Stonebriar Commercial Finance Announces Nicholas Sandler as Chief Executive Officer

DALLAS - Monday, 30. September 2024 AETOSWire

(BUSINESS WIRE)--Stonebriar Commercial Finance (“Stonebriar”), a leading provider of asset-based private credit solutions with $7.3 billion of owned and serviced assets, announces that Nicholas Sandler has assumed the role of Chief Executive Officer. Sandler, who has served as Stonebriar’s President since June 2021 and co-founded the business, succeeds fellow co-founder Dave B. Fate, who is stepping down after more than 9 years of distinguished leadership. Fate will remain as Senior Advisor and Vice Chairman of Stonebriar through 2025.

Tony Minella, President of Eldridge Industries, Stonebriar’s controlling shareholder, expressed his gratitude to Fate for his extraordinary service and dedication to the company. "I met Dave over ten years ago. Our partnership has been fantastic. He has been instrumental in growing Stonebriar into the market leader it is today. Together, we’ve built significant value and have prepared the next generation of our organization to capitalize on future growth. We are deeply appreciative and proud of his contributions," said Minella.

Todd Boehly, Chairman and CEO of Eldridge Industries, voiced his trust in Sandler’s ability to lead Stonebriar into the future: "I’ve had the privilege of working closely with Nick for two decades and I couldn’t be more confident in his leadership. Nick has deep industry expertise making significant contributions to Stonebriar’s success to date and has earned the trust of our team, our clients, and our partners. I am excited to see how his determination and leadership will drive Stonebriar in the years ahead."

Fate also reflected on his time at the company: “Leading Stonebriar over the past nine years has been an incredible journey, and I’m immensely proud of what we’ve built. I am confident that Nick, as someone who has been deeply involved in the company from its inception, is the right person to guide Stonebriar into its next chapter. I look forward to seeing all that he and the team will accomplish.”

About Stonebriar Commercial Finance:
Stonebriar, an Eldridge Industries business, offers customized financing, including leases, secured term loans, and other structured finance solutions across a diverse set of industries, including manufacturing, marine, aviation, rail, energy, and real estate in North America and select foreign jurisdictions.
To learn more about Stonebriar, please visit www.StonebriarCF.com.

 

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Media

Nadia Damouni
ndamouni@prosek.com

SLB and ADNOC Drilling Partner for Unconventional Oil and Gas Development

 ABU DHABI, United Arab Emirates - 

Agreement will accelerate the initial scope of 144 unconventional wells for delivery by Q4 2025 with potential for significant number of additional wells in the second phase

(BUSINESS WIRE)--SLB (NYSE: SLB) today announced an agreement to create Turnwell Industries LLC OPC (Turnwell), a joint venture (JV) with ADNOC Drilling Company, SLB and Patterson-UTI. The JV will allow the three companies to leverage leading innovations in AI, smart drilling design, completions engineering and production solutions.

The JV will focus on the acceleration of UAE’s unconventional oil and gas program, with an initial 144 wells scheduled for completion by the end of 2025. SLB will provide integrated drilling, stimulation and completion services, as well as project management, digital capabilities and subsurface support as part of the venture. ADNOC Drilling through its wholly owned subsidiary ADH RSC LTD will hold a 55% majority equity stake, SLB a 30% equity stake and Patterson-UTI the remaining 15% equity stake.

"We are proud to join forces with ADNOC Drilling in this strategic partnership that demonstrates SLB’s leading position in the region deploying innovative digital, drilling and completion technologies in developing unconventional energy resources,” said Tarek Rizk, SLB’s president for the Middle East and North Africa region. ”UAE’s unconventional energy assets hold a promising future, and we are very much looking forward to elevating their performance in a safe and sustainable way.”

“Today marks a defining moment for Turnwell and our key partners SLB, and Patterson UTI. The acceleration of the well program is a testament to the innovation, collaboration and pursuit of excellence that will define our joint venture,” said Abdulrahman Abdulla Al Seiari, chief executive officer, ADNOC Drilling. “Turnwell will not only unlock the immense potential of the UAE's world-class unconventional energy resources but will also set new benchmarks for the global energy industry. We are proud to lead the way in responsibly shaping the future of energy, both in the UAE and beyond."

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About ADNOC Drilling

ADNOC Drilling, listed on the Abu Dhabi Securities Exchange (ADX symbol “ADNOCDRILL”; ISIN AEA007301012), is the largest drilling and integrated drilling services (IDS) company in the Middle East by fleet size, owning and operating one of the largest multi-discipline drilling fleets in the world. The Company is a critical link in ADNOC’s upstream business, as ADNOC responsibly accelerates its production capacity targets in light of globally increasing demand for energy. ADNOC Drilling incorporated IDS into its portfolio in 2018 and now offers a total solution of start-to-finish wells and associated services. To find out more, visit: www.adnocdrilling.ae.

Cautionary Statement Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

 

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Contacts

Media

Josh Byerly – Vice President of Communications

Moira Duff – Director of External Communication

Tel: +1 (713) 375-3407

Email: media@slb.com

Investors

James McDonald – Senior Vice President of Investor Relations

Joy V. Domingo – Director of Investor Relations

Tel:+1 (713) 375-3535

Email: investor-relations@slb.com

Baladna Signs Agreement with Algerian National Investment Fund for Dairy and Milk Powder Production and MoU for Infant Milk Project

 

Algiers, Algeria, 30 September, 2024:

In a key development aimed at bolstering collaboration between Qatar and Algeria in agriculture and industry, Baladna Trading and Investment W.L.L., a subsidiary of Baladna Q.P.S.C., has entered into a shareholder agreement with the Algerian National Investment Fund. The agreement, signed on September 19, 2024, paves the way for establishing an integrated dairy and milk powder production project in southern Algeria, which is set to become one of the largest agricultural ventures in the region.

Additionally, Baladna signed a cooperation agreement with Algeria’s Ministry of Industry and Pharmaceutical Production to explore the feasibility of an infant milk production project. This new venture will be developed in partnership with the Algerian National Investment Fund and will complement the milk powder production project.

The signing ceremony was attended by prominent leaders including Mr. Moutaz Mohamad Raslan Al-Khayyat, Chairman of Baladna Q.P.S.C., and Algerian officials such as Minister of Finance Mr. Laaziz Fayed, Minister of Agriculture and Rural Development Mr. Youcef Chorfa, and Minister of Industry Mr. Ali Aoun. The event also saw participation from Ms. Souad Assous, Director of the Algerian National Investment Fund, and other senior officials.

The integrated dairy and milk powder production project aims to address Algeria’s growing demand for dairy products and enhance food security. Under the terms of the agreement, Baladna will hold a 51% stake, while the Algerian National Investment Fund will retain 49% ownership of the new company overseeing the project.

Mr. Kamal Mansouri, General Director of the National Investment Fund, and Mr. Ramez Mohamad Raslan Al Khayyat, Managing Director of Baladna, signed the shareholder agreement. The Memorandum of Understanding (MoU) for the infant milk project was signed by Ms. Amal Alam, General Director of Industrial Development at the Ministry of Industry, and Mr. Ramez Al Khayyat.

The infant milk project seeks to reduce Algeria’s reliance on imported powdered milk, with domestic demand ranging between 25,000 to 30,000 tons annually. The MoU outlines a comprehensive feasibility study to assess the project’s viability, focusing on technical, commercial, and financial aspects.

This collaboration is a significant milestone for Baladna as it expands into new markets while supporting Algeria's food security goals. The projects align with both nations' commitment to sustainable economic growth.

Source: AETOSWire

Contacts:
Aladdin Idilbi
A.idilbi@powerholding-intl.com