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It is with sadness that the news of the passing of Norman Grieves Harding has been received. A passionate stalwart of NDT, not only in Canada but throughout the International NDT community, where Norman wore many hats.
Norman .was a founding Director with INTEG (International NDT Training & Education Group); PT & MT Instructor with CSNDT Foundation; founding Managing Director of Brent Canada; past President of CSNDT; past Executive Director of CSNDT; past publisher and Editor of the CSNDT Journal (1982-1990).
His passion for training and education was demonstrated by being a member of the CGSB NDT Certification Committee (1968-1999); Canadian Delegate to the ISO Committee for the Cerification of NDT Personnel that created the International Standard (1983-1999); Consultant to International Atomic Agency Vienna (1984-1998); President of Namron Associates and Surface Methods Inc.
An accomplished singer and actor, Norman tread the boards on stage, radio and TV with his many evenings at Mystery Dinner Shows being a favourite The recent success of his beloved "Wolves" (Wolverhamton Wanderers) returning to the the English Premier Leaque provided great joy.
Norman is survived by his five children, 10 grandchildren and nine great-grandchildren.
RIP Norm.
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Cenovus Energy Inc. agreed to buy Husky Energy Inc. in a C$3.8 billion ($2.9 billion) all-stock deal that will combine two of the largest players in Canada’s beleaguered oil-sands industry, which is struggling after the slump in crude prices.
The transaction will create the country’s third-largest oil and natural gas producer and lead to C$1.2 billion in savings, the companies said Sunday in a statement. Following the completion of the deal, Hong Kong billionaire Li Ka-shing and CK Hutchison Holdings, the conglomerate he founded and Husky’s biggest shareholder, will together own about 27% of Cenovus.
Like most of their industry peers, Cenovus and Husky are currently losing money following the crash in oil demand due to the pandemic. But even before the devastating impact of Covid-19, the Alberta oil sands had already lost their luster due to a chronic lack of pipeline capacity to export crude. That has forced producers there to accept hefty price discounts.
The oil sands also face increased environmental scrutiny arising from their carbon intensity, which makes the deposits more polluting to exploit than conventional reserves or shale. International oil majors including Norway’s Equinor ASA, France’s Total SA and Houston-based ConocoPhillips have either left or reduced their presence in Canada in recent years.
Cenovus’s purchase of Conoco’s oil sands assets in 2017 left the Calgary-based company with heavy debts, magnifying its exposure to tumbling Canadian heavy oil prices. Its shares have fallen 72% since the deal was announced and 75% over five years. Husky’s shares are down 85% over five years. Husky jumped as much as 17% in early trading Monday, and was at C$3.40 at 9:46 a.m. local time. Cenvous slumped 14% to C$4.21.
That terms of the takeover, excluding the share warrants offered by Cenovus, represent a 21% deal premium. That’s an “excessive” level, although the deal makes strategic sense, said Credit Suisse Group AG analyst Manav Gupta, who downgraded Cenovus to neutral from outperform.
For Husky, “the combined portfolio offers exposure to a premier oil sands asset base and a clearer path towards deleveraging and accelerating shareholder returns,” analysts at Tudor, Pickering, Holt & Co. said in a note.
Buying Husky will boost Cenovus’s production to about 750,000 barrels a day of oil equivalent from about 475,000 now. But perhaps more importantly, it will gain substantial downstream assets, namely additional refinery and pipeline capacity.
That will equip Cenovus to refine and upgrade 70% of its crude at its own refineries. The company says that will leave it less exposed to Western Canada Select, the local benchmark price, which usually trades at a discount of more than $10 a barrel to West Texas Intermediate, partly because of pipeline constraints. The Alberta government has even imposed production limits to keep the size of the discount in check, though it plans to lift those restrictions in December.
‘More Resilient’ The merged company will be cash-flow positive “right out the gate,” Cenovus Chief Executive Officer Alex Pourbaix said in an interview. According to the statement announcing the deal, the company will break-even at $36 a barrel for WTI crude. That’s seen falling to $33 by 2023. WTI closed Friday at $39.85. “The combined entity is far more resilient,” Husky CEO Robert Peabody said in the interview. “We will deleverage faster.”
Cenovus, which is rated Ba2 by Moody’s Investors Service, aims to be an investment-grade borrower, executives said during a call with analysts Sunday. The company said the deal will help it create an “accelerated path” to cutting debt to less than two times earnings within 24 months.
“Nobody should be surprised if non-core assets are sold,” Pourbaix said in the interview. Husky’s retail business, which includes gas stations and travel centers across most of Canada, is a division “we will take a look at.” Cenovus and Husky started their “on-and-off again” merger discussions during the pandemic, with a more concentrated effort to reach an agreement over the last couple of months, Pourbaix said.
The deal is expected to close in the first quarter of 2021, after which Cenovus will have about C$12 billion in net debt and C$8.5 billion in committed credit facilities from a broad banking syndicate.
It’s the largest deal in the Canadian oil industry since Husky’s attempted C$2.75 billion hostile takeover bid for MEG Energy Corp. Husky abandoned that transaction in January 2019 after failing to win enough shareholder support.
Read more on Yahoo Finance. |
St. Catharines, ON - Non-Destructive Testing (NDT) Products Limited, a leading supplier of NDT equipment and supplies, is pleased to announce that Jared Melnyk has joined the company as the New Business Development Manager.
“I am very excited to join Non-Destructive Testing (NDT) Products Limited,” said Melnyk. “They are a great group of professionals representing some of the best technology in the industry with a reputation for putting their customers first. I look forward to contributing to their continued success.” Melnyk is a seasoned sales manager and has been working in the NDT industry for over 20 years. He held various sales management roles at Waygate Technologies, formerly Baker Hughes, a GE Company. Prior to Waygate Technologies, Jared served as a Branch Manager for IRIS NDT. Jared also brings with him an impressive list of certifications, including CGSB Level II for RT, MT, PT; and pressure equipment inspection certificate from Southern Alberta Institute of Technology (SAIT). Based in Edmonton, Jared will report directly to Non-Destructive Testing (NDT) Products Limited National Sales Manager, Noah McKernan. In his new role, Jared will develop a strategy and support initiatives for client management and acquisition in Canada. He will work with the company’s sales team to maximize opportunities in the NDT market. “We are confident Jared will deliver further growth for Non-Destructive Testing (NDT) Products Limited,” said Noah McKernan. “His years of industry experience and strong network make him an integral part of the company’s strategic plans.” About Non-Destructive Testing (NDT) Products Limited
For over 40 years, Non-Destructive Testing (NDT) Products Limited has been a leading Canadian distributor of equipment and supplies that serve the NDT and transportation maintenance markets. The company represents world-class companies including AGFA, Waygate Technologies (formerly Baker Hughes, a GE Company), Hitachi High-Tech Analytical, Sherwin Inc., REL Inc., Echo Ultrasonics, Sensor Networks, Inc., New Sonic, Circle Systems, Karl Storz, Sames-Kremlin, Spectroline, 3M, Radco, Socomore, to name a few. The company is also an OEM for wastewater filtration systems and liquid penetrant inspection systems. The company’s headquarters is located in St. Catharines, ON, with regional offices in St. Laurant, QC, and Edmonton, AB. Visit ndtproducts.ca for more information. Media Contact Aimee Medina marketing@ndtproducts.ca |
With the ongoing COVID-19 situation, the NRCan NDTCB is working to ensure the health and safety of the public and our team members in accordance with all public safety guidelines. We are closely monitoring the situation and will adjust our business practices and client services rapidly as required. We remain at the ready to assist you as best as we can throughout this situation. We will keep you updated on any developments. At this time, certification processing and services are likely to be disrupted, delayed, and/or postponed. Temporary accommodations and extensions relating to initial certifications and renewals/recertifications will be provided for select candidates. Currently, the accommodations are:
For full details and supplementary verification of certification status, please download and read the NRCan NDTCB COVID-19 Temporary Extension Policy Notice (PDF, 189 KB). The appropriate extension accommodations will be applied automatically (no need for candidate to submit a request) without re-issuance of the corresponding paperwork or documents. As conditions evolve, we will adjust services accordingly—temporary accommodations and extensions may be amended or applied as required. Please check our website regularly for further updates on this rapidly evolving situation. For more details, please contact our office.
At this time, we will be maintaining communication services via email and telephone. We will not be providing in-person client services at our local office at this time. We encourage clients to provide the NRCan NDTCB with your most up-to-date personal email address and telephone number to avoid interruptions in communication. For all telephone inquiries, please call our main telephone line: 1-866-858-0473 For email inquiries, send your emails to our main inboxes listed below: The health and safety for the public is a priority for the NDTCB—we appreciate your understanding and support. |
DJI, the world’s leader in civilian drones and aerial imaging technology, announced a Solution Development Partnership with Shell Oil Company to create, test and deploy DJI drone technology at its Deer Park Manufacturing Complex to improve efficiency and worker safety during industrial inspections and emergency incident response. |