Canadian Surface Combatants and the statement of requirements fiasco

Sur le même sujet

• 

  16 janvier 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

• 

  25 juin 2019 | Local, Naval

  Cost of 15 new Canadian warships rises to $70 billion: PBO report

  By Christian Paas-Lang Canada's 15 new warships will cost almost $70 billion over the next quarter-century, according to Parliament's budget watchdog, and the cost could change further depending on the final design of the ships and when they actually get built. The estimate, released in a report by the parliamentary budget office Friday, is up substantially from a Canadian government estimate in 2017 that pegged the price of the project at between $56 billion and $60 billion. The 2017 estimate was itself a revision of the project's original $26-billion price tag. Also in 2017, the PBO estimated the total cost of the ships to be $61.8 billion, but its report released Friday updates that to reflect the design of the ships — frigates known as “Type 26” — which wasn't known at the time. It also accounts for delays in the project. The Canadian government will now pay out $69.8 billion over 26 years, the PBO estimates. In a statement released shortly after the PBO report, the Department of National Defence said it remained “confident” in its 2017 estimate, and that the “vast majority” of the difference between the estimates came from the PBO's choice to include taxes in its projections. Taking away taxes brings the two estimates to within 10 per cent of each other, the DND said. But the department conceded that any small difference means hundreds of millions of dollars in costs for taxpayers. The PBO report says the difference in the estimates is due to a later start date for construction and a heavier ship design. The report assumes ships will start being built by the 2023-2024 fiscal year, three years later than its 2017 projection. As the timeline extends into the future, costs increase due to inflation. The PBO originally projected a displacement, or weight, of 5,400 tonnes for each ship but the Type 26 design is a heftier 6,790 tonnes per ship, an increase of more than 25 per cent. The report also includes an analysis of what effect further significant delays would have on the project. For a one-year delay, the PBO estimates, an extra $2.2 billion will be added to the project cost, and a two-year delay would cost the government $4.5 billion. In an interview Friday, the top bureaucrat in charge of procurement at the DND expressed skepticism that the heavier ships will result in as much increased cost as the PBO suggests, but he did say the potential for delays was something he is “watching more carefully.” “The labour piece is always where uncertainty can remain,” said Pat Finn, the department's associate deputy minister for material, noting labour can make up around 40 per cent of the cost of a ship. Finn said the DND is in the “same place” as the PBO on the cost of “slippage” — delays in the project — but that he is confident the structure of the National Shipbuilding Strategy will mean the project could benefit from a skilled workforce and ongoing expertise. The purchase of additional Arctic patrol ships, announced last month, means there will not be a lapse in efficiency at Irving's Halifax shipyard, which is building the warships, Finn said. He set a goal for start of construction earlier than the PBO assumes in its report. “We would say between mid-2022 and mid-2023, we're in-contract and cutting steel,” Finn said. Potential delays would certainly increase costs, and it would be “absolutely no shock if there was additional delays,” said Dave Perry, a procurement expert with the Canadian Global Affairs Institute. “To this point in time, the government has not been able to meet any of the timelines that have been put forward publicly,” he added. Still, the closer you get to construction, Perry said, the less uncertainty there should be about costs and the potential for further delay. The last thing that might change the final cost of the ships is the specifics of what components are chosen to fill out the design — which radar equipment, for example, Perry said. The DND is deciding on those components as it reconciles the requirements of the ships with costs. “You could potentially get a few-percentage-point swing” in price in either direction based on those choices, said Perry. “But if you're talking about several tens of billions of dollars, a few-percentage-points swing is real money.” https://globalnews.ca/news/5418997/canada-warships-cost/

• 

  3 septembre 2024 | Local, Aérospatial

  Canada took 4 months to send money after deciding to buy air defence system for Ukraine | CBC News

  It initially took Canada four months to get into the queue after deciding to join a plan by the United States to buy urgently-needed National Advanced Surface-to-Air Missile Systems (NASAMS) for Ukraine.