20 mars 2023 | Local, C4ISR
Biden, Trudeau must expand binational action to bolster cybersecurity
Biden’s visit to Canada to meet with Prime Minister Justin Trudeau this week will be an opportunity to expand on cybersecurity cooperation.
15 mars 2019 | Local, Aérospatial
Preparing to ditch — a new way of training for helicopter emergencies Social Sharing
Jane Adey · CBC News
Imagine you're an offshore worker on a helicopter flying to an oil platform and you hear the words "prepare to ditch" from your pilot.
Adrenalin surges through your body as you raise your arms across your chest and assume the brace position. But will you remember what to do? Will panic take over?
A St. John's company is working with the Marine Institute to help offshore workers become more comfortable in the air and better prepared for emergencies.
Brainstorming a solution
Ten years ago, in the days after the crash of Cougar 491, Anthony Patterson began thinking about how to improve safety in the offshore.
His company, Virtual Marine, was in the early days of developing simulators for lifeboat training in the water.
But Patterson, whose team specialized in marine simulations, knew his company had some technologies that could apply to the air.
"We brainstormed on how we could create a better training experience," said Patterson, and they developed a small helicopter simulator.
"We're very good at modeling boats in the water and then even the helicopter floating in the water, but the part about the helicopter flying through the air, of course, we had no expertise with that whatsoever," said Patterson.
That's when Cougar Helicopters got on board.
Virtual Marine brought its helicopter simulator to the lead pilots at the company. With the simulator, they flew the different kinds of manoeuvres they'd use if they had to ditch at sea.
The simulator collected the data. and Virtual Marine embedded it into their simulation system to create the flight paths in an emergency.
The simulator consists of a large box made to look like exactly like the inside of a helicopter. A motion bed, attached to the underside and controlled by a computer, allows workers to feel the same kind of movement as they would during a flight.
The seatbelts are the same, the windows are the same and the views out the windows are the same as they would be in real life.
It's important that the simulator be as realistic as possible for Liz Sanli, a researcher in ocean safety at the Marine Institute with expertise in skill learning over time.
She's focused on how workers learn and how much they retain when asked to perform a task again at a later date.
"So we're looking at how we can train during practice to help them remember all those steps when they're in a stressful situation down the road," said Sanli.
Right now, workers are trained in a swimming pool on how to escape a helicopter submerged in water but training for the actual flight occurs in a classroom. By sitting inside a helicopter flight simulator, Sanli says, the workers' experience is more accurate.
"You're getting that experience of physically doing the task so you get to go through the steps you get to experience them you can sometimes experience mistakes in a safe environment and learn from those mistakes rather than just watching somebody else do it, for example," said Sanli.
"You also can simulate some of the feelings, so you can hear the sounds, you know that you're in a different environment and that can better match some of the more advanced training or perhaps even a real emergency."
Sanli measures anxiety levels of participants and follows how well the protocol sequence is followed under a variety of conditions.
She monitors what happens when trainees are seated in different positions and when they train in light and in darkness, getting as much information as possible to make training efficient and effective.
"It's a big responsibility to have this evidence to make decisions when it comes to regulations, when it comes to decisions about training to have it based in evidence. It's safety that's at stake," said Sanli.
For now, research on the simulator continues with hopes it will soon augment the training done by offshore workers. Patterson,says ten years after 17 lives were lost in the offshore, he's glad to have contributed what he could to try and make the industry safer.
"This really was something that was more than a job," he said. "It was something that we had to do, to do our part to bring safety to the community. Everybody in the company, we all worked extra hours. I'd say this is the one that all of our engineers have the most pride in, accomplishing this task."
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29 juin 2020 | Local, Aérospatial
After The Shock: Implications For M&A In The Aerospace & Defense Market
By Adil Khan, Jim Adams and Steve Beckey Forbes; KPMG Contributor Jun 23, 2020 The current economic disruption—coming on the heels of the 737MAX suspension—has varying impact across A&D segments. The impact on commercial aerospace has been immediate and extensive, while the defense sector has largely remained unscathed. However, it is hard to see how it will remain so, given the extensive fiscal measures being taken. What will this mean for M&A in A&D? Some trends are beginning to emerge that will affect the entire deal life-cycle (from deal strategy through integration and value creation). Yet, as in other times of economic disruption, new opportunities will emerge, which leads us to believe that the slowdown of M&A activity will be short-lived. As we enter this next phase, deal makers who adapt quickly to the realities of the new industry landscape could be well positioned to maximize value. Pre COVID-19 environment Not too long ago, commercial aerospace was booming, with year-over-year ramp ups in build rates and record backlogs. There were expectations of another golden decade — further extending the unprecedented 14-year “super up-cycle”, defying the long-standing cyclicality of the sector. However, in 2019, the historic correlation between GDP, air-traffic growth, carrier profitability, orders and build rates was suddenly disrupted. GDP and airline profitability levels remained relatively healthy, but new orders and build rates dropped as the industry grappled with the 737MAX shock, as well as a slowdown in the twin-aisle segment. Other undercurrents also emerged — slowdowns in world trade from escalating tariff tensions, weakness in high-growth geographic markets such as China and India, and declining consumer confidence. In contrast, U.S. defense spending was on the rise, averaging 4 percent1 annual growth over the past 5 fiscal years; the $738 billion FY2020 defense bill2 ensured this momentum would continue. The government services sector was also set to benefit from continued funding increases to modernize IT infrastructure and address evolving national security challenges. With general confidence in the long-term fundamentals of the sector and a favorable budgetary environment, players in certain A&D segments pursued M&A to build scale. Others “re-realized” that content matters and initiated vertical and horizontal integration strategies to capture more value and drive cost competitiveness, or acquired targeted niche capabilities and emerging technologies. We also saw the emergence of Super Tier I's through scale-driving consolidation aimed at broadening capabilities and potentially exerting greater influence on OEMs. Deal volume in the A&D sector reached record levels — almost doubling over the last 5 years and outpacing the broader M&A market by 40 percent.3 Valuations remained elevated on the strength of high bidder interest, limited supply of attractive assets, high A&D stock valuations (which outperformed the S&P 500 by 8 percent),4 as well as healthy balance sheets and strong cash positions. TEV/EBITDA multiples for A&D transactions averaged 11x,5 outpacing increases in the overall M&A market. Although, deal volumes moderated in the second half of 2019, amid elevated uncertainty about defense spending heading into a presidential election year, the overall outlook remained optimistic. COVID-19 impact COVID-19 caused a precipitous collapse in air traffic. With travel restrictions and stay-at-home orders, carriers around the globe made unprecedented cuts to capacity, idled fleets, and began deferring or canceling new aircraft deliveries. Also, the MRO (maintenance, repair, and overhaul) and aftermarket segments, which had benefited from the prolonged 737MAX grounding and high fleet utilization, suddenly faced stiff headwinds. Thus far, the defense industrial base has not experienced a COVID-19 demand shock. There is no noticeable disruption in appropriations or major delays and cancellation of military programs. However, as in the commercial sector, defense contractors are actively monitoring their supply base and taking steps to preserve liquidity, minimize supply chain disruption, and taking measures to comply with CDC and local government guidelines. The range of scenarios for defense spending is bookended by two scenarios: an elevated national security threat that would preserve or accelerate funding, or a reordering of budget priorities to fund social and other mandatory programs, resulting in sequestration-type measures, similar to 2011. With these developments, volatility in the financial markets, lack of access to financing, alternative more pressing liquidity needs by corporates and most importantly, uncertainty in the marketplace, deal flow in A&D has come to an immediate standstill. Several “in-flight” processes have been halted, new deals in the pipeline have been deferred, and even some announced transactions terminated. Access to the new public offering market is effectively closed. The gap in expected valuations between buyers and sellers has widened considerably, due to disparate perceptions of the extent of economic disruption caused by COVID-19; contrasting views on reopening of the economy and the pace of return to normal; and diverse perspectives on what the post-COVID-19 new reality looks like. This has rendered financial forecasts and pre-COVID-19 market perspectives obsolete. Further, the extent and nature of unusual and non-recurring events6 impacting financials, present considerable challenges for deal makers to form a credible view of normalized earnings and cash flows. With the lack of reliable projections, it is nearly impossible to form a credible view on valuations let alone bridge this gap. Additionally, although M&A teams have attempted to navigate through practical challenges with offsite due diligence, virtual facility tours, video conferences, etc., adapting to a virtual M&A environment, especially for cross-border deals, has been challenging. Developments to watch as economies reopen Given the health concerns, changes in social behaviors (some of which may be slow to reverse) and anticipated lead-time to an effective vaccine, a V-shape recovery in air traffic appears increasingly unlikely. As governments move from combating coronavirus to reopening economies, the pace and extent of the economic recovery is expected to vary significantly around the world. Further, some long-lasting or permanent developments may trigger some dramatic shifts in the sector: KPMG Implications for M&A trends and outlook KPMG Although we probably do not expect to see M&A activity return to the pre-crisis levels immediately, we expect M&A activity to drive realignment of the industry landscape in the post COVID-19 environment. Implications for M&A Capabilities As we enter the next phase, deal makers will need to adapt to the realities that impact how deals get done. Examples include: KPMG While the challenges are intimidating, the opportunities will be vast, and those who move quickly and decisively are likely to be rewarded for years to come. Those who take this unique opportunity to prepare and are ready to act will stand ready to reshape the A&D industry. 1. 2019 DoD Comptroller Data (Green Book) 2. Department of Defense 3. CapIQ, Institute for Mergers, Acquisitions, and Alliances 4. Year return, S&P A&D index vs S&P 500 5. Trailing 12-month average to June 2019 and avg. 16x for deals >$500M in value; CapIQ, Dacis Company reports and Press releases 6 Worker furloughs, facility shut-downs, loss of business or order cancellation, idled or underutilized facilities, CARES Act funding, changes to performance-based compensation structures or payouts, health and sanitization related measures, IT infrastructure investments to adapt to remote working environment, deferral of payroll taxes, carryback of NOLs, increased interest expense tax deduction, etc KPMG Contributor
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7 octobre 2020 | Local, Aérospatial, Naval, Terrestre, C4ISR, Sécurité, Autre défense
How the U.S. election outcome could affect Canada's environment and energy future
Alexander Panetta Biden, Trump have deep differences — and each could significantly impact Canada This story is part of a five-part series looking at how the policies of the two U.S. presidential candidates, Joe Biden and Donald Trump, differ when it comes to the major issues of interest to Canada, including energy, defence, trade and immigration. The old truism that elections have consequences is doubly apt for the United States, a country whose politics reach beyond its borders. It's certainly so for Canada. Specific policy issues in a U.S. election hold particular stakes for Canada, including energy and the environment, national defence, the border and migration and U.S. relations with China. In advance of the U.S. presidential election on Nov. 3, CBC will run stories on these five issues, and how they might play out if the winner is current President Donald Trump or his Democratic challenger, Joe Biden. Our first instalment examines one of the most striking differences between them: energy and the environment. If Biden wins Biden drew attention in Canada for promising to cancel the Keystone XL pipeline from Alberta, then doubling down on it. Rory Johnston, an energy analyst at Price Street in Toronto, said a president clearly has the legal power to revoke a permit. What's not clear to him is whether Biden would, in precarious economic times, actually cancel a big project, which would cost jobs and anger construction unions. The Democratic nominee has a sweeping environmental platform that goes far beyond that one pipeline pledge. For starters, he said he'd re-join the Paris climate accord on Day 1 of his presidency. Then he would convene, shame and potentially punish other countries that slack on their carbon emissions commitments. Within 100 days, Biden said he'd hold a global climate summit to push countries to join the U.S. in toughening their climate objectives. He said he would also demand a worldwide ban on government subsidies for fossil fuels. INTERACTIVE Will Biden or Trump be the U.S. president? These states will decide Biden also intends to grade countries on their performance. He promises a global climate change report, similar to the State Department's annual report on human rights and human trafficking. It would rank countries' performance in meeting their Paris commitments. If that doesn't work, he's threatening to wield the stick of trade tariffs. Biden said he wants to impose what he calls "carbon-adjustment fees," or perhaps quotas, on carbon-intensive products from countries that fail to meet climate and environmental obligations. It's not clear how many countries Biden would target. "We can no longer separate trade policy from our climate objectives," says Biden's platform. Canada is projecting a lowering of emissions but not nearly by enough to meet its Paris commitment. Implementing such a tariff could be tricky. To become embedded in U.S. law, it would have to get through Congress — and receiving the 51 to 60 per cent of votes required in the Senate would be a tall order. Some trade analysts believe such a tactic would also be illegal protectionism under international trade law unless the U.S. imposed a similar carbon tax domestically — also a tall order. However, other analysts say there's one tool Biden could use, which has become famous in the Trump era: declare carbon emissions a national security matter and apply the same trade weapon the current president used against foreign steel and aluminum. Any regulatory moves could face another hurdle in a more hostile Supreme Court. Speaking of the environment and trade, Biden is proposing a massive, $2 trillion green-infrastructure plan aimed at new transit, vehicles and a carbon-free power grid by 2035. Biden says the construction would be done by U.S. firms under Buy American rules. He would also re-establish policies from the Obama era that Canada has signed onto, from methane and auto regulations to an Arctic drilling ban. Gerald Butts, who was a former senior aide to Prime Minister Justin Trudeau and worked on some of those agreements with the U.S, said Biden's climate policies go far beyond Obama's and reflect a growing recognition of the environmental threat. "Biden's plan would have been unthinkable for a presidential nominee for a major party even one cycle ago," said Butts, now vice-chair of the political risk consultancy Eurasia Group. Bob Deans, a spokesman for the political action committee of the Washington-based Natural Resources Defence Council, called climate change a defining issue for this election. "The American people are facing a stark choice in this election. Two completely different energy futures," Deans said. "We need to be reducing our reliance on oil and gas, not locking future generations into this climate nightmare." If Trump wins In his 2016 platform, Trump promised more oil drilling, more pipelines — and less regulation. He delivered that on several fronts. Just last month he announced a border permit for a multi-purpose rail project that, if built, could eventually ship Canadian oil through Alaska. Trump ditched a number of Obama's climate rules, and left the Paris Accord. (His pullout from the Paris agreement officially goes into effect the day after this year's election.) Trump hasn't published a platform for the next four years. His campaign website simply lists things he's done to slash regulations and promote fossil-fuel development. He's promising no major policy changes. "We would continue what we're doing," Trump told The New York Times, when asked about his overall second-term plans. As far as Canada is concerned, that means a continued commitment to the still-unbuilt Keystone XL pipeline, which would carry nearly one-fifth of the oil Canada exports to the U.S. each day. Johnston said that pipeline isn't, on its own, a make-or-break issue for the Canadian oilpatch, but it would help, he said. He said the oilsands likely need two pipelines completed over the next few years out of the three major projects underway — Trans Mountain to the Pacific Coast, the Line 3 expansion to the Great Lakes and Keystone XL to the Gulf of Mexico — to avoid the type of transportation bottlenecks that have previously devastated Canadian oil prices. "It's never ideal to be just at the limit of your [transportation] capacity," Johnston said. Even with the current president's support, Keystone XL faces challenges. The ground has been cleared for only 100 kilometres of pipe to be laid inside Canada. A border-crossing segment has been built, and 17 pump stations out of an eventual 36 along the route are under construction. That leaves the project about two years, many hundreds of kilometres and some legal and regulatory fights shy of completion. A Supreme Court decision this summer allowed a Montana ruling to stand, which forced the pipeline company to get permits for crossing waterways. Permit hearings were scheduled for late September in Montana and North Dakota. It's an uncertain moment for oil — and the financial stakes for Canada are considerable. It's Canada's top export to the U.S., in dollar figures; Canadian oil accounts for about half of U.S. oil imports, following years of growth. But energy giant BP projects that global oil demand has peaked. The U.S. Energy Information Administration projects U.S. imports will flatten out and even decline a bit. That's happening as several automakers say they will keep building vehicles to the stricter emissions standards set in California — standards that are backed by Ottawa. California, the largest U.S. vehicle market, recently announced it planned to ban sales of gasoline-powered cars by 2035. Some of these changes in energy markets will proceed regardless of who's president. Johnston's own projection? Barring a sudden change in the market, Canadian oil production will grow a bit for two to five years, then plateau at similar levels for decades. https://www.cbc.ca/news/world/us-issues-canada-environment-1.5746288