Home / 2022 / May / 07

Daily Archives: May 7, 2022

PIC announces its nomination of 3rd Ocean as its exclusive global EPCM

HOUSTON, May 06, 2022 (GLOBE NEWSWIRE) — Petróleos Internacionales del Caribe (“PIC”) and its operating division in Mexico Petróleos Internacionales del Caribe Inc., Sucursal Mexico (“PICMEX”) and Third Ocean Vessel And Rig, Inc. (TOVAR) jointly announced today that following PIC’s Final Investment Decision (FID) for its US natural gas and natural gas liquids export projects to Mexico and abroad, using the Compressed Gas Liquids (CGL) technology, TOVAR will commence shipyard and fabrication yard due diligence to nominate the Builder(s) of Compressed Gas Liquids Carriers (CGLCs) by the end of the third to fourth quarter of 2022. This follows the PIC/TOVAR Memorandum of Understanding (“MOU”) that has the parties entering into an exclusive EPCM agreement for all maritime transport and delivery and operation infrastructure needed for CGL™ delivery as part of the ongoing strategic exclusive partnership with SeaOne for PIC’s energy projects in México and throughout the Americas and abroad.’

PIC will utilize its exclusive license for CGL Technology and systems from SeaOne for the CGL gas carriers to transport and deliver the fuel required by PIC’s combined-cycle power projects in various locations throughout México, and throughout PIC’s worldwide projects portfolio. The nomination of the shipbuilder(s) and fabrication yards will follow an extensive selection process by TOVAR in which shipyards worldwide will be invited to tender. Using its exclusive license with SeaOne, PIC intends to have a sizeable fleet of CGL carriers to transport and deliver fuel to its worldwide projects. The shipbuilder(s) and fabricator(s) to be awarded these contracts will enjoy a robust order book for many years.

PIC’s exclusive licensed and patented CGL technology from SeaOne is a revolutionary means of transporting and delivering natural gas and natural gas liquids in one liquid gas cargo at moderate, non-cryogenic temperatures. As CGL is stored at a modest pressure and temperature, the boiloff, venting and environmental issues associated with Liquefied Natural Gas (“LNG”) does not occur in the CGL containment system while in transit or in storage. Thus, the carbon footprint of the entire value chain from solvation through delivery to the customer is minimized compared to other methods of transporting and delivery of natural gas.

As EPCM TOVAR will ensure full integrity of maritime supply chain for the 30-plus years or more of Mexico project life cycles. The natural gas CGL cargoes will be transported and stored within containment systems, which is the subject of more than 15 years of development and is fully approved by the American Bureau of Shipping. The Compressed Gas Liquid Carriers (CGLCs) will be classed by the American Bureau of Shipping and be Marshall Islands flagged.

The CGLCs are designed to meet or exceed the highest international standards for gas carriers and will be among the most technologically advanced ships in the world with a strong emphasis placed on safety and crew comfort. Additionally, during design, particular attention will be made to maximize operating efficiency and minimize emissions of the CGLCs. Each ship will be outfitted to permit a rapid changeover in the type of fuel to be used as technology improvements permit.

“The PIC-TOVAR partnership is a powerful combination to supply fuel for our power plants and our customers in Mexico and throughout the Americas,” said Michael Hood, Chairman and CEO of PIC. “Together, utilizing TOVAR’s industry presence and their formidable track record, PIC will execute industry leading technology solutions to help address the fuel supply and electricity needs of Mexico’s citizens, businesses, and government.” Mr. Hood further added, “TOVAR’s extensive world-wide shipyard experience in the offshore and maritime capital projects success enhances our position as strategic partners. Together we will exceed the single most important part of our future ‘Emissions and Reductions’ of carbon footprints throughout the globe.”

“Our commitment with PIC is to ensure that this pivotal one of a kind CGL technology and strategic positions are fully implemented for the benefit of its end-users, as well as stakeholders whilst ensuring affordable clean fuels for clean power via optimal supply chain mindful of our terrestrial and maritime stewardship,” Third Ocean Vessel And Rig, Inc. President/CEO, Luis Tovar stated. “With the safe delivery of each supply chain component in the CGL export and import facilities including the CGLC marine fleet, will serve as further confirmation of our commitment to our joint success in a formidable achievement of long term sustainability.”

About Petróleos Internacionales del Caribe and Petróleos Internacionales del Caribe Inc., Sucursal México

Petróleos Internacionales del Caribe (“PIC”) is a global company based in the USA and internationally. The company develops and operates a variety strategic energy related operations with its key partnerships globally. PIC is expanding its operational footprint throughout the Americas that will enhance its customer base energy requirements, and fueling needs throughout 2030 and beyond. Petróleos Internacionales del Caribe Inc., Sucursal México (“PICMEX”) is an affiliate of PIC and is headquartered in Mexico. For more information, please visit www.pic-sas.com.

About Third Ocean Vessel And Rig, Inc.

Galveston-based (TOVAR™) Third Ocean Vessel and Rig, Inc is a specialized offshore and marine engineering EPC consultancy focusing on all segments of the offshore oil and gas industry including Mobile Offshore Drilling Units (MODU’s), Mobile Offshore Production Units (MOPU’s) as well as various ship construction projects in FPSO, VLCC, TEU, LNG and Well Intervention marine vessels.

Focused on performance, Third Ocean has a track record of success as a provider of diverse offshore operational services and project management services including operations on jack-ups, semi-submersibles, and drill-ships.  

For media queries:
PIC USA – PIC Mexico | Jay Shahidi | info@pic-sas.com | +1.714.553.7482 |
Third Ocean Vessel And Rig, Inc | Luis Tovar | info@3rdocean.net | +1.409.256.1056 |

Constellation Brands Announces Pricing of Tender Offers for Outstanding Series of Its 3.20% and 4.25% Senior Notes Due 2023

VICTOR, N.Y., May 06, 2022 (GLOBE NEWSWIRE) — Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has priced the previously announced series of cash tender offers (the “Offers”) for any and all of its outstanding 3.20% Senior Notes due 2023 and 4.25% Senior Notes due 2023 (collectively, the “Notes”). The Offers are being made on the terms and subject to the conditions set forth in the Offer to Purchase, dated May 2, 2022 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The Offer to Purchase and the Notice of Guaranteed Delivery are referred to together as the “Offer Documents.”

The Offers will expire today at 5:00 p.m., New York City time, unless extended or earlier terminated by the Company as described in the Offer Documents (such time and date, as they may be extended, the “Expiration Time”). Holders who validly tender (and do not validly withdraw) their Notes, or who deliver a properly completed and duly executed Notice of Guaranteed Delivery in accordance with the instructions in the Offer to Purchase, will be eligible to receive the applicable Tender Offer Consideration described below and in the Offer Documents.

Certain information regarding the Notes and the pricing for the Offers is set forth in the table below.

Title of Note CUSIP
Number
Principal
Amount
Outstanding
U.S. Treasury
Reference
Security
Bloomberg
Reference
Page
Reference
Yield
Fixed
Spread
Tender Offer
Consideration(1)(2)
3.20% Senior Notes due 2023 21036PAX6 $600,000,000 1.500% UST due January 15, 2023 FIT3 1.770% 12.5 bps $1,008.81
4.25% Senior Notes due 2023 21036PAL2 $1,050,000,000 1.625% UST due
April 30, 2023
FIT4 2.145% 50.0 bps $1,015.39

(1)   Per $1,000 principal amount of Notes.
(2)   The applicable Tender Offer Consideration is calculated on the basis of pricing for the U.S. Treasury Reference Security as of 11:00 a.m, New York City time, on May 6, 2022.

In addition, holders whose Notes are validly tendered pursuant to the applicable Offer (and not validly withdrawn) prior to the Expiration Time will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for all Notes tendered pursuant to such Offer (and not validly withdrawn) prior to the Expiration Time, including Notes tendered by Notice of Guaranteed Delivery. The Company expects the Settlement Date to occur on May 9, 2022. Notes tendered by Notice of Guaranteed Delivery (and not validly withdrawn) prior to the Expiration Time and accepted for purchase will be purchased on the first business day after the Expiration Time, which is expected to be May 9, 2022, assuming the Expiration Time is not extended, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.

The Company’s obligation to accept for purchase and to pay for Notes validly tendered pursuant to the Offers (and not validly withdrawn) prior to the Expiration Time is subject to the satisfaction or waiver, in the Company’s discretion, of certain conditions, which are more fully described in the Offer to Purchase, including, among others, the completion of the Company’s previously announced offering of its new senior notes, which is expected to occur on the Settlement Date. The complete terms and conditions of the Offers are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully before making any decision with respect to the Offers.

The applicable “Tender Offer Consideration” listed in the table above for each $1,000 principal amount of Notes validly tendered pursuant to the applicable Offer (and not validly withdrawn) prior to the Expiration Time and accepted for purchase pursuant to such Offer was determined in the manner described in the Offer Documents by reference to the fixed spread for the applicable Notes specified in the table above plus the yield based on the applicable bid-side price of the U.S. Treasury Reference Security specified in the table above at 11:00 a.m., New York City time, on May 6, 2022.

The Company has retained D.F. King & Co., Inc. (“D.F. King”) as the tender agent and information agent for the Offers and BofA Securities as dealer manager for the Offers.

Holders who would like additional copies of the Offer Documents may call or email the information agent, D.F. King, at (212) 269-5550 (collect) or (800) 591-8263 (toll-free) or stz@dfking.com. Copies of the Offer to Purchase and the Notice of Guaranteed Delivery are also available at the following website: www.dfking.com/stz. Questions regarding the terms of the Offers should be directed to BofA Securities at (888) 292-0070 (toll free) or (980) 387-3907 (collect).

None of the Company, its board of directors, BofA Securities, D.F. King, or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether holders of the Notes should tender their Notes pursuant to the Offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amounts of Notes to tender.

This press release is for informational purposes only and shall not constitute an offer to buy or a solicitation of an offer to sell any securities. This press release does not describe all the material terms of the Offers, and no decision should be made by any holder on the basis of this press release. The Offers are being made solely pursuant to the Offer Documents, and this press release must be read in conjunction with the Offer Documents. The Offer Documents contain important information that should be read carefully before any decision is made with respect to the Offers. The Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Company by BofA Securities or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. If any holder is in any doubt as to the contents of this press release, or the Offer Documents, or the action it should take, it is recommended to seek its own financial and legal advice, including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant, or other independent financial, tax, or legal adviser.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements which are not historical facts and relate to future plans, events, or performance are forward-looking statements that are based upon management’s current expectations and are subject to risks and uncertainties. The forward-looking statements are based on management’s current expectations and should not be construed in any manner as a guarantee that such events or results will in fact occur. All forward-looking statements speak only as of the date of this press release and Constellation Brands undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding risk factors with respect to the company and the new senior notes offering are included in the company’s filings with the SEC, including the prospectus and prospectus supplement for the senior notes offering.

ABOUT CONSTELLATION BRANDS
Constellation Brands is an international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Constellation’s brand portfolio includes Corona Extra, Modelo Especial, the Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner Wine Company, and High West Whiskey.

MEDIA CONTACTS INVESTOR RELATIONS CONTACTS
Mike McGrew 773-251-4934 / michael.mcgrew@cbrands.com
Amy Martin 585-678-7141 / amy.martin@cbrands.com
Patty Yahn-Urlaub 585-678-7483 / patty.yahn-urlaub@cbrands.com

A downloadable PDF copy of this news release can be found here. http://ml.globenewswire.com/Resource/Download/a4c9c8fc-af58-49cc-9f5f-bbb350b0967b

Over 25 pct of children in Malaysia fully vaccinated against COVID-19

KUALA LUMPUR, May 7 (Bernama) — A total of 894,826 or 25.2 per cent of children aged five to 11 in Malaysia have been fully vaccinated under the National COVID-19 Immunisation Programme for Children (PICKids) as of yesterday.

According to the COVIDNOW website, 1,542,513 children or 43.4 per cent of the group have received at least one dose of the vaccine.

For teenagers aged 12 to 17 years, 2,896,056 or 93.1 per cent have completed their vaccination while 2,993,641 or 96.2 per cent have received at least one dose of the vaccine.

Among the adult population, 16,040,212 or 68.2 per cent have received the booster dose while 22,967,814 or 97.6 per cent have completed the second dose and 23,243,830 or 98.8 per cent have received at least one dose of the COVID-19 vaccine.

A total of 19,105 vaccine doses were administered yesterday, 4,382 as the first dose, 13,214 the second dose and 1,509 as the booster dose, bringing the cumulative total of vaccine doses dispensed under the National COVID-19 Immunisation Programme (PICK) to 70,365,518.

Meanwhile, according to the Health Ministry’s GitHub portal, seven COVID-19 deaths were recorded yesterday with three cases reported in Selangor, Kedah (two) and one case each in Perak and Penang.

Source: BERNAMA News Agency

Wak is keeping the art of making Kuda Kepang alive

MUAR, May 7 (Bernama) – Traditional dance, Kuda Kepang, may be banned in Johor due to a fatwa issued in 2009, but Shuhadak Dolah a.k.a. Wak is determined to keep the art of making the prop for the dance, alive.

The dance, which can be traced back hundreds of years and is shrouded in mysticism, was brought to Malaysia by people from Ponogoro in East Java and is usually found where there are Javanese communities.

The older generation would like to keep it alive, even if it’s just its horse-shaped prop made from cowhide, woven bamboo or plywood.

Wak, 62, a Kuda Kepang enthusiast for over 40 years, is one of them and readily shares his knowledge on it with others.

He said the materials for making the prop depend on its usage, but the most suitable are cowhide and bamboo.

“For energetic performances, cowhide is best because it is more durable. The only downside is it has to be cleaned and sunned after use to prevent damage.

“For normal performances, a woven bamboo kuda kepang will do. It can be used for decoration, too.

“Plywood has been used as well, but rarely, because it is heavy and dangerous. People who weren’t skilled in weaving bamboo used plywood,” said Wak during a short kuda kepang-making course he held in Kampung Sungai Pulai, Parit Jawa recently.

He said he takes at least six days to finish a kuda kepang made of woven bamboo because it needs a lot of focus and patience.

There are three types of weave and according to Wak the most complicated is the square-patterned basketweave (kelarai) which is used in decorative kuda kepang, while the double herringbone (langkah dua) and triple herringbone (langkah tiga) are for dancing.

“The most commonly used, however, is the double herringbone, but it needs patience otherwise the bamboo strips will break. The triple herringbone is nice-looking and compact, too,” said Wak.

But you must concentrate, he stressed, “because if you make a mistake in one row and it’s not corrected, the rest will be wrong.”

The other things that are needed for making kuda kepang are a rattan frame, string to hold it together, paint to decorate and feather palm (pokok kabung) leaves for the mane.

If you’re interested in getting a kuda kepang, Wak sells them for RM40-RM250 based on the size and materials used.

Source: BERNAMA News Agency

UUM researchers join forces to identify causes of school dropouts

ALOR SETAR, May 7 (Bernama) — A group of researchers from Universiti Utara Malaysia (UUM) mobilised ideas and energy through the ‘Komitmen Kedah Mendidik Pelajar Sukses (KOMPaS) programme, to identify the causes of student dropouts, especially among students at risk of dropping out.

The multi-discipline programme is being conducted by 17 researchers from the School of Education; School of Multimedia Technology and Communication; and School of Computing, and is led by Professor Dr Rosna Awang Hashim.

According to Rosna, the programme, which received strong support from the Kedah government and Yayasan Sime Darby, is aimed at identifying the early symptoms of pupils dropping out, and making recommendations to stakeholders for strategic intervention, using Artificial Intelligence (AI), to address the issue.

“The programme, which commenced in June last year, will run for three years. The research team had already visited the schools involved in three districts in this state and interviewed the parties involved, who have a direct influence on a student’s attendance at school.

“They include the school’s administration, class teachers, counsellors, parents, the local community, friends and pupils, in efforts to understand and address the issue,” she said to Bernama recently.

She said the focus of the research was on secondary school students, particularly those in Forms Three and Four, who are at risk of leaving school prematurely.

Rosna, who is also the Academy of Professors Malaysia’s Education and Human Development Cluster chairperson, said in just a few months the programme managed to compile some preliminary findings, which were seen as contributing factors in students dropping out of school.

She said the causes included internal factors involving the students themselves, and external factors encompassing academic and emotional support from parents or family, teachers, the school and their peers.

“The student’s internal factors involve their own attitude, behaviour and interest in going to school, or whether he or she is overly interested in just having fun or playing with gadgets, or they are more interested in working part-time during the pandemic resulting in losing interest in education.

“External factors such as family background, especially from the B40 group where working parents are too focused on their work until they do not have time to monitor their children, causing them to be demotivated about going to school,” she said.

Apart from that, Rosna said they also discovered that some students would do part-time jobs during the pandemic, such as helping parents at night markets or working in the paddy fields, which eventually affected their schooling.

“They would grab every opportunity to earn money. However, unfortunately, the money earned is spent on other things like buying a smartphone or playing video games until morning. Gaming is the new 21st-century addiction,” she lamented.

Rosna said based on the initial findings, the concern of parents and guardians, teacher support and intervention from community representatives were seen as very important to help a student who is at risk of dropping out to continue schooling, or at least be able to continue studies in the areas of technical and vocational skills.

Source: BERNAMA News Agency

Kedah UMNO leader Hashim Jahaya dies

ALOR SETAR, May 7 (Bernama) — Kedah UMNO Liaison secretary Datuk Hashim Jahaya died at his residence in Taman Suria near Pantai Johor here at 2.30 am today.

Kuala Kedah UMNO division deputy chief Datuk Abdul Muthalib Harun said he was informed of the passing of the 60-year-old Hashim when he was on his way to visit the latter.

“I was on my way to visit him (Hashim) at 3 am but was informed by one of his children that he had died in his sleep. He has kidney problems and was undergoing dialysis treatment.

“The late Datuk Hashim has been undergoing treatment since last year but his health was deteriorating lately. The last time I met him was during the breaking of a fast event on April 23 and at that time he was still healthy and delivered a speech,” he said when contacted by Bernama today.

He said that Hashim, who was a former Kuala Kedah Member of Parliament in 2004, also held the position of Kuala Kedah UMNO division chief.

“As the leader, the late Datuk Hashim was focused on the work of the party even though he was busy as a lawyer. His work ethic must be emulated and implemented firmly. We are in the midst of making thorough preparations for the next general election (GE15).

“It is really sad to lose him but we accept it as fate. We will continue his legacy and will try to fulfil his wishes to see UMNO wrests back the Kuala Kedah parliamentary seat,” he said.

Source: BERNAMA News Agency

AG says Mahathir informed of terms of settlement over Mohamed Apandi’s lawsuit

KUALA LUMPUR, May 7 (Bernama) — Attorney-General Tan Sri Idrus Harun today said that he had already informed Tun Dr Mahathir Mohamad of the terms of settlement pertaining to a lawsuit filed by Tan Sri Mohamed Apandi Ali against the former prime minister and the Malaysian government.

He said following the settlement, Mohamed Apandi withdrew his suit on the termination of his contract as the Attorney-General.

Idrus further said the court then struck out the plaintiff’s claim with no liberty to file afresh.

“I can only confirm that Tun (Dr Mahathir) wrote recently seeking infomation on the terms of settlement. I had already replied to inform him of the terms of settlement,” he told Bernama via WhatsApp when asked to comment on the matter.

Yesterday, Dr Mahathir, in his Facebook post, expressed surprise and disagreement with the way the suit was settled out of court, claiming that he was not told of the terms of settlement despite being the main wtiness in the case.

“I have written to the Attorney-General (Tan Sri Idrus Harun). I feel that the government should not have given in as the termination of Mohamed Apandi’s service was done according to procedures and with the power vested in the government.

“When I gave a statement to the Attorney-General’s Chambers in preparation for Mohamed Apandi’s suit against me, I was told that the process of terminating the service was proper and in accordance with procedures and the Rule of Law,” he added.

The Langkawi Member of Parliament also questioned the need to pay compensation if Mohamed Apandi’s service had been terminated in accordance with the law.

The former prime minister asked why the terms of settlement were kept confidential, saying that the people had the right to know especially since it involved compensation.

Dr Mahathir stressed that he did not admit any wrongdoing and was prepared to face Mohamed Apandi in court.

On April 13, the High Court here struck out the suit after the government agreed to settle the case without any admission of liability, and the terms of settlement could not be disclosed publicly.

The court had earlier fixed April 18, 20, 21 and 22 this year for hearing the suit.

Source: BERNAMA News Agency