Broken anchors and flooding are problems on Royal Canadian Navy's Arctic and Offshore Patrol Ships.
October 29, 2023 | Local, Naval, Security
A keel-laying is a significant milestone in a ship’s construction, where a newly minted coin is placed near the keel, which traditionally runs along the length of the ship.
January 29, 2020 | Local, Aerospace
CAE announced it has signed a contract amendment with the NATO Airborne Early Warning & Control Program Management Agency (NAPMA) to perform avionics updates on the E-3A flight deck simulator and E-3A flight training device located at NATO Airbase Geilenkirchen in Germany. The avionics updates to the training devices relate to the latest standards of the advanced Communication, Navigation, Surveillance/Air Traffic Management (CNS/ATM) systems currently being implemented on NATO's fleet of 14 E-3A Airborne Warning and Control System (AWACS) aircraft. The avionics updates to the E-3A flight deck simulator will be complete in 2021. “CAE has supported the training of NATO E-3A aircrews for almost 40 years, and these simulators continue to play a key role in helping ensure the readiness of the E-3A aircrews from 16 nations who carry out a range of critical missions,” said Marc-Olivier Sabourin, vice-president and general manager, Defence & Security International, CAE. “The avionics upgrades we will deliver continue our longstanding support of the E-3A training devices, and we look forward to supporting the NATO E-3A AWACS mission through 2035 as part of the Final Lifetime Extension Program of the fleet.” CAE designed and manufactured the original NATO E-3A flight deck simulator that entered service in 1982. Since that time, the simulator has been continuously upgraded and enhanced to ensure concurrency with the aircraft and enable E-3A aircrews to conduct more synthetic training. The E-3A flight deck simulator is currently qualified to Level D, the highest for flight simulators. The CAE-built E-3A flight training device is qualified to Level II and is used to support familiarization and procedural training for aircrews prior to full-mission training in the E-3A flight deck simulator. CAE is currently responsible for maintenance and support of the E-3A training devices in addition to providing a cadre of instructors and mission system operators to support the delivery of training to NATO E-3A AWACS aircrews. https://www.skiesmag.com/press-releases/cae-contracted-to-upgrade-nato-e-3a-awacs-training-devices
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