Spirit unit for maintenance and safety (UMS). The Partnership is disputing the termination and is reviewing its legal options, including its ability to collect amounts under the contract. The Partnership is also in discussions with the lenders of the Arendal Spirit debt facility. In May 2017, the Partnership concluded a five-year contract extension, plus extension options, for the Falcon Spirit floating storage and offtake (FSO) unit, commencing June 1, 2017. Since 2009, the Falcon Spirit FSO unit has been operating on the Al Rayyan field located offshore Qatar. The following table highlights certain financial information for Teekay Offshore's six segments: the FPSO segment, the shuttle tanker segment, the FSO segment, the UMS segment, the towage segment and the conventional tanker segment (please refer to the "Teekay Offshore's Fleet" section of this release below and Appendices C through E for further details). Income from vessel operations and cash flow from vessel operations declined for the three months ended March 31, 2017, compared to the same quarter of the prior year, primarily due to the redelivery of the Varg FPSO unit at the end of July 2016, after operating on the Varg field for almost 18 years, partially offset by lower operating expenses for the Knarr FPSO unit following the successful completion of its final performance test in August 2016, and the timing of repair and maintenance work performed on the Piranema Spirit FPSO unit. Income from vessel operations and cash flows from vessel operations increased for the three months ended March 31, 2017, compared to the same quarter of the prior year, primarily due to higher CoA fleet utilization, an increase in charter rates under certain contracts in the time-chartered-out fleet and lower operating expenses due to the sale of the Navion Europa in November 2016. These increases were partially offset by the redelivery of one vessel to the Partnership in June 2016 upon completion of its time-charter out contract (which vessel is now operating in the Partnership's CoA fleet in the North Sea), and higher time-charter hire expenses primarily due to the in-chartering of the Grena Knutsen from September 2016 to support the increased CoA demand. Income from vessel operations and cash flow from vessel operations for the three months ended March 31, 2017, compared to the same quarter of the prior year, were impacted by off-hire following the redelivery of the Navion Saga in October 2016 upon completion of its time-charter out contract. Income from vessel operations and cash flow from vessel operations for the three months ended March 31, 2017, compared to the same quarter of the prior year, were impacted by the operational review by Petrobras and the associated non-payment of charter hire since early-November 2016. Income from vessel operations and cash flow from vessel operations for the three months ended March 31, 2017, compared to the same quarter of the prior year, were impacted by lower towage fleet utilization, partially offset by the delivery of the towage newbuilding, the ALP Striker, in September 2016. Income from vessel operations and cash flow from vessel operations declined for the three months ended March 31, 2017, compared to the same quarter of the prior year, primarily due a termination fee received from Teekay Corporation relating to the charter contract termination for the Kilimanjaro Spirit during the first quarter of 2016 and lower earnings after the sale-leaseback transactions related to the Fuji Spirit and Kilimanjaro Spirit during the first quarter of 2016. The following table summarizes Teekay Offshore's fleet as of May 1, 2017. As of March 31, 2017, the Partnership had total liquidity of $216.7 million (comprised of $193.4 million in cash and cash equivalents and $23.3 million in undrawn credit facilities), excluding $60 million included in restricted cash relating to amounts deposited in escrow to pre-fund a portion of the remaining Petrojarl I FPSO upgrade costs. The Partnership plans to host a conference call on Thursday, May 18, 2017 at 12:00 p.m. (ET) to discuss the results for the first quarter of 2017. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options: An accompanying First Quarter 2017 Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time. Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.6 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts. Teekay Offshore's common and Series A and B preferred units trade on the New York Stock Exchange under the symbol "TOO", "TOO PR A " and "TOO PR B", respectively. This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the U.S. Securities and Exchange Commission. Cash Flow from Vessel Operations, Adjusted Net Income, and Distributable Cash Flow are non-GAAP financial measures. These measures are intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings, and may not be comparable to similar measures presented by other companies. The Partnership believes that certain investors use this information to evaluate the Partnership's financial performance, as does management. Cash Flow from (used for) Vessel Operations Cash flow from (used for) vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels, and adjustments for direct financing leases to a cash basis, but includes realized gains or losses on the settlement of foreign currency forward contracts. CFVO from Consolidated Vessels represents CFVO from vessels that are consolidated on the Partnership's financial statements. CFVO from Equity Accounted Vessels represents the Partnership's proportionate share of CFVO from its equity-accounted vessels and has been included as a component of the Partnership's total CFVO. The Partnership does not control its equity-accounted vessels. Consequently, the Partnership does not have the unilateral ability to determine whether the cash generated by its equity-accounted vessels is retained within the equity-accounted investments or distributed to the Partnership and other owners. In addition, the Partnership does not control the timing of such distributions to the Partnership and other owners. Consequently, readers are cautioned when using total CFVO as a liquidity measure as the amount contributed from CFVO - Equity Accounted Vessels may not be available to the Partnership in the periods such CFVO is generated by the equity-accounted vessels. CFVO is a non-GAAP financial measure used by certain investors, and management to measure the financial performance of companies. Please refer to Appendices D and E of this release for reconciliations of these non-GAAP financial measures to income from vessel operations, the most directly comparable GAAP measures reflected in the Partnership's consolidated financial statements. Adjusted net income excludes items of income or loss from GAAP net income (loss) that are typically excluded by securities analysts in their published estimates of the Partnership's financial results. The Partnership believes that certain investors use this information to evaluate the Partnership's financial performance, as does management. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net income (loss), the most directly comparable GAAP measure reflected in the Partnership's consolidated financial statements. Distributable cash flow (DCF) represents GAAP net income adjusted for depreciation and amortization, deferred income tax expense or recovery, vessel write-downs, gains or losses on the sale of vessels, vessel and business acquisition costs, distributions relating to equity financing of newbuilding installments and conversion costs, pre-operational expenses, distributions on the Partnership's preferred units, gains on extinguishment of contingent liabilities and losses on non-cash accruals of contingent liabilities, amortization of the non-cash portion of revenue contracts, estimated maintenance capital expenditures, unrealized gains and losses from non-designated derivative instruments, ineffectiveness for derivative instruments designated as hedges for accounting purposes, adjustments to direct financing leases to a cash basis and unrealized foreign currency exchange related items, including the Partnership's proportionate share of such items in equity accounted investments. Maintenance capital expenditures represent those capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership's capital assets. DCF is a quantitative standard used in the publicly-traded partnership investment community and by management to assist in evaluating financial performance. Please refer to Appendix B of this release for a reconciliation of this non-GAAP financial measure to net income, the most directly comparable GAAP measure reflected in the Partnership's consolidated financial statements. Teekay Offshore Partners L.P. Summary Consolidated Statements of Income (Loss) (in thousands of U.S. Dollars, except unit data) Teekay Offshore Partners L.P. Consolidated Balance Sheets (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Consolidated Statements of Cash Flows (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix A - Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix B - Reconciliation of Non-GAAP Financial Measures Distributable Cash Flow (in thousands of U.S. Dollars, except per unit and per unit data) Teekay Offshore Partners L.P. Appendix C - Supplemental Segment Information (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix D - Reconciliation of Non-GAAP Financial Measures Cash Flow From (Used For) Vessel Operations From Consolidated Vessels (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix E - Reconciliation of Non-GAAP Financial Measures Cash Flow From Vessel Operations From Equity Accounted Vessels (in thousands of U.S. Dollars) This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including: the Arendal Spirit UMS charter contract termination, including the outcome of the Partnership's dispute of the contract termination by Petrobras and ability to collect amounts under the contract, discussions with the lenders under the unit's related credit facility and the potential for alternative employment of the unit; the timing of start-up and the vessel equivalent requirements of the new CoAs; the Partnership's timing of delivery, start-up and costs of various newbuildings and conversion/upgrade projects and the commencement of related contracts, including potential delays and additional costs on the Petrojarl I FPSO unit and Gina Krog FSO unit; and the outcome of discussions with Statoil on the Gina Krog FSO interim shuttle tanker offloading solution and with the charterer, shipyard and lenders about delivering the Petrojarl I FPSO unit for operation. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: vessel operations and oil production volumes; significant changes in oil prices; variations in expected levels of field maintenance; increased operating expenses; different-than-expected levels of oil production in the North Sea, Brazil and East Coast of Canada offshore fields; potential early termination of contracts; shipyard delivery or vessel conversion and upgrade delays and cost overruns; changes in exploration, production and storage of offshore oil and gas, either generally or in particular regions that would impact expected future growth; the inability of the Partnership to successfully make a claim against, and collect from, Petrobras for the Arendal Spirit UMS; the inability of the Partnership to negotiate acceptable terms with the lenders of the Arendal Spirit UMS debt facility; delays in the start-up of offshore oil fields related to the CoA contracts or the actual vessel equivalent requirements of new CoAs; delays in the commencement of charter contracts; the inability of the Partnership to negotiate acceptable terms with the charterer, shipyard and lenders related to the delay of the Petrojarl I FPSO; the inability to negotiate acceptable terms on the Gina Krog FSO interim shuttle tanker offloading solution; the inability to negotiate acceptable lease and operate terms related to the Varg FPSO FEED study; the ability to fund the Partnership's remaining capital commitments and debt maturities; and other factors discussed in Teekay Offshore's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2016. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.


News Article | May 4, 2017
Site: www.businesswire.com

SAN FRANCISCO--(BUSINESS WIRE)--IGEL, a world leader in endpoint management software for the secure enterprise, today announced the IGEL UD Pocket was named the winner of a Gold Stevie Award in the Best New Product or Service – Hardware category in the 15th Annual American Business Awards. The cost-effective, out-of-the-box micro thin client solution was recognized for its ability to improve the security of bring-your-own-device (BYOD) initiatives in organizations with remote or mobile workforces. The American Business Awards are the nation’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. Nicknamed the Stevies for the Greek word meaning “crowned,” the awards will be presented to winners at a gala ceremony at the Marriott Marquis Hotel in New York on Tuesday, June 20. Tickets are now on sale. More than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories, including Startup of the Year, Executive of the Year, Best New Product or Service of the Year, Marketing Campaign of the Year, Live Event of the Year, and App of the Year, among others. The IGEL UD Pocket was nominated in the Best New Product or Service of the Year – Hardware category for which it won the award program’s top honors. IGEL UD Pocket is a groundbreaking micro client device which enables remote and mobile workers to access cloud services, server-based computing applications and virtual desktops by plugging a tiny device into any x86 client machine. Here, it automatically integrates into the IGEL Universal Management Suite (UMS) for secure remote support, deployment and management. UD Pocket extends the functionality of existing hardware by enabling a second tightly managed operating system to run on an endpoint. Once the user has finished accessing their virtual desktop environment through the IGEL UD Pocket, they can simply reboot their principal OS and return to the local desktop. “Not much larger than a few paper clips, the IGEL UD Pocket is a revolutionary micro client that supports secure, cost-efficient endpoint computing,” said Jed Ayres, President and CEO, IGEL North America. “It’s ideally suited for workforces with BYOD policies, remote workforces with users that operate their own devices as well as suppliers, contractors and freelance workers that require controlled access to IT-managed networks. With out-of-the box simplicity, unlimited client scalability and comprehensive IT control, it’s changing the landscape of client computing. We are honored to be recognized by the American Business Awards with a Gold Stevie Award.” More than 190 professionals worldwide participated in the judging process to select this year’s Stevie Award winners. “Each year the judges find the quality and variety of the nominations to be greater than the year before. The 2017 competition was intense and every organization that has won should be proud,” said Michael Gallagher, president and founder of the Stevie Awards. Details about The American Business Awards and the list of 2017 Stevie winners are available at www.StevieAwards.com/ABA. Vote for IGEL UD Pocket in the People’s Choice Stevie Awards for Favorite New Products through June 2 at https://peopleschoice.stevieawards.com using short code: N341G. For more information on IGEL, visit www.igel.com. To download the IGEL UMS or the IGEL Universal Desktop Converter™ (UDC), request a 12-minute demonstration of the IGEL OS, or request evaluation hardware visit https://www.igel.com/demoit. Stevie Awards are conferred in seven programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, The American Business Awards, The International Business Awards, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 10,000 entries each year from organizations in more than 60 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com. IGEL delivers powerful unified endpoint management (UEM) software that is revolutionary in its simplicity and purpose-built for the enterprise. The company’s world-leading products, including the IGEL Universal Management Suite™, IGEL OS™-powered thin and zero clients, and all-in-one thin client solutions, deliver a smart and secure endpoint management experience. IGEL has offices worldwide and is represented by partners in over 50 countries.


Admiral Sir George Zambellas, Former First Sea Lord to Provide Key Note Address at Unmanned Maritime Systems Technology SMi’s Unmanned Maritime Systems Technology will take place in London on the 24th - 25th May 2017. London, United Kingdom, February 15, 2017 --( The conference will feature 16 presentations, 2 interactive panel debates, 5+ hours of networking time and an interactive pre-conference workshop. The two day event will cover a variety of topics from; force protection missions, mine warfare, the role of NATO to protecting the blue economy and more. Admiral Sir George Zambellas, Former First Sea Lord and Chief of Naval Staff from the Royal Navy is lending his support for the conference and had this to say, "The Royal Navy's Unmanned Warrior begun the journey of integrating innovation, automated technology and warfare, by drawing on military, industrial and technical leaders to respond to the challenge. Though the environment was largely maritime, it was not solely so, because unmanned systems are not domain bounded, nor is their connectivity, or C2. The Unmanned Maritime Systems Technology Conference intends to explore all these issues through presentations. The focus will be on technological development, brand new concepts and strong leadership in the major warfare fields of Anti-Submarine and Anti-Surface Warfare, Mine Counter Measures and ISR." Admiral Sir George Zambellas will be providing a key note presentation on day one of the conference on 'The importance of Unmanned Maritime Systems for Future Naval Operations'. Sir George will discuss: key trends in unmanned technology, the impact of UMS on naval tactics and how manned-unmanned teaming can enhance the navy's ability to complete missions effectively. Also featuring in the 2017 line up: Royal Navy, US Navy, German Navy, Polish Navy, NOAA: National Oceanic & Atmospheric Administration, NATO MARCOM, ONR Global, NATO STO-CMRE, DSTL, FFI and many more... For those wanting to attend, there is currently an early bird offer available; book by 28th of February to save £200 off the conference price. Register at www.umsconference.com/prcom Unmanned Maritime Systems Technology 2017 Gold Sponsor – Liquid Robotics For sponsorship packages: Contact Justin Predescu +44 (0) 207 827 6130 or e-mail jpredescu@smi-online.co.uk For delegate enquiries: Contact Thomas Cox on +44 (0)20 7827 6066 or email tcox@smi-online.co.uk For media enquiries, contact Zoe Gale on +44 20 7827 6138 or zgale@smi-online.co.uk Unmanned Maritime Systems Technology 24 -25 May 2017 London, UK www.umsconference.com/prcom Contact e-mail: zgale@smi-online.co.uk Contact tel: +44 (0) 207 827 6054 #UMSTechnology Gold Sponsor – Liquid Robotics About SMi Group: Established since 1993, the SMi Group is a global event-production company that specializes in Business-to-Business Conferences, Workshops, Masterclasses and online Communities. We create and deliver events in the Defence, Security, Energy, Utilities, Finance and Pharmaceutical industries. We pride ourselves on having access to the world’s most forward thinking opinion leaders and visionaries, allowing us to bring our communities together to Learn, Engage, Share and Network. More information can be found at http://www.smi-online.co.uk London, United Kingdom, February 15, 2017 --( PR.com )-- UMST 2017 will bring together both military and industry unmanned systems experts to discuss the future of unmanned platforms within naval warfare and the latest conclusions from Exercise Unmanned Warrior. The 2017 agenda aims to provide an opportune platform for unmanned maritime users to discuss the future roles of innovative maritime robotics systems.The conference will feature 16 presentations, 2 interactive panel debates, 5+ hours of networking time and an interactive pre-conference workshop. The two day event will cover a variety of topics from; force protection missions, mine warfare, the role of NATO to protecting the blue economy and more.Admiral Sir George Zambellas, Former First Sea Lord and Chief of Naval Staff from the Royal Navy is lending his support for the conference and had this to say, "The Royal Navy's Unmanned Warrior begun the journey of integrating innovation, automated technology and warfare, by drawing on military, industrial and technical leaders to respond to the challenge. Though the environment was largely maritime, it was not solely so, because unmanned systems are not domain bounded, nor is their connectivity, or C2. The Unmanned Maritime Systems Technology Conference intends to explore all these issues through presentations. The focus will be on technological development, brand new concepts and strong leadership in the major warfare fields of Anti-Submarine and Anti-Surface Warfare, Mine Counter Measures and ISR."Admiral Sir George Zambellas will be providing a key note presentation on day one of the conference on 'The importance of Unmanned Maritime Systems for Future Naval Operations'. Sir George will discuss: key trends in unmanned technology, the impact of UMS on naval tactics and how manned-unmanned teaming can enhance the navy's ability to complete missions effectively.Also featuring in the 2017 line up: Royal Navy, US Navy, German Navy, Polish Navy, NOAA: National Oceanic & Atmospheric Administration, NATO MARCOM, ONR Global, NATO STO-CMRE, DSTL, FFI and many more...For those wanting to attend, there is currently an early bird offer available; book by 28th of February to save £200 off the conference price. Register at www.umsconference.com/prcomUnmanned Maritime Systems Technology 2017 Gold Sponsor – Liquid RoboticsFor sponsorship packages: Contact Justin Predescu +44 (0) 207 827 6130 or e-mail jpredescu@smi-online.co.ukFor delegate enquiries: Contact Thomas Cox on +44 (0)20 7827 6066 or emailtcox@smi-online.co.ukFor media enquiries, contact Zoe Gale on +44 20 7827 6138 or zgale@smi-online.co.ukUnmanned Maritime Systems Technology24 -25 May 2017London, UKwww.umsconference.com/prcomContact e-mail: zgale@smi-online.co.ukContact tel: +44 (0) 207 827 6054#UMSTechnologyGold Sponsor – Liquid RoboticsAbout SMi Group: Established since 1993, the SMi Group is a global event-production company that specializes in Business-to-Business Conferences, Workshops, Masterclasses and online Communities. We create and deliver events in the Defence, Security, Energy, Utilities, Finance and Pharmaceutical industries. We pride ourselves on having access to the world’s most forward thinking opinion leaders and visionaries, allowing us to bring our communities together to Learn, Engage, Share and Network. More information can be found at http://www.smi-online.co.uk Click here to view the list of recent Press Releases from SMi Group


HAMILTON, BERMUDA--(Marketwired - Feb. 14, 2017) - Teekay Corporation (Teekay) (NYSE:TK), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP), Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) plan to release their financial results for the fourth quarter and fiscal year 2016 before market open on Thursday, February 23, 2017 and host conference calls to discuss these results. All shareholders, unitholders and interested parties are invited to listen to the live conference calls by choosing from the following options: Accompanying Fourth Quarter and Fiscal Year 2016 Earnings Presentations will also be available at www.teekay.com in advance of the conference call start times. In addition to the webcast archives, the conference calls will be recorded and available for 14 days following the live conference calls. These recordings can be accessed by dialing 1-888-203-1112 or 1-647-436-0148, if outside North America, and entering the corresponding conference codes in the table above. Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 7,900 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies. Teekay's common stock trades on the New York Stock Exchange under the symbol "TK". Teekay LNG Partners is one of the world's largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts through its interests in 50 LNG carriers (including 19 newbuildings), 28 LPG/Multigas carriers (including four newbuildings) and six conventional tankers. The Partnership's interests in these vessels range from 20 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP". Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 62 offshore assets, including shuttle tankers, floating production, storage and offloading (FPSO) units, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts. Teekay Offshore's common units trade on the New York Stock Exchange under the symbol "TOO". Teekay Tankers currently owns a fleet of 41 double-hull tankers, including 20 Suezmax tankers, 14 Aframax tankers and seven Long Range 2 (LR2) product tankers, and has seven contracted time charter-in tankers. Teekay Tankers' vessels are employed through a mix of short- or medium-term fixed rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business and a minority interest of over 11 percent in Tanker Investments Ltd. (OSE:TIL), which currently owns a fleet of 18 modern tankers. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK."


News Article | February 28, 2017
Site: www.businesswire.com

SAN FRANCISCO--(BUSINESS WIRE)--IGEL, a world leader in the delivery of powerful unified endpoint management (UEM) software, thin clients, zero clients and all-in-one solutions, today announced the introduction of the IGEL Cloud Gateway, a simple, smart and secure software solution that supports anytime, anywhere management of IGEL OS-powered endpoint devices via a standard Internet connection. Extending the IGEL Universal Management Suite to endpoints located beyond the corporate network, the IGEL Cloud Gateway seamlessly authenticates the connection and securely transfers data between the IGEL UMS and any x86-based device converted into an IGEL-powered endpoint with the IGEL Universal Desktop Converter (UDC), as well as the recently introduced IGEL UD Pocket, all without the need for a virtual private network (VPN) or leased-line solution. “With a growing number of workers across all vertical markets including government, finance, healthcare, manufacturing, logistics and retail accessing their desktops, applications and data from home or other locations outside their corporate networks, concern over security breaches remains high,” said Matthias Haas, Chief Technology Officer, IGEL Technology. “The IGEL Cloud Gateway addresses these concerns, harnessing the power of the IGEL Universal Management Suite and IGEL OS to close security gaps created by Internet-based communications taking place beyond the perimeter of the corporate network, while supporting standardized endpoint management.” Setting up the IGEL Cloud Gateway is a quick and easy process that requires no pre-configuration or on-premise installation by the IT administrator. And, because the IGEL Cloud Gateway seamlessly integrates within the IGEL solution environment, VARs, MSPs, solution providers and hosted desktop providers can now provide their customers with a holistic endpoint management solution that encompasses the software, services, hardware residing both inside and outside of their corporate networks. “The IGEL Cloud Gateway makes it possible for IT organizations who are already using IGEL OS-powered endpoint devices, including the IGEL Universal Desktop, the IGEL UD Pocket and converted desktop and laptop computers, to now benefit from a consistent management approach regardless of configuration of their IGEL desktop, or the location of their endpoint,” continued Haas. Concord, Calif.-based Entisys360 is one of the first solution providers in North America to adopt the IGEL Cloud Gateway solution, and is currently leveraging it to power the Entisys360 Cloud Workspace, a fully-managed, subscription-based Citrix VDI workspace that runs on any public or private cloud. “We are excited about the introduction of the IGEL Cloud Gateway and the fact that it supports anytime, anywhere access to the Cloud Workspace,” said Mike Strohl, CEO, Entisys360. “Together with IGEL, we see an opportunity to go after tens of thousands of seats with a complete recurring revenue model that will enable us to innovate, change and grow our business." Among the key challenges faced by IT organizations today when it comes to supporting secure and encrypted Internet-based communications with remote workers include the increasing cost of outsourced VPN and leased-line solutions, and limitations posed by Network Address Translation (NAT) technology, including security, scalability and quality of service. IT organizations can now leverage IGEL Cloud Gateway to securely and effectively manage end-user devices that reside outside the corporate network without the need for a VPN solution. The IGEL Cloud Gateway eliminates security gaps and can prevent breaches by acting as a virtual tunnel to support secure and encrypted two-way communications that are based on open communications standards, including TSL/SSL encryption and WebSocket protocol, across insecure zones between the IGEL UMS and IGEL OS-powered endpoints via the cloud or network DMZ, authenticating all connected points via public key infrastructure. The IGEL Cloud Gateway, currently supporting IGEL OS version Linux 10.01.310 and later releases, is available now, and can be purchased for either a 1-year or 3-year renewable license. IGEL delivers powerful endpoint management software that is revolutionary in its simplicity and purpose-built for the enterprise. The company’s world-leading products, including the IGEL Universal Management Suite, IGEL OS-powered thin and zero clients, and all-in-one thin client solutions, deliver a smart and secure endpoint management experience that shifts granular control of thin and zero client devices from the end user to IT. IGEL has 10 offices worldwide and is represented by partners in over 50 countries. For more information on IGEL, visit www.igel.com/us.


News Article | February 23, 2017
Site: www.marketwired.com

Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (NYSE:TOO) (Teekay Offshore or the Partnership), today reported the Partnership's results for the quarter and year ended December 31, 2016. "The Partnership's results for the fourth quarter of 2016 were impacted by an operational incident relating to the Arendal Spirit UMS, which, together with a gangway incident in the spring of 2016, triggered an operational review by the charterer," commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. "As a result of this review, charter hire revenue for this unit has been suspended since November 2016. We have been in dialogue with the charterer, Petrobras, to address their concerns in order to bring the unit back into operation as soon as possible. On the efficiency front, we are pleased to see that our various cost saving initiatives implemented during the past year are resulting in lower run-rate operating and general and administrative expenses." "Looking ahead, we continue to execute on our existing growth pipeline which will provide significant cash flow growth in the future," commented Ms. Sæther. "Our East Coast Canada shuttle tanker project and our largest project, the Libra FPSO conversion, are on track and on budget to commence operations from mid-2017 through to the first half of 2018; our long-haul towage vessels are scheduled for delivery in 2017; and we have experienced a slight delay in the Gina Krog FSO project, which is now scheduled to commence operations by mid-2017. However, as mentioned during our third quarter earnings in November 2016, we have experienced delays and additional costs on the Petrojarl I FPSO upgrade, which is now scheduled to commence operations in the fourth quarter of 2017, and we are still in negotiations with the charterer, shipyard and our lenders." Ms. Sæther added, "In addition to delivering our existing growth projects, as we have highlighted previously, we continue to focus on securing contract extensions for our three FPSOs charters that are coming up for renewal in 2018 and 2019 as well as optimizing our asset portfolio to continue reducing our overall financial leverage and increasing our liquidity." "Lastly, I'm pleased to report that our commercial team is in the final stages of securing another shuttle tanker contract of affreightment (CoA) contract after having secured a three-year CoA contract for the Glen Lyon project in September 2016," commented Ms. Sæther. "We anticipate signing this new, five-year CoA contract, plus extension options, in the North Sea, which is expected to add future cash flow through higher shuttle tanker fleet utilization without the need for incremental capital expenditures. We continue to see strong demand for further shuttle services, particularly in the North Sea." In January 2017, the Partnership received a letter of award for a new, five-year shuttle tanker CoA, plus extension options, with a consortium of oil companies to service a development located in the U.K. Central North Sea. Subject to the finalization of the terms of the CoA, the CoA is expected to commence during the first quarter of 2018 and will be serviced by the Partnership's existing CoA shuttle tanker fleet. In November 2016, the Arendal Spirit UMS experienced an operational incident relating to its dynamic-positioning system. As a result of this operational incident, and a gangway incident that occurred in April 2016, the charterer, Petrobras, initiated an operational review. The operational review is currently ongoing and thus, Petrobras has suspended its charter hire payments since November 2016. The Partnership has completed an investigation to identify the cause of the incidents and has implemented corrective measures. The Partnership has been in dialogue with Petrobras to address its concerns to bring the unit back into operations as soon as possible. The following table highlights certain financial information for Teekay Offshore's six segments: the floating production, storage and off-loading (FPSO) segment, the shuttle tanker segment, the floating storage and off-take (FSO) segment, the units for maintenance and safety (UMS) segment, the towage segment and the conventional tanker segment (please refer to the "Teekay Offshore's Fleet" section of this release below and Appendices C through E for further details). Income from vessel operations and cash flow from vessel operations declined for the three months ended December 31, 2016 compared to the same quarter of the prior year primarily due to the redelivery to the Partnership and associated decommissioning costs of the Varg FPSO at the end of July 2016, after operating on the Varg field for almost 18 years, and lower revenues due to lower operational bonuses earned in the fourth quarter of 2016 compared to the same period in 2015, mainly as a result of a dispute with a charterer, partially offset by lower operating expenses for the Knarr FPSO, following the successful completion of the final performance test in August 2016, and the Piranema FPSO, due to repair work performed during the fourth quarter of 2015. Income from vessel operations and cash flows from vessel operations were affected by several temporary factors, including the repositioning of the Navion Anglia from Brazil to operate as part of the Partnership's North Sea CoA fleet, upon completion of its time-charter out contract in June 2016, and higher time-charter hire expenses due to the in-chartering of the Grena Knutsen during the fourth quarter of 2016 to provide additional vessel capacity required to service new CoA contracts which are expected to commence in 2017. Income from vessel operations was higher in the fourth quarter of 2016 compared to the same quarter of the prior year due to the write-down of five shuttle tankers in the fourth quarter of 2015 and a gain on the sale of a shuttle tanker in the fourth quarter of 2016, partially offset by higher vessel depreciation and amortization expense in the fourth quarter of 2016 as a result of the change in the estimated useful life of the shuttle component of the Partnership's shuttle tankers, effective January 1, 2016, and the write-down of a shuttle tanker in the fourth quarter of 2016. Income from vessel operations and cash flow from vessel operations declined for the three months ended December 31, 2016 compared to the same quarter of the prior year mainly due to the redelivery of the Navion Saga to the Partnership in October 2016 upon completion of its time-charter out contract. Income from vessel operations and cash flow from vessel operations for the three months ended December 31, 2016 compared to the same quarter of the prior year were impacted by the on-going operational review by the charterer, Petrobras, on the Arendal Spirit and Petrobras suspending its charter hire payments since early-November 2016. Income from vessel operations and cash flow from vessel operations declined for the three months ended December 31, 2016 compared to the same quarter of the prior year primarily due to lower towage fleet charter rates and utilization, partially offset by the delivery of the towage newbuilding, the ALP Striker, in September 2016. Income from vessel operations increased for the three months ended December 31, 2016 compared to the same quarter of the prior year due to the write-down of the Fuji Spirit and Kilimanjaro Spirit and net early termination fees paid to Teekay Corporation relating to the contract terminations of SPT Explorer, Navigator Spirit and the Fuji Spirit during the fourth quarter of 2015, partially offset by the sale of the SPT Explorer and Navigator Spirit in the fourth quarter of 2015 and lower earnings after the sale-leaseback transactions related to the Fuji Spirit and Kilimanjaro Spirit during the first quarter of 2016. Cash flow from vessel operations declined due to the vessel sales and sale-leaseback transactions. The Kilimanjaro Spirit is currently trading in the spot conventional tanker market and the Fuji Spirit is employed under a two-year fixed-rate time-charter contract expiring in May 2018. The following table summarizes Teekay Offshore's fleet as of February 1, 2017. During the fourth quarter of 2016, the Partnership sold 1,855,551 of its common units under its Continuous Offering Program (COP), generating net proceeds of approximately $9.6 million (including the general partner's 2% proportionate capital contribution and net of offering costs). The net proceeds from the issuance of these common units will be used for general partnership purposes. As of December 31, 2016, the Partnership had total liquidity of $260.7 million (comprised of $227.4 million in cash and cash equivalents and $33.3 million in undrawn credit facilities), excluding $60 million reclassified to restricted cash relating to amounts deposited in escrow to pre-fund a portion of the remaining Petrojarl I FPSO upgrade costs. The Partnership plans to host a conference call on Thursday, February 23, 2017 at 12:00 p.m. (ET) to discuss the results for the fourth quarter and fiscal year 2016. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options: An accompanying Fourth Quarter and Fiscal Year 2016 Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time. The conference call will be recorded and available until Thursday, March 9, 2017. This recording can be accessed following the live call by dialing 1-888-203-1112 or 647-436-0148, if outside North America, and entering access code 7626495. Teekay Offshore Partners L.P. is an international provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the oil industry, primarily focusing on oil production-related activities of its customers and operating in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 62 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, units for maintenance and safety (UMS), long-distance towing and offshore installation vessels and conventional tankers. The majority of Teekay Offshore's fleet is employed on medium-term, stable contracts. Teekay Offshore's common units trade on the New York Stock Exchange under the symbol "TOO", and certain preferred units trade on the New York Stock Exchange under the symbols "TOO PR A " and "TOO PR B". This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the U.S. Securities and Exchange Commission. Cash Flow from (used for) Vessel Operations, Adjusted Net Income, and Distributable Cash Flow are non-GAAP financial measures. These measures are intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings, and may not be comparable to similar measures presented by other companies. The Partnership believes that certain investors use this information to evaluate the Partnership's financial performance. Cash Flow from (used for) Vessel Operations Cash flow from (used for) vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels, and adjustments for direct financing leases to a cash basis, but includes realized gains or losses on the settlement of foreign currency forward contracts. CFVO from Consolidated Vessels represents CFVO from vessels that are consolidated on the Partnership's financial statements. CFVO from Equity Accounted Vessels represents the Partnership's proportionate share of CFVO from its equity-accounted vessels. CFVO - Equity Accounted Vessels has been included as a component of the Partnership's total CFVO. CFVO - Equity Accounted Vessels represents the Partnership's proportionate share of CFVO from its equity-accounted vessels. The Partnership does not control its equity-accounted vessels. Consequently, the Partnership does not have the unilateral ability to determine whether the cash generated by its equity-accounted vessels is retained within the equity accounted investments or distributed to the Partnership and other shareholders. In addition, the Partnership does not control the timing of such distributions to the Partnership and other shareholders. Consequently, readers are cautioned when using total CFVO as a liquidity measure as the amount contributed from CFVO - Equity Accounted Vessels may not be available to the Partnership in the periods such CFVO is generated by the equity-accounted vessels. CFVO is a non-GAAP financial measure used by certain investors to measure the financial performance of companies. Please refer to Appendices D and E of this release for reconciliations of these non-GAAP financial measures to income from vessel operations, the most directly comparable GAAP measures reflected in the Partnership's consolidated financial statements. Adjusted net income excludes items of income or loss from GAAP net income that are typically excluded by securities analysts in their published estimates of the Partnership's financial results. The Partnership believes that certain investors use this information to evaluate the Partnership's financial performance. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net income, the most directly comparable GAAP measure reflected in the Partnership's consolidated financial statements. Distributable cash flow (DCF) represents GAAP net income adjusted for depreciation and amortization, deferred income tax expense or recovery, vessel write-downs and gains or losses on the sale of vessels, vessel and business acquisition costs, distributions relating to equity financing of newbuilding installments and conversion costs, pre-operational expenses, distributions on the Partnership's preferred units, gains on extinguishment of contingent liabilities and losses on non-cash accruals of contingent liabilities, amortization of the non-cash portion of revenue contracts, estimated maintenance capital expenditures, unrealized gains and losses from non-designated derivative instruments, ineffectiveness for derivative instruments designated as hedges for accounting purposes, adjustments to direct financing leases to a cash basis and unrealized foreign exchange related items, including the Partnership's proportionate share of such items in equity accounted investments. Maintenance capital expenditures represent those capital expenditures required to maintain over the long-term the operating capacity of, or the revenue generated by, the Partnership's capital assets. DCF is a quantitative standard used in the publicly-traded partnership investment community to assist in evaluating financial performance. Please refer to Appendix B of this release for a reconciliation of this non-GAAP financial measure to net income, the most directly comparable GAAP measure reflected in the Partnership's consolidated financial statements. Teekay Offshore Partners L.P. Summary Consolidated Statements of Income (in thousands of U.S. Dollars, except unit data) Teekay Offshore Partners L.P. Consolidated Balance Sheets (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Consolidated Statements of Cash Flows (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix A - Reconciliation of Non-GAAP Financial Measures Specific Items Affecting Net Income (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix B - Reconciliation of Non-GAAP Financial Measures Distributable Cash Flow (in thousands of U.S. Dollars, except per unit and per unit data) Teekay Offshore Partners L.P. Appendix C - Supplemental Segment Information (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix D - Reconciliation of Non-GAAP Financial Measures Cash Flow From (Used For) Vessel Operations From Consolidated Vessels (in thousands of U.S. Dollars) Teekay Offshore Partners L.P. Appendix E - Reconciliation of Non-GAAP Financial Measures Cash Flow From Vessel Operations From Equity Accounted Vessels (in thousands of U.S. Dollars) This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including: the potential new shuttle tanker CoA contract, including the timing of start-up; the effect of the potential new CoA on the Partnership's future cash flows, including the Partnership's fleet utilization; the outcome of dialogue with the charterer on the Arendal Spirit UMS, including the timing and certainty of the unit returning to operation; the fundamentals in the shuttle tanker market; the impact of growth projects on the Partnership's future cash flows; the Partnership's timing of delivery and costs of various newbuildings and conversion/upgrade projects, including potential delays and additional costs on the Petrojarl I FPSO; and the outcome of discussions on the Petrojarl I FPSO with the charterer, shipyard and lenders. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: vessel operations and oil production volumes; significant changes in oil prices; variations in expected levels of field maintenance; increased operating expenses; different-than-expected levels of oil production in the North Sea, Brazil and East Coast of Canada offshore fields; potential early termination of contracts; shipyard delivery or vessel conversion and upgrade delays and cost overruns; changes in exploration, production and storage of offshore oil and gas, either generally or in particular regions that would impact expected future growth; the inability of the Partnership to finalize the new shuttle tanker CoA contract and delays in project start-up; the inability of the Partnership to meet the charterer's requirements for the Arendal Spirit UMS to return to operations; delays in the commencement of charter contracts; the inability of the Partnership to negotiate acceptable terms with the charterer, shipyard and lenders related to the delay of the Petrojarl I FPSO; the ability to fund the Partnership's remaining capital commitments and debt maturities; other factors discussed in Teekay Offshore's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2015 and Form 6-K for the quarters ended March 31, 2016, June 30, 2016 and September 30, 2016. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.


News Article | February 23, 2017
Site: www.marketwired.com

Teekay Corporation (Teekay or the Company) (NYSE:TK) today reported the Company's results for the fourth quarter and fiscal year 2016. These results include the Company's three publicly-listed subsidiaries (Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO), Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP), and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK)) (collectively, the Daughter Entities), all of which are consolidated in the Company's financial statements, and all remaining subsidiaries of the Company. The Company, together with its subsidiaries other than the Daughter Entities, is referred to in this release as Teekay Parent. Please refer to the fourth quarter and fiscal year 2016 earnings releases of Teekay Offshore, Teekay LNG and Teekay Tankers, which are available on the Company's website at www.teekay.com, for additional information on their respective results. "On a consolidated basis, Teekay's gas and tanker businesses performed in-line with expectations in the fourth quarter of 2016. However, the results from our offshore business were affected by certain events, which included an operational incident in November 2016 relating to the Arendal Spirit UMS and related suspension of the charter hire revenue since that time," commented Kenneth Hvid, President and CEO of Teekay Corporation. "On the efficiency front, we are pleased to see that our various cost savings initiatives implemented during the past year are resulting in lower run-rate operating and general and administrative expenses." Mr. Hvid continued, "Looking ahead, we continue to focus on executing on our growth projects at Teekay LNG and Teekay Offshore. Teekay LNG's projects remain on schedule and on budget and we have now completed approximately $1.2 billion(1) of long-term financings for its growth projects, with the remainder of the financings on track to be completed in the second half of 2017. The majority of Teekay Offshore's projects generally are progressing well, including its largest project, the Libra FPSO conversion, which is on time and on budget. However, as mentioned during our third quarter earnings in November 2016, we have experienced delays and additional costs on the Petrojarl I FPSO upgrade, which is now scheduled to commence operations in the fourth quarter of 2017, and we are still in negotiations with the charterer, shipyard and our lenders." "Since reporting earnings in November 2016, we have seen the oil price stabilize in the mid-$50 range, which is positive to the industry sentiment. I am pleased to report that we have continued the momentum from last quarter by securing key commercial contracts, which are expected to contribute to the Teekay Group's consolidated portfolio of fixed-rate contracts," Mr. Hvid continued. "Teekay Parent entered into a contract amendment and heads of terms to extend the firm contract periods on the Banff and Hummingbird Spirit FPSO units until the third quarter of 2018 and September 2020, respectively; Teekay Offshore is in the final stages of securing an additional shuttle tanker contract of affreightment in the North Sea; and Teekay Tankers secured three, fixed-rate time charter-out contracts at attractive rates." Mr. Hvid added, "In addition to delivering on our existing growth projects, as we have highlighted previously, we continue to focus on optimizing our asset portfolio across the Teekay Group, with the goal of strengthening our balance sheets to better position the Teekay Group to take advantage of future opportunities." (1) Based on Teekay LNG's proportionate ownership interests in the projects The Company's consolidated results decreased during the quarter ended December 31, 2016, compared to the same period of the prior year, primarily due to lower revenues from Teekay Parent related to lower utilization on the Polar Spirit and Arctic Spirit liquefied natural gas (LNG) carriers, a new contract in place for the Hummingbird Spirit floating production, storage and offloading (FPSO) unit at a lower fixed charter rate that took effect on July 1, 2016; lower income and cash flows in Teekay LNG mainly as a result of the sales of two conventional tankers in April and May 2016 and lower income from Teekay LNG's Exmar liquefied petroleum gas (LPG) joint venture; lower income and cash flows in Teekay Offshore due to the redelivery of the Varg FPSO in July 2016, lower revenue from the Arendal Spirit unit for maintenance and safety (UMS) due to the charterer suspending charter hire payments since early-November 2016, lower FPSO revenues related to lower bonuses earned during the fourth quarter of 2016, lower results relating to the shuttle tanker fleet primarily due to the repositioning of a shuttle tanker from Brazil to the North Sea, higher depreciation expense, and lower towage fleet charter rates and utilization; and lower income and cash flows in Teekay Tankers due to lower spot tanker rates. Please refer to footnote (2) of the summary consolidated statements of income included in this release for further details. These decreases in the Company's consolidated results were partially offset by higher income and cash flows from Teekay LNG as a result of the deliveries of the Creole Spirit and Oak Spirit MEGI LNG carrier newbuildings, which commenced their five-year charter contracts with Cheniere Energy in late-February 2016 and early-August 2016, respectively. Teekay Parent GPCO Cash Flow, which includes distributions and dividends paid to Teekay Parent from Teekay's publicly-listed subsidiaries in the following quarter, less Teekay Parent's corporate general and administrative expenses, was $3.8 million for the quarter ended December 31, 2016, compared to $8.9 million for the same period of the prior year. The distributions and dividends received from Teekay's publicly-listed subsidiaries for the quarter ended December 31, 2016 decreased to $10.5 million, compared to $13.0 million for the same period of the prior year, primarily due to the reductions in quarterly cash dividends received from Teekay Tankers as a result of lower spot tanker rates. Teekay Parent OPCO Cash Flow, which includes cash flow attributable to assets directly-owned by, or chartered-in to, Teekay Parent, net of interest expense and dry-dock expenditures, decreased to negative $8.0 million for the quarter ended December 31, 2016, from approximately breakeven for the same period of the prior year. The decrease was primarily due to lower utilization on the Polar Spirit and Arctic Spirit LNG carriers, the new contract in place for the Hummingbird Spirit FPSO as of July 1, 2016 at a lower fixed charter rate and lower average spot tanker rates. Total Teekay Parent Free Cash Flow, which is the total of GPCO and OPCO Cash Flows, was negative $4.3 million during the fourth quarter of 2016, compared to positive $8.9 million for the same period of the prior year. Please refer to Appendix D of this release for additional information about Teekay Parent Free Cash Flow. Teekay LNG's results decreased during the quarter ended December 31, 2016, compared to the same period of the prior year, primarily due to lower revenues from two vessels in Teekay LNG's 52 percent-owned LNG joint venture with Marubeni Corporation as the charterer temporarily closed its LNG operations in Yemen in 2015, lower revenues from Teekay LNG's 50 percent-owned joint venture with Exmar due to a reduction in mid-sized LPG carrier spot rates and fleet changes, charter rate deferrals for six LPG carriers on charter to I.M. Skaugen S.E., the sales of two conventional tankers in April and May 2016, and lower profit share revenue on a conventional tanker as a result of lower spot rates in 2016. These decreases were partially offset by, among other things, the deliveries of the Creole Spirit and Oak Spirit MEGI LNG carrier newbuildings, which commenced their five-year charter contracts with Cheniere Energy in late-February 2016 and early-August 2016, respectively. Please refer to Teekay LNG's fourth quarter 2016 earnings release for additional information on the financial results for this entity. Teekay Offshore's results decreased during the quarter ended December 31, 2016, compared to the same period of the prior year, primarily due to the redelivery of the Varg FPSO at the end of July 2016, lower FPSO revenues related to lower operational bonuses earned during the quarter, the repositioning of a shuttle tanker from from Brazil to Teekay Offshore's North Sea contract of affreightment (CoA) fleet, higher time-charter hire expenses due to the in-chartering of a shuttle tanker during the fourth quarter of 2016 to provide additional vessel capacity required to service new CoA contracts commencing in 2017, the redelivery of the Navion Saga floating storage and offtake (FSO) in October 2016 upon completion of its time-charter out contract, a reduction in revenues from the Arendal Spirit UMS due to the charterer suspending charter hire payments since early-November 2016 (see Summary of Recent Events Teekay Offshore), lower towage fleet charter rates and utilization, and the sale of two conventional tankers and sale-leaseback transactions on two conventional tankers in 2015 and 2016. These decreases were partially offset by, among other things, the delivery of a towage newbuilding, the ALP Striker, in September 2016 and lower operating expenses for the Knarr and Piranema Spirit FPSO units. Please refer to Teekay Offshore's fourth quarter 2016 earnings release for additional information on the financial results for this entity. Teekay Tankers' results decreased during the quarter ended December 31, 2016, compared to the same period of the prior year, primarily due to lower average spot tanker rates in the fourth quarter of 2016 compared to the same period of the prior year and the redelivery of nine chartered-in vessels during 2016. Compared to the third quarter of 2016, the spot tanker market strengthened during the fourth quarter of 2016 due to expected seasonal factors, and reached a seasonal high in December 2016, as global refinery throughput, increased exports out of Nigeria, Libya, and Baltic / Black Sea ports, and winter weather delays provided support for tanker rates. Mid-sized crude tanker rates, in particular, found support from weather delays through the Turkish Straits along with increasing exports out of the U.S. Gulf. Record high Middle East OPEC crude production, averaging 25.6 million barrels per day (mb/d) in the fourth quarter of 2016, also provided a boost for crude tanker tonne-mile demand. However, crude spot tanker rates have recently started to soften due to a number of factors. Please refer to Teekay Tankers' fourth quarter 2016 earnings release for additional information on the financial results for this entity. The Banff FPSO has been operating on the Banff field since its delivery nearly 20 years ago under a charter contract with Canadian Natural Resources (CNR) that permitted CNR to terminate the contact at any time with six months' notice. In January 2017, Teekay Parent entered into a contract amendment with CNR to ensure the unit will stay on the current field at least until the third quarter of 2018 and to revise the charter rate structure to include a variable component (through an oil price and oil production tariff) in addition to a fixed charter rate. The future CFVO under the contract is not expected to be materially different from the CFVO before this latest contract amendment. Since July 1, 2016, the Hummingbird Spirit FPSO has been operating under a contract amendment with Centrica Energy (Centrica) with a firm period out to September 2017. In February 2017, Teekay Parent entered into a new heads of terms with Centrica to extend the firm period out to September 30, 2020 at a higher fixed charter rate plus further upside through an oil price and production tariff. The heads of terms is expected to take effect in October 2017. Teekay LNG owns a 52 percent interest in two LNG carriers, the Marib Spirit and Arwa Spirit, through its joint venture with Marubeni Corporation, which vessels currently are on long-term charters expiring in 2029 to the Yemen LNG project (YLNG), a consortium led by Total SA. Due to the political situation in Yemen, YLNG decided to temporarily close down the LNG plant in 2015. As a result of a possible extended plant closure, Teekay LNG's joint venture agreed to a temporary deferral of a significant portion of the charter payments for the two LNG carriers during 2016. At the end of 2016, the Yemen LNG plant remained closed and as a result, in January 2017, Teekay LNG's joint venture agreed to a further temporary deferral during 2017. During this temporary deferral period, Teekay LNG's joint venture with Marubeni Corporation is entitled to trade the Marib Spirit and Awra Spirit for its own account. In November 2016, the charterer of the 2004-built Suezmax tanker, the Asian Spirit, decided not to declare its extension option, allowing the charter to expire in January 2017. As a result, Teekay LNG agreed to sell the vessel to a third party for net proceeds of $20.6 million which resulted in a write-down of $11.5 million recognized in the fourth quarter of 2016. The Asian Spirit is expected to be delivered to its new owner in mid-March 2017. In January 2017, Teekay Offshore received a letter of award for a new five-year shuttle tanker CoA, plus extension options, with a consortium of oil companies to service a development located in the UK Central North Sea. Subject to the finalization of the terms of the CoA, the CoA is expected to commence during the first quarter of 2018 and will be serviced by Teekay Offshore's existing CoA shuttle tanker fleet. In November 2016, the Arendal Spirit UMS experienced an operational incident relating to its dynamic-positioning system. As a result of this operational incident, and a gangway incident that occurred in April 2016, the charterer, Petrobras, initiated an operational review. The operational review is currently ongoing and thus, Petrobras has suspended its charter hire payments since November 2016. Teekay Offshore has completed an investigation to identify the cause of the incidents and has implemented corrective measures. Teekay Offshore is in the process of working with Petrobras to address its concerns with the focus of returning the unit to operations. Teekay Tankers completed the sale of a Medium-Range (MR) product tanker and an older Suezmax tanker in November 2016 and January 2017, respectively, with one older Suezmax tanker sale scheduled to be completed in late-February 2017. Since October 2016, Teekay Tankers entered into, and extended, time charter-out contracts for two Suezmax tankers and one Aframax tanker. These contracts have an average rate of approximately $20,800 per day and firm periods of 12 months each. The contracts commenced in December 2016 and February 2017. As at December 31, 2016, Teekay Parent had total liquidity of $279.5 million (consisting of $146.4 million of cash and cash equivalents and $133.1 million of undrawn revolving credit facilities) and, on a consolidated basis, Teekay Corporation had total liquidity of approximately $1.0 billion (consisting of 568.0 million of cash and cash equivalents and $444.4 million of undrawn revolving credit facilities). Giving pro-forma effect to Teekay LNG's distribution from its RasGas 3 joint venture in February 2017 relating to its vessel refinancing in December 2016 and Teekay LNG's NOK 300 million bond issuance completed in January 2017, Teekay Corporation's consolidated liquidity at December 31, 2016 would have been approximately $1.1 billion. The Company plans to host a conference call on Friday, February 24, 2017 at 11:00 a.m. (ET) to discuss its results for the fourth quarter and fiscal year 2016. An accompanying investor presentation will be available on Teekay's website at www.teekay.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options: The conference call will be recorded and available until Friday, March 10, 2017. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 1939994. Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these master limited partnership entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 7,900 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies. Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK". This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the U.S. Securities and Exchange Commission. These non-GAAP financial measures, which include Cash Flow From Vessel Operations, Adjusted Net (Loss) Income Attributable to Shareholders of Teekay, Teekay Parent GPCO Cash Flow, Teekay Parent OPCO Cash Flow, and Teekay Parent Free Cash Flow, Net Interest Expense and Adjusted Equity Income, are intended to provide additional information and should not be considered a substitute for measures of performance prepared in accordance with GAAP. In addition, although these measures are used consistently among entities in the Teekay Group of companies, they may not be comparable to similar measures presented by other companies. The Company believes that certain investors use this information to evaluate the Company's financial performance, as does management. Cash flow from vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense, amortization of in-process revenue contracts, vessel write-downs, gains or losses on the sale of vessels and equipment and adjustments for direct financing leases to a cash basis, but includes realized gains or losses on the settlement of foreign currency forward contracts and a derivative charter contract. CFVO - Consolidated represents CFVO from vessels that are consolidated on the Company's financial statements. CFVO - Equity Investments represents the Company's proportionate share of CFVO from its equity-accounted vessels and other investments. The Company does not control the equity-accounted vessels and investments. Consequently, the Company does not have the unilateral ability to determine whether the cash generated by the equity-accounted vessels and other investments is retained within the equity accounted investment or distributed to the Company and other shareholders. In addition, the Company does not control the timing of such distributions to the Company and other shareholders. Consequently, readers are cautioned when using total CFVO as a liquidity measure as the amount contributed from CFVO - Equity Investments may not be available to the Company in the periods such CFVO is generated by the equity-accounted vessels and other investments. CFVO is a non-GAAP financial measure used by certain investors to measure the financial performance of companies, as does management. Please refer to Appendices C and E of this release for reconciliations of these non-GAAP financial measures to income (loss) from vessel operations and income from vessel operations of equity accounted vessels, respectively, the most directly comparable GAAP measures reflected in the Company's consolidated financial statements. Adjusted net (loss) income excludes items of income or loss from GAAP net (loss) income that are typically excluded by securities analysts in their published estimates of the Company's financial results. The Company believes that certain investors use this information to evaluate the Company's financial performance. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net (loss) income, and refer to footnote (4) of the income statement for a reconciliation of adjusted equity income to equity income, the most directly comparable GAAP measure reflected in the Company's consolidated financial statements. Teekay Parent Free Cash Flow represents the sum of (a) distributions received, including payments in kind, as a result of ownership interests in its publicly-traded subsidiaries (Teekay LNG, Teekay Offshore, and Teekay Tankers) net of Teekay Parent's corporate general and administrative expenditures in the respective period (collectively, Teekay Parent GPCO Cash Flow) plus (b) CFVO attributed to Teekay Parent's directly-owned and chartered-in assets, less Teekay Parent's net interest expense and dry-dock expenditures in the respective period (collectively, Teekay Parent OPCO Cash Flow). Net interest expense includes interest expense, interest income and realized gains and losses on interest rate swaps. Please refer to Appendices B, C, D and E of this release for further details and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures reflected in the Company's consolidated financial statements. This release contains forward-looking statements (as defined in Section 21E of the U.S. Securities Exchange Act of 1934, as amended) which reflect management's current views with respect to certain future events and performance, including statements regarding: the outcome of discussions with the charterer on the Arendal Spirit UMS, including the timing and certainty of the unit returning to operation; the timing of newbuilding vessel and conversion deliveries and the commencement of related contracts, including potential delays and additional costs on the Petrojarl I FPSO unit; Teekay LNG's access to capital markets and the timing and certainty of securing financing for Teekay LNG's committed growth projects; the impact of new commercial contracts on the Company's consolidated portfolio of fixed-rate contracts and future cash flows and earnings; the charter payment deferral on the Teekay LNG's two 52 percent-owned LNG carriers on charter to the Yemen LNG project and six LPG carriers on charter to Skaugen, including the temporary nature of such deferrals; timing and certainty relating to certain vessel sales; expected cash flow from vessel operations under the revised Banff FPSO charter rate structure; and the potential new shuttle tanker CoA contract, including the timing of start-up. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in production of, or demand for oil, petroleum products, LNG and LPG, either generally or in particular regions; greater or less than anticipated levels of newbuilding orders or greater or less than anticipated rates of vessel scrapping; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in the offshore production of oil or demand for shuttle tankers, FSOs, FPSOs, UMS, and towage vessels; changes in oil production and the impact on the Company's tankers and offshore units; fluctuations in global oil prices; trends in prevailing charter rates for the Company's vessels and offshore unit contract renewals; the potential for early termination of long-term contracts and inability of the Company to renew or replace long-term contracts; the inability of charterers to make future charter payments; the inability of Teekay Offshore to meet the charterer's requirements for the Arendal Spirit UMS to return to operations; the inability of the Company to negotiate acceptable terms with the charterer, shipyard and lenders related to the delay of the Petrojarl I FPSO; Teekay LNG's and Teekay LNG's joint ventures' ability to secure financing for its existing newbuildings and projects; potential shipyard and project construction delays, newbuilding specification changes or cost overruns; costs relating to projects; delays in commencement of operations of FPSO and FSO units at designated fields; factors affecting the resumption of the LNG plant in Yemen; the inability of Teekay LNG to collect the deferred charter payments from the Yemen LNG project and from Skaugen; a delay in, or failure to complete, vessel sales; the inability of Teekay Offshore to finalize the new shuttle tanker CoA contract and delays in project start-up; changes in the Company's expenses; and other factors discussed in Teekay's filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2015. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.


News Article | February 28, 2017
Site: www.realwire.com

The new IGEL Cloud Gateway software supports the simple, smart and secure anytime, anywhere management of IGEL OS-powered endpoint devices via a standard Internet connection Reading UK. Feb. 28, 2017 – IGEL, a world leader in the delivery of powerful unified endpoint management (UEM) software, thin clients, zero clients and all-in-one solutions, today announced the introduction of the IGEL Cloud Gateway, a simple, smart and secure software solution that supports anytime, anywhere management of IGEL OS-powered endpoint devices via a standard Internet connection. Extending the IGEL Universal Management Suite to endpoints located beyond the corporate network, the IGEL Cloud Gateway seamlessly authenticates the connection and securely transfers data between the IGEL UMS and any x86-based device converted into an IGEL-powered endpoint with the IGEL Universal Desktop Converter (UDC), as well as the recently introduced IGEL UD Pocket, all without the need for a virtual private network (VPN) or leased-line solution. “With a growing number of workers across all vertical markets including government, finance, healthcare, manufacturing, logistics and retail accessing their desktops, applications and data from home or other locations outside their corporate networks, concern over security breaches remains high,” said Ainsley Brooks, IGEL’s UK & Ireland country manager. “The IGEL Cloud Gateway addresses these concerns, harnessing the power of the IGEL Universal Management Suite and IGEL OS to close security gaps created by Internet-based communications taking place beyond the perimeter of the corporate network, while supporting standardized endpoint management.” Simple, Zero-Touch Deployment Setting up the IGEL Cloud Gateway is a quick and easy process that requires no pre-configuration or on premise installation by the IT administrator. And, because the IGEL Cloud Gateway seamlessly integrates within the IGEL solution environment, VARs, MSPs, solution providers and hosted desktop providers can now provide their customers with a holistic endpoint management solution that encompasses the software, services, hardware residing both inside and outside of their corporate networks. “The IGEL Cloud Gateway makes it possible for IT organizations who are already using IGEL OS-powered endpoint devices, including the IGEL Universal Desktop, the IGEL UD Pocket and converted desktop and laptop computers, to now benefit from a consistent management approach regardless of configuration of their IGEL desktop, or the location of their endpoint,” continued Brooks. Smart Infrastructure and Secure Encryption Among the key challenges faced by IT organizations today when it comes to supporting secure and encrypted Internet-based communications with remote workers include the increasing cost of outsourced VPN and leased-line solutions, and limitations posed by Network Address Translation (NAT) technology, including security, scalability and quality of service. IT organizations can now leverage IGEL Cloud Gateway to securely and effectively manage end-user devices that reside outside the corporate network without the need for a VPN solution. The IGEL Cloud Gateway eliminates security gaps and can prevents breaches by acting as a virtual tunnel to support secure and encrypted two-way communications that is based on open communications standards, including TSL/SSL encryption and WebSocket protocol, across insecure zones between the IGEL UMS and IGEL OS-powered endpoints via the cloud or network DMZ, authenticating all connected points via public key infrastructure. Availability and Licensing The IGEL Cloud Gateway, currently supporting IGEL OS version Linux 10.01.310 and later releases, is available now, and can be purchased for either a 1-year or 3-year renewable license. About IGEL IGEL delivers powerful endpoint management software that is revolutionary in its simplicity and purpose-built for the enterprise. The company’s world-leading products, including the IGEL Universal Management Suite, IGEL OS-powered thin and zero clients, and all-in-one thin client solutions, deliver a smart and secure endpoint management experience that shifts granular control of thin and zero client devices from the end user to IT. This enables enterprises to remotely control all thin client devices from a single dashboard interface. With IGEL, IT teams can do more with less, lower their total cost of ownership and operation, and future-proof their organization. IGEL has 10 offices worldwide and is represented by partners in over 50 countries. For more information on IGEL, visit www.igel.com/us.

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