Woodfibre LNG makes application to add 2nd 'floatel' to house workers
A statement from the company says it will submit an application to regulatory agencies to moor another floating hotel next to the ship that is already near the site for worker accommodations.
The approval of the first floatel was controversial after the District of Squamish voted to deny Woodfibre the permit over concerns of women's safety, waste management and other issues, then B.C.'s Environmental Assessment Office stepped in and authorized the ship.
The company says in a statement that the second ship would undergo the same regulatory review process "through multiple levels of regulatory oversight," and be moored near the project site about seven kilometres outside Squamish.
Woodfire LNG says the MV Isabelle X, which is anchored offshore at the site, has minimized "any potential impact to the local housing market, local traffic or additional pressure on civic or health care services."
The Woodfibre LNG facility is expected to be completed by 2027 and will produce approximately 2.1 million tonnes of liquefied natural gas per year for export.
"It is clear that Canada is looking to diversify its energy markets, and when complete, Woodfibre LNG will do exactly that by making more Canadian LNG available to Asian markets," said Luke Schauerte, CEO of Woodfibre LNG.
The company says if the second floatel is approved, it would enter into a contract with Bridgemans Services Group, the same Canadian company that procured and retrofitted the MV Isabelle X.
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Global News
38 minutes ago
- Global News
Trade war with China could have devastating impact on Canadian canola farmers
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Toronto Sun
38 minutes ago
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LILLEY: Canada playing small ball in trade talks with the United States
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Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account While Canada got hit with more tariffs on Friday night, China received a 90-day extension on more tariffs on Monday. 'The United States and China have engaged in multiple rounds of productive negotiations to address trade reciprocity and national security concerns,' the statement from the White House read. You would think that if China could get a 90-day extension on further tariffs because talks were going well, Canada could do the same. 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Toronto Star
an hour ago
- Toronto Star
Clairvest Reports Fiscal 2026 First Quarter Results
TORONTO, Aug. 12, 2025 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) today reported results for the fiscal 2026 first quarter ended June 30, 2025. (All figures are in Canadian dollars unless otherwise stated) Highlights June 30, 2025 book value was $1,260 million or $88.94 per share compared with $1,252 million or $88.30 per share as at March 31, 2025 Net income for the quarter ended June 30, 2025 was $21.3 million or $1.51 per share Clairvest and Clairvest Equity Partners VII ('CEP VII') invested in NCS Engineers Clairvest and Clairvest Equity Partners VI ('CEP VI') made a follow-on investment in Acera Insurance Services Clairvest and CEP VII invested in Beneficial Reuse Management Subsequent to quarter end, Clairvest paid $0.8830 in dividends Clairvest's book value was $1,260 million or $88.94 per share as at June 30, 2025, compared with $1,252 million or $88.30 per share as at March 31, 2025. For the quarter ended June 30, 2025, Clairvest recorded net income of $21.3 million, or $1.51 per share, which was driven by a net increase in the valuation of Clairvest's private equity investment portfolio. The book value as at June 30, 2025 is net of the $0.8830 per share dividend which was accrued for the quarter ended June 30, 2025 and paid subsequent to quarter end as described below. Also during the quarter, Clairvest purchased and cancelled 8,100 common shares at an average price of $69.09/share, or a total cost of $0.6 million. As at June 30, 2025, cash, cash equivalents and temporary investments excluding marketable securities, as reported under IFRS, were $201 million. In addition, our acquisition entities held $120 million in cash, cash equivalents and temporary investments as at June 30, 2025 bringing total available cash to $321 million. In aggregate, this represented 25% of our book value as at June 30, 2025, or approximately $23 per share. ARTICLE CONTINUES BELOW For the quarter ended June 30, 2025, Clairvest invested $43 million in two new deals and completed a follow-on investment, as follows: In April 2025, Clairvest together with CEP VII made a US$22.4 million (C$32.1 million) minority equity investment in NCS Engineers, a provider of turn-key water and wastewater engineering solutions across the United States. Clairvest's portion of the investment was US$5.6 million (C$8.0 million). Also in April 2025, Clairvest together with CEP VI made a $35.5 million follow-on investment in Acera Insurance Services. Clairvest's portion of the investment was $9.6 million. In May 2025, Clairvest together with CEP VII made a US$72.5 million (C$100.6 million) equity investment in Beneficial Reuse Management, a U.S.-based company which distributes products to the agriculture, landscape, wallboard, and construction end-markets by reusing or converting certain industrial waste streams into value-add products. Clairvest's portion of the investment was US$18.1 million (C$25.1 million). 'I am pleased with our strong start to the year, having completed two platform investments for CEP VII in the first quarter. One investment builds on nearly two decades of experience in the environmental services sector, while the other marks our inaugural partnership in the engineering industry – an area we've been actively pursuing for several years. In both cases, we are partnering with highly aligned management teams who share our ambition to pursue aggressive growth and build strategically significant businesses. These partnerships reflect our continued commitment to investing with discipline and conviction in sectors we know well,' said Ken Rotman, CEO of Clairvest. Also subsequent to quarter end, Clairvest paid an annual ordinary dividend of $0.10 per share and a special dividend of $0.7830 per share, such that in aggregate, the dividends represent 1% of the March 31, 2025 book value. Both dividends were paid on July 25, 2025 to common shareholders of record as at July 4, 2025 and are eligible dividends for Canadian income tax purposes. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Clairvest's first quarter fiscal 2026 financial statements and MD&A are available on the SEDAR website at and the Clairvest website at About Clairvest Clairvest's mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $4.5 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 69 different platform companies and generated top quartile performance over an extended period. Contact Information Stephanie Lo Director of Investor Relations and Marketing Clairvest Group Inc. Tel: (416) 925-9270 Fax: (416) 925-5753 stephaniel@ Forward-looking Statements This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
