Tuesday, October 31, 2017

Garmin® acquires Navionics®

 Premier supplier of electronic navigational charts for mariners



SCHAFFHAUSEN, Switzerland-Tuesday, October 31st 2017 [ AETOS Wire ]

(BUSINESS WIRE)--Garmin Ltd. (NASDAQ: GRMN) today announced that it has acquired Navionics S.p.A., a privately-held worldwide provider of electronic navigational charts and mobile applications for the marine industry.

“Navionics has long been known as a leading supplier of highly accurate navigational charts and mobile applications for boaters,” said Cliff Pemble, Garmin president and CEO. “By combining Navionics’ content with Garmin’s BlueChart® and LakeVü™ content, we will be able to offer the best available breadth and depth of coverage to our marine customers. Going forward, we plan to retain the Navionics brand and will continue to support Navionics’ existing customers.”

“Since our founding, Navionics has been passionate about creating products that enhance the boating experience,” said Giuseppe Carnevali, Navionics founder and president. “Garmin shares our passion for serving the marine industry, and is an ideal company to carry the strong brand and reputation of Navionics into the future.”

In addition to a popular boating app, Navionics has developed an extensive repository of nautical charts for oceans, rivers, and lakes. Many of these charts have been developed with Navionics’ proprietary surveys, done both in the field and with remote sensing such as satellite imagery and airborne laser scanners.

Navionics is headquartered in Viareggio, Italy, and employs more than 350 associates globally, who will be retained. Financial terms of the acquisition will not be released.

About Garmin

Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin and BlueChart are registered trademarks and LakeVü is a trademark of Garmin Ltd.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2016, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contacts

Garmin International Inc.
Ted Gartner, 913-397-8200
media.relations@garmin.com

Permalink : http://aetoswire.com/news/4895/en 

Oil and Gas Industry Leaders Invest in Solidia Technologies’ Sustainable Cement and Concrete Innovations

 Investment will aid in reducing greenhouse gas emissions by bringing technology to market



PISCATAWAY, N.J.-Tuesday, October 31st 2017 [ AETOS Wire ]

(BUSINESS WIRE)--Solidia Technologies® announced today that OGCI Climate Investments has made in an investment in the company to support the adoption of Solidia’s patented cement and concrete technology using CO2.

The Oil and Gas Climate Initiative (OGCI) is a CEO-led initiative of ten oil and gas companies that collaborate on action to lead the industry response to climate change. OGCI Climate Investments, its billion dollar investment arm, supports the development, deployment and scale up of new technologies that will significantly reduce greenhouse gas emissions.

“We believe that Solidia Technologies’ product and process can provide a step change in lowering the greenhouse gas and water footprint of the cement and concrete industry,” said OGCI Climate Investments CEO Dr. Pratima Rangarajan. “We are committed to helping them commercialize on a global scale to increase the adoption of their carbon recycling technology.”

Solidia’s technologies start with sustainable Solidia Cement™ and cure Solidia Concrete™ with CO2 instead of water, reducing carbon emissions up to 70% and recycling 60-80% of the water used in production. Targeting the estimated US$1 trillion concrete and US$300 billion cement markets, Solidia’s processes offer manufacturers significant cost savings based on faster curing times, lower energy and raw material consumption, reduced waste generation, and reduced labor requirements.

“Bringing a sustainable technology to market is impossible without support from investors like OGCI Climate Investments,” said Solidia CEO and President Tom Schuler. “It’s admirable that leaders in oil and gas have come together to address climate change. Their commitment to reducing greenhouse gas emissions through funding ground-breaking solutions will speed adoption.”

Solidia’s investors include Kleiner Perkins Caufield & Byers, Bright Capital, BASF, BP, LafargeHolcim, Total Energy Ventures and Bill Joy.

Follow Solidia at www.solidiatech.com and on LinkedIn, YouTube and Twitter: @SolidiaCO2.

The Oil and Gas Climate Initiative is a CEO-led initiative which aims to show sector leadership in the response to climate change. OGCI is made up of ten oil and gas companies that collaborate on action to reduce greenhouse gas emissions. OGCI Climate Investments (OGCI CI) will invest $1 billion dollars over ten years to support start-ups and help develop technologies with the potential to reduce greenhouse gas emissions significantly. Please visit www.oilandgasclimateinitiative.com/.

Contacts

YUI+Company
Ellen Yui
301-270-8571
ellenyui@yuico.com





Permalink : http://aetoswire.com/news/4901/en

SES Networks and CETel Provide End-to-end Connectivity for Telco in Africa

New satellite-based network will enable a European telco to expand connectivity in Africa, and will serve to backup fibre


COLOGNE, Germany & LUXEMBOURG-Tuesday, October 31st 2017 [ AETOS Wire ]

(BUSINESS WIRE)--A major European telecom operator will bring connectivity to new areas across North and West Africa and enable contingency services during fibre outages using a satellite-based solution. The network is implemented by CETel, a German provider of global end-to-end communications solutions, in partnership with SES Networks, who will deliver C-band capacity on SES’s NSS-7 satellite.

The new highly-reliable and resilient network consists of several sites located in African countries, which are connected to the customer’s European backbone infrastructure via CETel’s teleport and managed Multiprotocol Label Switching (MPLS) Network.

“CETel and SES Networks have been partnering on various projects in the EMEA region for over a decade, providing services in both Ku- and C-band,” said Simon Gatty Saunt, Head of EMEA Fixed Data Sales at SES Networks. “We are very happy to be working again with CETel on the delivery of this full end-to-end service for a European telco in Africa, bringing more highly-reliable satellite-based connectivity to the region.”

Guido Neumann, Managing Director of CETel said, “This is yet another example of a successful collaboration between SES Networks and CETel in the delivery of managed end-to-end communications solutions. The network has been specifically designed to meet our customer’s sophisticated connectivity needs. This level of flexibility and reliability of service can only be achieved by using versatile satellite technology, and SES Networks is an undisputed leader in this field.”

Follow us on:

Social Media

Blog

Media Gallery

White Papers

About SES

SES is the world-leading satellite operator and the first to deliver a differentiated and scalable GEO-MEO offering worldwide, with more than 50 satellites in Geostationary Earth Orbit (GEO) and 12 in Medium Earth Orbit (MEO). SES focuses on value-added, end-to-end solutions in two key business units: SES Video and SES Networks. The company provides satellite communications services to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions. SES’s portfolio includes ASTRA, O3b and MX1, a leading media service provider that offers a full suite of innovative digital video and media services. SES is listed on the Euronext Paris and Luxembourg Stock Exchange (ticker: SESG). Further information available at: www.ses.com

About CETel

CETel is an independent German provider of global satellite, fiber and wireless enabled communications solutions. CETel offers fixed and mobile satellite services to various vertical markets. Customers take advantage of fully managed services designed to individual requirements, operated from CETel’s own Teleport near Cologne, Germany. Strategic partnerships with leading satellite operators and equipment manufacturers allow for tailored solutions in a timely and cost-efficient manner. As a private and independent company, CETel is able to select technologies independently, without the limitation to one or few suppliers.

Contacts

For further information please contact:
Markus Payer
Corporate Communications & PR
Tel. +352 710 725 500
Markus.Payer@ses.com
or
Nadine Faßbender
Marketing Manager
+49 2295 90878 – 30
fassbender@ce-tel.com
www.ce-tel.com

Permalink : http://aetoswire.com/news/4897/en 

Exhibitors, Visitors, and Participants Commend Diversity of 19th WETEX and 2nd Dubai Solar Show



Dubai, United Arab Emirates -Tuesday, October 31st 2017 [ AETOS Wire ]

The Water, Energy, Technology, and Environment Exhibition (WETEX) has become an annual event that is much awaited by international organisations and companies specialising in energy, water, and environment, to show their technologies and products and identify investment opportunities in these key areas. The exhibition offers a unique opportunity for investors to establish and develop commercial relations and promote business opportunities by holding one-on-one meetings with major corporations and decision makers from the region and the world.

Dubai Electricity and Water Authority (DEWA) organises WETEX annually under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and under the patronage of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance and President of DEWA.

Held on three days, the 19th WETEX, and the 2nd Dubai Solar Show achieved remarkable success. WETEX 2017 attracted around 31,000 visitors, 2,000 exhibitors, and 75 sponsors from over 50 countries. It covered an area of 70,000 square metres. The 2nd Dubai Solar Show covered an area of 14,000 square metres. It attracted 28 sponsors and 90 exhibitors from around the world. The two events were held under the umbrella of Green Week, in conjunction with the 4th World Green Economy Summit (WGES), which had 60 speakers from around the world focus on key topics such as smart cities, green economy, innovation, and sustainable development.

The two exhibitions reflect Dubai's commitment to supporting the global efforts to increase reliance on renewable energy, achieve sustainability in all its environmental, social and economic aspects, and strengthen the Emirate's regional and global leadership in this field. The events provided an opportunity for thousands of companies to promote their businesses and products and show the latest technologies in the energy, renewable energy, water and the environment sectors, and establish partnerships. Make deals, and build business relationships with local, regional and international organisations.

The 20th WETEX and 3rd Dubai Solar Show will be held from 23-25 October 2018. For more information, please visit www.wetex.ae

Contacts

Dubai Electricity and Water Authority (DEWA)



Ribal Dayekh, +97143072006

ribal.dayekh@dewa.gov.ae

Or

Iman Saeed, +97145150512

iman.saeed@dewa.gov.ae

REDAVIA Commissioned Largest Minigrid in Tanzania

MUNICH & DAR ES SALAAM, Tanzania-Thursday, October 26th 2017 [ AETOS Wire ]

(BUSINESS WIRE)--REDAVIA, a global market leader of cost-effective, reliable rental solar power for businesses and communities, commissioned two minigrids in Isenzanya and Shitunguru, located in the Songwe region in western Tanzania. The two pioneering containers were financed by InfraCo Africa (part of PIDG).

Previously, both villages didn’t have access to power - a common situation in Tanzania with low electrification rates, leading to the usage of diesel or kerosene for lighting and other energy needs. This lack of energy led to delayed local development for residential applications (e.g. lights, TV), public services (e.g. education, healthcare), service businesses (e.g. shops, restaurants) and productive businesses (e.g. welding, crops processing).

“Electricity gives women like me opportunities to make a contribution to the development of our communities,” said Potfar Hira Mwamlima, resident in Shitunguru.

The REDAVIA minigrid solution includes two solar containers with 89 kWp capacity each, complemented by two integrated lithium–ion energy storage devices (90 kVA / 165 kWh and 60 kVA /138 kWh) to deliver a 24/7 high-quality power supply. As part of the solution, REDAVIA has set up an electricity distribution, metering and mobile payment infrastructure, including 10 km distribution lines each, 1000 energy meters and payment system to connect households in Isenzanya and Shitunguru. These minigrids have been planned and rolled out to enable local growth and to ensure everyone can benefit from electricity in the future.

“We are very proud to be an important component of Tanzania's rural electrification roadmap, it is amazing to see the immediate positive impact that power has on people’s lives,” stated Erwin Spolders, CEO at REDAVIA. “Our financially viable business model enables the provision of cost-effective, reliable energy for local communities and businesses in the long run.”

Alex Katon, Executive Director at InfraCo Africa comments, “InfraCo Africa’s support for REDAVIA’s deployment of containerized solar power in rural Tanzania demonstrates our commitment to investing in innovative businesses to accelerate access to power.”

About REDAVIA
REDAVIA offers rental solar power for businesses and communities. The REDAVIA system is based on a pre-configured container model, including high-performance solar modules and electrical components. It is easy to ship, set up, scale and redeploy. Businesses and communities benefit from a cost-effective, reliable, clean energy solution without the need for upfront investment or technical skills. www.redaviasolar.com

Contacts
REDAVIA
Angelika Kempf
+49 89 2426 8869
a.kempf@redaviasolar.com

Permalink : http://aetoswire.com/news/4879/en

Monday, October 30, 2017

Edgewater Networks and Polycom Employ Two-Way Active Measurement Protocol for Enhanced UC Analytics



SAN JOSE, Calif-Thursday, October 26th 2017 [ AETOS Wire ]

(BUSINESS WIRE) --Edgewater Networks, Inc., the leader in Network Edge Orchestration, in partnership with Polycom, Inc., a technology innovator for effective and productive communications and collaborations across geographically dispersed workforces, have completed interoperability testing of the Two-Way Active Measurement Protocol (TWAMP) and will now offer it as part of the Network Edge Orchestration platform and Unified Communications (UC) Endpoint software, respectively.

As part of the UC Multi-Level Intelligence Solution announced earlier this year, the UC Analytics enhancement measures round-trip network performance between any two devices that support the TWAMP protocol. TWAMP equips service providers with actionable intelligence through key performance indicators such as jitter, latency, and packet loss. By adding time stamps to endpoint measurements, greater accuracy and accounting for processing and network delays is achieved.

With TWAMP deployed on EdgeMarc Intelligent Edges and Polycom UC Endpoints, providers can create a test “stream” that emulates the data stream that is experiencing a defect. The holistic view of how packets are being handled is instrumental in shaping a superior customer experience by providing opportunities for:

    Real-time troubleshooting to quickly diagnose issues such as low voice quality scores or a malfunctioning Busy Lamp Field on the UC endpoint.
    Scheduled measurements to ensure continuous high quality service level management.
    Measurements for triggers or events like low MOS threshold, deregistration of a certain percentage of UC endpoints over a specified period, or unresponsive UC endpoints to application layer control messages.

“The certification of the TWAMP functionality in the Edgewater Networks QuickConnect Interoperability Lab validates the seamless integration between Edgewater Networks and Polycom to provide a best-of-breed UC Analytics solution,” said Jennifer Kidd, VP of Business Development for Edgewater Networks. “As we continue to witness the depth and breadth of UC analytics growth, providers must have a way to capture and process that information to proactively identify and remediate issues on the customer LAN.”

As Edgewater and Polycom continue to collaborate with the common goal of improved UC Analytics, continued API development and integrations will be performed to realize the combined technology strengths of the two companies. Going forward, service providers can expect TWAMP data to be transmitted directly into Edgewater Networks’ EdgeView Service Control Center for centralized management and control of UC deployments.

Edgewater Networks’ EdgeMarc Intelligent Edge sits between the service provider network and the customer premise to passively and actively probe the network for intelligence collection that can improve the customer experience. In conjunction with the EdgeView Service Control Center, providers have Network Edge Orchestration, a powerful UC ecosystem toolkit. Connected with Polycom UC Endpoints, providers have an end-to-end view with the ability to remotely monitor, configure, and troubleshoot.

Edgewater Networks will be available to discuss this announcement with partners, customers, and attendees at booth E4 of the BroadSoft Connections 2017 user conference, which takes place October 22-25 at the JW Marriott Phoenix Desert Ridge Resort & Spa in Phoenix, AZ. To schedule a meeting in advance to speak with an expert, click here.

About Edgewater Networks

Founded in October 2002, Edgewater Networks is a market leader in enabling IP-based voice, video and data services. Service providers and enterprises of all sizes use Edgewater Networks solutions to simplify customer premise configurations for quick and smooth installations, reduce time to market and deliver rapid return on invested capital. The company helps customers deliver intelligence at the network edge with its Network Edge Orchestration platform that includes the EdgeView Service Control Center, EdgeMarc Intelligent Edges, and the QuickConnect Interoperability Lab. To learn more, please visit www.edgewaternetworks.com or follow us on Twitter at @ewn_inc.

Contacts

Edgewater Networks
John Macario, 408-351-7265
Senior VP of Marketing and Strategy
jmacario@edgewaternetworks.com


Permalink : http://aetoswire.com/news/4865/en

Efficacy and Safety Results from Second Phase III Trial (RADIANCE™ Part B) of Oral Ozanimod Versus an Active Comparator in Relapsing Multiple Sclerosis Presented at MSParis2017 – 7th Joint ECTRIMS – ACTRIMS Meeting

Ozanimod demonstrated superiority versus interferon beta-1a (Avonex®) in reducing annualized relapse rates and MRI brain lesions at two years

Incidence of adverse events and serious adverse events similar to Avonex

Safety and tolerability profile consistent with prior phase II and III studies

Global registrations on track to begin by end of 2017



SUMMIT, N.J.-Monday, October 30th 2017 [ AETOS Wire ]

(BUSINESS WIRE)-- Celgene Corporation (NASDAQ:CELG) today announced detailed results from the phase III RADIANCE™ Part B trial evaluating the efficacy and safety of ozanimod, a novel, oral, selective sphingosine 1-phosphate 1 (S1PR1) and 5 (S1PR5) receptor modulator, versus a first-line treatment, Avonex® (interferon beta-1a) (IFN), in patients with relapsing multiple sclerosis (RMS). The results were presented at MSParis2017 – 7th Joint ECTRIMS – ACTRIMS Meeting, which was held in Paris, October 25-28, 2017.

“As physicians, we recognize the increased need for additional effective and safe therapeutic options for use earlier in the treatment of RMS,” said Bruce Cree, M.D., Ph.D., M.A.S., Associate Professor of Clinical Neurology at the University of California San Francisco Weill Institute for Neurosciences and an author of the abstract. “Based on these data, ozanimod has the potential to provide RMS patients and their physicians a novel oral option for treating this debilitating illness.”

The RADIANCE Part B study evaluated two doses (1 mg and 0.5 mg) of oral ozanimod compared with IFN in 1,320 patients with RMS in 21 countries treated for two years. A significant reduction in annualized relapse rate (ARR) was demonstrated for ozanimod 1 mg (ARR=0.17, p<0.0001) and for ozanimod 0.5 mg (ARR=0.22, p=0.0167) compared with IFN (ARR=0.28) over two years of treatment.

A significant reduction in new or enlarging T2 lesions was demonstrated for ozanimod 1 mg (42 percent, p<0.0001) and 0.5 mg (34 percent, p=0.0001) compared with IFN. A significant reduction in gadolinium-enhanced MRI lesions was also demonstrated for ozanimod 1 mg (53 percent, p=0.0006) and ozanimod 0.5 mg (47 percent, p=0.0030) compared with IFN.

In RADIANCE Part B, a reduction in brain volume loss, a measure associated with MS disease progression, was observed for both ozanimod doses compared with IFN. Whole brain volume loss was reduced by 27 percent with the 1 mg dose of ozanimod (median percent change from baseline to 2 years: -0.69, nominally significant p<0.0001) and by 25 percent in the 0.5 mg group (-0.71, nominally significant p <0.0001) versus IFN (-0.94) at two years.

In a pre-specified pooled analysis of the SUNBEAM™ and RADIANCE Part B studies, ozanimod did not reach statistical significance compared with IFN in the time to 3-month confirmed disability progression. A very low rate of disability progression was observed across all treatment groups. Of the 2,659 patients assessed, the number of patients with 3-month confirmed disability progression by the end of the study was 67 (7.6 percent) patients in the ozanimod 1 mg group and 58 (6.5 percent) in the ozanimod 0.5 mg group compared with 69 (7.8 percent) in the IFN group. In RADIANCE Part B, the number of patients with 3-month confirmed disability progression by the end of the study was 54 (12.5 percent) in the ozanimod 1 mg group and 41 (9.3 percent) in the ozanimod 0.5 mg group compared with 50 (11.3 percent) in the IFN group.

Treatment-emergent adverse events (AEs) were experienced by 75 percent of patients on ozanimod 1 mg, 74 percent on ozanimod 0.5 mg and 83 percent on IFN. Most AEs were mild; the most common AEs across all treatment groups were nasopharyngitis, headache, alanine aminotransferase increased, influenza-like illness, hypertension, gamma-glutamyl transferase increased, pharyngitis and urinary tract infection. AEs of alanine aminotransferase increased were low, transient and generally resolved without study drug discontinuation. The overall incidences of serious AEs were low and similar across treatment arms (ozanimod 1 mg, 6.5 percent; 0.5 mg, 7.1 percent; IFN, 6.4 percent). The percentages of patients who discontinued study drug due to AEs were 3.0 percent for ozanimod 1 mg, 3.2 percent for ozanimod 0.5 mg and 4.1 percent for IFN.

No second degree or higher atrioventricular blocks were observed. Serious cardiac AEs were 0.0 percent for ozanimod 1 mg, 0.7 percent for ozanimod 0.5 mg and 0.5 percent for IFN. Infection rates were similar across treatment arms; serious infection rates were low and similar across treatment arms, with no serious opportunistic infections.

The overall safety and tolerability profile was consistent with results from the previously reported phase II RADIANCE Part A and phase III SUNBEAM studies in RMS.

“Given the totality of the data for ozanimod, we believe that the benefit-risk profile supports pursuing ozanimod as a potential new oral therapeutic option and look forward to filing regulatory submissions in the U.S. by the end of 2017 and in the EU in the first half of 2018,” said Terrie Curran, President, Celgene Inflammation and Immunology.

Celgene will host a live webcast from the MSParis2017 – 7th Joint ECTRIMS – ACTRIMS Meeting today at 12 p.m. EDT (6 p.m. CEST). Members of Celgene's management team and clinical investigators will discuss the data presentations at the ECTRIMS Meeting. The webcast will be available in the Investor Relations section of the Company's website at www.celgene.com.

About RADIANCE™

RADIANCE Part B is a pivotal, phase III, multicenter, randomized, double-blind, double-dummy, active-controlled trial evaluating the efficacy, safety and tolerability of two doses of oral ozanimod (1 mg and 0.5 mg) against weekly intramuscular interferon beta-1a (Avonex®) over a 24-month treatment period. The study included 1,320 people living with RMS across 147 sites in 21 countries.

The primary endpoint of the trial was ARR over 24 months. The secondary MRI endpoints were number of new or enlarging hyperintense T2-weighted brain MRI lesions over 24 months, number of gadolinium-enhanced brain MRI lesions at month 24 and percent change from baseline in brain volume at month 24.

An analysis of the time to onset of 3-month confirmed disability progression was pre-specified using pooled data from both the SUNBEAM and RADIANCE Part B phase III trials.

About SUNBEAM™

SUNBEAM is a pivotal, phase III, multicenter, randomized, double-blind, double-dummy, active-controlled trial evaluating the efficacy, safety and tolerability of two doses of oral ozanimod (1 mg and 0.5 mg) against weekly intramuscular interferon beta-1a (Avonex®) over a 12-month treatment period. The study included 1,346 people living with RMS across 152 sites in 20 countries.

The primary endpoint of the trial was ARR during the treatment period. The secondary MRI endpoints were number of new or enlarging hyperintense T2-weighted brain MRI lesions over 12 months, number of gadolinium-enhanced brain MRI lesions at month 12 and percent change from baseline in brain volume at month 12.

An analysis of the time to onset of 3-month confirmed disability progression was pre-specified using pooled data from both the SUNBEAM and RADIANCE Part B phase III trials.

About Ozanimod

Ozanimod is a novel, oral, selective, sphingosine 1-phosphate 1 (S1PR1) and 5 (S1PR5) receptor modulator in development for immune-inflammatory indications including relapsing multiple sclerosis, ulcerative colitis and Crohn's disease. Selective binding with S1PR1 is believed to inhibit a specific sub set of activated lymphocytes from migrating to sites of inflammation. The result is a reduction of circulating T and B lymphocytes that leads to anti-inflammatory activity. Importantly, immune surveillance is maintained.

Selective binding with S1PR5 is thought to activate specific cells within the CNS. This has the potential to enhance remyelination and prevent synaptic defects. Ultimately, neurological damage may be prevented.

Ozanimod is an investigational compound that is not approved for any use in any country.

About Multiple Sclerosis

Multiple sclerosis (MS) is a disease in which the immune system attacks the protective myelin sheath that covers the nerves. The myelin damage disrupts communication between the brain and the rest of the body. Ultimately, the nerves themselves may deteriorate — a process that's currently irreversible. Signs and symptoms vary widely, depending on the amount of damage and the nerves affected. Some people living with MS may lose the ability to walk independently, while others experience long periods of remission during which they develop no new symptoms. Multiple sclerosis affects approximately 400,000 people in the U.S. and approximately 2.5 million people worldwide.

Relapsing multiple sclerosis (RMS) is characterized by clearly defined attacks of worsening neurologic function. These attacks — often called relapses, flare-ups or exacerbations — are followed by partial or complete recovery periods (remissions), during which symptoms improve partially or completely with no apparent progression of disease. RMS is the most common disease course at the time of diagnosis. Approximately 85 percent of patients are initially diagnosed with RMS, compared with 10-15 percent with progressive forms of the disease.

About Celgene

Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global pharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next‐generation solutions in protein homeostasis, immuno‐oncology, epigenetics, immunology and neuro‐inflammation. For more information, please visit www.celgene.com. Follow Celgene on Social Media: @Celgene, Pinterest, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the U.S. Securities and Exchange Commission.

Hyperlinks are provided as a convenience and for informational purposes only. Celgene bears no responsibility for the security or content of external websites.

Contacts

Celgene Corporation
Investors:
Patrick E. Flanigan III, 908-673-9969
Corporate Vice President, Investor Relations
or
Media:
Catherine Cantone, 908-897-4256
Senior Director, Corporate Communications




Susman Godfrey LLP and Hausfeld LLP Announce a $130 Million Settlement That Impacts Individuals and Institutions Who Owned a U.S. Dollar LIBOR-Based Instrument Between August 2007 and May 2010



NEW YORK -Monday, October 30th 2017 [ AETOS Wire ]

(BUSINESS WIRE)-- The following is being released by Susman Godfrey LLP and Hausfeld LLP.

There is a Settlement with Citibank, N.A. and Citigroup Inc. (“Citibank”) that impacts individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with Citibank, Barclays, or a Non-Settling Defendant that received payments tied to U.S. Dollar LIBOR. Citibank, Barclays, and the Non-Settling Defendants (Credit Suisse, Bank of America, JPMorgan, HSBC, Lloyds, WestLB, UBS, RBS, Deutsche Bank, Rabobank, Norinchukin, Bank of Tokyo-Mitsubishi UFJ, HBOS, SocGen, and RBC) are U.S. Dollar LIBOR Panel Banks. The instruments include certain interest rate swaps, forward rate agreements, asset swaps, collateralized debt obligations, credit default swaps, inflation swaps, total return swaps, options, and floating rate notes.

The litigation claims that the banks manipulated the U.S. Dollar LIBOR rate during the financial crisis, artificially lowering the rate for their own profit, which resulted in purchasers receiving less interest payments for their U.S. Dollar LIBOR-based instruments from the banks as they should have. Plaintiffs assert antitrust, breach of contract, and unjust enrichment claims. Citibank denies all claims of wrongdoing.

Individuals and institutions are included in the Settlement if they:

    Directly purchased certain U.S. Dollar LIBOR-based instruments;
    From Citibank, Barclays, or any Non-Settling Defendant (or their subsidiaries or affiliates);
    In the United States; and
    Owned the instruments at any time between August 2007 and May 2010.

The Settlement will create a $130 million Settlement Fund that will be used to pay eligible Class Members who submit valid claims. Additionally, Citibank will cooperate with the Plaintiffs in their ongoing litigation against the Non-Settling Defendants.

Class Members must submit a Proof of Claim, online or by mail, by March 29, 2018 to get a payment. They are entitled to receive a payment if they have a qualifying transaction with Citibank, Barclays or a Non-Settling Defendant. At this time, it is unknown how much each Class Member who submits a valid claim will receive.

Even if they do nothing, Class Members will lose the right to sue Citibank for the alleged conduct and will be bound by the Court’s decisions concerning the Settlement. This Settlement will not result in a release of claims against any Non-Settling Defendant, and the litigation against Non-Settling Defendants is ongoing. If Class Members want to keep their right to sue Citibank, they must exclude themselves from the Settlement Class by January 2, 2018. If they stay in the Settlement Class, they may object to it by January 2, 2018.

The Court will hold a hearing on January 23, 2018 to consider whether to approve the Settlement and approve Class Counsel’s request of attorneys’ fees of up to one-third of the Settlement Fund, plus reimbursement of costs and expenses. Class Members or their lawyers may appear and speak at the hearing at their own expense.

For more information, please visit www.USDollarLiborSettlement.com, or call 1-888-568-7640.

Contacts

Susman Godfrey LLP
Seth Ard, 212-471-8354
sard@susmangodfrey.com


Permalink : http://aetoswire.com/news/4886/en

Efficacy and Safety Results from First Phase III Trial of Oral Ozanimod (SUNBEAM™) Versus an Active Comparator in Relapsing Multiple Sclerosis Presented at MSParis2017 – 7th Joint ECTRIMS – ACTRIMS Meeting

 Ozanimod demonstrated superiority versus interferon beta-1a (Avonex®) in reducing annualized relapse rates and MRI brain lesions

Incidence of adverse events and serious adverse events similar to Avonex

Safety and tolerability profile consistent with prior phase II studies



SUMMIT, N.J.-Monday, October 30th 2017 [ AETOS Wire ]

(BUSINESS WIRE)-- Celgene Corporation (NASDAQ:CELG) today announced detailed results from the phase III SUNBEAM™ trial evaluating the efficacy and safety of ozanimod, a novel, oral, selective sphingosine 1-phosphate 1 (S1PR1) and 5 (S1PR5) receptor modulator, versus a first-line treatment, Avonex® (interferon beta-1a) (IFN), in patients with relapsing multiple sclerosis (RMS). The results were presented at the MSParis2017 – 7th Joint ECTRIMS – ACTRIMS Meeting, which is being held in Paris, October 25-28, 2017.

“People living with relapsing multiple sclerosis are still in need of additional oral treatment options with favorable benefit-risk profiles,” said Giancarlo Comi, M.D., Professor, Department of Neurology, Università Vita-Salute San Raffaele, Chairman, Department of Neurology and Neurorehabilitation, Scientific Institute, Milan, Italy, and an author of the abstract. “The SUNBEAM data support the potential of ozanimod as a new therapeutic option in this patient population.”

The SUNBEAM study evaluated two doses (1 mg and 0.5 mg) of oral ozanimod in 1,346 patients with RMS in 20 countries treated for at least one year. A significant reduction in annualized relapse rate (ARR) was demonstrated for ozanimod 1 mg (ARR=0.18, p<0.0001) and for ozanimod 0.5 mg (ARR=0.24, p=0.0013) compared with IFN (ARR=0.35) over an average of 13.6 months of treatment.

Ozanimod demonstrated a significant reduction in new or enlarging T2 lesions over one year for 1 mg (48 percent, p<0.0001) and 0.5 mg (25 percent, p=0.0032) compared with IFN. A significant reduction in gadolinium-enhanced MRI lesions at 1 year was also demonstrated for ozanimod 1 mg (63 percent, p<0.0001) and ozanimod 0.5 mg (34 percent, p=0.0182) compared with IFN.

In SUNBEAM, a reduction in brain volume loss, a measure associated with MS disease progression, was observed for the ozanimod dose groups compared with the IFN group. Whole brain volume loss was reduced by 33 percent with the 1 mg dose of ozanimod (median percent change from baseline to 1 year: -0.39, nominally significant p<0.0001) and by 12 percent in the 0.5 mg group (-0.50, p=0.06) versus IFN (-0.57) at one year.

In a pre-specified pooled analysis of the SUNBEAM and RADIANCE™ Part B studies, ozanimod did not reach statistical significance compared with IFN in the time to 3-month confirmed disability progression. A very low rate of disability progression was observed across all treatment groups. In SUNBEAM, the number of patients with 3-month confirmed disability progression by the end of the study was 13 (2.9 percent) in the ozanimod 1 mg group and 17 (3.8 percent) in the ozanimod 0.5 mg group compared with 19 (4.2 percent) in the IFN group.

Treatment-emergent adverse events (AEs) were experienced by 59.8 percent of patients on ozanimod 1 mg, 57.2 percent on ozanimod 0.5 mg and 75.5 percent on IFN. The most common AEs in ozanimod-treated patients were nasopharyngitis, headache and upper respiratory infection. AEs of alanine aminotransferase increased were low, transient and generally resolved without study drug discontinuation. The overall incidences of serious AEs were similar across treatment arms (ozanimod 1 mg, 2.9 percent; 0.5 mg, 3.5 percent; IFN, 2.5 percent). The percentages of patients who discontinued study drug due to AEs were 2.9 percent for ozanimod 1 mg, 1.5 percent for 0.5 mg and 3.6 percent for IFN.

No second degree or higher atrioventricular blocks were reported. Infection rates were similar across treatment arms; serious infection rates were low and similar across treatment arms, with no serious opportunistic infections in ozanimod-treated patients. The overall safety and tolerability profile was consistent with results from the previously reported phase II RADIANCE Part A study in RMS.

Detailed results from the second phase III trial of ozanimod (RADIANCE Part B) will be presented tomorrow, October 28 at 9:42 a.m. CEST in Hall A.

About SUNBEAM™

SUNBEAM is a pivotal, phase III, multicenter, randomized, double-blind, double-dummy, active-controlled trial evaluating the efficacy, safety and tolerability of two doses of oral ozanimod (1 mg and 0.5 mg) against weekly intramuscular interferon beta-1a (Avonex®) over a 12-month treatment period. The study included 1,346 people living with RMS across 152 sites in 20 countries.

The primary endpoint of the trial was ARR during the treatment period. The secondary MRI endpoints were number of new or enlarging hyperintense T2-weighted brain MRI lesions over 12 months, number of gadolinium-enhanced brain MRI lesions at month 12 and percent change from baseline in brain volume at month 12.

An analysis of the time to onset of 3-month confirmed disability progression was pre-specified using pooled data from both the SUNBEAM and RADIANCE Part B phase III trials.

About RADIANCE™

RADIANCE Part B is a pivotal, phase III, multicenter, randomized, double-blind, double-dummy, active-controlled trial evaluating the efficacy, safety and tolerability of two doses of oral ozanimod (1 mg and 0.5 mg) against weekly intramuscular interferon beta-1a (Avonex®) over a 24-month treatment period. The study included 1,320 people living with RMS across 147 sites in 21 countries.

The primary endpoint of the trial was ARR over 24 months. The secondary MRI endpoints were number of new or enlarging hyperintense T2-weighted brain MRI lesions over 24 months, number of gadolinium-enhanced brain MRI lesions at month 24 and percent change from baseline in brain volume at month 24.

An analysis of the time to onset of 3-month confirmed disability progression was pre-specified using pooled data from both the SUNBEAM and RADIANCE Part B phase III trials.

About Ozanimod

Ozanimod is a novel, oral, selective, sphingosine 1-phosphate 1 (S1PR1) and 5 (S1PR5) receptor modulator in development for immune-inflammatory indications including relapsing multiple sclerosis, ulcerative colitis and Crohn's disease. Selective binding with S1PR1 is believed to inhibit a specific sub set of activated lymphocytes from migrating to sites of inflammation. The result is a reduction of circulating T and B lymphocytes that leads to anti-inflammatory activity. Importantly, immune surveillance is maintained.

Selective binding with S1PR5 is thought to activate specific cells within the CNS. This has the potential to enhance remyelination and prevent synaptic defects. Ultimately, neurological damage may be prevented.

Ozanimod is an investigational compound that is not approved for any use in any country.

About Multiple Sclerosis

Multiple sclerosis (MS) is a disease in which the immune system attacks the protective myelin sheath that covers the nerves. The myelin damage disrupts communication between the brain and the rest of the body. Ultimately, the nerves themselves may deteriorate — a process that's currently irreversible. Signs and symptoms vary widely, depending on the amount of damage and the nerves affected. Some people living with MS may lose the ability to walk independently, while others experience long periods of remission during which they develop no new symptoms. Multiple sclerosis affects approximately 400,000 people in the U.S. and approximately 2.5 million people worldwide.

Relapsing multiple sclerosis (RMS) is characterized by clearly defined attacks of worsening neurologic function. These attacks — often called relapses, flare-ups or exacerbations — are followed by partial or complete recovery periods (remissions), during which symptoms improve partially or completely with no apparent progression of disease. RMS is the most common disease course at the time of diagnosis. Approximately 85 percent of patients are initially diagnosed with RMS, compared with 10-15 percent with progressive forms of the disease.

About Celgene

Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global pharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next‐generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. For more information, please visit www.celgene.com. Follow Celgene on Social Media: @Celgene, Pinterest, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the U.S. Securities and Exchange Commission.

Hyperlinks are provided as a convenience and for informational purposes only. Celgene bears no responsibility for the security or content of external websites.

Contacts

Celgene Corporation
Investors:
Patrick E. Flanigan III, 908-673-9969
Corporate Vice President, Investor Relations
or
Media:
Catherine Cantone, 908-897-4256
Senior Director, Corporate Communications

Permalink : http://aetoswire.com/news/4887/en

Saudi Crown Prince Says Kingdom Ready To Back Extension Of Oil Output Cut Agreement

“The high demand for oil has absorbed the increase in shale oil production” – Crown Prince Mohammed bin Salman

Riyadh, Saudi Arabia, -Saturday, October 28th 2017 [ AETOS Wire ]

Crown Prince Mohammed bin Salman on Saturday reiterated that the Kingdom of Saudi Arabia is ready to support the extension of an oil production cut agreement led by the Organization of Petroleum Exporting Countries (OPEC) in order to balance global crude oil supply and demand.

“The Kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand,” the Crown Prince said in a statement.

Crown Prince Mohammed bin Salman also affirms that “the high demand for oil has absorbed the increase in shale oil production.”

“The journey towards restoring balance to markets, led by the Kingdom, is proving successful despite the challenges,” he added.

The Crown Prince affirmed during the October 24-26 Future Investment Initiative (FII) conference in Riyadh that demand for oil will increase in the future, which restored trust to petroleum markets. The Crown Prince said that the future of energy, both conventional and renewable, will be promising, and that the Kingdom will lead both sectors.

OPEC holds its ministerial meeting in the Austrian capital Vienna at the end of next month. OPEC and some non-OPEC countries including Russia have vowed to lower their output by a total of about 1.8 million barrels per day to the end of March 2018 to help curb a glut in global petroleum supplies.


Contacts

The Center for International Communication, Ministry of Culture and Information, Kingdom of Saudi Arabia

Essam Al-Ghalib, Head of Media, CIC, +966595455467

cic@moci.gov.sa

Twitter: @CICSaudi

Permalink : http://aetoswire.com/news/4884/en

FundCru Announces ICO, Partners With ATSoft, POS Company Serving 5000+ Merchants, to Deploy Blockchain-Based Gift Cards

SANTA CLARA, Calif.-Thursday, October 26th 2017 [ AETOS Wire ]

A
(BUSINESS WIRE)--FundCru, Inc., the blockchain-powered fundraising platform that enables caused-based funding via fiat money, cryptocurrency, and eCommerce transactions, today announced that it will launch its ICO on December 5, 2017 at 13:00 UTC.


FundCru also announced its partnership with ATSoft, Inc., a Point of Sales (POS) company that services over 5000 merchants, and plans to integrate FundCru’s blockchain-powered smart contract technology for gift cards, vouchers, and coupons into ATSoft’s existing POS system, making this technology available to all ATSoft merchants.
“FundCru’s blockchain system makes it easy to manage gift cards, vouchers, and coupons at low costs and with high levels of security, auditability, and scalability,” said Andrew Pham, CEO of ATSoft. “Because FundCru’s smart contract API provides interoperability with existing e-commerce systems, FundCru’s product will integrate seamlessly and require no additional knowledge of blockchain technologies or data encryption.”


FundCru's Chief Marketing Officer, Patricia Wilson, says, “FundCru's products encourage customer loyalty and are critical for merchants. Currently, many merchants are unable to independently maintain a gift card system that complies with fast-changing POS system requirements. In the past, only large enterprises could keep up with these requirements due to the extensive resources needed. But by integrating blockchain technology, ATSoft can use the blockchain’s natural permanence and transparency to lower costs significantly, giving its merchants access to the same benefits that had previously only been available to large enterprises.”
Additional Resources
Learn more about FundCru
About ATSoft
Founded in 2005, ATSoft is a nationwide supplier of point of sale (POS) software and systems. ATSoft specializes in providing customized POS systems that improve business and transaction efficiency for retailers, restaurants, and rental businesses.


About FundCru
Founded in 2015, FundCru is a blockchain-powered fundraising platform that funds causes through e-commerce transactions and direct donations. FundCru distinguishes itself from other fundraising platforms by supporting both cryptocurrency and fiat money on all transactions, providing fundraisers with a large percentage (typically 25%) of gross sales from eCommerce transactions, and forgoing platform fees for donations.
FundCru aims to use its business model and blockchain technology to provide fundraisers with a wealth of additional revenue sources, merchants with significantly improved outreach and marketing, and supporters with more ways to help their causes.
Contacts
FundCru Public Relations
Andrew Shea, +1 408-673-0020
fundcru-pr@fundcru.com



Permalink : http://aetoswire.com/news/4881/en

Sunday, October 29, 2017

Andersen Global Announces Collaboration With Canadian Tax Firm, W.L. Dueck & Co. LLP

SAN FRANCISCO -Wednesday, October 25th 2017 [ AETOS Wire ]

(BUSINESS WIRE)--Andersen Global is proud to announce an expanded presence in Canada through a Collaboration Agreement with tax firm W.L. Dueck & Co. LLP. The collaboration further extends Andersen Global’s presence in North America. W.L. Dueck & Co. LLP is led by founding partners Warren Dueck and Steven Flynn with locations in Vancouver, Calgary, Richmond and Edmonton.

“We have already worked on a number of engagements with Warren and his colleagues and they have demonstrated a strong commitment to their clients and to providing best-in-class service,” said Global Chairman and Andersen Tax LLC CEO, Mark Vorsatz. “Our collaboration with W.L. Dueck & Co. LLP substantially builds out a broader geographic platform in Canada and will play a significant role in enhancing our client solutions in the region. I look forward to having them join our team and continuing our expansion in Canada.”

W.L. Dueck & Co. LLP was founded in 1998 and specializes in U.S. and Canadian cross-border tax matters. The firm provides cross-border tax services for high-net worth individuals, including offshore voluntary disclosures, estates and trusts, etc. For businesses it provides tax services for Canadian investment in the U.S., U.S. investment in Canada and cross-border acquisitions and mergers. It also provides U.S. Federal and state and Canadian tax return preparation services for individuals and businesses. W.L. Dueck & Co. LLP currently includes four Partners and 15 tax professionals.

“The collaboration with Andersen Global further enhances the team we have here and will allow us to provide more extensive coverage and cross-border tax solutions to assist clients in Canada and in the U.S.,” commented Warren Dueck. “Working with professionals that share our values is of high importance to us, so I am excited to collaborate with folks who also make stewardship, independence and transparency top priorities.”

Andersen Global is an international association of separate, independent member firms comprised of tax and legal professionals around the world. Established in 2014 by U.S. member firm Andersen Tax LLC, Andersen Global now has more than 2,200 professionals worldwide and a presence in over 75 locations through its member firms and collaborating firms.


Contacts

Andersen Tax
Megan Tsuei, 415-764-2700

Permalink : http://aetoswire.com/news/4866/en

Exclusive Group Posts Hard-Core Financial Results

Core vendor success at the heart of global VAST group’s 19%+ revenue growth in H1


PARIS-Thursday, October 26th 2017 [ AETOS Wire ]

(BUSINESS WIRE)-Exclusive Group, the value-added services and technologies (VAST) group, today announced record half-year revenues of 731m€ - up more than 19% on H1 2016. Core vendor revenues continue to grow at above market rates as Exclusive Group increases its share of each vendor’s respective business. The pattern is repeated across international territories worldwide, with profits continuing in line with expectations. The figures do not include revenues from the Q2 acquisition of Fine Tec in the US.

 “While we continue to rapidly accelerate the growth of new, emerging vendors with triple-digit increases, this period has also once again seen strong performance among our most established vendor partners,” said Olivier Breittmayer, CEO of Exclusive Group. “All benefit equally from our unique business model, comprehensive technical and professional services, global/local execution and proven go-to-market expertise. This makes us different, not only in terms of approach but also results.”

Other highlights:

    In EMEA, revenues were particularly strong in large, established territories such as Southern Europe (Italy, Spain and Portugal) which grew 36%. Results in the UK and France also stood out with annual growth of 28% and 30%, respectively.
    Strong performance across the board was also the story in APAC, with the Asia region posting annual growth of 22% while the Pacific region grew 29%.
    BigTec, the datacentre transformation VAD, continues to grow very aggressively in line with further geographic expansion and increased traction for disruptive vendors. BigTec now accounts for over 100m€ of annualised Group revenues; almost double the size of one year ago.

“More and more business is now made up of international cross-border projects, leveraging our global logistics and project management capabilities to support our value to global SI, service provider and vendor partners, and reflect the success of our VAST strategy,” said Barrie Desmond, COO of Exclusive Group. “This is being boosted further via the successful integration of our US operation, which is already delivering significant opportunities, keeping us on track for unprecedented long-term growth.”

Contacts

For Exclusive Group
Greg Halse/Ellie Stansfield
Cohesive
+44 (0) 1291 626200
exclusivegroup@wearecohesive.com


Permalink : http://aetoswire.com/news/4880/en

The 15th International Operations and Maintenance Conference honours Sharjah Research Academy



Beirut, Lebanon-Thursday, October 26th 2017 [ AETOS Wire ]

The 15th International Operations and Maintenance Conference, held in Beirut, honoured the Sharjah Research Academy for its role in supporting researchers and research activities around the world.                      

The conference, held under the patronage of the President of the Republic of Lebanon and in cooperation with the Ministry of Public Works and Transport, under the slogan, “Smart Maintenance”.

Dr Amr Abdul Hamid, Director of Sharjah Research Academy, said, “The Academy is very pleased to receive this international recognition for the hard work it has carried out in the realm of scientific research with cooperation from scientists and researchers from all over the world. Under the wise leadership of His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, the Academy has achieved several successes and we are proud to add this honour to them.”

The forum took place with the participation of institutions, unions, organisations and universities from Saudi Arabia, UAE, Jordan, Canada, Switzerland and other countries.

It was attended by more than 600 participants and 50 speakers, providing an opportunity to address a number of topics through workshops throughout the conference.

 Issues discussed during the forum included: operation and maintenance of electrical facilities; desalination facilities; water utilities; operation and maintenance of building complexes and services; maintenance of communications and electronic systems; maintenance materials management; operation and maintenance of sanitary facilities; and facilities and assets management.

An exhibition was held in parallel with the conference to showcase the latest developments, technologies, methods and techniques used for maintenance and operation. This exhibition was particularly relevant to major companies that operate in regional and international markets, and it was attended by approximately 30 organisations.

Contacts

SAHARA Communications

Farah Al obaidi, Head of Media Relations

Tel: +97143298996
Mob: +971503323158
Email: farah@saharagcc.com     
Web Site: www.saharagcc.com


Permalink : http://aetoswire.com/news/4875/en

Astrata Group Aggressively Expands into European LCV Market

Hires Simon Hill, former Fleetmatics and Masternaut Sales Director to Head LCV Solutions Sales and BD

EINDHOVEN, Netherlands & SINGAPORE-Thursday, October 26th 2017 [ AETOS Wire ]

(BUSINESS WIRE) --Astrata Europe, a leader in advanced location-based IT, has appointed Mr. Simon Hill to provide the commercial leadership for its expansion into the Light Commercial Vehicle (LCV) market. Together with the launch of the new VanLincTM FMS and Delivery Software platform, Mr. Hill joins the Astrata Europe team, bringing years of experience and a highly successful track record in LCV Telematics, having played a significant sales leadership role in the growth of both Verizon owned Fleetmatics (NYSE: VZ) and Masternaut.

Astrata's growth strategy in Europe enters a new phase with the launch of its proprietary LCV solution- VanLincTM. With this launch, Astrata now offers small, medium and large-scale fleet operators a highly cost-effective system to manage and optimize assets and operations, and benefit from its best-in-class fleet and advanced delivery management systems. SME and LCV operators will now be able to benefit from the proven Astrata technology relied upon for years by among the largest fleet operators and enterprises in Europe and throughout the world.

Mr. Hill comes with an impressive background in building and managing high performance sales teams in leading LCV focused telematics companies. As a proven sales leader with a stellar track record for rapidly building sales and revenue, he will bring his energy and passion to rapidly growing Astrata's LCV business throughout the European Continent. Mr. Hill will also serve as Country Manager for the UK.

About Astrata Europe

Astrata Europe is a subsidiary of Astrata Group. Formerly known as Qualcomm Enterprise Services Europe, Astrata Europe delivers advanced fleet management and software solutions to transport and logistics companies of all sizes, as well as to Industry verticals. Relied upon by over 1500 European customers, including several of Europe’s largest fleets, Astrata offers the broadest range of the telematics and transport operations technology available in the market today.

With more than 25 years of experience, Astrata Group is recognized as a trusted leader in Advanced Location-Based IT services and solutions worldwide.

For more information please visit www.astrata.eu and www.astratagroup.com

Contact Astrata via email at sales@astrata.eu

Contacts
Astrata Europe
Dorota Tankink, Marketing Coordinator
Direct: +31 40 234 84 75
E-mail: dtankink@astrata.eu

Permalink : http://aetoswire.com/news/4869/en

Grundfos Introduces its Energy Check Services to the UAE Market

 The Energy Checks Will Help Industrial Organizations,Hotels, Water Utilities and Offices Achieve 30-60% Savings in Your Pumps Energy Costand Enhance their Environmental Footprint



Dubai, United Arab Emirates.-Sunday, October 29th 2017 [ AETOS Wire ]

Grundfos, the award-winning world leader in advanced pump solutions, has recently introduced its world-class energy check services for pump systems to the UAE market.The new energy check services will help diverse sectors including industrial, hotels, water utilities and offices achieve 30-60% savings in your pumps energy cost.

The energy checks provided by Grundfos will assist organizations manage energy rising prices, reduce energy costs and improve their green image as buildings and facilities rely on pumps to manage their water supply, and heating and cooling systems. The new energy checks can also help organizations realize the hidden energy and CO2 savings of their current pump systems.

“Our energy checks are essential to organizations opting to both save energy and improve their environmental imprint,” commented Tolga Candan, Grundfos Business Development Manager, Energy Opt & Retrofit. “In a case study on a milk processing plant in Turkey, our energy checks have led to solutions that elevated energy savings to an astonishing amount of AED 700,000 annually, allowing paying back the original investment cost in just 2 months.”

He added: “Our specialist teams in Grundfos will conduct simple inspections of pump installations to calculate potential savings and make suggestions for high performing energy efficient solutions. Most importantly these inspections are fast, easy and free, and don’t require down time on the pump systems, which means that there wouldn’t be any interruption in serviceswhile executing these inspections.”

The findings of the inspection teams of Grundfos will be included in a free energy check report detailing the current pump installation and operation, and potential upgrades, savings and payback times.

Notably, the case studies executed by Grundfos show that in the milk processing plant example mentioned earlier, the total energy savings reached up to2,054,940kwh/year (65%); in another case of Sheraton 5-star hotel in central Dubai, the estimated energy saving reached up to 210,240 kWh/year (48%); in a Headquarters office building case, the energy savings reached up to(42%); and in the case of a water pumping station in the UAE, the total energy savings reached up to 876,000 kWh/year (24%). These numbers express the importance of the energy check services provided by Grundfos, and the improvements that can be achieved by applying them.

In the same context; Grundfos has organized a three day Retrofit Event during 9-11 October 2017 at the Grundfos Villa to shed light on the importance of energy checks. The discussions saw the participation of renowned speakers who highlighted several topics in this regard.Tolga Candan, Business Development Manager, Energy Opt & Retrofit, gave a lecture on Hidden Treasure in Pumps; Stephane le Gentil, Chief Executive Officer of Etihad Energy Services Company, spoke about Energy Efficiency Retrofits in the Region; and Ronak Monga, Product Manager, HVAC, Grundfos delivered a lecture titled Pumps 101.

The lectures highlighted the fact that energy costs are increasing and as a result many Governments are setting environmental legislations encouraging companies to reduce their energy consumption and improve their CO2 footprint. In this regard; the Dubai Supreme Council of Energy is aiming to retrofit 30,000 buildings by 2030 to reduce energy demand by 30%.

Although pumps are at the heart of facilities; but they come with daily operation costs.In fact, 85 % of the total costs of pumps result from the energy consumption used to operate pumps. An energy check of pumps provides a solid foundation for saving 30-50% ofpumps operational costs.Anyinstallation of old, oversized, inefficient or unsuitable pumps is likely to prevent achieving such savings, and the energy checks provided by Grundfos will help in realizing such valuable savings.

“In addition to the amount of savings achieved; the benefits of our energy check services have also ledto reducedmaintenance costs; improved process efficiency; improved system efficiency; short ROIs; and operational problems overcome, leading to better and more efficient performance, and to enhanced environmental footprint,”Candanconcluded.

About Grundfos

Founded in 1945 in Bjerringbro, a small town in Denmark, Grundfos has expanded its production to over 40 countries. Today Grundfos is represented by 19,000 employees in over 50 countries worldwide with revenue above €3 billion euro. Additionally, Grundfos has a strong local presence through its distributors and partners. With an annual production of more than 16 million pump units serving systems within buildings, industry, waste utilities, infrastructure, landscaping and water treatment, Grundfos is one of the world’s leading pump manufacturers and a trendsetter in water technology.

 Setting the highest industry standards in energy efficient and sustainable pumping solutions is a key part of Grundfos’ foundation. Built on values and high ethics, Grundfos works with local communities and global society to resolve the world’s water and energy challenges. Grundfos has been present in the Middle East since the 1980s and today its regional headquarters are in the Jebel Ali Free Zone, one of the largest ports and Free Zones in the world. It has additional representative companies in KSA and Egypt, and branch offices throughout the region.

Contacts

GRUNDFOS Gulf Distribution FZE

April Velasco, Marketing Executive, Communications

Marketing & Communications

Office: +97148815166

Mobile: +971552302982

avelasco@grundfos.com

Permalink : http://aetoswire.com/news/4883/en

Friday, October 27, 2017

Toshiba Electronic Devices & Storage Corporation Contributions Make Toshiba the Winner of the 2017 MIPI Corporate Award

TOKYO -Friday, October 27th 2017 [ AETOS Wire ]

(BUSINESS WIRE)--Toshiba Electronic Devices & Storage Corporation today announced that Toshiba Corporation (Toshiba Corp.) has received the 2017 MIPI Corporate Award, one of the MIPI® Alliance Membership Awards. The award effectively recognizes the work and achievements of the company, Toshiba Corp’s representatives in the alliance, and its European subsidiary, Toshiba Electronics Europe GmbH, and was presented to Toshiba Corp. as the alliance member. Toshiba Corp. is the first Japanese company to receive the award, which was presented at an awards ceremony held during a member’s meeting luncheon at the Leela Palace, Bangalore, India on October 25.

MIPI Alliance is a collaborative global organization that designs and promotes hardware and software interfaces for mobile devices that simplify component integration. The MIPI Alliance Membership Awards Program annually recognizes outstanding contributions and achievements by individual and corporate members. The MIPI Corporate Award is presented to companies that provide the MIPI Alliance with years of outstanding corporate leadership.

The company, formerly as part of Toshiba’s electronic devices business and today in its present form, has been instrumental in bringing to market important specifications that are widely adopted in mobile applications. The company consistently delivers unbiased support of MIPI® specifications in its IC products, and has helped to pioneer a number of specifications, including UniPro and CSI. It also exercises a leadership role in MIPI Alliance working groups that seek to improve specifications under development and drive consensus for the benefit of the industry as a whole.

Since Toshiba Corp. joined the organization in 2004, it has played a leading role in developing specifications for mobile and mobile-influenced devices, and many specifications developed by the MIPI Alliance are global standards. The company’s “Visconti™” image recognition LSI, interface bridges and high frequency switches, and Toshiba Memory Corporation’s UFS memory chips, all conform with MIPI® specifications, have been adopted in smartphones, consumer and industrial equipment, and automotive systems.

Toshiba Electronic Devices & Storage Corporation will continue to participate in the MIPI Alliance and to contribute to promotion of MIPI® specifications for the mobile market and new markets.

* MIPI® is a registered trademark of MIPI Alliance, Inc.
* All other company names, product names, and service names mentioned herein may be trademarks of their respective companies.

About Toshiba Electronic Devices & Storage Corporation

Toshiba Electronic Devices & Storage Corporation combines the vigor of a new company with the wisdom of experience. Since being spun off from Toshiba Corporation in July 2017, we have taken our place among the leading general devices companies, and offer our customers and business partners outstanding solutions in discrete semiconductors, system LSIs and HDDs.

Our 19,000 employees around the world share a determination to maximize the value of our products, and emphasize close collaboration with customers to promote co-creation of value and new markets. We look forward to building on annual sales now surpassing 700-billion yen (US$6 billion) and to contributing to a better future for people everywhere.
Find out more about us at https://toshiba.semicon-storage.com/ap-en/company.html



Contacts

Press Contact:
Toshiba Electronic Devices & Storage Corporation
Motohiro Ajioka, +81-3-3457-3576
Public Relations & Investor Relations Group
Business Planning Division
motohiro1.ajioka@toshiba.co.jp



Permalink : http://aetoswire.com/news/4882/en

Tanker Conference Focuses on Environmental and Human Capital Challenges and Growth Opportunities

Dubai, United Arab Emirates.-Thursday, October 26th 2017 [ AETOS Wire ]

The second The Maritime Standard Tanker Conference, which took place at the Grosvenor House Hotel, Dubai, on 24th October, underlined the potential that exists for growth and development within the region's tanker sector. To achieve this, however, speakers stressed there was a need not just for investment, but closer collaboration between different stakeholders, to create the foundations for sustainable success. Other key themes included environmental regulations and their impact on tanker shipping; crewing and the need to invest in human capital; and the implications of digitalization and ‘Big Data’ for this business.

The Conference was a sell-out this year, with a packed Conference hall hearing from a host of top speakers from different segments of the tanker business and support sectors. The event attracted a top quality audience of more than 150 people, including delegates from all the leading tanker owners and operators from across the region.
The high profile one day Conference, organised by The Maritime Standard, a division of Flagship Events, provided a unique insight into what is happening in the tanker market and the likely trends over the years ahead. The messages were relevant not just for tanker owners and operators, but all companies providing services to the tanker sector.

The keynote speeches set the tone for an enlightening day. H.E. Sheikh Talal Al Khaled Al Sabah, chief executive of Kuwait Oil Tanker Company (KOTC), gave the audience the full benefit of his many years of experience with some unique insights into likely market patterns. He was followed by Abdullah Bin Damithan, commercial director, DP World, who outlined Dubai’s intention to invest to create a multi-faceted petrochemicals hub that will have significant implications for tanker and related trades.

Speakers in the first session who discussed the key political and economic factors affecting the tanker market, included Chris Peters, chief executive, Emirates Ship Investment Company; Gaurav Moolwaney, executive director, Standard Chartered; Ali Shehab, deputy CEO, KOTC; and Philip Tinsley, maritime security manager at BIMCO.

There then followed a session focusing on the challenges and opportunities facing the market, which contained some thought providing comments from Petros Doukas, chairman of Capital Partners and former Greek deputy minister of Finance and Foreign Affairs. The high quality panel in this session also included Tarik Al Junaidi, chief executive, Oman Shipping Company; Omar Abu Omar, president, maritime and operations, Gulf Navigation Holding PJSC; and Roger Harfouch, regional director, Marlink Communications, who offered some thoughts around the impact of digitalization on this sector.

A final session on the need to build maritime clusters of services and expertise, chaired by Richard Briggs, executive partner, Hadef & Partners; heard about the importance of the new Emirates Maritime Arbitration Centre. There was also a chance to gain valuable insights from Dr Ruanthi De Silva, chief executive of SCM Plus; Thomas Kriwat, chief executive, Mercmarine; Lakshmi Janarthanan, commercial director of Drydocks World Dubai; Ralph Becker, head of business development-Middle East, DNV GL; and Katherine Yakunchenkova, general manager, Al Safina Security. The event rounded up with a chance for speakers and attendees to network informally at a special reception.

Trevor Pereira, managing director of The Maritime Standard, said: “This was our second Tanker Conference and it exceeded our expectations, as we completely sold out. Everyone who came left with some important messages to take back to their companies and the feedback about the quality of the presentations has been overwhelmingly positive. As well as getting unique insights from some of the top names in the industry, the networking opportunity was exceptional, with delegations from many different countries in the room.”

TMS is already planning the third Tanker Conference in 2018.Details will be available on the TMS website.

Editor’s Note: About The Maritime Standard

The Maritime Standard (TMS) publishes a regular e-newsletter aimed specifically at the shipping and maritime community. It is delivered fortnightly, on the 1st and 15th of every month, and has built up a circulation of more than 40,000 recipients. It delivers the most accurate, up-to-date news about the market and has built up the largest circulation of any shipping-related online newsletter in the Middle East and India. It is also gaining popularity in other major shipping hubs, including Oslo, Hamburg, Singapore and Greece. The newsletter includes news and analysis from the shipping and ports industries and related sectors in the Middle East and Indian Subcontinent. Topics that are covered include tanker, container, dry and liquid bulk, ro-ro, and cruise shipping; terminal operations; port development; classification; ship repair and conversion; shipbuilding; ship agency; finance and insurance; maritime law; and transportation & logistics. The newsletter regally carries exclusives, analysis and interviews with top executives.

Website: www.themaritimestandard.com

A very successful first edition of the TMS UAE Yearbook was published in 2016, covering all the major sectors of the shipping, ports and maritime industry in the UAE. The publication was launched at SMM in Hamburg in September and generated a high level of interest. The in-depth analysis of port, shipping, shipyards, maritime law, classification, regulation and inland transports on, and other topics, was well received by the industry. The Maritime Standard UAE Yearbook 2017/18 is now out. Covering developments in the fields of shipping, ship management, ports, shipbuilding and repair, maritime law, insurance and other maritime industry’s sectors; The Maritime Standard UAE Yearbook 2017/18 is a must-read publication for everyone interested in UAE maritime issues. The publication can be downloaded by going to: http://www.themaritimestandard.com/uae-yearbook- 2017-18.

The not-to-be missed The Maritime Standard Awards recognise and celebrate success in the shipping, ports and related sectors across the Middle East and Indian Subcontinent. The Awards are now positioned as one of the world's leading shipping and maritime awards dinners and are the premier event of their kind in the region. The Maritime Standard Awards 2016, held under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, president of the Dubai Civil Aviation Authority and chairman Emirates Airline and Group, attracted close to 700 of the region's elite shipping and maritime professionals, as well as a number of leading figures from overseas. These guests came from a variety of industry segments, ranging from ports and terminal operators to ship owners and managers, and executives from the worlds of maritime law and finance, classification, ship building and repair and maritime education and training. The 2016 event had Jim Clancy, the well-known former CNN news anchor, as master of ceremonies, following on from Alistair Campbell and Ruud Gullit in 2014 and 2015 respectively. As well as 21 general awards categories, the TMS team presented 7 special individual awards recognising the contributions made by high profile industry leaders and innovators. The Awards have set a benchmark within the industry and have become an eagerly anticipated meeting place for top executives from across the business, where they can meet, network and create new opportunities. The Maritime Standard Awards 2017 will take place on Monday, 23rd October 2017 at The Atlantis, The Palm, Dubai.

Website: www.tmsawards.com  

The first The Maritime Standard Tanker Conference took place on 25th October 2016 at the Grosvenor House Hotel, Dubai, and attracted a high level audience who were able to hear presentations from many of the region's leading tanker owners and operators, as well as experts in related fields. Attendees included key decision makers and opinion formers and the event was hugely informative, also presenting opportunities for networking and face to face contact. Those present were given a unique insight into the challenges and opportunities not just for ship owners and operators active in the tanker markets, but those delivering products and services to this sector.

For more information go to the website: www.tmstankerconference.com
The second Maritime Standard Ship Finance and Trade Conference took place at the Sheraton Abu Dhabi Hotel and Resort, on November 14th 2016. Like the first Conference, also held in Abu Dhabi, it was hugely successful, bringing together experts from the fields of shipping, ports, banking, finance, trade and maritime law, among others, to discuss and debate the key issues and trends facing the shipping business, and trade, in the Middle East and the Indian Subcontinent. They willingly shared their insights and knowledge through a series of presentations and panel discussions, signposting the way forward, and identifying the key challenges ahead, as well as the significant opportunities that exist. A high level panel of speakers dealt with a number of themes including regional trade patterns, ship finance and ports and shipping.  Speakers and attendees alike praised the content of the conference and the networking opportunities presented. There was appreciation of the fact that leading executives shared their industry knowledge and pointed the way to opportunities to adapt to evolving market situations in line with their forecasts.

For more information go to the website: www.tms-shipfinanceandtrade.com


Contacts

The Maritime Standard (TMS)

(A Division of Flagship Events LLC)

Ammaar Murtaza Moosa, +971552454466
E: ammaar@flagshipme.com

Tel: + 97143805556, Fax: +97143805509

www.flagshipme.com 

Permalink : http://aetoswire.com/news/4876/en

GTreasury Announces $42 Million Growth Investment from Mainsail Partners

 Investment to Accelerate Product Development and Fund International Expansion



LAKE ZURICH, Ill-Thursday, October 26th 2017 [ AETOS Wire ]

(BUSINESS WIRE) --GTreasury, a leading provider of Treasury Management Systems (TMS), today announced a $42 million investment from Mainsail Partners, a growth equity firm that exclusively invests in profitable, fast growing technology companies. GTreasury will use the new capital and Mainsail’s extensive resources to accelerate product development, expand internationally, and enhance GTreasury’s customer service.

GTreasury was co-founded over thirty-one years ago by Orazio Pater, CEO, and his wife Peg, General Manager, and offers the longest tenured and holistically developed TMS in the industry. The company’s software suite includes its industry-leading Cash Management and Funds Transfer solutions which provide essential insights, automation, and tools to help large enterprises manage global liquidity. The company also offers Accounting, Banking, and Financial Instruments solutions to help treasury departments automate accounting procedures, manage banking relationships, analyze bank fees, and manage investment and debt activity. To facilitate these services, the company has direct connections with over 2,000 banks globally, and integrations with hundreds of ERP and 3rd party systems.

“We built our company by creating mission critical products and providing top tier service to our customers and partners,” said Mr. Pater. “This partnership with Mainsail will allow us to double down on those efforts by accelerating innovation and delivering even greater value to treasury departments,” added Pater. “We chose Mainsail for their experience scaling technology companies and because they share our vision for building a global business with a focused mission – build powerful software that provides greater visibility and control for corporate treasuries while never outgrowing the intimate client service experience that is necessary for companies to maximize value. In Mainsail we were looking not just for additional financial resources, but also for a true long term partnership.”

“We see an opportunity to take an even greater leadership role in the market through innovation and expansion of our products and services,” adds Ashley Pater, Senior Vice President of Product Marketing. “Our goal is to stay one step ahead of the needs of our clients and this investment will help us achieve that goal.”

Vinay Kashyap, Principal at Mainsail Partners, said, “Due to a number of factors, the role of the treasury department at enterprise corporations has become increasingly difficult and more important than ever. Rapid globalization, economic volatility and changing regulations have added complexity for Treasurers, putting more pressure on their organizations,” added Kashyap. “The GTreasury team has built a suite of products that reduces the complexity and workload for treasury departments and allows them to focus on more strategic priorities. Combined with a deep set of best practices and intellectual property from over 31 years in this business, the consultative and high-touch approach to their clients is second to none. We are excited to invest behind this high-quality management team and a company that is so well positioned in this rapidly evolving market.”

In connection with the growth equity investment from Mainsail, GTreasury recently announced the opening of its first international office, in London, to support global expansion and its existing multinational customer base.

About GTreasury

Originated in 1986, GTreasury is the global leader of treasury management solutions for organizations spanning the world. GTreasury’s solution illuminates a treasury’s liquidity by centralizing all incoming and outgoing banking activities, along with tracking all financial instrument activities. This gives GTreasury practitioners real-time insight and access into their global liquidity. GTreasury is the only company that offers both an installed and a SaaS solution using the same version of the system. Our modular platform and infrastructure allow any size treasury operation the ability to customize a solution that is best suited to their needs. For more information please contact Marketing@GTreasury.com or visit www.GTreasury.com.

About Mainsail Partners

Mainsail Partners is a growth equity firm that invests exclusively in bootstrapped software companies. The San Francisco-based firm has a team of experienced operating professionals to help entrepreneurs scale their businesses and accelerate growth. The firm has raised more than $750 million in committed capital. For further information, please visit www.mainsailpartners.com.

Contacts

GTreasury
Ashley Pater, (847) 847-3706
aepater@GTreasury.com


Permalink : http://aetoswire.com/news/4867/en

Thursday, October 26, 2017

Schlumberger Announces Third-Quarter 2017 Results



HOUSTON -Thursday, October 26th 2017 [ AETOS Wire ]

    Revenue of $7.9 billion increased 6% sequentially
    Pretax operating income of $1.1 billion increased 11% sequentially
    GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39
    EPS, excluding Cameron integration-related charges, was $0.42
    Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion

(BUSINESS WIRE)--Schlumberger Limited (NYSE:SLB) today reported results for the third quarter of 2017.
                  (Stated in millions, except per share amounts)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
Revenue                 $7,905                 $7,462                 $7,019                 6%           13%
Pretax operating income                 $1,059                 $950                 $815                 11%           30%
Pretax operating margin                 13.4     %           12.7     %           11.6     %           66 bps           178 bps

Net income (loss) (GAAP basis)
                $545                 $(74     )           $176                 n/m           209%
Net income, excluding charges & credits*                 $581                 $488                 $353                 19%           65%

Diluted EPS (loss per share) (GAAP basis)
                $0.39                 $(0.05     )           $0.13                 n/m           200%

Diluted EPS, excluding charges and credits*
                $0.42                 $0.35                 $0.25                 20%           68%
                                                                 
*These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details.
n/m = not meaningful                                                                

Schlumberger Chairman and CEO Paal Kibsgaard commented, “Our third-quarter revenue increased 6% sequentially while pretax operating income rose by 11%, resulting in EPS, excluding Cameron integration charges, of $0.42, which was 20% higher than the second quarter.

“Activity growth in the third quarter was again led by our North America Land GeoMarket, where we continued to gain market share in both hydraulic fracturing and drilling services despite the decelerating rig count growth. We also saw strong sequential activity growth in Russia, the North Sea, and Asia, while our activity in the rest of the world was largely flat compared with the second quarter.

“From a technology standpoint, revenue growth was driven by the Production Group, which increased 15% sequentially from continued share gains in the hydraulic fracturing market in North America land as well as from increased unconventional resources project activity in the Middle East. Reservoir Characterization Group revenue increased 1% as strong Wireline activity in Russia and the North Sea was partly offset by lower exploration-related activity for WesternGeco. Cameron Group revenue increased 3% driven by higher product sales for Surface Systems in North America land. Drilling Group revenue grew 1% as we remained sold out on PowerDrive Orbit* technology in North America land and completed key Integrated Drilling Services (IDS) projects in Mexico and Iraq that will not resume until early 2018.

“Geographically, North America revenue increased 18% as we continued the high redeployment rate of our spare hydraulic fracturing capacity. North America land revenue grew 23% sequentially, significantly outpacing the 12% increase in rig count, with hydraulic fracturing revenue growing 42%. Over the past six months, we have more than doubled the number of active fracturing fleets in North America land and have now redeployed almost all available capacity. This generated transitory costs and inefficiencies across field operations and in our distribution network, which will be addressed during the fourth quarter. In the US Gulf of Mexico, activity continued to weaken in the third quarter, and the outlook remains bleak for this region based on current customer plans.

“In the international markets, revenue was essentially flat with the second quarter, with Europe/CIS/Africa growing 5% due to strong summer activity in the Russia & Central Asia, United Kingdom & Continental Europe, and Norway & Denmark GeoMarkets. Middle East & Asia revenue was flat sequentially as the growth contributed by the Saudi Arabia & Bahrain, Far East & Australia, and South & East Asia GeoMarkets was offset by a decline in Iraq following the completion of an IDS project. Latin America revenue declined 8% driven by lower multiclient seismic license sales and the completion of IDS projects in the Mexico & Central America GeoMarket.

“Looking at the industry macro, the reduction in global oil inventories in the third quarter is clearly showing that the oil market is now in balance, which is reflected in the upward movement in oil prices over the past month. This view is supported by the following positive signs. First, the investment appetite in North America land now seems to be moderating, driven by a growing focus from E&P companies on financial return and the need to operate within cash flow rather than the pursuit of production growth. Second, comments from several of the key OPEC Gulf countries, as well as from Russia, suggest that an extension of the existing production cuts beyond the current nine-month agreement is a possibility. And third, investment levels in the production base outside North America land, OPEC Gulf, and Russia all remain at unprecedented low levels, raising the likelihood of a medium-term global supply challenge, and increasing the urgency for higher investment.

“A continuation of these market trends, combined with further steady draws in global oil inventories is now creating the required foundation for further upward movement in oil prices and subsequent growth in global E&P investment. And while there is still some level of uncertainty around the exact timing of this industry recovery, we see a number of market factors and data points now emerging that make us increasingly positive and optimistic about the outlook for our global business. It is also worth noting that the geopolitical risk premium on the oil price, which was quite significant in the past, has been replaced in many ways today by an oversupply discount. Given the visible tightening of the supply and demand balance and the current geopolitical tensions in many of the world’s key oil producing regions, a geopolitical risk premium may again become a significant factor.

“Based on this operational and macro backdrop, we continue to focus on serving our customers and implementing our quality and efficiency plans while remaining opportunistic with respect to making further strategic investments. We will continue to position Schlumberger at the forefront of the industry as the global activity upturn slowly but surely emerges. Finally, I would like to thank the 600-plus delegates from over 200 E&P companies and industry bodies from more than 60 countries who attended the SIS Global Forum in Paris in September. The interest and support for the new ways of working shown at the Forum confirmed that the industry is beginning to leverage greater collaboration and digital enablement to improve efficiency and lower cost per barrel.”

Other Events

During the quarter, Schlumberger repurchased 1.5 million shares of its common stock at an average price of $66.04 per share for a total purchase price of $98 million.

On August 22, 2017, Schlumberger acquired the Petrofac interest in Petro-SPM Integrated Services S.A. de C.V. (Petro-SPM), which operates the Pánuco Integrated Service Contract in Mexico. As a result, Schlumberger now owns 100% of Petro-SPM.

On October 6, 2017, Schlumberger and Borr Drilling signed an enhanced collaboration agreement to offer integrated, performance-based drilling contracts in the offshore jackup market by leveraging the Schlumberger global footprint, infrastructure, and technical expertise combined with Borr Drilling’s modern jackup fleet.

On October 18, 2017, the Company’s Board of Directors approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on January 12, 2018 to stockholders of record on December 6, 2017.

On October 19, 2017, Schlumberger Production Management (SPM) and Torxen Energy, a private Canadian E&P company, entered into an agreement to purchase the Palliser Block asset located in Alberta, Canada, from Cenovus Energy, an integrated Canadian oil company, for cash consideration of approximately $1 billion (CAD 1.30 billion). The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network, and approximately 800,000 acres of oil and gas development rights. The Palliser Block borders the acreage awarded to the SPM and Torxen joint venture established earlier this year. Under the agreement, which is subject to customary closing conditions, Schlumberger will be the majority nonoperating owner, with the rights to exclusive service provision and Torxen will be the operator.

Consolidated Revenue by Geography
                  (Stated in millions)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
North America                 2,602           $2,202           $1,699           18%           53%
Latin America                 952           1,039           992           -8%           -4%
Europe/CIS/Africa                 1,838           1,750           1,872           5%           -2%
Middle East & Asia                 2,357           2,347           2,385           -           -1%
Other                 156           124           71           n/m           n/m
                  $7,905           $7,462           $7,019           6%           13%
                                                                 
North America revenue                 $2,602           $2,202           $1,699           18%           53%
International revenue                 $5,147           $5,136           $5,249           -           -2%
                                                                 
n/m = not meaningful                                                                

Third-quarter revenue of $7.9 billion increased 6% sequentially with North America growing 18% and International remaining essentially flat with the previous quarter.

North America

In North America, revenue grew 18% sequentially following the nearly complete redeployment of our hydraulic fracturing capacity on land as robust fracturing activity continued during the third quarter. This activity increase was partially offset by operational disruption due to Hurricane Harvey and by further activity weakness offshore in the US Gulf of Mexico. North America land revenue experienced 23% sequential growth, driven by 42% revenue growth in hydraulic fracturing on increased fleet redeployment, market share gains, and improved pricing. Hydraulic fracturing revenue growth significantly outpaced the market stage count increase of 22%. Directional drilling–related revenue in North America land was also 22% higher as rotary steerable systems and drillbit technologies continued to attract high demand to drill longer laterals. Increased product sales and services in Cameron Surface Systems also contributed to this strong financial performance.

International Areas

Revenue in the Latin America Area decreased 8% sequentially following completion of reservoir characterization and drilling activities in the Mexico & Central America GeoMarket in the previous quarter. Revenue in the North and South Latin America GeoMarkets was essentially flat with marginal incremental activity on SPM projects in Ecuador and Drilling and Production Group activities in Argentina.

Europe/CIS/Africa Area revenue was 5% higher sequentially due to increased activity for all Product Groups during the peak summer campaigns in the Russia & Central Asia, United Kingdom & Continental Europe, and Norway & Denmark GeoMarkets. Increased revenue in the Russia & Central Asia GeoMarket was driven by strong Production Group activity on land in Russia and higher Wireline and Testing & Process activity in Sakhalin and Astrakhan. The increased revenue in the United Kingdom & Continental Europe GeoMarket resulted from the restart of IDS projects in Italy and improved Wireline activity in the United Kingdom. Strong Wireline and Production Group activity contributed to the revenue increase in the Norway & Denmark GeoMarket.

Middle East & Asia Area revenue was essentially flat sequentially. Production and Drilling Group activity grew mainly in the Saudi Arabia & Bahrain, Far East & Australia, and South & East Asia GeoMarkets. However, these increases were offset by a decline in Iraq following the completion of an IDS project. Activity growth in Saudi Arabia was driven by increased unconventional resources projects that led to higher revenue for Integrated Production Services (IPS) and IDS, while revenue growth in the Far East & Australia GeoMarket was due to higher drilling activity in Indonesia and Australia.

Reservoir Characterization Group
                  (Stated in millions)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
Revenue                 $1,771                       $1,759                 $1,667                 1%           6%
Pretax operating income                 $311                       $299                 $329                 4%           -5%
Pretax operating margin                 17.6     %                 17.0     %           19.7     %           56 bps           -217 bps

Reservoir Characterization Group revenue of $1.8 billion, of which 79% came from the international markets, increased 1% sequentially due to seasonally higher Wireline and Testing & Process activities in the Russia & Central Asia and Norway & Denmark GeoMarkets. Revenue for both Wireline and Testing & Process was strong in Sakhalin and Astrakhan. An exploration project in Norway also contributed to the increase. Group performance was partially offset by lower WesternGeco revenue, largely driven by lower multiclient seismic license sales following the strong sales in Mexico during the previous quarter.

Pretax operating margin of 18% was 56 bps higher sequentially as the increased contribution from high-margin Wireline activities was offset by reduced profitability in WesternGeco due to lower multiclient seismic license sales.

One highlight of the third quarter was the hosting of the 2017 SIS Global Forum in Paris, which included delegates from over 200 E&P companies and industry bodies, representing more than 60 countries that produce 70% of the world’s hydrocarbons. A key theme of the conference was making better use of the data and technical expertise in the oil and gas industry, by getting the right information to the right people at the right time, and by redefining how collaboration and digital enablement can be leveraged even further.

At this forum, Schlumberger introduced the DELFI* cognitive E&P environment to enable secure collaboration across E&P teams by leveraging digital technologies—analytics and machine learning, high-performance computing, and the Internet of Things—to improve operational efficiency and deliver optimized production at the lowest cost per barrel. With the launch of the DELFI environment, an E&P Data Lake comprising more than 1,000 3D seismic surveys, 5 million wells, 1 million well logs, and 400 million production records from around the world has been deployed on the Google Cloud Platform.

Schlumberger also introduced the DrillPlan* digital well construction planning solution, the first step in the DELFI cognitive E&P environment. The DrillPlan solution is part of a fully integrated well construction offering. Developed with a focus on enhancing user collaboration, the DrillPlan solution provides a new way of working for drilling teams. Operators and service companies have access to all the data and science needed in a single, common system, which creates a circular workflow where plans are improved as new data are added.

Reservoir Characterization Group performance was enhanced by Integrated Services Management (ISM) operations, where specially trained project managers provide scheduling, planning, and activity coordination for the Schlumberger product lines involved in a project. Third-quarter performance was also strengthened by new contract awards and technology deployments.

In Mexico, ISM helped Talos Energy LLC drill and evaluate the Zama-1 exploration well. ISM used Drilling & Measurements proVISION Plus* magnetic resonance-while-drilling service to provide first assessment of reservoir quality and permeability in real time. The PressureXpress* reservoir pressure while logging service confirmed a hydrocarbon fluid gradient, followed by a Wireline MDT* modular formation dynamics tester with InSitu Fluid Analyzer* real-time downhole fluid analysis system. PVT analysis of the reservoir fluid samples confirmed a light oil hydrocarbon discovery.

Offshore Malaysia, ISM provided a significant contribution to Ophir Production Sdn Bhd’s successful delivery of three horizontal development wells in a highly complex offshore reservoir system that resulted in a 35% reduction in cost and a 20% reduction in drilling and completion days compared with the plan. Key enabling technologies included Drilling & Measurements GeoSphere* reservoir mapping-while-drilling-service, EcoScope*† multifunction logging-while-drilling service, proVISION* nuclear magnetic resonance service as well as Geoservices Drilling Analyst services. This combination of technologies and services also contributed to a new drilling record of more than 1,000 m per day in a 12 1/4-in hole.

Statoil Brazil awarded Schlumberger a contract for the execution of an upcoming exploration campaign on the Brazilian Continental Shelf, providing directional drilling, bits, jars, accelerators, fishing, reamers, hole openers, logging-while-drilling, wireline, mud logging, cementing, and testing services. The contract scope of work encompasses pre- and post-salt ultradeep wells and started in June 2017.

In Norway, Wireline used Saturn* 3D radial probe technology in one exploration well for Lundin in the Barents Sea. The combination of the MDT modular formation dynamics tester with Saturn 3D technology and the InSitu Fluid Analyzer real-time downhole fluid analysis system enabled an extensive assessment of the quality of the carbonate reservoir, as well as securing vital representative samples of formation water. In addition, the multisensor water-base mud contamination modeling application in the Techlog* wellbore software platform was used to better predict the water sample quality and contamination. These technologies helped the customer reduce the risks associated with designing the optimal water injection testing program for the field.

Offshore China, Wireline deployed a combination of technologies in a high-temperature, high-pressure, and ultralow permeability well for China National Offshore Oil Company Limited (CNOOC) Zhanjiang in the South China Sea. The technologies included Saturn 3D radial probe and the MDT Forte* rugged modular formation dynamics tester. The customer saved approximately 10 days of operating time, equivalent to $2 million, by avoiding the need to carry out a well test in challenging conditions.

Offshore Malaysia, WesternGeco completed a hybrid seismic acquisition survey for Roc Oil (Sarawak) Sdn Bhd using a newly deployed multipurpose vessel (MPV)—a first in the industry. The 340-km2 3D seismic survey was acquired offshore Sarawak, Malaysia, using a triple source array with simultaneous recording by a towed-streamer spread and ocean-bottom nodes to overcome existing platform obstructions—all from a single seismic vessel. The WG Vespucci MPV acquired the high-quality ocean-bottom seismic data to supplement the streamer seismic data without having to employ multiple acquisition vessels and crews, resulting in cost reduction and greater efficiency while achieving the survey objectives.

Offshore Korea, WesternGeco introduced IsoMetrix* marine isometric seismic technology to conduct a high-resolution broadband seismic survey for the Korea National Oil Corporation over the company’s largest hydrocarbon production field near Busan. The survey was in a complex environment that included shipping traffic and dense fishing activity, and had a narrow time frame for completion due to weather concerns.

Drilling Group
                  (Stated in millions)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
Revenue                 $2,120                       $2,107                 $2,021                 1%           5%
Pretax operating income                 $301                       $302                 $218                 -           38%
Pretax operating margin                 14.2     %                 14.3     %           10.8     %           -14 bps           339 bps

Drilling Group revenue of $2.1 billion, of which 73% came from the international markets, increased 1% sequentially. Directional drilling–related revenue in North America land was higher as PowerDrive Orbit rotary steerable systems and a range of advanced drillbit technologies continued to be in high demand to drill longer laterals. International revenue, however, declined as higher IDS activity in Saudi Arabia and the start of an IDS project in Italy were more than offset by the completion of key IDS projects in Mexico and Iraq in the previous quarter that will not resume until early 2018.

Pretax operating margin of 14% was essentially flat sequentially as increased volume and pricing improvements from the greater uptake of Drilling & Measurements and Bits & Drilling Tools technologies in North America land were offset by reduced profitability in IDS following completion of key international projects.

Drilling Group performance in the third quarter was strengthened by the full range of technologies, including integrated drilling systems, downhole tools, drill bits, and drilling fluids. These technologies enabled customers to overcome technical challenges, increase operational reliability, and decrease costs.

In North America land, Schlumberger continued to break drilling records. Drilling & Measurements used a combination of technologies for Eclipse Resources to drill the longest onshore horizontal lateral. The 19,630-ft “super lateral” in the Utica Shale play was drilled in 121 hours, achieving a total rate of penetration (ROP) of 162 ft/h. This well surpasses the previous record, also held by Eclipse, by 158 ft, and was drilled 37% faster than the first record-length well. Drilled in a single run, the super lateral helped the customer reduce overall AFE cost by decreasing the number of horizontal penetrations required to develop the reservoir. The technologies included the PowerDrive Orbit rotary steerable system and TeleScope* high-speed telemetry-while-drilling service combined with a Smith Bits customized polycrystalline diamond compact (PDC) bit.

In New Mexico, Bits & Drilling Tools used AxeBlade* ridged diamond element bit technology in a well for Matador Resources in the Wolfcamp Shale play. Historically, single bit runs to the kickoff point are achieved less than 20% of the time in this play. AxeBlade bit technology enables more efficient cutting and heat dissipation while also providing better frontal impact resistance via a thicker diamond layer. This technology helped drill the well section in a single trip with a 35% increase in ROP compared with the customer’s 2016 average.

In North America land, Bits & Drilling Tools increased ROP by 57% for Cimarex in the STACK Meramec play. A combination of AxeBlade ridged diamond element bit and Drilling & Measurements PowerDrive Orbit rotary steerable system technology drilled the fastest mile-long lateral wellbore in the formation.

In Colombia, Bits & Drilling Tools used ONYX 360* rolling PDC cutter technology to overcome drilling challenges for Equion Energy in the Llanos basin. ONYX 360 technology provided increased bit durability while drilling through three different compressive strength formations. The ROP was 3.5 times higher compared with offset runs in the same formations. As a result, the customer saved nearly $3 million in operating costs.

In Russia, Bits & Drilling Tools deployed Direct XCD* drillable alloy casing bit technology in a well for LUKOIL-Komi to reduce well construction time in the Bayandyskoe field. In a previous offset well, swelling shales created wellbore stability problems requiring 20 days to complete the well due to the need for extensive reaming. Direct XCD bit technology helped drill the well in 4 days instead of 20.

Offshore Indonesia, Bits & Drilling Tools enabled Kangean Energy Indonesia to save more than $1.4 million in drilling costs in a vertical deepwater exploration well in the South Saubi prospect. The Rhino RHE* dual-reamer rathole elimination system saved the customer 57 hours of operating time.

In the Norwegian sector of the North Sea, M-I SWACO used a combination of technologies for Aker BP ASA to save 41 days of drilling time in a well in the Valhall field. The technologies included RheGuard* high-performance invert-emulsion fluid system to optimize hole cleaning and oil-base WARP concentrate to optimize cement operations. The customer also set new records in the Ivar Aasen field by drilling with RheGuard fluid system and running 9 5/8-in casing to total depth with an average speed of more than 300 m/hr.

Production Group
                  (Stated in millions)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
Revenue                 $2,876                       $2,496                 $2,104                 15%           37%
Pretax operating income                 $283                       $221                 $91                 28%           212%
Pretax operating margin                 9.8     %                 8.9     %           4.3     %           97 bps           552 bps

Production Group revenue of $2.9 billion, of which 53% came from the international markets, was 15% higher sequentially from continued market share gains in the hydraulic fracturing market in North America land and increased activity on unconventional resources projects in the Middle East. In North America land, hydraulic fracturing revenue grew 42% on increased fleet redeployment, market share gains, and improved pricing. This growth outpaced the market stage count increase of 22%. Over the past six months, the Company has more than doubled the number of active fracturing fleets in North America land and have now redeployed almost all of its available capacity. SPM also posted a sequential increase from higher project activity in Ecuador and in North America land.

Pretax operating margin of 10% increased 97 bps sequentially due to increased activity and improved pricing on land in North America, while the redeployment of multiple fleets in the third quarter generated transitory costs and inefficiencies across field operations and in our distribution network. Margin expanded due to increasing benefits from the vertical integration of the supply chain in the hydraulic fracturing business.

Production Group results benefited from a series of new technology deployments.

In North Dakota, Well Services used BroadBand Shield* fracture-geometry control service for Whiting Petroleum to stimulate wells, three of which are among the top 10 producing wells completed in the second and third quarters of 2017 in the Bakken Shale. The BroadBand Shield service uses multimodal diverter particles to control fracture geometry, minimizing the risk of fracturing into undesirable zones. The wells treated with this technology use smaller fracture treatment designs, optimizing cost and enabling the customer to accelerate hydrocarbon production.

In Louisiana, Well Services used BroadBand Sequence* fracturing service for Aethon Energy and achieved top quartile production in one well after stimulating a four-well pad in the Haynesville Shale. The BroadBand Sequence service injected pills to promote diversion and stimulate all perforation clusters, and pressure analysis verified stimulation throughout the perforated interval. As a result, Aethon Energy awarded a dedicated fracturing fleet to Schlumberger to serve 100% of their completions in this basin.

In China, Well Services used BroadBand* unconventional reservoir completion services for PetroChina Changqing Oilfield Company (PCOC) in oil and gas wells in the Ordos basin. BroadBand technology overcame the challenges associated with a traditional geometric completion approach where a portion of the perforation clusters and hydraulic fracture networks do not contribute to production. BroadBand services increased production up to 142% in three gas wells and by 300% in one oil well when compared with conventionally treated offset wells. In addition, in two openhole completions, the elimination of a packer and sleeve system saved the customer approximately $150,000.

In Oklahoma, Artificial Lift Services used Lift IQ* production life cycle management service and customized electric submersible pump (ESP) technology for Chesapeake Energy to increase average ESP run life by 181% in four horizontal wells. The field is characterized by rapid production declines, solids production, and high gas volume fractions. Using newly designed ESPs that include downhole sensors, run life increased from 118 days to 332 days.

In Colombia, Artificial Lift Solutions used REDA Maximus* electric submersible pump system technology for a customer to increase production from 11,800 to 21,000 bbl/d in an abrasive well in the Llanos basin. In addition, the Maximus ESP system extended ESP run life from an average of 72 days to 797 days by minimizing well intervention frequency and erosion failure due to high solids production. The new production level exceeded the well’s production target by 33%.

Offshore Russia, Well Services introduced OpenPath Sequence* diversion stimulation service for Lukoil-Nizhevolzhskneft in the Korchagina field. VDA* viscoelastic diverting fluid was also used to divert treatment fluids into zones of lower injectivity and stimulate the carbonate formation. In addition, MSR* mud and silt remover technology eliminated the filtercake and restored permeability in the sandstone formations. A significant improvement in injectivity index was achieved as a result of this matrix stimulation treatment.

In the Norwegian sector of the North Sea, Schlumberger used Metalmorphology* metal-to-metal sealing and anchoring technology to save a customer five days of rig time in an unstable borehole. Wellbore instability is common in the field, and the 3,604-m interval included 728 m of open hole that was likely to hinder access. The custom liner system used Metalmorphology technology to avoid the use of a long, heavy casing string that would require extremely high torque to rotate, making it difficult to ream with casing. Metalmorphology technology enabled the operator to run the lower part of the casing as a liner on drillpipe to address borehole restrictions and reach target depth in one run.

Cameron Group
                  (Stated in millions)
                  Three Months Ended           Change
                  Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016           Sequential           Year-on-year
Revenue                 $1,297                       $1,265                 $1,341                 3%           -3%
Pretax operating income                 $194                       $174                 $215                 11%           -10%
Pretax operating margin                 14.9     %                 13.8     %           16.0     %           116 bps           -110 bps

Cameron Group revenue of $1.3 billion, of which 55% came from international markets, increased 3% sequentially, driven by higher product sales in Surface Systems in North America land, which was in line with the growth in well count. North America land growth, however, was partially offset by lower international activity for Drilling Systems and OneSubsea.

Pretax operating margin of 15% increased 116 bps sequentially, due mainly to increasing profitability on higher product sales and improved pricing in Surface Systems and Valves & Measurement in North America land.

Cameron Group performance included the following highlights during the quarter.

In India, Reliance Industries Limited awarded OneSubsea an engineering, procurement, and construction (EPC) contract for supply of a subsea production system (SPS) package for the offshore R Cluster Project in the Bay of Bengal. The contract includes production trees, subsea manifolds, a control system, a tie-in system, multiphase meters, intervention tooling, and test equipment. The contract also includes installation and commissioning support and life-of-field services. The contract was formalized in July with expected hardware deliveries to begin in mid-2018.

OneSubsea and 3D at Depth have entered into a strategic collaboration agreement. The agreement enables the companies to jointly promote 3D at Depth’s light detection and ranging (LiDAR) technology by leveraging OneSubsea’s global resources and facilities. LiDAR technology, also called laser scanning, is used to collect data to create accurate 3D models that enable customers to optimize subsea operations and increase efficiencies across the production value chain.

Drilling Systems has been contracted to deliver the first subsea pressure intensifier (SPI) for Seadrill. The Cameron SPI is a space-saving and economical solution that enables customers to increase the useable control fluid stored in subsea mounted accumulators by increasing the working pressure from a conventional 5,000 psi to the full-rated pressure of 7,500 psi.

Drilling Systems has signed a master services contract with Weatherford Drilling International for their fleet of Cameron blowout preventers (BOPs) based on the fixed price repair program. This contract offers stable pricing and a predictable budget to repair and recertify a fleet of BOPs. By standardizing these operations, Cameron can better plan the workload at repair facilities and predict the need for replacement parts, both of which improve cycle time and on-time delivery performance.

Financial Tables
Condensed Consolidated Statement of Income (Loss)                      
(Stated in millions, except per share amounts)
                                               
            Third Quarter                 Nine Months    
Periods Ended September 30,           2017           2016           2017           2016
                                               
Revenue           $7,905           $7,019           $22,261           $20,703
Interest and other income           64           54           172           153
Expenses                                              
Cost of revenue (1)           6,797           6,291           19,343           18,216
Research & engineering           189           253           595           750
General & administrative           115           92           323           305
Impairments & other (1)           -           -           510           2,573
Merger & integration (1)           49           88           213           272
Interest           142           149           422           431
Income (loss) before taxes           $677           $200           $1,027           $(1,691)
Taxes on income (loss) (1)           121           10           269           (259)
Net income (loss)           $556           $190           $758           $(1,432)
Net income attributable to noncontrolling interests           11           14           9           50
Net income (loss) attributable to Schlumberger (1)           $545           $176           $749           $(1,482)
                                               
Diluted earnings (loss) per share of Schlumberger (1)           $0.39           $0.13           $0.54           $(1.10)
                                               
Average shares outstanding           1,385           1,392           1,388           1,345
Average shares outstanding assuming dilution           1,392           1,401           1,395           1,345
                                               
Depreciation & amortization included in expenses (2)           $956           $998           $2,931           $3,078
(1)           See section entitled “Charges & Credits” for details.
(2)           Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments.
Condensed Consolidated Balance Sheet
                       
(Stated in millions)
                       
            Sept. 30,           Dec. 31,
Assets           2017           2016
Current Assets                      
Cash and short-term investments           $4,952           $9,257
Receivables           9,436           9,387
Other current assets           5,526           5,283
            19,914           23,927
Fixed income investments, held to maturity           -           238
Fixed assets           12,338           12,821
Multiclient seismic data           992           1,073
Goodwill           25,113           24,990
Intangible assets           9,540           9,855
Other assets           5,672           5,052
            $73,569           $77,956
                       
Liabilities and Equity                      
Current Liabilities                      
Accounts payable and accrued liabilities           $9,715           $10,016
Estimated liability for taxes on income           1,310           1,188

Short-term borrowings and current portion of long-term debt
          1,289           3,153
Dividends payable           700           702
            13,014           15,059
Long-term debt           15,871           16,463
Deferred taxes           1,893           1,880
Postretirement benefits           1,340           1,495
Other liabilities           1,441           1,530
            33,559           36,427
Equity           40,010           41,529
            $73,569           $77,956

Liquidity
(Stated in millions)
Components of Liquidity          

Sept. 30,
2017
         

Jun. 30,
2017
         

Dec. 31,
2016
         

Sept. 30,
2016
Cash and short-term investments           $4,952           $6,218           $9,257           $10,756
Fixed income investments, held to maturity           -           13           238           354
Short-term borrowings and current portion of long-term debt           (1,289)           (2,224)           (3,153)           (3,739)
Long-term debt           (15,871)           (16,600)           (16,463)           (17,538)
Net Debt (1)           $(12,208)           $(12,593)           $(10,121)           $(10,167)
                                               
Details of changes in liquidity follow:                                              
                                               
                        Nine           Third           Nine
                        Months           Quarter           Months
Periods Ended September 30,                       2017           2017           2016
Net income (loss) before noncontrolling interests                       $758           $556           $(1,432)
Impairment and other charges, net of tax before noncontrolling interests                       679           36           2,652
                        $1,437           $592           $1,220
Depreciation and amortization (2)                       2,931           956           3,078
Pension and other postretirement benefits expense                       79           27           139
Stock-based compensation expense                       261           81           210
Pension and other postretirement benefits funding                       (107)           (33)           (127)
Change in working capital                       (1,473)           (134)           (223)
US federal tax refund                       685           685           -
Other                       (401)           (276)           (49)
Cash flow from operations (3)                       $3,412           $1,898           $4,248
                                               
Capital expenditures                       (1,482)           (598)           (1,401)
SPM investments                       (492)           (164)           (869)
Multiclient seismic data capitalized                       (223)           (33)           (497)
Free cash flow (4)                       1,215           1,103           1,481
                                               
Stock repurchase program                       (868)           (98)           (662)
Dividends paid                       (2,086)           (693)           (1,951)
Proceeds from employee stock plans                       261           118           344
                        (1,478)           430           (788)
                                               
Business acquisitions and investments, net of cash acquired plus debt assumed                       (382)           (18)           (3,866)
Other                       (227)           (27)           34
(Increase) decrease in Net Debt                       (2,087)           385           (4,620)
Net Debt, beginning of period                       (10,121)           (12,593)           (5,547)
Net Debt, end of period                       $(12,208)           $(12,208)           $(10,167)
(1)           “Net Debt” represents gross debt less cash, short-term investments and fixed income investments, held to maturity. Management believes that Net Debt provides useful information regarding the level of Schlumberger’s indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.
(2)           Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments.
(3)           Includes severance payments of $347 million and $114 million during the nine months and third quarter ended September 30, 2017, respectively; and $700 million during the nine months ended September 30, 2016. The nine months ended September 30, 2016 also includes approximately $100 million of one-off transaction-related payments associated with the acquisition of Cameron.
(4)           “Free cash flow” represents cash flow from operations less capital expenditures, SPM investments and multiclient seismic data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of our ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, and not as substitute for or superior to, cash flow from operations.

Charges & Credits

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this third-quarter 2017 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; EPS, excluding Cameron integration-related charges; Schlumberger net income, excluding charges & credits; and effective tax rate, excluding charges & credits) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures enables it to evaluate more effectively Schlumberger’s operations period over period and to identify operating trends that could otherwise be masked by the excluded items. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of these non-GAAP measures to the comparable GAAP measures.
(Stated in millions, except per share amounts)
                                                           
            Third Quarter 2017
            Pretax           Tax          

Noncont.
Interests
          Net          

Diluted
EPS
Schlumberger net income (GAAP basis)           $677           $121           $11           $545           $0.39
Merger & integration           49           13           -           36           0.03
Schlumberger net income, excluding charges & credits           $726           $134           $11           $581           $0.42
                                                           
            Second Quarter 2017
            Pretax           Tax          

Noncont.
Interests
          Net          

Diluted
EPS *
Schlumberger net loss (GAAP basis)           $17           $98           $(7)           $(74)           $(0.05)
Promissory note fair value adjustment and other (2)           510           -           12           498           0.36
Merger & integration           81           17           -           64           0.05
Schlumberger net income, excluding charges & credits           $608           $115           $5           $488           $0.35
                                                           
            Third Quarter 2016
            Pretax           Tax          

Noncont.
Interests
          Net          

Diluted
EPS *
Schlumberger net income (GAAP basis)           $200           $10           $14           $176           $0.13
Merger and integration:                                                          
Merger-related employee benefits and professional fees           46           10           -           36           0.03
Other merger and integration related costs           42           5           -           37           0.03
Amortization of purchase accounting inventory fair value adjustment (1)           149           45           -           104           0.07
Schlumberger net income, excluding charges & credits           $437           $70           $14           $353           $0.25
(1)           Recorded in Cost of revenue in the Condensed Consolidated Statement of Income (Loss).
(2)           Recorded in Impairments & other in the Condensed Consolidated Statement of Income (Loss).
           


         

* Does not add due to rounding
(Stated in millions, except per share amounts)
                                                           
            Nine Months 2017
            Pretax           Tax          

Noncont.
Interests
          Net          

Diluted
EPS
Schlumberger net income (GAAP basis)           $1,027           $269           $9           $749           $0.54
Promissory note fair value adjustment and other (2)           510           -           12           498           0.36
Merger & integration           213           44           -           169           0.12
Schlumberger net income, excluding charges & credits           $1,750           $313           $21           $1,416           $1.02
                                                           
            Nine Months 2016
            Pretax           Tax          

Noncont.
Interests
          Net          

Diluted
EPS *
Schlumberger net loss (GAAP basis)           $(1,691)           $(259)           $50           $(1,482)           $(1.10)
Impairment & other:                                                          
Fixed asset impairments           1,058           177           -           881           0.65
Workforce reduction           646           63           -           583           0.43
Inventory write-downs           616           49           -           567           0.42
Multiclient seismic data impairment           198           62           -           136           0.10
Other restructuring charges           55           -           -           55           0.04
Merger & integration:                                                          
Merger-related employee benefits and professional fees           138           27           -           111           0.08
Other merger and integration-related costs           134           24           -           110           0.08
Amortization of purchase accounting inventory fair value adjustment (1)           299           90           -           209           0.15
Schlumberger net income, excluding charges & credits           $1,453           $233           $50           $1,170           $0.86
(1)           Recorded in Cost of revenue in the Condensed Consolidated Statement of Income (Loss).
(2)           Recorded in Impairments & other in the Condensed Consolidated Statement of Income (Loss).
           


         

* Does not add due to rounding

Product Groups
(Stated in millions)
            Three Months Ended
            Sept. 30, 2017           Jun. 30, 2017           Sept. 30, 2016
            Revenue          

Income
Before
Taxes
          Revenue          

Income
Before
Taxes
          Revenue          

Income
Before
Taxes
Reservoir Characterization           $1,771           $311           $1,759           $299           $1,667           $329
Drilling           2,120           301           2,107           302           2,021           218
Production           2,876           283           2,496           221           2,104           91
Cameron           1,297           194           1,265           174           1,341           215
Eliminations & other           (159)           (30)           (165)           (46)           (114)           (38)
Pretax operating income                       1,059                       950                       815
Corporate & other                       (234)                       (242)                       (267)
Interest income(1)                       30                       28                       24
Interest expense(1)                       (129)                       (128)                       (135)
Charges & credits                       (49)                       (591)                       (237)
            $7,905           $677           $7,462           $17           $7,019           $200

(Stated in millions)
            Nine Months Ended
            Sept. 30, 2017           Sept. 30, 2016
            Revenue          

Income
Before
Taxes
    Revenue          

Income
Before
Taxes
Reservoir Characterization           $5,148           $891           $4,972           $930
Drilling           6,212           832           6,548           760
Production           7,559           614           6,601           379
Cameron           3,791           530           2,865           465
Eliminations & other           (449)           (101)           (283)           (72)
Pretax operating income                       2,766                       2,462
Corporate & other                       (715)                       (679)
Interest income(1)                       82                       61
Interest expense(1)                       (383)                       (391)
Charges & credits                       (723)                       (3,144)
            $22,261           $1,027           $20,703           $(1,691)
(1)           Excludes interest included in the Product Groups results.
           
            Certain prior period items have been reclassified to conform to the current period presentation.

Supplemental Information

1)
         

What is the capex guidance for the full year 2017?
            Capex (excluding multiclient and SPM investments) is expected to be $2.1 billion for 2017.
           

2)
         

What were the cash flow from operations and free cash flow for the third quarter of 2017?
            Cash flow from operations for the third quarter of 2017 was $1.9 billion and included $114 million of severance payments. Free cash flow for the third quarter of 2017 was $1.1 billion.
           

3)
         

What were the cash flow from operations and free cash flow for the first nine months of 2017?
            Cash flow from operations for the first nine months of 2017 was $3.4 billion and included $347 million of severance payments. Free cash flow for the first nine months of 2017 was $1.2 billion.
           

4)
         

What was included in “Interest and other income” for the third quarter of 2017?
           

“Interest and other income” for the third quarter of 2017 was $64 million. This amount consisted of earnings of equity method investments of $30 million and interest income of $34 million.
           

5)
         

How did interest income and interest expense change during the third quarter of 2017?
            Interest income of $34 million was flat sequentially. Interest expense of $142 million was also flat sequentially.
           

6)
         

What is the difference between pretax operating income and Schlumberger’s consolidated income before taxes?
            The difference principally consists of corporate items (including charges and credits) and interest income and interest expense not allocated to the segments as well as stock-based compensation expense, amortization expense associated with certain intangible assets (including intangible asset amortization expense resulting from the acquisition of Cameron), certain centrally managed initiatives, and other nonoperating items.
           

7)
         

What was the effective tax rate (ETR) for the third quarter of 2017?
            The ETR for the third quarter of 2017, calculated in accordance with GAAP, was 17.9% as compared to 590% for the second quarter of 2017. The ETR for the third quarter of 2017, excluding charges and credits, was 18.4% as compared to 18.9% for the second quarter of 2017.
           

8)
         

How many shares of common stock were outstanding as of September 30, 2017 and how did this change from the end of the previous quarter?
            There were 1.385 billion shares of common stock outstanding as of September 30, 2017. The following table shows the change in the number of shares outstanding from June 30, 2017 to September 30, 2017.
           


   

(Stated in millions)
Shares outstanding at June 30, 2017                 1,385    
Shares sold to optionees, less shares exchanged                 -    
Vesting of restricted stock                 -    
Shares issued under employee stock purchase plan                 2    
Stock repurchase program                 (2     )
Shares outstanding at September 30, 2017                 1,385    
           

9)
         

What was the weighted average number of shares outstanding during the third quarter of 2017 and second quarter of 2017 and how does this reconcile to the average number of shares outstanding, assuming dilution used in the calculation of diluted earnings per share, excluding charges and credits?
            The weighted average number of shares outstanding was 1.385 billion during the third quarter of 2017 and 1.387 billion during the second quarter of 2017.
           
            The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits.
                  (Stated in millions)
                 

Third Quarter
2017
               

Second Quarter
2017
Weighted average shares outstanding                 1,385                 1,387
Assumed exercise of stock options                 1                 1
Unvested restricted stock                 6                 5
Average shares outstanding, assuming dilution                 1,392                 1,393

10)
         

What are Schlumberger Production Management (SPM) projects and how does Schlumberger recognize revenue from these projects?
            SPM projects are focused on developing and co-managing production on behalf of Schlumberger customers under long-term agreements. Schlumberger will invest its own services, products, and in some cases, cash, into the field development activities and operations. Although in certain arrangements Schlumberger recognizes revenue and is paid for a portion of the services or products it provides, generally Schlumberger will not be paid at the time of providing its services or upon delivery of its products. Instead, Schlumberger recognizes revenue and is compensated based upon cash flow generated or on a fee-per-barrel basis. This may include certain arrangements whereby Schlumberger is only compensated based upon incremental production it helps deliver above a mutually agreed baseline.
           

11)
         

How are Schlumberger products and services that are invested in SPM projects accounted for?
            Revenue and the related costs are recorded within the respective Schlumberger Group for services and products that each Group provides to Schlumberger’s SPM projects. This revenue (which is based on arms-length pricing) and the related profit is then eliminated through an intercompany adjustment that is included within the “Eliminations & other” line. (Note that the “Eliminations & other” line includes other items in addition to the SPM eliminations.) The direct cost associated with providing Schlumberger services or products to SPM projects is then capitalized on the balance sheet.
           
            These capitalized investments, which may be in the form of cash as well as the previously mentioned direct costs, are expensed in the income statement as the related production is achieved and associated revenue is recognized. This amortization expense is based on the units of production method, whereby each unit is assigned a pro-rata portion of the unamortized costs based on total estimated production.
           
            SPM revenue along with the amortization of the capitalized investments and other operating costs incurred in the period are reflected within the Production Group.
           

12)
         

What was the unamortized balance of Schlumberger’s investment in SPM projects at September 30, 2017 and how did it change in terms of investment and amortization when compared to June 30, 2017?
            The unamortized balance of Schlumberger’s investments in SPM projects was approximately $2.8 billion and $2.6 billion at September 30, 2017 and June 30, 2017, respectively. These amounts are included within Other Assets in Schlumberger’s Condensed Consolidated Balance Sheet. The change in the unamortized balance of Schlumberger’s investment in SPM projects was as follows:
           


   

(Stated in millions)
Balance at June 30, 2017                 $2,573    
SPM investments                 164    
Other additions                 184    
Amortization of SPM investment                 (117     )
Balance at September 30, 2017                 $2,804    

13)
         

What was the amount of WesternGeco multiclient sales in the third quarter of 2017?
            Multiclient sales, including transfer fees, were $127 million in the third quarter of 2017 and $182 million in the second quarter of 2017.
           

14)
         

What was the WesternGeco backlog at the end of the third quarter of 2017?
            WesternGeco backlog, which is based on signed contracts with customers, was $489 million at the end of the third quarter of 2017. It was $566 million at the end of the second quarter of 2017.
           

15)
         

What were the orders and backlogs for Cameron Group’s OneSubsea and Drilling Systems businesses?
            OneSubsea and Drilling Systems orders and backlogs were as follows:
                  (Stated in millions)
Orders                

Third Quarter
2017
               

Second Quarter
2017
OneSubsea                 $347                 $181
Drilling Systems                 $156    


          $170
                                   
Backlog (at the end of period)                                  
OneSubsea                 $2,328                 $2,371
Drilling Systems                 $523    


          $566

About Schlumberger
Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $27.81 billion in 2016. For more information, visit www.slb.com.

*Mark of Schlumberger or of Schlumberger companies.

†Japan Oil, Gas and Metals National Corporation (JOGMEC), formerly Japan National Oil Corporation (JNOC), and Schlumberger collaborated on a research project to develop logging while drilling (LWD) technology that reduces the need for traditional chemical sources. Designed around the pulsed neutron generator (PNG), EcoScope service uses technology that resulted from this collaboration. The PNG and the comprehensive suite of measurements in a single collar are key components of the EcoScope service that deliver game-changing LWD technology.

Notes

Schlumberger will hold a conference call to discuss the earnings press release and business outlook on Friday, October 20, 2017. The call is scheduled to begin at 8:30 a.m. US Eastern Time. To access the call, which is open to the public, please contact the conference call operator at +1 (800) 288-8967 within North America, or +1 (612) 333-4911 outside North America, approximately 10 minutes prior to the call’s scheduled start time. Ask for the “Schlumberger Earnings Conference Call.” At the conclusion of the conference call an audio replay will be available until November 20, 2017 by dialing +1 (800) 475-6701 within North America, or +1 (320) 365-3844 outside North America, and providing the access code 428578.

The conference call will be webcast simultaneously at www.slb.com/irwebcast on a listen-only basis. A replay of the webcast will also be available at the same web site until November 30, 2017.

This third-quarter 2017 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of its segments (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; oil and natural gas prices; improvements in operating procedures and technology, including our transformation program; capital expenditures by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; the anticipated benefits of the Cameron transaction; the success of Schlumberger’s SPM projects, joint ventures and alliances; future global economic conditions; and future results of operations. These statements are subject to risks and uncertainties, including, but not limited to, global economic conditions; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic, political and business conditions in key regions of the world; foreign currency risk; pricing pressure; weather and seasonal factors; operational modifications, delays or cancellations; production declines; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services and climate-related initiatives; the inability of technology to meet new challenges in exploration; the inability to retain key employees; and other risks and uncertainties detailed in this third-quarter 2017 earnings release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Contacts

Simon Farrant – Schlumberger Limited, Vice President of Investor Relations
Joy V. Domingo – Schlumberger Limited, Manager of Investor Relations
Office +1 (713) 375-3535
investor-relations@slb.com