July 8, 2019 | Local, Aerospace
Airbus Press Release
The first Airbus C295, purchased by the Government of Canada for the Royal Canadian Air Force (RCAF) fixed-wing search and rescue (FWSAR) aircraft replacement program, has completed its maiden flight, marking a key milestone towards delivery by the end of 2019 to begin operational testing by the RCAF. The aircraft, designated CC-295 for the Canadian customer, took off from Seville, Spain, on July 4 at 8:20 p.m. local time and landed back on site one hour and 27 minutes later.
“On these types of flights, pilots and flight engineers test the aircraft's flight controls, hydraulics and electrical systems,” an Airbus spokesperson told Skies. “All systems performed effectively, as expected.”
The contract, awarded in December 2016, includes 16 CC-295 aircraft and all in-service support elements including, training and engineering services, the construction of a new training centre in Comox, B.C., and maintenance and support services.
The aircraft will be based where search and rescue squadrons are currently located: Comox, B.C.; Winnipeg, Man.; Trenton, Ont.; and Greenwood, N.S.
Considerable progress has been made since the FWSAR program was announced two-and-a-half years ago: the first aircraft will now begin flight testing; another five aircraft are in various stages of assembly; and seven simulator and training devices are in various testing stages.
In addition, the first RCAF crews will begin training in late summer 2019 at Airbus's International Training Centre in Seville.
The FWSAR program is supporting some $2.5 billion in Industrial and Technological Benefits (ITB) to Canada through high-value, long-term partnerships with Canadian industry.
As of January 2019, 86 per cent of key Canadian In-Service Support (ISS) tasks have been performed in-country by Canadian companies in relation to establishing the FWSAR ISS system. Airbus is thus on track in providing high value work to Canadian industry and has demonstrated a successful start to the development and transfer of capability to Canadian enterprises for the support of the FWSAR aircraft.
Beyond direct program participation, Airbus is generating indirect business across Canadian military, aeronautical and space industry including small and medium businesses in support of the ITB program.
https://www.skiesmag.com/press-releases/first-royal-canadian-air-force-c295-makes-maiden-flight/
June 16, 2024 | Local, Naval
Today, His Majesty’s Canadian Ship (HMCS) Charlottetown departed Halifax, Nova Scotia, to join and assume flagship duties of Standing NATO Maritime Group 2 (SNMG2) as part of Operation REASSURANCE in the Mediterranean Sea
January 16, 2019 | Local, Naval
HONG KONG, Jan. 15, 2019 /CNW/ - Seaspan Corporation (NYSE: SSW) ("Seaspan") announced today the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax Financial Holdings Limited and its affiliates (collectively, "Fairfax") in Seaspan. As with Fairfax's initial $500 million investment in Seaspan, and pursuant to definitive agreements entered into on March 13, 2018 and announced on March 14, 2018, this second tranche of funding (the "Second Fairfax Investment") is structured as a $250 million issuance of (i) 5.50% senior notes due 2026 and (ii) approximately 38.46 million warrants (the "2019 Warrants"). Pursuant to a definitive agreement entered into and announced on May 31, 2018, Fairfax has agreed to immediately exercise the 2019 Warrants at an exercise price of $6.50per warrant, for additional equity proceeds to Seaspan of $250 million. As a result, Seaspan's aggregate proceeds from the Second Fairfax Investment will be $500 million. This brings Fairfax's total investment in Seaspan to $1 billion, the proceeds of which will be used to fund future growth initiatives, repay debt and for general corporate purposes. With the closing of the Second Fairfax Investment, Fairfax's aggregate shareholdings in Seaspan are 76.9 million Class A common shares or approximately 36% of shares outstanding. Fairfax continues to hold the 25 million seven year warrants, with an exercise price of $8.05, which were issued to it on July 16, 2018. Summary of Fairfax Investments1 Investment Date Issued/Exercised Proceeds to Seaspan 2025 Notes February 14, 2018 $250 million 2018 Warrants July 16, 2018 $250 million 2026 Notes January 15, 2019 $250 million 2019 Warrants January 15, 2019 $250 million 1 Does not include the 25 million seven year warrants outstanding as of the date hereof David Sokol, Chairman of Seaspan Corporation commented, "The closing of this follow-on Fairfax investment bolsters Seaspan's balance sheet for the future. Seaspan's management team and Board of Directors are proud to continue building upon the strong partnership created with Fairfax. This additional investment will enhance Seaspan's ability to execute on our long-term goals of deleveraging, strengthening our balance sheet, and creating value through disciplined and thoughtful capital allocation." Prem Watsa, Chairman and Chief Executive Officer of Fairfax said, "With the closing of this investment, we are excited to expand our partnership with Seaspan, which now represents one of Fairfax's largest investments." About Seaspan Seaspan is a leading independent charter owner and operator of containerships with industry leading ship management services. We charter our vessels primarily pursuant to long-term, fixed-rate, time charters to the world's largest container shipping liners. Seaspan's operating fleet consists of 112 containerships with a total capacity of more than 900,000 TEU, an average age of approximately 6 years and an average remaining lease period of approximately 4 years, on a TEU-weighted basis. Seaspan has the following securities listed on The New York Stock Exchange: Symbol: Description: SSW Class A common shares SSW PR D Series D preferred shares SSW PR E Series E preferred shares SSW PR G Series G preferred shares SSW PR H Series H preferred shares SSW PR I Series I preferred shares SSWN 6.375% senior unsecured notes due 2019 SSWA 7.125% senior unsecured notes due 2027 SSW25 5.500% senior notes due 2025 About Fairfax Financial Holdings Limited Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Investor Inquiries: Mr. Matt Borys Investor Relations Seaspan Corporation Tel. +1-778-328-5340 Email: mborys@seaspanltd.ca SOURCE Seaspan Corporation https://www.newswire.ca/news-releases/seaspan-announces-closing-of-second-500-million-investment-by-fairfax-financial-holdings-limited-848167000.html
January 20, 2022 | Local, Aerospace, Naval, Land, C4ISR, Security