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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


News Article | October 28, 2016
Site: www.marketwired.com

HAMILTON, BERMUDA--(Marketwired - Oct. 24, 2016) - 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 third quarter of 2016 before market open on Thursday, November 3, 2016 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 Third Quarter 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 is listed on the New York Stock Exchange where it trades 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), 29 LPG/Multigas carriers (including five 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 $6 billion, comprised of 64 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 44 double-hull tankers, including 22 Suezmax tankers, 14 Aframax tankers, seven Long Range 2 (LR2) product tankers and one Medium-Range (MR) product tanker, and has five 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."


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."


…Thin clients deliver electricity savings store-wide of £45k over three years… Reading UK. Jan 4, 2017 – IGEL, a world leader in the delivery of powerful workspace management software, IGEL™ Linux-powered thin clients, zero clients and all-in-one thin client solutions, today announced that the UK’s largest [physical] music retailer, HMV Retail Limited, has completed a project to install 760 new Universal Desktop 2 (UD2) terminals throughout its 129 stores and warehouses in the UK. This is part of a wider programme to refresh and upgrade IT infrastructure throughout the business, save money and invest for the future after the company exited administration. HMV was purchased by Hilco Capital in 2013. HMV is a specialist retailer of music, film, games and technology products. Employing 2,500 staff, it has a turnover today of over £400 million and offers a wide selection of new release and catalogue items. HMV – which stands for His Master’s Voice - has a rich heritage dating back 95 years when the first store opened in London by the celebrated British composer and conductor, Sir Edward Elgar. Getting more for less HMV has undertaken a comprehensive IT investment programme since 2013 that will bring its IT infrastructure up-to-date, reduce IT expenditure and support commercial growth. Various initiatives are underway in parallel to achieve this: Derek Walklate, HMV’s service delivery manager, says, “Our IT investment shows that HMV is committed to supporting our business by replacing old equipment which is out of support and costly to maintain. The business is keen to leverage cost saving opportunities through using cloud-based solutions. New IT means we not only get the latest and fastest technology but have the potential to save money through our new Citrix farm and server virtualization as well as getting rid of end of life equipment which has excessive maintenance charges.” As part of the Citrix upgrade, HMV had to replace all its ageing desktop thin client terminals which were over 15 years old and not compatible with the new software. HMV bought 800 UD2 terminals supplied by IGEL reseller, Trust Systems, of which 760 have been installed in stores - the remainder kept for backup and other purposes. In addition, new keyboards, mice and 21.5-inch monitors have been purchased resulting in a wholesale desktop refresh throughout HMV’s store estate. Staff use the IGEL UD2 terminals to access standard Microsoft Windows applications via Citrix and an in-house developed stock management solution called Track Systems. This lists every product sold and tracks sales, items which need re-ordering while providing a variety of analytic and reporting features. HMV did a comprehensive market review and carried out an in-house trial reviewing other traditional thin client vendors as well as suppliers of Chromebooks. Walklate says, “IGEL was selected because of a recommendation from Trust Systems, one of our key IT partners, lower software licensing costs and our internal team liked its Universal Management Suite (UMS) which is far simpler to use compared to others. Using a central console, the UMS allows remote administration of IGEL devices over our network which is important given stores are located from Cornwall to Inverness and beyond.” The roll out of IGEL UD2 units by Trust Systems was carried out based on where engineers were located and clusters of shops. Typically, two stores per engineer were upgraded each day. Considerable total cost of ownership benefits IGEL UD2 terminals are super power efficient using 5 watts of power per hour compared to other devices which consume as much as 45. Nick Potts, managing director, Trust Systems, says, “When we reviewed products for HMV, our analysis showed that that they could save more than £45k on electricity over a three year period using IGEL UD2 terminals versus product from another well known competitor[1].” Simon Richards, Managing Director for IGEL South & Western Europe, says, “With the Citrix upgrade and new IGEL desktops, HMV now has a modern, fast and response system for all store and warehouse staff which obviously helps them do their jobs more efficiently with obvious benefits for customer service. IGEL devices play a part in this as they are easy to use and simple for HMV’s IT team to manage.” [1]Based on an industry average of 0.14p per kWh and devices ‘on’ for 10 hours per day. An IGEL UD2 terminal consumes 5 watts per hour. Cost savings of £45,964.80 over three years based on the following: 5 watts for 10 hours = £0.42 per IGEL device per month x 760 = £319.20 per month. Per annum this totals £3,830.40. A competitive product using 45 watts for 10 hours is £2.10 per device per month x 760 = £1,596 per month or £19,152 per annum. 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™ Linux-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/uk


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 | November 3, 2016
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 September 30, 2016. "The Partnership's results for the third quarter of 2016 were negatively affected primarily by the seasonal maintenance of the North Sea oil fields, lower utilization in our towage fleet, higher operating expenses in our FPSO fleet, and the redelivery of the Varg FPSO at the end of July 2016 after operating on the Varg field for almost 18 years," commented Peter Evensen, Chief Executive Officer of Teekay Offshore GP LLC. "Looking ahead to the fourth quarter of 2016, we expect our distributable cash flow to increase as a result of anticipated higher fleet utilization and lower operating costs." "Also during the third quarter of 2016, our commercial team successfully secured the largest North Sea shuttle tanker contract award in five years," Mr. Evensen continued. "We secured a new three-year shuttle tanker contract of affreightment (CoA), plus extension options, with BP, Royal Dutch Shell and OMV Group. This contract further enhances our CoA contract portfolio and is expected to add future cash flow through higher shuttle tanker fleet utilization without the need for incremental capital expenditures. Looking ahead, the shuttle tanker market in the North Sea is expected to remain tight, supported by a combination of more lifting points from new fields coming on-line and limited fleet growth with no uncommitted shuttle tanker newbuildings on order." "Looking ahead, we continue to focus on the execution of our existing growth projects, which are scheduled to deliver through early-2018," commented Mr. Evensen. "These projects are progressing well except we are expecting a delay and additional costs associated with the upgrade of the Petrojarl I FPSO for the Atlanta project in Brazil, which we are currently discussing with the charterer, shipyard and our lenders. Once delivered, these projects are expected to provide significant cash flow growth in the future." Mr. Evensen added, "As announced last week, I have decided to retire after 10 years with the Partnership and I am confident that Ingvild Sæther is the right person going forward as the President and CEO of Teekay Offshore Group Ltd. Ingvild has led a team that has consistently improved results from our shuttle tanker business as well as strategically positioned us for future opportunities within this segment. As a highly experienced leader, I am confident that Ingvild, in this broader role, will enable the teams to continue to create strong results. We are well-positioned with our market-leading businesses in the offshore oil production and transportation sector, a pipeline of growth projects which are expected to provide significant cash flow growth, and a great team now led by Ingvild, while Teekay's existing corporate finance team continues to be responsible for our financings." In September 2016, the Partnership was awarded a new three-year shuttle tanker CoA, plus extension options, with BP plc, Royal Dutch Shell and OMV Group, to service the new Glen Lyon FPSO unit located west of Shetland in the North Sea. This CoA is expected to commence in the first quarter of 2017 and requires the use of approximately two shuttle tankers from the Partnership's existing CoA shuttle tanker fleet. In September 2016, the Partnership took delivery of the ALP Striker, the first of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and offshore installation newbuildings being constructed by Niigata Shipbuilding & Repair in Japan. In connection with the delivery, the Partnership received cash compensation from the shipyard totaling approximately $7 million due to the delayed delivery, which was recognized in Teekay Offshore's distributable cash flow for the quarter ended September 30, 2016. The Partnership also expects to receive additional cash compensation for the remaining three towing and offshore installation newbuildings when they deliver in 2017. 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 were negatively affected by the redelivery and associated decommissioning costs of the Varg FPSO to the Partnership at the end of July 2016, after operating on the Varg field for almost 18 years, and higher operating expenses for the Knarr FPSO related to the successful completion of the final performance test in August 2016 as required under its charter contract, partially offset by a business development fee paid by the Partnership to Teekay Corporation in the third quarter of 2015 in connection with the acquisition of the Knarr FPSO. Income from vessel operations and cash flows from vessel operations were positively affected by an increase in charter rates under certain contracts, offset by the redelivery of the Navion Anglia to the Partnership in June 2016 upon completion of its time-charter out contract in Brazil, and higher operating expenses related to preparing this vessel for operating in the North Sea as it joins the CoA fleet to add needed capacity. Income from vessel operations in the third quarter of 2016 was also affected by higher vessel depreciation and amortization expense as a result of the change in the useful life estimate of the shuttle component of the Partnership's shuttle tankers effective January 1, 2016. Income from vessel operations and cash flow from vessel operations increased primarily due to lower operating expenses as a result of the strengthening of the U.S. Dollar relative to currencies in which such expenses are paid. Income from vessel operations and cash flow from vessel operations decreased mainly as a result of the timing of repairs and maintenance expenditures. This was partially offset by a retroactive increase in charter rates due to inflation indexation for the Arendal Spirit in the third quarter of 2016 and a business development fee paid by the Partnership to Teekay Corporation in the third quarter of 2015 in connection with the acquisition of the unit. Income from vessel operations and cash flow from vessel operations decreased primarily due to lower towage fleet charter rates and utilization, partially offset by a business development fee paid by the Partnership to Teekay Corporation in the third quarter of 2015 in connection with the acquisition of the six towage vessels, which commenced operations throughout 2015. Income from vessel operations and cash flow from vessel operations decreased primarily due to the sale of the SPT Explorer and Navigator Spirit in the fourth quarter of 2015 and time-charter hire expenses of the Partnership arising after the sale-leaseback transactions related to the Fuji Spirit and Kilimanjaro Spirit during the first quarter of 2016. The Kilimanjaro Spirit is trading in the spot conventional tanker market and the Fuji Spirit is employed under a two-year fixed-rate time-charter contract. The following table summarizes Teekay Offshore's fleet as of November 1, 2016. In August 2016, the Partnership implemented a continuous offering program (COP) under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. During the third quarter of 2016, the Partnership sold approximately 3.7 million common units under the COP, generating net proceeds of approximately $21.4 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 are expected to be used for general partnership purposes. As of September 30, 2016, the Partnership had total liquidity of $398.1 million (comprised of $222.9 million in cash and cash equivalents and $175.2 million in an undrawn credit facilities). The Partnership plans to host a conference call on Thursday, November 3, 2016 at 12:00 p.m. (ET) to discuss the results for the third quarter of 2016. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options: An accompanying Third Quarter 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, November 17, 2016. 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 5250500. 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 64 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 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 (loss) 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, 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 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 (loss) from vessel operations and income from vessel operations of equity-accounted vessels, respectively, 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. 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 (loss) adjusted for depreciation and amortization expense, deferred income tax and other non-cash items, vessel write-downs and gains or losses on the sale of vessels, distributions relating to equity financing of newbuilding installments and conversion costs, distributions on the Partnership's preferred units, gains on extinguishment of contingent liabilities, 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 (loss), 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 Specific Items Affecting Net Income (Loss) (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 Partnership's expectations for its fourth quarter 2016 distributable cash flow; the timing of start-up and the voyage requirements of the new CoA; the effect of the new CoA on the Partnership's future cash flows, including the Partnership's fleet utilization; the fundamentals in the shuttle tanker market; and the Partnership's timing of delivery and costs of various newbuildings and conversion projects, including potential delays and additional costs on the Petrojarl I FPSO and the outcome of associated discussions 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: timing of the start-up of the CoA contract to service the Glen Lyon FPSO unit in the North Sea; 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; 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; 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, 2015. 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.


News Article | December 6, 2016
Site: www.businesswire.com

SAN FRANCISCO--(BUSINESS WIRE)--IGEL Technology, a world leader in the delivery of powerful endpoint management software, IGEL™ Linux-powered thin clients, zero clients and all-in-one thin client solutions, today announced the introduction of the IGEL UD Pocket, a flexible and cost-effective out-of-the-box micro thin client solution that is designed to improve the security of bring-your-own-device (BYOD) initiatives in organizations with remote or mobile workforces. Built to provide on-demand access to virtual desktop infrastructure (VDI) environments, the IGEL UD Pocket offers simple and secure access to the user’s IGEL Linux 10-powered desktop, via a USB-bootable device, without overwriting the local operating system (OS). “As the industry’s first Linux-based micro thin client, the IGEL UD Pocket is ideal for organizations that want to provide remote and mobile workers with simple, secure and fully-functional anytime, anywhere access to their VDI environments,” said Matthias Haas, Director of Product Management, IGEL Technology. “And, because the IGEL UD Pocket leverages existing hardware, organizations of all sizes can quickly scale their IGEL desktop deployments, while dramatically reducing desktop replacement costs.” Protecting Networks and Data While Giving Workers the Freedom to Roam The IGEL UD Pocket supports enterprise-level security standards and protocols. Additionally, IGEL’s entire family of thin and zero client solutions, including the UD Pocket, support two-factor authentication through integrated or external smart card readers or USB tokens, which prevents passwords from being lost, forgotten or intercepted by cybercriminals. With the IGEL UD Pocket, the IGEL Linux 10 desktop can be accessed from any USB-bootable PC, laptop, tablet or thin client that meets the minimum requirements of an x86, 64-bit processor and 2 GB RAM. Available in a USB 3.0 form factor with backward compatibility to USB 2.0, the IGEL UD Pocket measures 22.4mm x 12.2mm x 6mm and weighs 3 grams. The IGEL UD Pocket also features an industry-grade 8GB memory module, and a high-quality metal chassis is resistant to dust, shock and water. “We are finding that there is a significant market opportunity for our Linux-based micro thin client in vertical markets such as financial services and insurance, education, logistics and warehousing, and call centers where workers roam between desks, offices or locations,” continued Haas. Designed to provide IT organizations with greater autonomy, and the agility and flexibility they need to quickly scale their IGEL deployments, the IGEL UD Pocket can be purchased through IGEL channel partners in North America. Additionally, licensing for the IGEL UD Pocket is assigned to the USB stick, independent of the MAC address of the target endpoint. This flexibility to roam from one device to another, along with regular IGEL firmware updates, offers IT organizations a revolutionary, yet simple solution to their diverse endpoint management challenges. The IGEL UD Pocket can also be integrated, like all the other IGEL OS-powered products, into the IGEL Universal Management Suite (UMS), a centralized and secure remote management console that provides organizations with complete control over their IGEL endpoints, saving time and resources, and reducing operating expenses. The IGEL UMS can be downloaded free of charge at www.myigel.com. Note to the media: Images of the IGEL UD Pocket are available by clicking here. 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™ Linux-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.

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