Naval supply ship budget increase of almost $1 billion blamed on problems encountered building vessels, extra labour costs

On the same subject

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  October 10, 2017 | Local, Aerospace, Naval, Land, C4ISR, Security

  THALES SELECTS CANADA AS NEW GLOBAL HUB TO BOOST ARTIFICIAL INTELLIGENCE EXPERTISE

  oday, Thales announced the creation of the Centre of Research and Technology in Artificial Intelligence eXpertise (cortAIx). Led by Thales, cortAIx, in collaboration with the MILA (Artificial Intelligence Institute of Quebec), the IVADO (Institute of Data Valorization) and the Vector Institute of Toronto, will be located in Montreal, one of the world's leading Artificial Intelligence (AI) ecosystems. This investment supports Thales' global strategy of technology leadership. Key Points The creation of cortAIx is another building block of our digital strategy, one of the key initiatives for company-wide growth Investment of 50 new world class experts in AI who will work together to strengthen the use of artificial intelligence in Thales products With the support of our partners, we will empower our customers with better decision making capabilities This new centre supports the creation of approximately 50 new world class jobs of AI researchers and developers. Their mission will be to advance the safe and ethical applications of artificial intelligence across Thales' vast product portfolio. cortAIx will focus on creating solutions to help airlines, satellite operators, air traffic controllers, mainline and light rail operators, armed forces and critical infrastructure managers, make the best decisions in decisive moments – from the bottom of oceans to the depths of space and cyberspace. cortAIx supports Thales' goal of being a world leader in AI while delivering future economic benefits to Canada. Leveraging the combined expertise of MILA, IVADO and the rich ecosystem of AI universities and laboratories, make Montreal and Canada the perfect place to develop cortAIx. With Thales' leadership and the support of our partners, we will leverage Montreal's unique ecosystem of world class talent and creativity to advance the applications of ethical artificial intelligence world-wide. Patrice Caine, Chairman and Chief Executive Officer, Thales The biggest challenge faced by AI experts today is to perfect the understanding of the mechanisms behind AI developments, while simultaneously evaluating human behaviors as people interact with these new systems. The key mission of Thales' cortAIx is to build “AI inside” solutions that are safe and ethical while granting full authority to the human decision makers. Building on Thales' recent acquisition of Guavus earlier this year and Vormetric last year, the creation of cortAIx is yet another example of how Thales is strengthening its positioning in one of the key technologies at the heart of global digital transformation. In the last three years, Thales has invested over €1 billion in key digital technologies and recently announced the launch of its high-tech Digital Factory in Paris. This activity brings together leading technology experts who support the injection of big data and artificial intelligence into Thales solutions, while also ensuring data security – a fundamental requirement of the modern digital economy. https://www.thalesgroup.com/en/worldwide/group/press-release/thales-selects-canada-new-global-hub-boost-artificial-intelligence

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  January 16, 2019 | Local, Naval

  Seaspan Announces Closing of Second $500 Million Investment by Fairfax Financial Holdings Limited

  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

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  November 28, 2023 | Local, Land, Security

  Kratos Supports Successful US Navy and MDA Intercept Test Against Multiple Ballistic Missile and Anti-Ship Cruise Missile Targets

  known as Aegis Readiness Assessment Vehicle by two Standard Missile 3 Block IA interceptors during the test event Vigilant Wyvern, also known as Flight Test Aegis Weapon System-48