On Tuesday, Shares of Civeo Corporation (Canada) (NYSE:CVEO), gained 10.71% to $2.17.
Civeo Corporation, stated financial and operating results for the third quarter ended September 30, 2015. Highlights comprise:
Delivered solid operating cash flows after capital expenditures of $61 million in the third quarter, driven by cost containment, capital discipline and working capital efficiency;
Reduced total debt outstanding by 46% to $416 million, down from $775 million at the end of the preceding quarter;
Accomplished the Companys migration to Canada and refinancing in the third quarter, allowing for a more efficient operating and financial structure; and
Remained focused on capturing growth in the British Columbia LNG market by advancing the Sitka lodge, maximizing occupancy and revenues, reducing costs and limiting capital spending.
Bradley J. Dodson, President and Chief Executive Officer, said, Civeo successfully accomplished several planned objectives during the third quarter of 2015, the most important being the completion of our migration to Canada in July. The migration, in conjunction with the amendments to our credit facility, right away allowed us to 1) significantly reduce our outstanding indebtedness and 2) move the majority of our remaining debt balance to Canada. Going forward, we believe we have an improved capital structure that will benefit us both in today’s challenging operating environment and in the future.
Civeo Corporation provides remote site accommodations for the natural resource industry in Australia, Canada, and the United States. It also offers facility administration services, counting food services; customized facility administration information systems that provide clients with the tools and information necessary to manage the allocation of contracted rooms and service days; and support services, such as housekeeping and janitorial services, facility maintenance, laundry, communications, supply chain and logistics administration, power generation, and transportation and personnel logistics.
Shares of Skyworks Solutions Inc (NASDAQ:SWKS), declined -0.28% to $79.08, during its last trading session.
Skyworks Solutions, declared that they have reached an amended and restated merger agreement under which Skyworks has agreed to acquire PMC for $11.60 in cash per share of PMC common stock, an improvement from its previous agreement to acquire PMC for $10.50 in cash per share of PMC common stock. The amended and restated merger agreement also provides for an improvement in the termination fee from $70.0 million to $88.5 million. All other material terms of the merger agreement formerly declared on October 5, 2015, remain substantially the same.
Skyworks projected the amended and restated merger agreement in response to Microsemi Corporation’s proposal to acquire PMC for $8.75 in cash and 0.0736 of a share of Microsemi common stock per share of PMC common stock.
The boards of directors of Skyworks and PMC have each approved the amended and restated merger agreement. PMC’s board of directors has determined that as a result of the amended and restated merger agreement with Skyworks, Microsemi’s proposal is not superior and recommends the amended and restated merger agreement with Skyworks to PMC stockholders.
As formerly declared, Skyworks intends to fund the acquisition with cash on hand from the combined companies and with fully committed debt financing. The closing of the transaction is not subject to financing conditions. The transaction is predictable to close in the first half of calendar 2016, subject to PMC shareholder approval, receipt of regulatory approvals and other customary closing conditions.
Skyworks Solutions, Inc., together with its auxiliaries, designs, develops, manufactures, and markets analog and mixed signal semiconductors worldwide. Its product portfolio comprises amplifiers, attenuators, battery chargers, circulators, DC/DC converters, demodulators, detectors, diodes, directional couplers, filters, front-end modules, hybrids, infrastructure radio frequency subsystems, isolators, LED drivers, mixers, modulators, optocouplers, optoisolators, phase shifters, phase locked loops/synthesizers/VCOs, power dividers/combiners, power administration devices, receivers, switches, technical ceramics, and voltage regulators.
Finally, Shares of Apache Corporation (NYSE:APA), ended its last trade with 4.03% gain, and closed at $49.87.
Apache Corporation, declared noteworthy discoveries on two exploration wells in the Beryl area of the U.K. North Sea. The company also drilled two noteworthy development wells in the Beryl area, from which no reserves have been formerly booked. Additionally, Apache declared a large discovery at its Seagull prospect, which lies about 50 miles south of the companys Forties Field, the largest oil field in the U.K. North Sea.
The K and Corona wells are the first exploratory prospects drilled by Apache in the Beryl area. Each discovery proves a separate geologic concept that assists to de-risk additional drilling locations. Apache estimates the K and Corona discoveries, combined with the success at Seagull, represent likely net recoverable reserves of 50 million to more than 70 million barrels of oil equivalent (MMboe). Future appraisal drilling will enable the company to further define the upside potential beyond 70 MMboe. Apaches proved reserves in the North Sea at yearend 2014 were about 140 MMboe.
Apaches exploration program in the high-potential Beryl area is off to an exceptional start. The success of our first two exploration wells at Beryl, combined with the Seagull discovery, could improvement our total North Sea proved reserve base by more than 50 percent. Importantly, results obtained from the wells declared recently emphasize the quality of our seismic surveys and the accuracy of our geologic model in the Beryl area, Thomas E. Voytovich, Apaches executive vice president – International and Offshore and E&P Technology, said. Our large discovery at Seagull will likely have a longer investment time-horizon as it may require dedicated production facilities, but it is predictable to have a very meaningful impact on Apaches medium- and long-term production in the region. We look forward to discussing the economics and details of these discoveries, together with a review of our extensive North Sea prospect inventory during our North Sea Region webcast Nov. 17.
Apache Corporation, an independent energy company, explores, develops, and produces natural gas, crude oil, and natural gas liquids. It operates onshore and offshore assets primarily in the Permian Basin, the Anadarko basin in western Oklahoma, and the Texas Panhandle, Gulf Coast areas of the United States, in addition to in Western Canada.
You may also like
Investor’s Alert – Rite Aid Corporatio…Traders Alert – Ford Motor Co., (NYSE:F), Ki…News Buzz: Whole Foods Market, (NASDAQ:WFM), Micro…Traders Recap – Microsoft Corporation, (NASD…Eye-Catching Stocks – Chesapeake Energy Corp…Worth Watching Stocks – Freeport-McMoRan, (N…Hot Stocks to Keep Your Eyes on – Apple, (NA…News Recap – FireEye, (NASDAQ:FEYE), Avon Pr…Stocks in the Spotlight – Valeant Pharmaceut…