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Lion Electric expects to receive about $500 million of net cash proceeds from the deal, it said, adding the combined company was expected to be listed on the New York Stock Exchange under the symbol "LEV". The company said it would use the proceeds to fund the expansion of its U.S. manufacturing capacity, the development of advanced battery systems and the construction of a battery system assembly factory. Lion Electric's shareholders are expected to hold about 70% of the combined company's common equity after the deal is closed, assuming no redemptions from Northern Genesis' shareholders.
Dublin, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The "Europe C5ISR Systems Market 2020-2030 by Solution, Platform (Land, Airborne, Naval, Space), Application, End User (Defense, Commercial), and Country: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering. Europe C5ISR systems market reached $23.9 billion in 2019 and will grow by 3.1% annually over 2020-2030 owing to the rising need for anti-terrorism and defense modernization. This report is based on a comprehensive research of the entire Europe C5ISR systems market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2015-2019 and provides forecast from 2020 till 2030 with 2019 as the base year. In-depth qualitative analyses include identification and investigation of the following aspects: * Market Structure * Growth Drivers * Restraints and Challenges * Emerging Product Trends & Market Opportunities * Porter's Five ForcesThe trend and outlook of Europe market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify Europe C5ISR systems market in every aspect of the classification from perspectives of Solution, Platform, Application, End User, and Country. Detailed analysis and annual revenue of each national market are available for 2019-2030. The breakdown of key national markets by Platform, Application, and End User over the forecast years are also included. The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players. Specifically, potential risks associated with investing in Europe C5ISR systems market are assayed quantitatively and qualitatively through a Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions. Key Topics Covered: 1 Introduction 1.1 Industry Definition and Research Scope 1.1.1 Industry Definition 1.1.2 Research Scope 1.2 Research Methodology 1.2.1 Overview of Market Research Methodology 1.2.2 Market Assumption 1.2.3 Secondary Data 1.2.4 Primary Data 1.2.5 Data Filtration and Model Design 1.2.6 Market Size/Share Estimation 1.2.7 Research Limitations 1.3 Executive Summary 2 Market Overview and Dynamics 2.1 Market Size and Forecast 2.1.1 Impact of COVID-19 on the Market 2.2 Major Growth Drivers 2.3 Market Restraints and Challenges 2.4 Emerging Opportunities and Market Trends 2.5 Porter's five Forces Analysis 3 Segmentation of Europe Market by Solution 3.1 Market Overview by Solution 3.2 Product 3.3 Services 4 Segmentation of Europe Market by Platform 4.1 Market Overview by Platform 4.2 Land-based Platform 4.3 Airborne-based Platform 4.4 Naval-based Platform 4.5 Space-based Platform 5 Segmentation of Europe Market by Application 5.1 Market Overview by Application 5.2 Intelligence, Surveillance, and Reconnaissance (ISR) 5.3 Communication 5.4 Command and Control 5.5 Combat Systems 5.6 Computers 5.7 Electronic Warfare 6 Segmentation of Europe Market by End User 6.1 Market Overview by End User 6.2 Defense Industry 6.2.1 Military 6.2.2 Homeland Security 6.3 Commercial Sector 6.3.1 Critical Infrastructure 6.3.2 Commercial Space 7 European Market 2019-2030 by Country 7.1 Overview of European Market 7.2 Germany 7.3 UK 7.4 France 7.5 Spain 7.6 Italy 7.7 Russia 7.8 Rest of European Market 8 Competitive Landscape 8.1 Overview of Key Vendors 8.2 New Product Launch, Partnership, Investment, and M&A 8.3 Company Profiles * Airbus S.A.S * BAE Systems * CACI International Inc. * Collins Aerospace * Elbit Systems Ltd. * General Dynamics * Harris Corporation * Huntington Ingalls Industries, Inc. * Israel Aerospace Industries Ltd. * Kratos Defense & Security Solutions, Inc. * L3 Technologies, Inc. * Leonardo SpA * Lockheed Martin Corporation * Northrop Grumman Corporation * Raytheon Company * Reutech Radar Systems * Rheinmetall Group * Saab AB * Thales Group * The Boeing Company9 Investing in Europe Market: Risk Assessment and Management 9.1 Risk Evaluation of Europe Market 9.2 Critical Success Factors (CSFs) For more information about this report visit https://www.researchandmarkets.com/r/z1h7fcResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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Good performance from projects and operationsIain Ross, CEO, Golar LNG, said:"Golar is pleased to report Q3 operating revenues of $95.2 million and adjusted EBITDA1 of $57.3 million, driven by a tenth consecutive quarter of uninterrupted commercial uptime in FLNG. Q3 TCE1 for the fleet at $39,100/day is above prior guidance of $35,000/day and driven by a higher year on year utilization of 80% for the quarter. TCE1 from the TFDE1 vessels excluding dry-dock days amounted to $43,800 for the quarter.We concluded the force majeure event with BP on the Gimi FLNG project, which resulted in an anticipated delay of 11 months to the project. All other terms of the 20 year lease and operating agreement remained unchanged. The project has ramped up manning levels to pre-lockdown numbers and remains on track to the new dates and with no material change to the overall project budget.The Viking conversion project is on track for completion and customer acceptance before the end of the year with the now re-named vessel LNG Croatia currently preparing for commissioning activities. Upon acceptance by LNG Hrvatska, expected in December, the project will release approximately $17 million of cash to Golar, with a further $30 million expected in January 2021. The power station in Sergipe including FSRU Nanook earned full capacity payments during the quarter. Golar’s 50% proportionate share of Hygo Energy Transition Ltd's adjusted EBITDA1 for the quarter, amounted to $15.6 million." Financial Summary(in thousands of $)Q3 2020Q3 2019% ChangeYTD 2020YTD 2019% Change Total operating revenues95,15298,670(4)%319,953309,7023% Net loss attributable to Golar LNG Ltd(21,802)(82,301)(74)%(281,683)(236,724)19% Adjusted EBITDA157,28758,932(3)%200,645161,49224% Operating income30,632(13,666)(324)%80,148(8,237)(1073)% Dividend per share———%—0.150(100)% Adjusted net debt12,649,7782,294,93215%2,649,7782,294,93215% Q3 highlights and recent eventsFinancial: * Received committed terms for a new $100 million credit facility backed by Golar’s interest in Hygo Energy Transition Ltd. ("Hygo"). * Term sheet in advanced discussion with a major bank for an incremental $125 million credit facility, drawable upon IPO of Hygo. * A further $75 million drawn down against FLNG Gimi debt facility concluded in Q4. * Additional proposals that would improve liquidity by around $70 million currently under consideration. These include a refinancing of Golar Frost for which terms have been received and an extension or refinancing of the margin loan secured by our interest in Golar LNG Partners LP ("Golar Partners"). The financing of Golar Seal has been extended to January 2022. * Callum Mitchell-Thomson who joined in April has, for personal reasons, decided to resign from his position as CFO. The Board wants to thank Callum for his valuable contribution during the time he was here. His function will now be assumed by Karl Fredrik Staubo, who, for the time being, will also remain as CEO of Golar Partners.Shipping: * Shipping results adversely impacted by Golar Tundra's extended dry-dock due to Singapore lockdown preventing any work for several months. * Q3 2020 average daily Time Charter Equivalent (“TCE”)1 earnings of $39,100 for the fleet, above guidance and higher than the $35,200 achieved in Q3 2019. * Utilization at 80%, down on the 93% achieved in Q2 2020 but up on the 65% realized in Q3 2019 as a result of a stronger contract portfolio. * Q3 2020 TFDE1 vessel TCE1 of $43,800, excluding days in dry dock. * Conclusion of several term contracts added $123 million of revenue backlog1 during Q3 to date resulting in $198 million of revenue backlog1 as at 30 September. * Downside risk materially reduced through increased utilization and fixed rate charter coverage.FLNG: * FLNG Hilli Episeyo off-loaded 47th cargo, with 100% commercial uptime maintained. Scheduled maintenance shutdown completed in October without issue. * Agreed revised FLNG Gimi project schedule with BP, ending the force majeure event under the Lease and Operate Agreement ("LOA") with BP. * Agreed amendment to FLNG Hilli Episeyo tolling agreement that removes cap on gas reserves available for future liquefaction and allows for billing of prior and future over production. * Constructive discussions on proving up additional reserves and increasing utilization of Hilli Episeyo ongoing with charterers. * Continued to develop pipeline of future FLNG opportunities with strong counterparties. Five incremental FLNG opportunities added to the four existing opportunities that continue to be developed. * Entered into a collaboration agreement with Black & Veatch Corporation ("B&V") to research and, if appropriate, develop, solutions for the floating production of blue and green ammonia as well as carbon reduction in LNG production.Hygo Energy Transition Ltd: * Paul Hanrahan, former CEO of AES Corporation, appointed as CEO of Hygo. * Received Installation License for the construction of the Barcarena power station and associated LNG Terminal. * Awarded port concession for the long-term use of existing facilities in the Vila do Conde Port located in Barcarena. * Signed MoU with Pará state distribution company for use of the Barcarena terminal to supply regional demand for cleaner fuels, replacing MoU with Norsk Hydro. * Extensive forensic review of Hygo business conduct initiated by the Hygo Board. The work conducted by external experts has confirmed no issues of concern and robust corporate governance and compliance policies.OutlookLNG Shipping:We expect the Q4 2020 fleet TCE1 to be above $50,000 per day, with utilization above 80% based on fixtures to date and prevailing spot market conditions. Our shipping strategy continues to prioritize longer term utilization over short-term opportunities, but we remain adequately exposed to seasonal and other potential upside by virtue of some index linked charters within the portfolio. Golar has fixed around two thirds of available 2021 revenue days through a combination of fixed and floating rate charters. Following Golar Tundra's departure from the shipyard in October, no further dry-docks are scheduled for the fleet until 2023. FLNG:We will continue to focus on Gimi productivity and to manage re-schedule progress and safe working under COVID-19 restrictions. The project’s 4th dry dock is scheduled to commence in early December 2020.The scheduled maintenance shutdown in October will not result in any reduction in Q4 FLNG earnings from Hilli Episeyo. We continue to work with our counterparts Perenco and SNH on potential solutions to increase throughput on the vessel. Subject to final signature from SNH, expected shortly, removal of the cap on feed gas available for liquefaction in Cameroon is an important step that will facilitate this. Additional revenue amounting to $5.1 million covering overproduction by the vessel in 2019 will be invoiced shortly after signature. Golar's strong operating track record has created a good relationship with our charterer which is facilitating constructive discussions with the target to prove up more reserves and increase utilization of the vessel. Should these discussions be concluded successfully, there will likely be a new risk aligned tariff payment for the additional volumes.Golar will continue to develop its portfolio of FLNG opportunities featuring both its 3.5 and 5mtpa Mark III new build FLNG vessel designs as direct competitors to traditional large-scale onshore liquefaction facilities, in addition to marketing the proven Mark I solution. The project portfolio has grown considerably over the last few months and it is interesting to observe an increasing number of requests from oil majors seeking lower cost production solutions. Whilst it is difficult to see a Final Investment Decision ("FID") in 2021, this volume of enquiries creates confidence in the competitiveness of our FLNG products and the long-term future of this business. The lack of FIDs in the LNG business in recent years combined with strong demand will result in higher LNG prices that will likely generate additional interest in Golar's FLNG solutions.Following the recent signing of the collaboration agreement with B&V, we will jointly work on solutions to further reduce the (already competitive) carbon footprint of our FLNGs and for the potential development of floating ammonia production.Hygo Energy Transition Ltd: The Hygo Board will consider the timing for a potential re-launch of the IPO which will be driven by market conditions, ongoing business operations and ongoing business development activity.Hygo expects to take a FID on the Barcarena terminal before the end of the year based on the expressed interest for off-take volumes from industrial users. FID on the associated 605MW power station is expected to follow approximately 6-months after FID of the terminal.Additionally, Hygo remains actively involved in the development of several other terminal opportunities in Brazil on a competitive basis, including terminals in Suape and Bahia. Further clarifications with regards to the final outcome of those processes are expected in the coming months. Corporate:Although postponed by recent events, Golar remains committed to the separation of Hygo and an IPO remains the primary route to achieve this, subject to approval of the Hygo board, ongoing business operations and business development activity. When concluded, the separation will represent the first step toward re-organizing and simplifying Golar’s structure.Based on results achieved to date, Q4 adjusted EBITDA1 should show a solid improvement versus Q3. Golar group contract earnings backlog1 currently stands at $10.3 billion, of which Golar LNG Limited's pro-rata share amounts to $6.0 billion. The Board is pleased by the way the company has strategically positioned itself in this high growth market. Supported by the contract earnings backlog1 above, we anticipate further strong growth in adjusted EBITDA1. This together with a simplification of the corporate structure can unlock value and create a solid return to shareholders going forward. Financial ReviewBusiness Performance: 2020 Jul-SepApr-Jun (in thousands of $)Vessel and other operationsFLNGTotalVessel and other operationsFLNGTotal Total operating revenues40,628 54,524 95,152 47,718 54,524 102,242 Vessel operating expenses(14,951) (13,282) (28,233) (11,336) (12,907) (24,243) Voyage, charterhire & commission expenses (including expenses from collaborative arrangement)(476) — (476) (1,539) — (1,539) Administrative expenses(7,816) (173) (7,989) (8,348) (246) (8,594) Project development expenses(1,136) (31) (1,167) (982) (266) (1,248) Other operating gains— — — 532 — 532 Adjusted EBITDA(1)16,249 41,038 57,287 26,045 41,105 67,150 Reconciliation to operating income Unrealized gain (loss) on oil derivative instrument(2)— 220 220 — (11,810) (11,810) Depreciation and amortization(14,890) (11,985) (26,875) (14,997) (11,985) (26,982) Operating income1,359 29,273 30,632 11,048 17,310 28,358 (2) The line item "Realized and unrealized gain / (loss) on oil derivative instrument" relating to income from the FLNG Hilli Episeyo Liquefaction Tolling Agreement is split into, "Realized gain on oil derivative instrument" and "Unrealized loss on oil derivative instrument". The unrealized component represents a mark-to-market gain of $0.2 million (June 30, 2020: $11.8 million loss) on the oil embedded derivative, which represents the estimate of expected receipts under the remainder of the Brent oil linked clause of the Hilli Episeyo Liquefaction Tolling Agreement. The realized component amounts to $nil (June 30, 2020: $nil) and represents the income in relation to the Hilli Episeyo Liquefaction Tolling Agreement receivable in cash.Golar reports today Q3 operating income of $30.6 million compared to operating income of $28.4 million in Q2.Total operating revenues decreased 7% from $102.2 million in Q2 to $95.2 million in Q3, partially mitigated by a decrease in voyage, charter hire and commission expenses, from $1.5 million in Q2 to $0.5 million in Q3. A COVID-19 induced closure of the shipyard where Golar Tundra was being dry-docked resulted in significant unscheduled off hire during the quarter and contributed to the reduction in fleet utilization, from 93% in Q2 to 80% in Q3. Low LNG prices also contributed to a large number of cargo cancellations, predominantly out of the US, that suppressed both shipping demand and spot rates, and reduced the daily rate achieved in respect of Golar's spot and index linked charters.Revenue from vessel and other operations, including management fee income, net of voyage, charterhire and commission expenses, was $40.2 million and decreased by $6.0 million from $46.2 million in Q2. Further US cargo cancellations over summer, higher than normal European storage levels and weather related supply interruptions resulted in a slower than normal seasonal recovery in shipping rates. From early August, supply outages in Australia and demand recovery in Asia boosted spot LNG prices that subsequently supported inter-basin trading. Sufficient available tonnage to meet near term demand meant that increased chartering activity for US loadings did not result in a meaningful increase in charter rates until later in the month. Hurricane related interruptions again constrained US supply in September, temporarily halting further increases in carrier rates whilst further boosting LNG prices. As production resumed, a widening west-east arbitrage quickly absorbed available vessels and freight rates resumed their upward seasonal trajectory toward the end of the quarter. The quarter began with quoted TFDE1 carrier headline spot rates at around $30k/day and ended with rates at around $59k/day. Delays to the seasonal recovery and a prolonged dry-dock of the Golar Tundra, offset by improved coverage as a result of a utilization focused strategy meant that full fleet TCE1 earnings decreased from $45,100 in Q2 2020 to $39,100 in Q3 2020, but increased relative to the $35,200 achieved in Q3 2019.Operating revenues from FLNG Hilli Episeyo remained stable at $54.5 million, including base tolling fees and amortization of pre-acceptance amounts recognized.As expected, vessel operating expenses at $28.2 million were higher than those of Q2 at $24.2 million. Of the $4.0 million increase, $2.5 million is due to a non-recurring insurance recovery received in Q2 with the remainder largely attributable to catch-up repairs and maintenance carried out following the lifting of COVID restrictions over the northern hemisphere summer months.Administrative expenses decreased by 8% from $8.6 million in Q2 to $8.0 million in Q3. This was driven by ongoing cost reduction measures. Project development expenses at $1.2 million for the quarter were in line with Q2. Depreciation and amortization, at $26.9 million was also in line with the prior quarter. Net Income Summary: 2020 (in thousands of $)Jul-SepApr-Jun Operating income30,632 28,358 Interest income29 243 Interest expense(16,093) (17,003) Gains(losses) on derivative instruments(4,686) 4,864 Other financial items, net1,997 (337) Income taxes(216) (185) Equity in net losses of affiliates(3,559) (139,365) Net income attributable to non-controlling interests(29,906) (32,209) Net loss attributable to Golar LNG Limited(21,802) (155,634) In Q3, the group generated a $21.8 million net loss, compared to a Q2 net loss of $155.6 million. Key items contributing to this are: * A $4.7 million Q3 loss on derivative instruments due to a further decline in LIBOR rates in the quarter, and foreign exchange rate movements. * The $3.6 million loss in Q3 for equity in net losses of affiliates primarily comprises the following: * * A $8.0 million net loss in respect of Golar's 50% share in Hygo; and * A $4.6 million net gain in respect of Golar's 32% share in Golar Partners. Q2 was negatively impacted by a $135.9 million impairment of our investment in the Partnership.Net losses attributable to non-controlling interests relate to the Hilli Episeyo, the Gimi and the finance lease VIEs.Financing and Liquidity:Our cash position as at September 30, 2020 was $238.9 million. This was made up of $76.7 million of unrestricted cash and $162.2 million of restricted cash. Restricted cash includes $61.7 million relating to lessor-owned VIEs and $75.9 million relating to the Hilli Episeyo Letter of Credit, of which $15.2 million has been classified as short-term and is expected to be released to free cash in Q2 2021 when the next Hilli Episeyo production milestone is forecast to be met. After repayment of the vessel debt facility, Golar expects to release a further $17 million of cash in December 2020 and $30 million in January 2021 following the sale of the converted FSRU LNG Croatia (formerly Golar Viking) to LNG Hrvatska. Golar has received committed terms for a new $100 million credit facility secured by our shareholding in Hygo, to replace the current $150 million facility currently secured by our interest in Hygo. Golar is also in advanced discussions on a term sheet with a major bank for an additional $125 million credit facility, drawable upon the IPO of Hygo.At the vessel level, the current providers of the Golar Seal facility have extended the financing to January 2022. The company has also received two financing proposals from financial institutions for an opportunistic refinancing of the Golar Frost. The proposed terms could potentially release up to $40 million of liquidity in Q1 2021, subject to approval and final documentation.At the FLNG level, a gradual re-opening of Keppel Shipyard following the Singapore "circuit breaker" continued to limit construction progress during the quarter with milestones and payments impacted accordingly. Inclusive of $7.4 million of capitalized interest, $45.7 million was invested in FLNG Gimi during the quarter, taking the total invested as at September 30 to $598.7 million. Of this, $225.0 million had been drawn against the $700 million debt facility. Both the investment and debt drawn to date are shown on a 100% basis. Progress at the yard has since accelerated and there are now in excess of 2,400 yard workers allocated to the project. Following the step up in construction activity, Golar has drawn down a further $75 million against this facility in Q4 to date.Included within the $1,215.4 million current portion of long-term debt and short-term debt as at September 30 is $1,017.8 million relating to lessor-owned VIE subsidiaries that Golar is required to consolidate in connection with ten sale and leaseback financed vessels, including the Hilli Episeyo. Corporate and Other Matters:As at September 30, 2020, there were 97.8 million shares outstanding. There were also 2.2 million outstanding stock options with an average price of $28.87 and 1.0 million unvested restricted stock units awarded. Golar’s Annual General Meeting was held on September 24, 2020. On September 24, 2020, a single purported Golar shareholder filed a putative class action lawsuit against us, our CEO and the former CEO of Hygo. The complaint generally alleges a violation of the Securities Exchange Act of 1934, as amended, through the use of false and/or misleading statements regarding, among other matters, Golar’s business operations and prospects in relation to the implication of Hygo’s former chief executive officer in certain allegations by the Brazilian government. The complaint seeks unspecified damages, attorneys’ fees and other costs. We believe that the allegations in the lawsuit are without merit and intend to vigorously contest the class action lawsuit. Commercial ReviewLNG Shipping:The quarter commenced with JKM at around $2.15/mmbtu and quoted TFDE headline spot rates of around $30k/day. Further US cargo cancellations over the summer months and higher than normal European storage levels resulted in a slower seasonal recovery in shipping rates. Hurricane related interruptions also cut US supply in early September and contributed to a buildup of tonnage in the Atlantic. This temporarily halted carrier rate increases being seen from late August and further boosted LNG prices that were increasing as a result of earlier supply re-balancing. As production resumed, a widening of the west-east arbitrage quickly absorbed available vessels and freight rates resumed their upward seasonal trajectory. The quarter ended with JKM at around $5.15/mmbtu and quoted TFDE headline spot rates of around $59k/day.Full utilization of available US export capacity and increasingly long haul trades are currently supported by strong winter demand in key Asian markets and further supply outages elsewhere, leading to higher LNG prices and widening regional price differentials into Q4. By late October there were limited prompt available vessels and TFDE spot rates for some voyages exceeded $100,000 per day. Golar has taken advantage of the opportunity to fix some of its available vessels on term charters. Based on fixtures to date and accounting for remaining off-hire in respect of the now completed Golar Tundra dry-dock and some unscheduled maintenance of another carrier, Golar currently expects Q4 fleet utilization in excess of 80% and a TCE1 of above $50,000 per day. Revenue backlog1 from shipping fixtures to date amounts to $198 million as at September 30, with around two thirds of available 2021 trading days now covered.Up to 20-25 million tons of un-utilized liquefaction capacity may return to the market in 2021. Growing underlying demand and limited new nameplate capacity additions through to 2023 are expected to result in comparatively high LNG prices and a forecast 13% growth in 2021 ton-mile demand for shipping. This will help absorb the 49 vessels expected to deliver in 2021. From 2024, projects with a combined nameplate capacity of around 100mtpa are then scheduled to start-up in phases. Deferral of 2020 scheduled FID decisions for new liquefaction capacity, particularly in North America, continues to discourage new build orders. Of the limited number of vessels ordered in 2020 to date, most are from oil majors seeking to upgrade their fleets.FLNG:Golar is pleased to have resolved the FLNG Gimi force majeure event under the LOA with BP. A new construction schedule that includes revised milestone payment dates has also been agreed with the yard. The 11-month delay to the start date is expected to result in a $36 million increase in the conversion budget, up from $1.330 billion to $1.366 billion. All other conditions of the 20-year Lease and Operate Agreement remain unchanged.FLNG Hilli Episeyo, which completed its 2-week scheduled maintenance shutdown in October, continues to maintain 100% commercial uptime. It recently offloaded its 47th cargo and continues to reliably deliver quarterly LNG tolling revenues, less operating costs, of around $40 million; 50% of which is for GLNG's account. Agreement has been reached with all parties to remove the 500bcf cap on feed gas available for liquefaction by Hilli Episeyo. Final signature from SNH is expected shortly. This is a key step toward a potential increase in utilization. Under the agreement, Perenco will pay for excess LNG produced to date. This equates to $5.1 million in additional revenue from COD through to the end of 2019, and any overproduction will continue to be billed going forward in Q1 each year.Between July 2020 and the present date the number of potential new projects being actively discussed with charterers has materially increased. In most cases it is the potential counterparty who has approached Golar. The nine opportunities currently being discussed with financially strong counterparties are geographically spread and include potential deployments in West Africa, Asia, the Mediterranean and the Americas. On November 18, 2020, Golar and B&V agreed to expand on their long-standing FLNG relationship and enter into a collaboration agreement in the field of floating ammonia production, carbon capture, and green LNG. Golar brings to the relationship its deep experience of delivering and operating paradigm shifting low cost floating LNG infrastructure that works, and B&V, as a leading provider of LNG technology also bring a deep expertise in green technologies. Within 2021, Golar and B&V will initially focus on floating ammonia production with carbon capture and storage (“Floating Blue Ammonia”) and will seek to establish the technical feasibility and commerciality of this methodology of developing hydrogen as a fuel. Any project development and implementation that follows the initial research and investigation stages above will be subject to a separate commercial agreement between the two companies.Hygo Energy Transition Ltd (50/50 Golar/Stonepeak Infrastructure Partners non-consolidated downstream JV): Although delayed by unforeseen events on September 24, Golar believes an IPO represents the best means of capturing the value of its downstream investment, depending on market conditions, ongoing business operations and ongoing business development activity. The allegations made against Hygo's former CEO Eduardo Antonello pre-date and do not, in any way, implicate his work at Hygo or indeed any other Golar group company. Conscious both of his need to address the allegations and of the escalating harm to the business by association, Mr. Antonello stepped away from his role as Hygo CEO on September 29 and was replaced by Paul Hanrahan on October 19. Mr. Hanrahan brings to Hygo extensive international experience from substantial power producing businesses, including more than 10 years as CEO of AES Corporation. In response to the allegations, Hygo’s board initiated an internal review on September 25. The law firm Simpson Thacher & Bartlett LLP was retained by Hygo’s board to conduct the review with assistance from forensic accountants at FTI Consulting and the Brazilian law firm Demarest Advogados. The review included forensic accounting work and review of certain contracts, interviews with certain company personnel and representatives, and review of internal audit material, certain corporate card expenses and Hygo’s anti-corruption policies. The procedures undertaken by these advisors as part of the review did not identify evidence establishing bribery or other corrupt conduct involving Hygo. Operational assetsGolar’s 50% proportionate share of Hygo's adjusted EBITDA1 for the quarter, amounted to $15.6 million. In September, 2020, the Sergipe Power Plant incurred damage to one of its four step-up transformers, which will temporarily reduce the plant’s capacity from 1.5 Gw to 1.0 Gw until a replacement transformer is installed, expected to happen in Q2 2021. CELSE maintains insurance to cover the cost of purchasing electricity from third parties to supply its customers for up to 8.25 months in the event that CELSE is unable to supply the electricity itself due to property damage at the Sergipe Power Plant. Such insurance is subject to customary terms and conditions, including retention and standard policy exceptions, which are expected to cover the cost of any electricity that CELSE may need to purchase while the transformer is unable to generate electricity.Reduced levels of economic activity as a result of the COVID outbreak muted Brazilian demand for electricity which therefore suppressed power prices. As a result, the Sergipe power plant was not called upon to dispatch electricity and it was not profitable to sell merchant power during Q3. The plant has not been called upon to dispatch during Q4, however consideration is being given to potential opportunities to dispatch the plant on a short-term basis for up to 1.0GW of merchant power in the coming weeks.Small-scale LNG distribution using smaller vessels and LNG isotainers: Hygo continues the roll-out of its small scale LNG distribution business. The appetite to gain access to cleaner cheaper LNG has not been impacted by recent events or higher LNG prices. Initial volumes are expected to be satisfied with LNG liquified by mini liquefaction solutions in the states of Bahia and Sao Paulo, which include the production of bio LNG. Additional supply points will be added from 2021 following the anticipated FID of the Barcarena and Suape terminals together with commencement of the Avenir small scale vessel charter that will link these new terminals and the FSRU Nanook to other potential markets. This small-scale vessel can carry offloaded LNG along coasts/up rivers and connect to onshore truck loading facilities where LNG can be transferred to ISO containers. These will then be distributed to industrial, commercial and residential off-takers which are underserved by traditional pipeline networks. In February 2020, Hygo entered into a strategic partnership to supply LNG volumes to BR Distribuidora (“BR”) for up to 15 years. BR and Hygo are progressing well with the formation of a joint venture to jointly facilitate the inland rollout of LNG supply to Brazil's transportation and industrial sectors across BR’s 7,600 fuel stations and 95 supply bases.Growth projects1) Barcarena Terminal and Power Plant: Hygo remains committed to supply gas to the State of Para in Northern Brazil, and, subsequent to the mutual termination of the MoU with Norsk Hydro, entered into a MoU with the regulated Local Distribution Company that has the exclusive rights to distribute natural gas in the state of Pará. Operations are expected to commence in 2022, and an associated 605 MW thermal power plant (previously contracted under a 25 year PPA) from 2025. Plans to commence construction of the terminal before year end and commence operations in 1H 2022 remain on track. Competitive quotes for the EPC contract have been received together with interest in providing attractive long term financing for the power station. A FID on the power plant component of the project is expected in first half of 2021.2) Global Terminal Projects: In addition to several other Brazilian terminal projects, Hygo is pursuing more than fifteen terminal opportunities worldwide. Paul Hanrahan’s extensive experience and global network of contacts is expected to be particularly helpful for the prioritization of these opportunities and selection of the right business partners to work with for each.Golar Partners (a non-consolidated affiliate of Golar LNG):Golar Partners' Q3 total adjusted EBITDA1was in line with Q2. A smaller decrease in swap rates during the quarter reduced the $4.5 million Q2 mark-to-market loss on the Partnerships' interest rate swaps to a loss of $1.1 million in Q3. As a result, the Partnership reported an improved Q3 net income of $17.4 million compared to Q2 net income of $14.3 million.Improved collection of outstanding accounts receivable combined with the reduction in distributions paid to common unitholders has also allowed the Partnership to accumulate cash, despite an increase in debt repayments. After amortization of the first $10.0 million in respect of the partnerships high yield bonds, cash and cash equivalents increased from $32.8 million at the end of Q2 to $42.3 million at the end of Q3. Subsequent to the quarter end, the Partnership has obtained credit approval from the lead banks in connection with the refinancing of the 7-vessel $800 million facility. As at September 30, 2020, $529 million was outstanding. This could be increased after a syndication exercise.Golar Partners agreed with Hygo on August 31 to terminate the existing omnibus agreement between the two parties and enter into a new cooperation agreement. The intention of the co-operation agreement is that both parties will work together to develop hub-spoke LNG terminal solutions utilizing Golar Partners’ available asset portfolio, where those assets are technically suitable. The terms and structure of the commercial cooperation will be worked on a project by project basis given the customized nature of each potential terminal. As well as leverage the expertise of the Hygo team to develop FSRU terminals and parcel regasification demand, this agreement will, alongside normal FSRU tendering activity, increase the Partnership’s re-contracting options, and provide an opportunity to potentially earn higher returns than standard FSRU contracts in the current market. It will also allow Hygo to more quickly diversify its markets without needing to incur significant upfront CAPEX in the process.Non-GAAP measuresIn addition to disclosing financial results in accordance with U.S. generally accepted accounting principles (US GAAP), this earnings release and the associated investor presentation contains references to the non-GAAP financial measures which are included in the table below. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance.These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP. Non-GAAP measures are not uniformly defined by all companies, and may not be comparable with similarly titled measures and disclosures used by other companies. The reconciliations from these results should be carefully evaluated.Non-GAAP measure Closest equivalent US GAAP measure Adjustments to reconcile to primary financial statements prepared under US GAAP Rationale for adjustments Performance measures Adjusted EBITDA Net (loss)/income attributable to Golar LNG Limited+/- Net financial expense \+ Other non-operating expenses +/- Income taxes +/- Equity in net (losses)/ income of affiliates +/- Net income attributable to non-controlling interests +/- Unrealized loss/(gain) on oil derivative instrument \+ Depreciation and amortization \+ Impairment of long-term assets \+ Amount invoiced under sales-type lease +/- Share of affiliates' EBITDA (only applicable in calculating Hygo's consolidated adjusted EBITDA)Increases the comparability of total business performance from period to period and against the performance of other companies by excluding the results of our equity investments, removing the impact of unrealized movements on embedded derivatives and removing the impact of depreciation, financing and tax items. Average daily TCE Total Operating revenues-Liquefaction services revenue -Vessel and other management fees -Voyage and commission expenses The above total is then divided by calendar days less scheduled off-hire days.Measure of the average daily net revenue performance of a vessel. Standard shipping industry performance measure used primarily to compare period-to-period changes in the vessel’s net revenue performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessel may be employed between the periods. Assists management in making decisions regarding the deployment and utilization of its fleet and in evaluating financial performance. Liquidity measures Adjusted net debtNet debt based on GAAP measures: Total debt (current and non-current), net of deferred finance charges \- Cash and cash equivalents \- Restricted cash and short-term deposits (current and non-current)Net debt based on GAAP measures \+ VIE Restricted cash \+ VIE consolidation adjustment \+ Deferred finance charges \+ TRS Restricted CashIn consolidating the lessor VIEs, we also consolidate their cash position. We reflect the lessor VIEs’ cash as “restricted cash” on our Consolidated Balance Sheet as we have no control or ability to access this cash. In calculating our adjusted net debt based on our contractual obligation, we remove the lessor VIEs’ restricted cash. We have elected an accounting policy to show margin cash posted against our derivative positions separately to the associated MTM liability. Management believe that these adjustments enable investors and users of our financial statements to assess our liquidity based on our underlying contractual obligations and aids comparability with our competitors. Contractual debtTotal debt (current and non-current), net of deferred finance charges \+ VIE Consolidation Adjustment \+ Deferred Finance ChargesWe consolidate a number of lessor VIEs for our sale and leaseback facilities. This means that on consolidation, our contractual debt is eliminated and replaced with the lessor VIEs’ debt. Contractual debt represents our debt obligations under our various financing arrangements before consolidating the lessor VIEs. The measure enables investors and users of our financial statements to assess our liquidity and the split of our debt (current and non-current) based on our underlying contractual obligations. Furthermore, it aids comparability with competitors. Reconciliations - Performance Measures (Adjusted EBITDA) 20202020202020192019 (in thousands of $)Jul-SepApr-JunJan-SepJul-SepJan-Sep Net loss attributable to Golar LNG Limited(21,802) (155,634) (281,683) (82,301) (236,724) Net financial expense18,753 12,233 105,262 39,256 110,304 Income taxes216 185 598 274 655 Equity in net losses of affiliates3,559 139,365 180,860 7,761 47,630 Net income attributable to non-controlling interests29,906 32,209 75,111 21,344 69,898 Operating income/ (loss)30,632 28,358 80,148 (13,666) (8,237) Adjusted for: Unrealized loss/(gain) on oil derivative instrument(220) 11,810 39,400 44,170 43,420 Depreciation and amortization26,875 26,982 81,097 28,428 84,712 Impairment of long-term assets— — — — 41,597 Adjusted EBITDA57,287 67,150 200,645 58,932 161,492 Reconciliations - Performance Measures (Average Daily TCE Rate) 202020202019 (in thousands of $)Jul-SepApr-JunJul-Sep TFDEs excluding dry dock Total operating revenues95,152 95,152 102,242 98,670 Less: Liquefaction services revenue(54,524) (54,524) (54,524) (54,524) Less: Vessel and other management fees(5,046) (5,046) (5,131) (5,345) Time and voyage charter revenues35,582 35,582 42,587 38,801 Less: Steam LNG carrier time and voyage charter revenues(2,855) — — — Less: Voyage and commission expenses(476) (476) (1,539) (5,603) 32,251 35,106 41,048 33,198 Calendar days less scheduled off-hire days899 899 910 943 Less: Steam LNG carrier and Tundra calendar days less scheduled off-hire days(163) — — — Net calendar days less scheduled off-hire736 — — — Average daily TCE rate (to the closest $100)43,800 39,100 45,100 35,200 Reconciliations - Liquidity Measures (Adjusted Net Debt)(in thousands of $)September 30, 2020June 30, 2020September 30, 2019 Net debt as calculated by GAAP Total debt (current and non-current) net of deferred finance charges2,541,773 2,544,865 2,554,392 Less Cash and cash equivalents(76,696) (128,661) (250,153) Restricted cash and short-term deposits - current and non-current portion(162,199) (136,535) (375,276) Net debt as calculated by GAAP2,302,878 2,279,669 1,928,963 VIE consolidation adjustment255,936 255,129 139,841 VIE restricted cash61,738 39,987 104,461 Deferred finance charges29,227 31,063 12,747 TRS restricted cash (1)— — 108,920 Total Adjusted Net Debt2,649,779 2,605,848 2,294,932 Less: Golar Partners' share of the Hilli contractual debt(397,500) (405,750) (430,500) Less: Keppel's share of the Gimi debt(67,500) (67,500) — GLNG's share of Adjusted Net Debt2,184,779 2,132,598 1,864,432 (1) Restricted cash relating to the share repurchase forward swap refers to the collateral required by the bank with whom we entered into a total return equity swap.Reconciliations - Liquidity Measures (Contractual Net Debt)(in thousands of $)September 30, 2020June 30, 2020September 30, 2019 Total debt (current and non-current) net of deferred finance charges2,541,773 2,544,865 2,554,392 VIE consolidation adjustments255,936 255,129 139,841 Deferred finance charges29,227 31,063 12,747 Total Contractual Debt 2,826,936 2,831,057 2,706,980 Less: Golar Partners' share of the Hilli contractual debt(397,500) (405,750) (430,500) Less: Keppel's share of the Gimi debt(67,500) (67,500) — GLNG's share of Contractual Debt2,361,936 2,357,807 2,276,480 Please see Appendix A for a capital repayment profile for Golar’s contractual debt. Non-US GAAP Measures Used in Forecasting Distribution coverage ratio: As defined in Golar LNG Partners LP most recent quarterly earnings release (Form 6-K), section "Appendix A - Non-GAAP Financial Measures and Definitions".Revenue Backlog: Revenue backlog is defined as the minimum contracted daily charter rate for each vessel multiplied by the number of scheduled hire days for the remaining contract term. Revenue backlog is not intended to represent EBITDA or future cashflows that will be generated from these contracts. This measure should be seen as a supplement and not a substitute for our US GAAP measures of performance. Golar Group Contract Earnings Backlog: Golar Group Contract earnings backlog represents the Golar family’s share of contracted fee income for executed contracts less forecasted operating expenses for these contracts. In calculating forecasted operating expenditure, management has assumed that where there is an Operating Services Agreement the amount receivable under the services agreement will cover the associated operating costs, therefore revenue from operating services agreements are excluded. For contracts, which do not have a separate Operating Services Agreement management has made an assumption about operating costs based on the current run rate. The only material application of this methodology was to the Hilli Earnings backlog where we assumed operating costs of approximately $144kpd. For consolidated subsidiaries where we do not own 100% of the share capital, management has only included our proportionate share of contract earnings. The material application of this assumption was to Gimi (70% ownership) and Hilli (44.5% of the Common Unit entitlement). No contracted fee income is included for T3 or for the Hilli oil derivative. For Golar Group Contract Earnings Backlog, the backlog of the Partnership and Hygo are included on a 100% basis using the same principals that we apply to the GLNG contract earnings backlog. The main assumption for Hygo is a USD:BRL FX rate of 4.5. For these equity accounted investments, when their contract earnings backlog actualizes, we will show our share of their earnings net of interest and tax in one line in the Income Statement “Equity in net earnings/(losses) of affiliates”. As Golar is positioned as an integrated LNG company, management believes that this metric is useful as it allows people to understand the total contracted earning backlog, based on asset performance, across the entire LNG value chain. Contract earnings backlog is not intended to represent EBITDA or future cashflows that will be generated from these projects, it also excluded items such as G&A and other non-cash accounting adjustments. This measure should be seen as a supplement and not a substitute for our US GAAP measures of performance. Golar LNG Limited's pro-rata share of Golar Group Contract Earnings Backlog: GLNG’s share of Contract Earnings Backlog adjusts the Golar Group Contract Earnings Backlog to include GLNG’s proportionate share of the contract earnings backlog of our equity accounted investments. This means that only 32.2% of the Partnership’s Contracted Earnings and 50% of Hygo’s contracted earnings backlog are included. For these equity accounted investments, when their contract earnings backlog actualizes, we will show our share of their earnings net of interest and tax in one line in the Income Statement “Equity in net earnings/(losses) of affiliates”. As Golar is positioned as an integrated LNG company, management believes that this metric is useful as it allows people to understand GLNG’s share of the total contracted earning backlog, based on asset performance, across the entire LNG value chain. Contract earnings backlog is not intended to represent EBITDA or future cashflows that will be generated from these projects, it also excluded items such as G&A and other non-cash accounting adjustments. This measure should be seen as a supplement and not a substitute for our US GAAP measures of performance. Definitions TFDE: Tri-fuel Diesel Electric FSRU: Floating Storage Regasification Unit JKM: Japan Korea Marker CAGR: Compound Annual Growth Rate Forward Looking StatementsThis press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” "will," “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: * changes in our ability to obtain additional financing or refinancing of our existing debt, including our Term Loan facility and Margin Loan facility, each scheduled to mature in December 2020, and our 2017 convertible bonds, on acceptable terms or at all; * changes in our ability to comply with the covenants contained in the agreements governing our future or existing indebtedness; * our inability and that of our counterparty to meet our respective obligations under the Lease Operate Agreement (“LOA”) entered into in connection with the BP Greater Tortue/Ahmeyim Project (“Gimi GTA Project”); * continuing uncertainty resulting from potential claims from our counterparties of purported force majeure under contractual arrangements, including but not limited to our construction projects, and other contracts to which we are a party; * our ability to realize the expected benefits from acquisitions and investments we have made and may make in the future; * changes in the timeliness of the completion of the LNG Croatia (formerly known as the Golar Viking) commissioning and subsequent acceptance by the customer; * our ability to enter into contracts with third parties to fully utilize the Hilli Episeyo; * the length and severity of outbreaks of pandemics, including the ongoing worldwide outbreak of the novel coronavirus (“COVID-19”) and its impact on demand for liquefied natural gas (“LNG”) and natural gas, the timing of completion of our conversion projects, the operation of our charters, our global operations including impact to our vessel operating costs and our business in general; * Hygo Energy Transition Ltd.’s (“Hygo”) (formerly known as Golar Power Limited) ability to operate the Sergipe power station project and related floating storage and regasification unit (“FSRU”) contract and to execute its downstream LNG distribution and merchant power sales plans; * Hygo’s ability to successfully complete an initial public offering (“IPO”) of its common shares. * changes in our relationship with Golar LNG Partners LP (“Golar Partners”), Hygo or Avenir LNG Limited (“Avenir”) and the sustainability of any distributions they pay to us; * any adverse effects on us, including reputational harm, or the value of our investment in Hygo, as a result of the implication of Hygo’s former chief executive officer, Eduardo Antonello, who resigned from his position with Hygo in October 2020, in certain allegations by the Brazilian government concerning alleged improper payments made in Brazil pre-dating Mr. Antonello’s relationship with Hygo; * the outcome of any pending or future legal proceedings to which we are a party; * approval of amendments to agreements with our engineering, procurement and construction contractors and lending banks to adjust the construction and financing schedules relating to the Gimi GTA Project; * failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us or other key project stakeholders; * changes in LNG carrier, FSRU, floating liquefaction natural gas vessel (“FLNG”), or small-scale LNG market trends, including charter rates, vessel values or technological advancements; * our vessel values and any future impairment charges we may incur; * challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements; * continuing volatility of commodity prices; * a decline or continuing weakness in the global financial markets; * fluctuations in currencies and interest rates; * our ability to close potential future sales of additional equity interests in our vessels, including the FLNG Gimi on a timely basis or at all; * changes in our ability to retrofit vessels as FSRUs or FLNGs, our ability to obtain financing for such conversions on acceptable terms or at all and our ability to obtain the benefits that may accrue to us as the result of such modifications; * changes in the supply of or demand for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure; * a material decline or prolonged weakness in rates for LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure; * changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures; * changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs, FLNGs or small-scale LNG infrastructure; * changes in the supply of or demand for LNG or LNG carried by sea; * changes in the supply of or demand for natural gas generally or in particular regions; * changes in our relationships with our counterparties, including our major chartering parties; * changes in general domestic and international political conditions, particularly in regions where we operate; * changes in the availability of vessels to purchase and in the time it takes to construct new vessels or convert existing vessels; * failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all; * changes in our ability to sell vessels to Golar Partners or Hygo; * changes to rules and regulations, applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain; * our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, FLNGs, and small-scale LNG infrastructure particularly through our innovative FLNG strategy and our joint ventures; * actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs, FLNGs or small-scale LNG vessels to various ports; * increases in costs, including, among other things, crew wages, insurance, provisions, repairs and maintenance; and * other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the U.S. Securities and Exchange Commission ("Commission"), including our most recent Annual Report on Form 20-F.As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.November 30, 2020 The Board of Directors Golar LNG Limited Hamilton, Bermuda Investor Questions: +44 207 063 7900 Iain Ross - CEO Karl Fredrik Staubo - CFO Stuart Buchanan - Head of Investor Relations
Summary “EU5 Clot Management Procedures Outlook to 2025” is a comprehensive databook report, covering key procedures data on the EU5 Clot Management Procedures. The databook report provides procedure volumes within segments - Inferior Vena Cava Filters (IVCF) Procedures and Thrombectomy Procedures.New York, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EU5 Clot Management Procedures Outlook to 2025 - Inferior Vena Cava Filters (IVCF) Procedures and Thrombectomy Procedures" - https://www.reportlinker.com/p05993101/?utm_source=GNW The EU5 Clot Management Procedures report provides key information and data on - \- Procedure volume data for Clot Management Procedures related to the country. Data is provided from 2015 to 2025. Scope EU5 Clot Management Procedures is segmented as follows - \- Inferior Vena Cava Filters (IVCF) Procedures \- Thrombectomy Procedures Reasons to Buy The EU5 Clot Management Procedures report helps you to develop - \- Business strategies by identifying the key segments poised for strong growth in the future. \- Market-entry and market expansion strategies. \- Develop investment strategies by identifying the key segments expected to register strong growth in the near future. Read the full report: https://www.reportlinker.com/p05993101/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001
Qbi Toy announced the launch of the Qbi Explorer Collection, an interactive puzzle for kids available in preschool and kids packs. Designed to harness children's enjoyment of puzzles, it allows kids to create their own constructive learning experience where the adventure is different each time. It helps boost children's creativity, spatial abilities, logic and problem-solving skills.
From Shark kitchen appliances to TVs, these are the deals worth snapping up before the event ends
U.S. tech giants Amazon and Apple have not signed up to a new French initiative to get global tech companies to publicly commit to principles including paying their fair share of taxes, government officials said on Monday. French President Emmanuel Macron has sought for the past three years to cajole tech giants into collaborating with governments on a series of global challenges such as fighting hate speech online, preserving privacy or contributing to state coffers. Amid a public outcry about technology groups' good fortunes during the coronavirus pandemic this year, Macron's advisers said on Monday that the president had asked tech companies to sign up to a new initiative called "Tech for Good Call" underlining principles for the post-COVID world.
SAN CARLOS, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a late-stage biotechnology company developing novel T cell-based cancer immunotherapies, today announced that the company plans to present at the following conferences in November: * Piper Sandler 32nd Annual Virtual Healthcare Conference | December 1-3, 2020 Date/Time: presentation available at http://ir.iovance.com * Cellular Immunotherapies for Solid Tumors Summit | December 1-3, 2020 Presentation Title: Clinical Success of TIL Technology Platform in Multiple Solid Tumors Date/Time: Thursday, Dec. 3 at 2:10 pm ET at www.solid-tumors-summit.comLive and archived webcasts of investor conference presentations will be available in the Investors section of the Iovance website at http://ir.iovance.com.About Iovance Biotherapeutics, Inc.Iovance Biotherapeutics aims to improve patient care by making T cell-based immunotherapies broadly accessible for the treatment of patients with solid tumors and blood cancers. Tumor infiltrating lymphocyte (TIL) therapy uses a patient’s own immune cells to attack cancer. TIL cells are extracted from a patient’s own tumor tissue, expanded through a proprietary process, and infused back into the patient. Upon infusion, TIL reach tumor tissue, where they attack cancer cells. The company has completed dosing in the pivotal study in patients with metastatic melanoma and cervical cancer. In addition, the company’s TIL therapy is being investigated for the treatment of patients with locally advanced, recurrent or metastatic cancers including head and neck and non-small cell lung cancer. A clinical study to investigate Iovance T cell therapy for blood cancers called peripheral blood lymphocyte (PBL) therapy is open to enrollment. For more information, please visit www.iovance.com.Forward-Looking StatementsCertain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All such written or oral statements made in this press release, filings with the Securities and Exchange Commission (“SEC”), reports to stockholders and in meetings with investors and analysts, other than statements of historical fact, are forward-looking statements and are intended to be covered by the safe harbor for forward-looking statements provided by the PSLRA. Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the success, timing, projected enrollment, manufacturing and production capabilities, and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates (including both Company-sponsored and collaborator-sponsored trials in both the U.S. and Europe), such as statements regarding the timing of initiation and completion of these trials; the strength of the Company’s product pipeline; and the guidance provided for the Company’s future cash, cash equivalents, short term investments, restricted cash balances, and forecasted operating expenses. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, achievements and developments to be materially different from those expressed in or implied by these forward-looking statements, including, without limitation, the following substantial known and unknown risks and uncertainties inherent in the Company’s business: the COVID-19 pandemic may have an adverse effect on the Company and its clinical trials, including potential slower patient recruitment, inability of clinical trial sites to collect data, inability of the Company or its contract research organizations to monitor patients, as well as U.S. Food and Drug Administration (“FDA”) availability due to competing priorities; our ability to achieve long-term profitability and successfully commercialize our products alone or with third parties, as well as our history of operating losses and our expectations that we will continue to incur significant operating losses; our limited operating history in our current line of business, which makes it difficult to evaluate our prospects, our business plan or the likelihood of our successfully implementing such business plan; risks related to the timing of and our ability to successfully develop, submit, obtain and maintain FDA or other regulatory authority approval of, or other action with respect to, our product candidates (including, with respect to lifileucel for the treatment of metastatic melanoma, reaching agreement with the FDA on the appropriate potency assay and the timing to submit a biologics licensing application (“BLA”) to the FDA), and our ability to successfully commercialize any product candidates for which we obtain FDA approval; our limited history in conducting clinical trials, on which our future profitability is substantially dependent, and our need to rely on third parties, including contract research organizations, contract manufacturing organizations and consultants, in connection with the conduct, supervision and monitoring of our clinical trials for our product candidates; preliminary and interim clinical results, which may include efficacy and safety results, from ongoing Phase 2 studies may not be reflected in the final analyses of our ongoing clinical trials or subgroups within these trials; the risk that a slower rate of enrollment may delay the Company’s clinical trial timelines or otherwise adversely impact our clinical development activities; the risk that enrollment may need to be adjusted for the Company’s trials and cohorts within those trials based on FDA and other regulatory agency input; the new version of the protocol which further defines the patient population to include more advanced patients in the Company’s cervical cancer trial may have an adverse effect on the results reported to date; the risk that the results obtained in our ongoing clinical trials may not be indicative of results obtained in future clinical trials or that data within these trials may not be supportive of product approval, including that later developments with the FDA may be inconsistent with already completed FDA meetings; the risk that the FDA may not agree with our approach to expand our cervical cancer trial to include Cohort 2 of the C-145-04 trial; the risk that changes in patient populations may result in changes in preliminary clinical results; the Company’s ability or inability to address FDA or other regulatory authority requirements relating to its clinical programs and registrational plans, such requirements including, but not limited to, clinical, safety, manufacturing and control requirements; the risk that regulatory authorities may potentially delay the timing of FDA or other regulatory approval of, or other action with respect to, our product candidates, or that we may be required to conduct additional clinical trials or modify ongoing or future clinical trials based on feedback from the FDA or other regulatory authorities; the risk that the Company’s interpretation of the results of its clinical trials or communications with the FDA may differ from the interpretation of such results or communications by the FDA; our ability to obtain and maintain intellectual property rights related to our product pipeline; our ability to successfully implement our research and development programs and collaborations; the acceptance by the market of our product candidates and their potential reimbursement by payors, if approved; our ability to obtain tax incentives and credits and the risk that our existing net operating loss carryforwards and research tax credits may expire or otherwise be limited in use; the success of our manufacturing, license or development agreements; risks related to the Company’s ability to maintain and benefit from accelerated FDA review designations, including breakthrough therapy designation or regenerative medicine advanced therapy designation, which may not result in a faster development process or review of the Company’s product candidates (and which may later be rescinded by the FDA), and which does not assure approval of such product candidates by the FDA or the ability of the Company to obtain FDA approval in time to benefit from commercial opportunities; the ability or inability of the Company to manufacture its therapies using third party manufacturers or its own facility may adversely affect the Company’s potential commercial launch; the results of clinical trials with collaborators using different manufacturing processes may not be reflected in the Company’s sponsored trials; our dependence on additional financing to fund our operations and complete the development and commercialization of our product candidates, and the risks that raising such additional capital may restrict our operations or require us to relinquish rights to our technologies or product candidates; the risk that additional expenses may decrease our estimated cash balances and increase our estimated capital requirements; and other factors that may have a material adverse effect on the Company’s business and clinical development, including general economic conditions, the Covid-19 pandemic and regulatory developments, not within the Company’s control.CONTACTSIovance Biotherapeutics, Inc: Sara Pellegrino, IRC Vice President, Investor Relations & Public Relations 650-260-7120 ext. 264 Sara.Pellegrino@iovance.comSolebury Trout: Chad Rubin (investors) 646-378-2947 email@example.comRich Allan (media) 646-378-2958 firstname.lastname@example.org
It’s no secret that Apple products rarely ever go on sale (if at all). This Verizon Wireless sale, which ends today (Nov. 30, 2020) sees the 2019-released Apple device discounted to $299.99. While the iPhone 12 four-phone lineup was recently unveiled, the iPhone 11 still remains a customer favorite and a top-seller among the Apple devices released over the past few years.
From Lululemon to Madewell to Anthropologie, these are the best fashion and clothing deals to shop for Cyber Monday 2020.
Clarkson, Hammond and May discuss their recent hunt for pirate treasure and their TV future.
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Check our guide to the top Tempur-Pedic deals for Cyber Monday 2020, featuring all the best deals on Tempur-Pedic mattresses, pillows and toppers
Noom, the leading digital health platform focused on behavior science, today announced several key executive hires to further accelerate the professionalization and commercialization of the company’s mission to help more people live healthier lives.
CALGARY, Alberta, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to announce that the Corporation and Promigas S.A. E.S.P. have executed a series of new ship or pay agreements to transport gas from Canacol's fields located in the departments of Cordoba and Sucre to Cartagena and Barranquilla using existing gas transportation networks. The new agreements enter into effect on December 1, 2020 and will average approximately 100 million standard cubic feet per day over a 10-year period. Despite the lengthy delays caused by Promigas to fulfill its contractual obligations related to the expansion of their Jobo to Cartagena and Barranquilla pipeline networks, Canacol has agreed to enter into these new and revised ship or pay agreements to guarantee the energy security of Colombia. Canacol's primary mission is to guarantee the supply of natural gas to consumers, and given the tight supply demand fundamentals of the market it is important that pipeline projects are delivered on time.The new agreements replace the previous agreements that were a subject of dispute between the parties.Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF and the Bolsa de Valores de Colombia under the symbol CNEC.This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “target”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, including without limitation statements relating to estimated production rates from the Corporation’s properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Information and guidance provided herein supersedes and replaces any forward looking information provided in prior disclosures. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation. CONTACT: For further information please contact: Investor Relations South America: +571.621.1747 IR-SA@canacolenergy.com Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com http://www.canacolenergy.com
Save on Dyson vacuum deals at the Cyber Monday 2020 sale, featuring all the latest Dyson V7, Cyclone V10 & V11 cordless vacuum cleaner offers
Cyber Monday experts at Deal Tomato have identified the best iPhone deals for Cyber Monday 2020, including the latest deals on iPhone 12, iPhone 12 mini & more Cyber Monday iPhone deals for 2020 have landed. Find the best deals on unlocked and carrier-locked Apple iPhone 12, 11 & more. Links to the top deals are listed below. Best iPhone Deals: * Save up to $700 on a wide range of Apple iPhones at ATT.com \- Black Friday deals are here! Check the latest deals including trade-ins on the iPhone 12 & 12 Pro, SE, 11 Pro & Pro Max, iPhone XS, XR & more * Save up to $350 on Apple iPhones at Verizon.com \- click the link to check the latest Apple iPhone 12, 11, XR, X, 8 & more top-rated smartphone deals * Save up to $350 on prepaid & no contract Apple iPhones at BoostMobile.com \- check the latest savings on the iPhone 11, iPhone XR, iPhone XS & more models * Save up to 50% off on Apple iPhones at StraightTalk.com * Save up to 25% on unlocked Apple iPhones at Amazon \- check live prices on Apple iPhone 12, 11, XR, XS, X, 8, & 7 smartphones * Save up to $700 on Apple iPhone 12, 12 mini & 12 Pro at ATT.com \- Black Friday deals are here! Check the best deals on iPhone 12, iPhone 12 Pro, iPhone 12 Pro Max and iPhone 12 mini including trade-ins * Save on the latest Apple iPhone 12 smartphones at Verizon \- get up to $700 off when you trade in your old device * Save on the Apple iPhone 12 mini at ATT.com \- Black Friday deals are here! Click the link to see latest deals on the iPhone 12 mini available in blue, black, green, red and white colors * Save up to $700 on the iPhone 12 mini with 64GB, 128GB & 256GB storage capacities at Verizon.com \- click the link for latest deals on Apple iPhone 12 mini available in red, white, blue, black and green colors * Save up to $700 on the iPhone 12 Pro & 12 Pro Max at ATT.com \- Black Friday deals are here! New and existing AT&T customers can save on the iPhone 12 Pro Max with trade-in, eligible upgrade, or installment plan options * Save up to $700 on the latest iPhone 12 Pro & Pro Max at Verizon.com \- see the latest deals on Apple iPhone 12 Pro and Pro Max available in 128GB, 256GB and 512GB storage capacities * Save on prepaid & no contract Apple iPhone 12 Pro at BoostMobile.com \- the 6.1-inch iPhone 12 Pro is 5G capable and is equipped with three rear cameras and a LiDAR scanner for better night mode photos and AR experience * Save up to 50% off on the Apple iPhone 11 at ATT.com \- Black Friday deals are here! See the latest deals on Apple iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max at AT&T, including trade-ins * Get up to $200 on the Apple iPhone 11 series at Verizon.com \- check the latest deals on iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max. New line req’d for 50% off iPhone 11 deal * Save $100 off iPhone 11 with Plan Purchase at StraightTalk.com * Save up to $700 on the Apple iPhone 11 Pro & Pro Max at ATT.com \- click the link for live savings including trade-ins on iPhone 11 Pro & Pro Max available in midnight green, silver, space gray and gold colors * Save up to 62% off on the Apple iPhone SE (2020) at ATT.com \- Black Friday deals are here! Check the latest deals from AT&T on the Apple iPhone SE, including trade-ins * Save up to $200 on the Apple iPhone SE at Verizon.com \- get instant savings on your second iPhone SE with a new line activation * Save $150 on prepaid & no contract Apple iPhone SE at BoostMobile.com \- boasts a 4.7” Retina HD display and powered by the A13 Bionic chip by Apple * Save up to $700 on the Apple iPhone XR at ATT.com \- Black Friday deals are here! Click the link for the latest deals on the iPhone XR available in 64GB, 128GB and 256GB storage capacities, including trade-ins * Save up to 76% on the iPhone XR at Verizon.com \- check the latest deals on the Apple iPhone XR with 12MP camera and comes in 128GB and 64GB storage options * Save $100.99 off iPhone XR 64GB at Straight Talk * Save 50% off iPhone 8 64GB Silver at StraightTalk.com * Save on iPhone 8 models at Verizon.com \- check out a range of models including the iPhone 8 Plus & certified refurbished models * Save $50 on iPhone 7+ at StraightTalk.com * Save $50 on iPhone 7 at StraightTalk.com * Save on the iPhone 7 with 32GB & 128GB storage capacities at Verizon.com \- check out a range of models including Apple iPhone 7 Plus & certified refurbished models * Save up to 96% off on the Apple iPhone XS at ATT.com \- click the link for live prices on Apple iPhone XS and iPhone XS Max available in gold, silver and space gray colors * Get the iPhone XS for as low as $1/month at ATT.com \- get the 64GB iPhone XS for $1/mo. for 30 months with eligible wireless plans and installment agreement * Save on the Apple iPhone XS & XS Max at Verizon.com \- check the live prices on iPhone XS models featuring OLED display, wireless charging, Face ID, dual camera and more * Save $50 on iPhone 6s 32GB at StraightTalk.com * Save $50 on iPhone 6s+ at StraightTalk.com * Save on the Apple iPhone 6s at ATT.com \- click the link for live prices on iPhone 6s available in space gray color and 32GB storage capacity Want some more deals? Click here to view the full selection of deals at Walmart’s Cyber Monday sale and click here to browse Amazon’s latest Cyber Monday deals. Deal Tomato earns commissions from purchases made using the links provided. About Deal Tomato: Deal Tomato reports on popular sales events. As an Amazon Associate and affiliate Deal Tomato earns from qualifying purchases.Contact: Andy Mathews (email@example.com)
On Cyber Monday, we bring you the best deals across tech, toys and home appliances