Orca Energy Group Inc. announces arbitrations against the United Republic of Tanzania and Tanzania Petroleum Development Corporation over US$1.2 billion Project
The three claims (the 'Claims') arise out of a series of actions and omissions by Tanzania and TPDC that threaten the viability of the Songo Songo Gas-to-Electricity Project (the 'Project') and breach multiple obligations under the BIT, the PSA and the GA. These breaches include:
Prior to pursuing the Claims through arbitration proceedings, on 7 August 2024, PAEM and PAET jointly issued a Notice of Dispute under the BIT, PSA, and GA to Tanzania and TPDC. Over the subsequent year, PAEM and PAET made extensive efforts to resolve these issues amicably. However, the lack of meaningful engagement from Tanzania and TPDC has left PAEM and PAET with no alternative but to pursue formal arbitration proceedings.
While the precise amount of damages for the Claims will be determined in the course of the arbitration proceedings, the Company currently values the Project at approximately US$1.2 billion. As the arbitration proceeds, PAEM and PAET expect to appoint a quantum expert to prepare a professional damages assessment for the arbitration tribunal. The Company will update shareholders as this evolves.
In all three proceedings, PAEM and PAET are represented by Boies Schiller Flexner LLP, an international law firm with a strong track record in international arbitration, including successful claims against Tanzania.
Jay Lyons, Chief Executive Officer of Orca, comments on this announcement: 'Following a mutually successful partnership over the past twenty years, we were disappointed to have to have been compelled to initiate international arbitration proceedings against the United Republic of Tanzania and Tanzania Petroleum Development Corporation. Since formally submitting our application for extension of the Licence in April 2023, the Company has made every reasonable effort to engage in a constructive dialogue with all parties, with the aim of continuing and expanding operations under the Licence. Our goal remains clear: to unlock the full value of this vital project for all stakeholders — including the Government of Tanzania, its citizens, and local communities. Despite our continued willingness to reach an amicable resolution, the lack of meaningful progress has left us with no viable alternative but to take decisive legal action to protect the rights of PAET and PAEM, and the interests of our shareholders. We will provide further updates in due course.'
Orca Energy Group Inc.
Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains forward-looking statements or information (collectively, 'forward-looking statements') within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook.
More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company's estimates in respect of the amount of damages. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources, results of negotiation, results from arbitration, amount of damages or costs incurred by the Company relating to negotiations and/or arbitration, since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.
These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, and many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: risk that the Company may incur losses and legal expenses as a result of the Claims; Tanzania's response to the Claims; the ability to finance the arbitration process; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding the amount of damages that could be payable to the Company; uncertainty regarding results through arbitration; changes in national and local government legislation, taxation, controls, or regulations and/or changes in the administration of laws, policies, and practices, expropriation or nationalization of property and political or economic developments in Tanzania; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's dealings with the Tanzania and TPDC, whether true or not. Therefore, the Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: the Company's relationship with TPDC and Tanzania; accurate assessment by the Company of the merits of its Claims; that the amount of damages recoverable by the Company will be in line with expectations; and other matters.
The forward-looking statements contained in this press release are made as of the date of this news release and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Washington Post
9 minutes ago
- Washington Post
Allient: Q2 Earnings Snapshot
AMHERST, N.Y. — AMHERST, N.Y. — Allient Inc. (ALNT) on Wednesday reported second-quarter net income of $5.6 million. The Amherst, New York-based company said it had profit of 34 cents per share. Earnings, adjusted for amortization costs and restructuring costs, came to 57 cents per share.
Yahoo
29 minutes ago
- Yahoo
Record Quarter as Savaria Delivers $16.3M of Net Earnings and Reaches 20.6% Adjusted EBITDA Margin* in Q2 2025
LAVAL, Quebec, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Savaria Corporation ('Savaria') (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for the second quarter of 2025. Highlights – Q2 2025 compared to Q2 2024 Revenue was $226.7M, up $5.4M or 2.4%, mainly due to a positive foreign exchange impact of 2.6% partially offset by an organic contraction of 0.7%. The revenue benefited from the contribution of Western Elevator acquired this quarter. Accessibility experienced growth of 1.9%, including growth of 3.3% coming from North America and partially offset by a contraction of 0.8% in Europe. Patient Care achieved revenue growth of 4.4%. Gross profit was $88.5M, up $5.5M or 6.6%, representing 39.0% of revenue, an increase of 150 bps compared to 37.5% in Q2 2024. Operating income was $26.7M, up $4.1M or 18.2%, representing 11.8% of revenue compared to 10.2% in Q2 2024. Adjusted EBITDA* was $46.7M, up $4.8M or 11.4%, representing $0.65 per share, up $0.06, when compared to Q2 2024. Adjusted EBITDA margin stood at 20.6% up 160 bps compared to 19.0% in Q2 2024. Accessibility adjusted EBITDA margin reached 21.9%. Patient Care adjusted EBITDA margin stood at 20.9%. Net earnings were $16.3M or $0.23 per share on a diluted basis, compared to $11.4M or $0.16 per share in Q2 2024. The ratio of net debt to adjusted EBITDA* stood at 1.34 in comparison to 1.63 as at December 31, 2024. Available funds* of $275.5M, as of June 30, 2025, to support working capital, investments and growth opportunities. Q2 YTD in thousands of dollars, except percentages and per-share amounts 2025 2024 Change 2025 2024 Change Revenue $ 226,746 $ 221,344 2.4 % $ 446,978 $ 430,788 3.8 % Gross profit $ 88,490 $ 82,974 6.6 % $ 171,741 $ 158,368 8.4 % % of revenue 39.0 % 37.5 % 150 bps 38.4 % 36.8 % 160 bps Operating income $ 26,712 $ 22,604 18.2 % $ 47,950 $ 40,325 18.9 % Net earnings1 $ 16,316 $ 11,383 43.3 % $ 28,795 $ 23,012 25.1 % Diluted net earnings per share 1 $ 0.23 $ 0.16 43.8 % $ 0.40 $ 0.32 25.0 % Adjusted net earnings*1 $ 20,829 $ 16,014 30.1 % $ 37,345 $ 30,347 23.1 % Adjusted net earnings per share*1 $ 0.29 $ 0.23 26.1 % $ 0.52 $ 0.43 20.9 % Adjusted EBITDA* $ 46,738 $ 41,945 11.4 % $ 87,385 $ 76,626 14.0 % Adjusted EBITDA per share* $ 0.65 $ 0.59 10.2 % $ 1.22 $ 1.08 13.0 % % of revenue 20.6 % 19.0 % 160 bps 19.6 % 17.8 % 180 bps *Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.1 The amounts for 2024 reflect adjustments made for Q2 2024 and YTD, as detailed and explained in Section 7 of the MD& from the Executive Chairman and from the President & CEO 'As a result of our collective, global efforts, we achieved an adjusted EBITDA margin of 20.6%, meeting our Savaria One goal. We quickly pivoted our home elevator manufacturing for US distribution with a new production line in Greenville, South Carolina that now handles many of our residential elevator orders for American dealers. With available funds of over $275 million, we have the flexibility to invest in additional marketing for new products such as the Luma lift and Matot dumbwaiters, as well as seek out strategic acquisitions, giving us confidence for the remainder of the year and beyond,' said Marcel Bourassa, Executive Chairman. 'Our focus on transformation over the past 18 months uncovered many efficiencies from procurement, to pricing, to operations. The gross margin in the second quarter was 39% – our highest ever. Meeting our Savaria One goal for adjusted EBITDA margin in the second quarter is a testament to our employees' commitment to succeed. The senior leadership team has now initiated planning sessions for the second stage of Savaria One that will outline our strategy for the next three years. We are focused on growth including marketing of the Luma through-floor lift and additional Savaria products for European distribution. With a ratio of net debt to adjusted EBITDA* now at 1.34, we have a comfortable position for investments in growth and the management team is energized about the future,' said Sebastien Bourassa, President and CEO. Second Quarter Results - Q2 2025 compared to Q2 2024 REVENUE Revenue reached $226.7M, up $5.4M or 2.4%. The increase was mainly due to a positive foreign exchange impact of 2.6% combined with the revenue contribution from the acquisition of Western Elevator, partially offset by an organic contraction of 0.7%. Accessibility segment (78% of Q2-25 revenue): Revenue was $176.7M, an increase of $3.3M or 1.9%. Patient Care segment (22% of Q2-25 revenue): Revenue was $50.1M, an increase of $2.1M or 4.4%. OPERATING INCOME Operating income was $26.7M, up $4.1M or 18.2%, representing an operating margin of 11.8% compared to 10.2% in Q2 2024. The increase was mainly attributable to the additional revenue contribution and higher gross margins while partially offset by increased selling and administrative expenses and other expenses. ADJUSTED EBITDA Adjusted EBITDA and adjusted EBITDA margin* was $46.7M and 20.6%, respectively, compared to $41.9M and 19.0% for Q2 2024. Accessibility segment: Adjusted EBITDA and adjusted EBITDA margin was $38.8M and 21.9%, respectively, compared to $36.2M and 20.9% for Q2 2024. Patient Care segment: Adjusted EBITDA and adjusted EBITDA margin stood at $10.5M and 20.9%, respectively, compared to $8.2M and 17.0% for Q2 2024. *Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A. Six-Month Results - YTD 2025 compared to YTD 2024 REVENUE The Corporation generated revenue of $447.0M, up $16.2M or 3.8%. The increase is mainly due to a positive foreign exchange impact of 3.0%, combined with the impact of the acquisition of Western Elevator and Matot. The growth was partially offset by the divestitures of Van-Action and Freedom Motors. OPERATING INCOME Operating income was $48.0M, up $7.6M or 18.9%, representing an operating margin of 10.7% compared to 9.4% in 2024. ADJUSTED EBITDA Adjusted EBITDA and adjusted EBITDA margin stood at $87.4M and 19.6%, respectively, compared to $76.6M and 17.8% in 2024. LIQUIDITY AND CAPITAL RESOURCES Savaria generated $61.5M of cash from operations which was primarily used to invest in capital projects, a business acquisition, repay debt and pay interest and dividends. As at June 30, 2025, the Corporation had a net debt* position of $231.2M and a ratio of net debt to adjusted EBITDA of 1.34 compared to 1.63 as of December 31, 2024. Outlook Savaria's fiscal 2025 forecast projects revenue of approximately $925M, with an adjusted EBITDA margin of approximately 20%. This revenue forecast is driven by volume and price increases, new product launches, and favorable foreign exchange effects across the Accessibility and Patient Care segments. Despite geopolitical uncertainties, the completion of Savaria One positions us well to sustain profitability. Structural improvements have enhanced production capacity, increased operational efficiencies, and generated meaningful cost savings through streamlined procurement. As one of the global leaders in the accessibility industry with extensive operations in Canada and the United States, Savaria is assessing its supply chain and evaluating and implementing strategies to optimize its North American manufacturing footprint. These efforts aim to maintain competitiveness and ensure continued service for our valued dealer partners. The above-mentioned outlook is a 'forward-looking statement' within the meaning of the securities laws of Canada and subject to the Corporation's disclosure statement. Environmental, Social and Governance ('ESG') Values As a global leader within the accessibility industry, Savaria is committed to minimizing its environmental footprint and upholding the highest social and governance standards. We believe that promoting environmentally and socially responsible behaviour across our organization is key to achieving sustainable growth and long-term value creation. By delivering products and solutions that promote accessibility, health, and wellness, improving operational efficiencies and resource usage, and engaging our employees and stakeholders, we'll create a stronger, more resilient business that will continue to be an industry leader while delivering positive social change. *Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A. We recognize this work requires long-term vision, planning, and collaboration, yet also must be grounded in clear actions and an ongoing commitment to transparency. To that end, on April 30, 2025 Savaria published its ESG report for the fiscal year ended December 31, 2024. Through this report, Savaria discloses its strategy and initiatives on ESG matters that are important to its stakeholders, and where it sees an opportunity to have a positive and meaningful influence. The 2024 ESG report can be found under the investor relations section of our website at Savaria Corporation ( is a global leader in the accessibility industry. It provides accessibility solutions for the physically challenged to increase their comfort, their mobility and their independence. Its product line is one of the most comprehensive on the market. Savaria designs, manufactures, distributes and installs accessibility equipment, such as elevators for home and commercial use, stairlifts for straight and curved stairs, vertical and inclined wheelchair lifts and dumbwaiters. In addition, Savaria manufactures and markets a comprehensive selection of pressure management products, medical beds, as well as an extensive line of medical equipment and solutions for the safe movement of patients, such as transfer, lifting and repositioning aids. The Corporation operates a sales network of dealers worldwide and direct sales offices in North America, Europe (UK, Netherlands, Switzerland, Italy, Germany, Poland and Czech Republic) and Australia. Savaria employs approximately 2,500 people globally and its plants are located across Canada, the United States, Mexico, Europe and China. Compliance with International Financial Reporting Standards ('IFRS') The information appearing in this press release has been prepared in accordance with IFRS. However, Savaria uses EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA per share, adjusted net earnings, adjusted net earnings per share, available funds, net debt and ratio of net debt to adjusted EBITDA for analysis purposes to measure its financial performance. These measures have no standardized definitions in accordance with IFRS and are therefore regarded as non-IFRS measures. These measures may therefore not be comparable to similar measures reported by other companies. Additional details for these non-IFRS measures can be found in sections 3, 6 and 8 of Savaria's MD&A, which is posted on Savaria's website at and filed with SEDAR+ at Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is presented in the section below. Forward-Looking Statements This press release includes certain statements that are 'forward-looking statements' within the meaning of the securities laws of Canada. Any statement in this press release that is not a statement of historical fact may be deemed to be a forward-looking statement. When used in this press release, the words 'believe', 'could', 'should', 'intend', 'expect', 'estimate', 'assume' and other similar expressions are generally intended to identify forward-looking statements. It is important to know that the forward-looking statements in this document describe the Corporation's expectations as at the date hereof, which are not guarantees of future performance of Savaria or its industry, and involve known and unknown risks and uncertainties that may cause Savaria's or the industry's outlook, actual results or performance to be materially different from any future results or performance expressed or implied by such statements. The Corporation's actual results could be materially different from its expectations if known or unknown risks affect its business, or if its estimates or assumptions turn out to be inaccurate. A change affecting an assumption can also have an impact on other interrelated assumptions, which could increase or diminish the effect of the change. As a result, the Corporation cannot guarantee that any forward-looking statement will materialize and, accordingly, the reader is cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements do not take into account the effect that transactions or special items announced or occurring after the statements are made may have on the Corporation's business. For example, they do not include the effect of sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. Unless otherwise required by applicable securities laws, Savaria disclaims any intention or obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing risks and uncertainties include the risks set forth under 'Risks and Uncertainties' in Savaria's latest Annual MD&A as well as other risks detailed from time to time in reports filed by Savaria with securities regulators in Canada. Results webcast and conference call on August 7, 2025, at 8:30 a.m. (EDT) Savaria will host a conference call on Thursday, August 7th at 8:30 a.m. Eastern Daylight Time with financial analysts to discuss results of the period ended June 30, 2025. Investors and members of the media are invited to participate on a listen-only basis. Conference call access: To register: (en): Link to the replay of the webcast will be available on the Corporation's website at For further information: Sébastien BourassaPresident and Chief Executive Officersb@ Stephen Reitknecht, CPAChief Financial Officersreitknecht@ Reconciliation of adjusted net earnings and adjusted EBITDA with net earnings is provided below. Complete financial statements and the management's report for Q2 2025 will be available shortly on Savaria's website and on SEDAR+ Reconciliation of adjusted net earnings*1 and adjusted EBITDA* with net earnings1 Q2 YTD in thousands of dollars, except per-share amounts 2025 2024 2025 2024 Net earnings1 $ 16,316 $ 11,383 $ 28,795 $ 23,012 Strategic initiatives expenses 4,607 5,347 9,277 10,646 Other expenses (income) 1,391 764 2,164 (427 ) Income tax related to strategic initiatives and other expenses (1,485 ) (1,480 ) (2,891 ) (2,884 ) Adjusted net earnings*1 $ 20,829 $ 16,014 $ 37,345 $ 30,347 Adjusted net earnings per share*1 $ 0.29 $ 0.23 $ 0.52 $ 0.43 Income tax related to strategic initiatives and other expenses 1,485 1,480 2,891 2,884 Income tax expense 5,742 4,407 10,979 8,158 Depreciation of fixed assets 2,570 2,234 5,305 4,371 Depreciation of right-of-use assets 3,339 2,737 6,501 5,418 Amortization of intangible assets 7,472 7,576 14,813 15,020 Net finance costs 4,654 6,814 8,176 9,155 Stock-based compensation 647 683 1,375 1,273 Adjusted EBITDA* $ 46,738 $ 41,945 $ 87,385 $ 76,626 Adjusted EBITDA per share* $ 0.65 $ 0.59 $ 1.22 $ 1.08 Diluted weighted average number of shares 71,858,056 71,405,637 71,869,297 71,309,308 *Non-IFRS measures are described and reconciled in sections 3, 6 and 8 of the MD&A.1 The amounts for 2024 reflect adjustments made for Q2 and YTD 2024, as detailed and explained in Section 7 of the MD& in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
38 minutes ago
- Business Wire
Ralliant Announces Quarterly Dividend
RALEIGH, N.C.--(BUSINESS WIRE)--Ralliant Corporation ('Ralliant' or the 'Company') (NYSE: RAL) announced today that its Board of Directors ('the Board') has approved a quarterly cash dividend of $0.05 per share of its common stock, payable on September 23, 2025 to stockholders of record as of the close of business on September 8, 2025. Tami Newcombe, President and Chief Executive Officer, stated, 'We are making progress against our capital allocation priorities to focus on organic reinvestment, capital return to shareholders, and selective execution of tuck-in acquisitions aligned with our growth vectors. This announcement of our inaugural quarterly dividend, along with our prior announcement of the Board's authorization of up to $200 million of share repurchases demonstrate our commitment to return capital to shareholders.' About Ralliant Ralliant is a global provider of precision technologies that specializes in designing, developing, manufacturing and servicing precision instruments and highly engineered products. Ralliant's two strategic reporting segments — Test & Measurement and Sensors & Safety Systems — include well-known brands with leading positions in their markets. The Company's businesses empower engineers with precision technologies essential for breakthrough innovation that brings advanced technologies to the market faster and more efficiently. With over 150 years of operating experience and enduring customer trust, we are known for delivering innovative, high-quality products with the precision that mission-critical systems demand. Ralliant is headquartered in Raleigh, North Carolina and employs a team of approximately 7,000 research and development, manufacturing, sales, distribution, service and administrative employees. The Company's global footprint enables a unique 'engineer to engineer' approach, which allows it to build enduring trust, credibility, and partnerships with customers across both Fortune 1000 companies and next generation start-up enterprises. With a culture rooted in continuous improvement, the core of our company's operating model is the Ralliant Business System. For more information please visit: Forward-Looking Statements Certain statements included in this press release are 'forward-looking statements' within the meaning of the U.S. federal securities laws. All statements other than historical factual information are forward-looking statements, including, without limitation, statements regarding: business outlook and priorities; future financial performance and results, including outlook and guidance; revenue growth; cash flows, our liquidity position or other financial measures; management's plans and strategies for future operations and growth, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions, divestitures, strategic opportunities, shareholder value creation, capital allocation priorities, stock repurchases and dividends; the effects of the separation from Fortive on our business; growth, declines and other trends in markets we sell into, including the expected impact of trade and tariff policies; changes in government contracting requirements and reductions in federal spending; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; tax rates, tax provisions, and the impact of changes to tax laws; general economic and capital markets conditions, including expected impact of inflation or interest rate changes; impact of geopolitical events and other hostilities; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that we intend or believe will or may occur in the future. Terminology such as 'believe', 'expect', 'anticipate', 'forecast', 'positioned', 'intend', 'plan', 'project', 'estimate', 'grow', 'will', 'should', 'could', 'would', 'may', 'strategy', 'opportunity', 'possible', 'potential', 'outlook', 'target', and 'guidance' and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to the risks and uncertainties set forth under 'Cautionary Statement Concerning Forward-Looking Statements', 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Company's Information Statement filed as an exhibit to the Company's Form 10-12B/A with the U.S. Securities and Exchange Commission (the 'SEC') on May 28, 2025, and in other documents that we have filed with, or furnished to, the SEC. Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date they are made (or such earlier date as may be specified in such statement). Except to the extent required by applicable law, Ralliant assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, and developments or otherwise.
