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R-R COMPLETES AGREEMENTS WITH INVESTIGATING AUTHORITIES; AGREES TO PAY £671M IN PENALTIES
Tuesday, January 17, 2017
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Source: Rolls-Royce


Source: Rolls-Royce


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LONDON - Rolls-Royce said it has entered into a Deferred Prosecution Agreement (DPA) with the UK’s Serious Fraud Office (SFO) with the approval of the President of the Queen’s Bench Division (The Right Honourable Sir Brian Leveson) and published by the SFO. Rolls-Royce has also reached a DPA with the US Department of Justice (DoJ) and a Leniency Agreement with Brazil’s Ministério Público Federal (MPF).

These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards following a request from the SFO. These are voluntary agreements, which result in the suspension of prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty. The agreements will result in the total payment of £671 million ($824 million).

"The behavior uncovered in the course of the investigations by the Serious Fraud Office and other authorities is completely unacceptable and we apologize unreservedly for it, said Warren East, Chief Executive, Rolls-Royce. "This was unworthy of everything which Rolls-Royce stands for, and that our people, customers, investors and partners rightly expect from us."

East added that past practices that have been uncovered "do not reflect the manner in which Rolls-Royce does business today. We now conduct ourselves in a fundamentally different way. We have zero tolerance of business misconduct of any sort."

Under the terms of the DPA with the SFO, Rolls-Royce will pay £497,252,645 plus interest under a schedule lasting up to five years, plus a payment in respect of the SFO’s costs.

SFO Payment Schedule

By June 30, 2017 £119,000,000

By January 31, 2019 £100,000,000

By January 31, 2020 £130,000,000

By January 31, 2021 £148,252,645

Rolls-Royce has also agreed to make payments to the DoJ totaling $169,917,710 and to the MPF totaling $25,579,179. As a result, total payment by Rolls-Royce in the first year of all three agreements is expected to be £293 million ($360 million).

Rolls-Royce reports its full year 2016 results on February 14, 2017 and an appropriate update on the implications of these settlements will be provided at that time. Early indications are that the Group has had a good finish to the year with both profit and, in particular, cash expected to be ahead of expectations.

Rolls-Royce has co-operated fully and extensively with the authorities and all three agreements record Rolls-Royce’s co-operation, with the UK agreement specifically noting our "full and extraordinary co-operation" with the SFO’s investigation. We have taken decisive disciplinary action where the rules have been broken. This has resulted in a number of people leaving the business and we no longer use any of the intermediaries who have been implicated.

Rolls-Royce has implemented an extensive action program to embed ethics and compliance at our heart and transform our business culture, including:

-- Setting clear standards for the behaviors we expect of our people and those we do business with

-- Implementing revised and new ethics and compliance policies covering areas including anti-bribery and corruption, offset, gifts and hospitality and lobbying

-- Recruiting a senior team of ethics and compliance experts

-- Training ethics and compliance specialists across our business and introducing an extensive training program for employees

-- Encouraging employees to report any concerns and creating new channels including a 24-hour Ethics Line available worldwide

-- Reducing dramatically the number of intermediaries that we use across the world and ensuring that those advisers that we do retain meet our high ethical and compliance standards and understand exactly what is expected of them

All this work has been overseen by one of the world’s most respected authorities in this field, Lord Gold, who was appointed in 2013 and continues to work with Rolls-Royce. He reports back to the Board regularly on progress and when he completes his final report we will publish it.

For legal reasons, Rolls-Royce cannot make any comment on the agreed Statements of Facts, published by the investigating authorities, nor on the identity of any intermediaries or employees.

Source:  Rolls-Royce
Associated URL: rolls-royce.com
Source Date: January 17, 2017
Posted: 01/20/2017

 
 
FRANCE ORDERS FOURTH BATIMENT MULTI-MISSION VESSEL
Wednesday, January 18, 2017
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Source: French MoD


Source: French MoD


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PARIS - France's Directorate General of Armaments (DGA) agency placed an order on January 18 with joint Piriou and DCNS subsidiary Kership for the delivery of a fourth Batiment Multi-Mission vessel, or B2M.

The original December 2013 order by the DGA included an option for the fourth ship, rounding out an element that will add to the French Navy's future force structure as outlined under the last Defense White Paper (released in 2013) that is expected to be in place by 2025. That force structure will involve 4 ballistic missile submarines, 4-6 attack submarines, 1 aircraft carrier, 15 "first-rate" frigates, 6 light surveillance frigates, 15 patrol boats, and 3 BPC (Batiment de Projection et de Commandement) force projection and command ships (the current Mistral class fulfills this requirement), plus a renewal of mine warfare assets (slated for around 2020).

The first B2M, the D'Entrecasteaux, was commissioned on March 25, 2016. The second-in-class, Bougainville, was commissioned on September 16, 2016, and the third, Champlain, is slated for delivery this year. The newly-ordered fourth ship, to be called Dumont d'Urville, will be delivered in the second half of 2018.

The B2M ships are derived from an offshore support vessel design. Each ship displaces around 2,300 tons and has a top speed of 12-15 knots. They are capable of carrying out missions of up to 30 days without refueling and are able to remain deployed at sea for 200 days per year. The B2Ms are able to forward-deploy 20 personnel with two 4x4 vehicles, plus weapons and ammunition. In French service they are used for monitoring and protecting France's exclusive economic zones (EEZ) and the deployment of forces in support of humanitarian, peacekeeping and security missions.

The B2Ms are replacing the 1980s-legacy Batral-class light transport ships.

Source:  DGA
Associated URL: http://www.defense-aerospace.com/articles-view/release/3/180439/france-orders-fo
Source Date: January 18, 2017
Posted: 01/20/2017

 
 
SIEMENS DELIVERS POWER PLANT UNIT FOR COMBINED CYCLE FACILITY IN HONG KONG
Friday, January 20, 2017
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Deal Marks First SGT5-8000H to China

Source: Siemens


Deal Marks First SGT5-8000H to China

Source: Siemens


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ERLANGEN, Germany - Siemens received an order from Castle Peak Power Company Limited(CAPCO) for the delivery of a power block for a new combined cycle unit in its Black Point Power Station in Tuen Mun, in the northwest of Hong Kong.

This marks the first order for Siemens power plant components from Hong Kong in 20 years. CAPCO is a joint venture of China Southern Power Grid International Limited and CLP Power Hong Kong Limited (CLP Power).

Scheduled to be in operation before 2020, the plant will have an installed total capacity of 550 megawatts (MW) to supply approximately a million households with electricity. Siemens is delivering an H-class gas turbine to Greater China for the first time, and has now sold the total of 80 SGT-8000H units worldwide.

The total order for Siemens includes the delivery and commissioning of the power block, with a single-shaft configuration. The power block's core will consist of an SGT5-8000H gas turbine, an SST5-5000 steam turbine, a water-cooled SGen5-3000W generator manufactured in Germany as well as the SPPA-T3000 control system.

Currently, Hong Kong has a total installed capacity of about 12.6 gigawatts and uses primarily fossil fuels to generate electricity. Hong Kong's government set an objective to increase local gas generation to around 50 percent of the total fuel mix for electricity generation by 2020, while decreasing emissions and pollutant output from power generation sector. With its high efficiency, the Siemens H-class gas turbine offers the technological foundation to supply Hong Kong with energy in an efficient, resource-saving manner.

Combined cycle power plants that have an SGT-8000H installed achieve a high efficiency level above 60 percent and are characterized by short startup times and rapid load changes. The unit to be installed in Hong Kong represents the 80th H-class gas turbine that Siemens has sold worldwide; it has proven itself in daily power plant operations by amassing more than 300,000 operating hours. The SGT-8000H fleet has a reliability of more than 99 percent.

Source:  Siemens
Associated URL: http://www.siemens.com/press/en/pressrelease/index.php?content%5B%5D=Corp&conten
Source Date: January 20, 2017
Posted: 01/20/2017

 

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