Fintech PR
Paratus Energy Services Ltd. Announces Full Retirement of SeaMex Notes
HAMILTON, Bermuda, July 18, 2023 /PRNewswire/ — Paratus Energy Services Ltd. (“Paratus” or “Company”) is pleased to announce that SeaMex Holdings Ltd. (“SeaMex”), a wholly owned subsidiary of Paratus, has fully prepaid the notes outstanding under its Notes Purchase and Private Shelf Agreement dated August 31, 2021 (“SeaMex Notes”), marking a significant milestone since the Company’s emergence from chapter 11 in January 2022.
The achievement positions SeaMex free of any third-party debt obligations and encumbrances and highlights the Company’s commitment to maintaining a strong balance sheet and focus on deleveraging. This success follows the full early retirement of the Bank Facilities1 of Seabras Sapura Holding GmbH and related subsidiaries (collectively “Seabras”) in December 2022.
By retiring its debt over a year ahead of its maturity, SeaMex reinforces its financial strength, allowing for increased flexibility and a reduced cost of capital. SeaMex has collected over $600 million from its key customer since January 2022, and expects to continue to deliver strong free cash flows going forward. With the SeaMex Notes fully repaid, the company will also have increased flexibility to distribute cash to Paratus.
About SeaMex:
SeaMex, a wholly owned subsidiary of Paratus, is an offshore driller that owns a fleet of five high-specification jack-up rigs: Defender, Courageous, Intrepid, Oberon, and Titania. All SeaMex jack-up rigs are currently operating under contract in Mexico. As of March 31, 2023, SeaMex had a backlog position of approximately $500 million. Seadrill Management Ltd. currently performs substantially all of SeaMex’s management and administrative functions pursuant to a management services agreement; however, SeaMex is in the process of transitioning management and administrative functions in-house and announced the hiring of Raphael Siri as CEO in 2Q 2023 to lead these efforts. Seadrill’s management activities are expected to largely be phased out in 3Q 2023.
Forward-Looking Statements
This release includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Transaction. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and its subsidiaries and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the timing for and ultimate completion of the Transaction, management’s reliance on third party professional advisors and operational partners and providers, the Company’s ability (or inability) to control the operations and governance of certain joint ventures and investment vehicles, oil and energy services and solutions market conditions, subsea services market conditions, and offshore drilling market conditions, the cost and timing of capital projects, the performance of operating assets, delay in payment or disputes with customers, the ability to successfully employ operating assets, procure or have access to financing, ability to comply with loan covenants, liquidity and adequacy of cash flow from operations of its subsidiaries and investments, fluctuations in the international price of oil or alternative energy sources, international financial, commodity or currency market conditions, including, in each case, the impact of COVID-19 and related economic conditions, changes in governmental regulations, including in connection with COVID-19, increased competition in any of the industries in which the Company or any of its subsidiaries operates, the impact of global economic conditions and global health threats, including in connection with COVID-19, the Company’s ability to maintain relationships with suppliers, customers, joint venture partners, professional advisors, operational partners and providers, employees and other third parties and the Company’s ability to maintain adequate financing to support the Company’s business plans, factors related to the offshore drilling, subsea services, and oil and energy services and solutions markets, the impact of global economic conditions, the Company’s liquidity and the adequacy of cash flows to meet obligations, including the ability of the Company’s subsidiaries and investment vehicles to pay dividends, political and other uncertainties, the concentration of the Company’s revenues in certain geographical jurisdictions, limitations on insurance coverage, the Company’s ability (or inability) to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, the Company’s expected financing of such capital expenditures, and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters, customs and environmental matters, the potential impacts on the Company’s business resulting from climate-change or greenhouse gas legislation or regulations, the impact on the Company’s business from climate-change related physical changes or changes in weather patterns, and the occurrence of cybersecurity incidents, attacks or other breaches to the Company’s information technology systems, including its rig operating systems. Consequently, no forward-looking statement can be guaranteed.
Neither the Company nor any of its subsidiaries undertakes any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
1 Bank Facilities refer to two loan agreements – one relating to Diamante and Topazio (totaling approximately $537 million at issuance) and another relating to Onix, Jade and Rubi (totaling approximately $769 million at issuance). Following the Bank Facilities repayment, the only outstanding third-party debt obligation is the Esmeralda vessel financing from the Brazilian Merchant Marine Fund, which has a maturity of 2032 and is collateralized by the Esmeralda vessel (“Esmeralda Facility”). The company intends to keep the Esmeralda Facility in place as it represents a highly attractive long-term source of funding, backed by the Brazilian Ministry of Transportation.
CONTACT:
View original content:https://www.prnewswire.co.uk/news-releases/paratus-energy-services-ltd-announces-full-retirement-of-seamex-notes-301879924.html
- Piloted by 60 enterprise businesses including: Patagonia, On, Indeed, NordSecurity and Fubo
- AI helps businesses increase payment conversion rates by up to 6% compared to legacy implementations
NEW YORK, Jan. 9, 2025 /PRNewswire/ — Adyen, the global financial technology platform of choice for leading businesses, announces the launch of Adyen Uplift. The AI-powered payment optimization suite will help businesses increase payment conversion, simplify fraud management, and reduce the cost of payments. Adyen’s customers can utilize data-driven, tailored performance recommendations and opportunities to test different payment configurations to maximize performance.
Saving businesses from trading off between conversion, risk, and cost
The complexity of payment management still holds businesses back from reaching their ambitions. They constantly need to compromise between conversion, fraud, and cost. Thanks to Adyen Uplift, businesses can optimize the full payments funnel with AI. AI-powered payment optimizations bundled in a single product suite are trained on Adyen’s global transaction dataset. Rather than navigating the complexity of payments in operational silos, the AI-first approach uses risk-based intelligence and automated conversion optimization to help businesses get more out of payments. The pilot has shown a significant effect on profits, with businesses seeing an overall uplift of up to 6% on their payment conversion rate.
“Balancing risk management, driving conversion, and minimizing cost has always required ineffective compromises – until now” said Carlo Bruno, VP of Product at Adyen. “Adyen Uplift changes the game by unleashing the depth and power of AI to solve for real-time payment optimization. This will transform cost savings and performance, redefining business efficiency in 2025 and beyond.”
$1 trillion+ payments data
Businesses and other providers rely on limited datasets, impacting their ability to recognize shoppers and payment behavior. With Adyen Uplift, companies benefit from AI trained on over a trillion dollars worth of global payments data from Adyen’s single platform.
“We’ve increased our conversion rate by up to 2% with Adyen’s AI, making a real difference to both our performance and cost efficiency, while keeping fraud under control,” commented Luca Spichtig, Head of Digital Operations & Projects at On.
Adyen has processed payments for over one billion consumers globally, giving its AI solutions a strong basis to differentiate good shoppers from fraudsters. When an Adyen customer encounters a new shopper, there is a high likelihood that Adyen has seen the shopper elsewhere on the platform. For a retail merchant on the Adyen platform, there is more than a 90% chance that Adyen has seen that shopper before. When a good shopper is identified, AI optimizations allow them to speed through checkout whilst shoppers and retailers also benefit from precise payment fraud mitigation.
“We’ve increased our conversion rate on customer initiated transactions by 10% by leveraging Adyen’s AI technology, which optimizes the entire payment funnel while maintaining control over fraud and costs,” commented Kes Saulis, Head of Payments at Nord Security.
The AI-first approach to fighting fraud
Today, the fraud control process is highly complex, requiring businesses to implement extensive manual rules to combat ever-evolving fraud techniques. With Adyen Uplift, businesses can automate fraud control by removing the operational burden from fraud management teams. The solution automates and refines risk management without relying on manual rules. This enables businesses to lower fraud levels and reduce false positives, depending on their risk appetite.
Businesses piloting the risk product have seen the impact firsthand. Adyen’s pilot enterprise customers have reduced their manual risk rules by 86% on average, and 35% of customers have completely eliminated manual rules saving valuable time and resources.
Adyen’s customer Indeed, a leading job matching and hiring platform, was able to run AI-based optimization experiments that are tailored to the unique characteristics of its business. This translated into a reduction in operational workload by automating processes to drive efficiency.
Reduce payment processing costs by up to 5%
Today, businesses are more focused than ever on their bottom line, yet many still view payments as a commodity rather than a powerful cost-saving strategy.
Adyen Uplift has reduced payment cost by up to 5% for pilot customers in the U.S. Adyen’s AI selects the best routes with the best rates for transactions to help minimize total cost of payment. Pilot customers also experienced cost savings through Adyen’s optimizations, which tailored the shopper-facing checkout flow to their needs.
To learn more about Adyen Uplift, click here.
About Adyen
Adyen (ADYEN:AMS) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. New products and features are announced via press releases and product updates on the company’s website.
Logo – https://mma.prnewswire.com/media/1490851/Logo__Adyen_green_RGB_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/introducing-adyen-uplift-the-payment-solution-optimizing-every-transaction-with-ai-302347156.html
New logo reflects ability to power mission-critical decisions with confidence
LONDON, Jan. 9, 2025 /PRNewswire/ — Crisil Limited, a provider of ratings, data, research, analytics and solutions, today unveils its new brand logo.
The new brand identity, ‘Crisil’ (earlier written as CRISIL), reinforces the company’s position as a global, insights-driven analytics firm, building on a distinguished legacy of close to four decades.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Says Amish Mehta, Managing Director & CEO, Crisil, “Our reimagined brand expresses a more progressive vision of our future. It celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients. Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence. The new brand identity guides us in shaping how we present ourselves to the world, influencing every interaction internally and externally to help us deliver exceptional client value.”
The strategic brand transformation positions Crisil’s businesses — Crisil Ratings, Crisil Intelligence (formerly MI&A), Crisil Coalition Greenwich, and Crisil Integral IQ (formerly GR&RS) — under a cohesive identity that offers a consistent and more connected experience for clients around the world.
Crisil Ratings: Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.
Crisil Intelligence: Offers insights, consulting, technology-driven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.
Crisil Coalition Greenwich: Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.
Crisil Integral IQ: Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.
The main logo in bold black is simple yet strong, symbolising excellence and the certainty that we deliver. Complementing this, our business logos now feature a distinct teal colour that conveys the confidence and trust rooted in rigour and domain expertise.
About Crisil Limited
Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.
Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.
Headquartered in India, Crisil is majority owned by S&P Global.
Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.
Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.
For more information, visit www.Crisil.com
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK
Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
Logo: https://mma.prnewswire.com/media/2594759/Crisil_Limited_New_Logo.jpg
Photo 1: https://mma.prnewswire.com/media/2594763/Crisil_Ratings_Logo.jpg
Photo 2: https://mma.prnewswire.com/media/2594762/Crisil_Intelligence_Logo.jpg
Photo 3: https://mma.prnewswire.com/media/2594760/Crisil_Coalition_Greenwich_Logo.jpg
Photo 4: https://mma.prnewswire.com/media/2594761/Crisil_Integral_IQ_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/crisil-unveils-a-new-brand-identity-302347103.html
DUBAI, UAE, Jan. 9, 2025 /PRNewswire/ — MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs) has signed a US$1 billion agreement with DAMAC Group, a prominent investment conglomerate, renowned for its diversified portfolio that spans across key sectors such as real estate development, hospitality, data centres, and more, to tokenize assets in the Middle East.
The collaboration between MANTRA and the DAMAC Group will enable token-based financing for a diverse range of assets within the group’s extensive portfolio of companies, with a minimum value of US$1 billion.
The DAMAC Group assets will be available in early 2025, exclusively on MANTRA Chain, marking a bold step in leveraging blockchain technology to bring greater transparency, security, and accessibility to DAMAC Group’s wide-ranging assets. This milestone partnership is yet another step in MANTRA’s vision to become the preferred ledger of record for real-world assets.
“This partnership with DAMAC Group is an endorsement for the RWA industry. We’re thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities onchain,” said John Patrick Mullin, CEO of MANTRA.
Amira Sajwani, Managing Director of Sales & Development at DAMAC, said, “DAMAC is always exploring new technologies to enhance our product offerings. Partnering with MANTRA is a natural extension of our commitment to innovation and forward-thinking solutions. Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities.”
The MANTRA and DAMAC Group partnership follows the recent announcement of MANTRA Chain’s Mainnet launch, which went live in October, representing a significant milestone in the integration of traditional finance with blockchain technology.
About MANTRA:
MANTRA is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.
Website | Twitter | LinkedIn | Discord
About DAMAC Group:
The DAMAC Group is the multi-billion-dollar business conglomerate of UAE based Hussain Sajwani. The Group’s investments are divided into seven core areas; real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.
Some of the Group’s most notable activities include DAMAC Properties, one of the region’s largest property developers, the acquisition of the Italian fashion house, Roberto Cavalli and luxury Swiss jewellery brand de GRISOGONO, the 50-storey development DAMAC Towers Nine Elms in London and a luxury resort in the Maldives.
In a bid to disrupt the global data centre landscape, the Group recently announced plans to build data centres through its digital infrastructure company, EDGNEX Data Centers by DAMAC, across different global locations.
Today, the Group’s global footprint extends across North America, Europe, Asia, Middle East and Africa. With its vision firmly set on growth and expansion, the Group continues in its quest for diversification and business excellence.
Visit us at www.damacgroup.com
View original content:https://www.prnewswire.co.uk/news-releases/mantra-and-damac-group-revolutionize-tokenized-real-world-assets-with-us1-billion-deal-302346789.html
-
Fintech PR6 days agoBybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
-
Fintech PR6 days agoArtificial Intelligence (AI) in Trading Market to Reach USD 35 Billion by 2030, Growing at a 10% CAGR | Valuates Reports
-
Fintech PR7 days agoDataLend: 2024 Securities Lending Revenue Down 10% YoY to $9.64 Billion
-
Fintech PR6 days agoYear-opening Triumph: Arctech Lands a 1.5GW Solar Project Order in the UAE
-
Fintech2 days agoAsian Financial Forum held next week as the region’s first major international financial assembly of 2025
-
Fintech PR2 days agoOWIT Global Provides Alternative Delivery Models that Adapt to the Continuously Evolving Data Security Demands of the Industry
-
Fintech PR3 days agoHyundai Motor Group Executive Chair Euisun Chung Outlines 2025 Vision Driven by Commitment to Innovation, Overcoming Challenges, and Creating Opportunities in New Year’s Message
-
Fintech PR3 days agoZoomlion Accelerates Global Expansion with Localized Innovations in Saudi Arabia