Core Insights - Brookfield Business Partners reported a net loss of $59 million for Q3 2025, a significant decline from a net income of $301 million in Q3 2024, primarily due to lower tax recoveries and gains on dispositions [2][3][43] - The company achieved an Adjusted EBITDA of $575 million for Q3 2025, down from $844 million in the same period last year, reflecting the impact of lower ownership in three businesses following partial sales [3][4][30] - The CEO highlighted successful acquisitions and capital recycling initiatives, including the acquisition of a Canadian mortgage lender for $2.6 billion, which is expected to enhance growth [2][11] Financial Performance - For the three months ended September 30, 2025, net income attributable to unitholders was a loss of $59 million, translating to a loss of $0.28 per unit, compared to a profit of $301 million or $1.39 per unit in the prior year [2][3] - Adjusted EBITDA by segment for Q3 2025 was as follows: Industrials $316 million, Business Services $188 million, Infrastructure Services $104 million, and Corporate $(33) million [3][4] - The total revenue for Q3 2025 was $6.919 billion, down from $9.232 billion in Q3 2024, with direct operating costs also decreasing to $5.663 billion from $7.069 billion [30] Operational Highlights - The Industrials segment saw a 17% increase in Adjusted EBITDA to $316 million, excluding tax recoveries, driven by contributions from recent acquisitions [4][5] - The Business Services segment's Adjusted EBITDA was $188 million, impacted by the sale of a partial interest in dealer software operations [6] - The Infrastructure Services segment reported Adjusted EBITDA of $104 million, affected by the sale of offshore oil services operations [8] Strategic Initiatives - The company is simplifying its corporate structure by converting into a single listed corporation, which has been positively received by investors [2][12] - A special meeting for security holders is scheduled for January 13, 2026, to vote on the proposed corporate reorganization [14][15] - The company ended Q3 2025 with approximately $2.3 billion in liquidity, which is expected to increase to $2.9 billion post-announced transactions [18] Distribution and Shareholder Information - The Board declared a quarterly distribution of $0.0625 per unit, payable on December 31, 2025, to unitholders of record as of November 28, 2025 [19][44] - The company aims to align dividends on exchangeable shares with distributions on partnership units to provide equivalent economic returns [45][47]

Core Insights - MODEC has secured a full engineering, procurement, construction, and installation (EPCI) contract for a floating production, storage, and offloading (FPSO) vessel for the Hammerhead development, with project start-up anticipated in 2029 pending government approvals [1][6] - The first phase of the contract, focusing on front-end engineering and design (FEED), has been completed, and MODEC is now progressing to the full EPCI phase [2] - The FPSO is expected to have an initial average production capacity of 150,000 barrels of oil per day (bopd) and will be moored in approximately 1,025 meters of water [4][5] Company and Project Details - MODEC's strategic relationship with ExxonMobil Guyana is highlighted, emphasizing the collaboration's potential to create lasting value throughout the project lifecycle [4] - The Hammerhead project represents the seventh development in Guyana's Stabroek block, with ExxonMobil holding a 45% interest, while Hess Guyana Exploration and CNOOC Petroleum Guyana hold 30% and 25% stakes, respectively [6] - This FPSO will be MODEC's second unit in Guyana, following the Errea Wittu unit, which is currently under construction for the Uaru development [5]

Core Viewpoint - BW Offshore has signed a Head of Agreement with Equinor for the Bay du Nord FPSO project, marking a significant step in Canada's first deepwater oil project, which is estimated to hold 400 million barrels of recoverable light crude [1][4]. Group 1: Project Details - The FPSO unit is designed to support production of up to 160,000 barrels of oil per day and will incorporate advanced features such as a disconnectable turret system and extensive winterization [3]. - Emission reduction initiatives will be included in the FPSO's design, such as high-efficiency power generation, heat recovery, variable speed drives, and a closed flare system [3]. - The project will undergo a Front End Engineering Design (FEED) phase, with BW Offshore establishing a local office in Newfoundland to facilitate this process [4]. Group 2: Strategic Importance - This project aligns with BW Offshore's strategy to deliver high-performance offshore solutions and supports the future of energy [5]. - The selection by Equinor reflects confidence in BW Offshore's capabilities and commitment to value creation, safety, and local engagement throughout the project [4].

Core Insights - Petrobras S.A. has achieved a new production milestone at the Búzios oil field, surpassing 900,000 barrels of oil per day [1][4][11] - The Búzios field is on track to potentially become Brazil's largest oil-producing field by 2025, with production levels approaching those of the Tupi field [2][6] - The field is located at a depth of approximately 2,000 meters and currently operates four platforms and two FPSO units [3] Production Growth - Petrobras has significantly increased output in the first half of the year by bringing more wells online in the Búzios field compared to the previous year [4] - The startup of a fifth well on the FPSO Almirante Tamandaré has contributed to the production increase, with the P-78 unit expected to further boost output [5][11] - The company's strategy focuses on expanding production while reducing costs and streamlining projects, enhancing efficiency [4][6] Sustainability and Energy Security - Petrobras emphasizes its commitment to sustainability and a fair energy transition process while contributing to Brazil's energy security [4][6]

Core Insights - Petrobras has awarded a contract to Exail for the installation of 30 Quadrans Attitude and Heading Reference Systems (AHRS) on its Floating Production, Storage and Offloading (FPSO) units, enhancing safety and operational efficiency in offshore production [1][9] - The Quadrans AHRS provides high accuracy with a heading accuracy of 0.23° seclat RMS, crucial for real-time decision-making and stability monitoring during complex offshore operations [3][9] - The collaboration with Exail and Mitang reflects Petrobras' commitment to leveraging advanced technology to maintain Brazil's leadership in offshore energy production [5] Technology and Operational Efficiency - The Quadrans units are designed to be robust and maintenance-free, ensuring consistent performance in demanding marine environments and minimizing downtime during power cycles or disruptions [2] - Local technical support from Exail in Brazil ensures seamless integration of the AHRS system, aligning with Petrobras' high operational standards [4][9] Strategic Importance - This initiative is part of Petrobras' broader strategy to enhance offshore capabilities and drive innovation while maintaining high safety and efficiency standards [5] - The deployment of precision navigation tools like Quadrans AHRS is expected to play a vital role in the success of Petrobras' expanding operations in challenging marine environments [5]