188 Acquisition International - Global Excellence 2021 Acquisition International - Issue 4 2021 35 Jan21040 Best Offshore Stock Exchange 2021 - Bermuda A globally recognized offshore securities market, The Bermuda Stock Exchange (BSX) offers a variety of domestic and international listing opportunities on a well-regulated exchange at affordable fees. We take a closer look at the firm as it celebrates fifty years of operation and success at the AI 2021 Global Excellence Awards stablished in 1971, The BSX has grown into a leading, fully-electronic, offshore securities market with more than 1,100 listed issuers, specializing in the listing and trading of capital market instruments such as equities, debt issues, funds and hedge funds, derivative warrants, and insurance linked securities (ILS). Uniquely positioned between the Americas and Europe, the two deepest capital markets of the world, Bermuda’s only stock exchange benefits from a time zone that offers real-time access to vast markets. Recognized by the United States Securities and Exchange Commission as a Designated Offshore Securities Market, The BSX is also a member of the World Federation of Exchanges, an associate member of IOSCO and is located in an OECD member nation. The firm has also gained its approved status around the world by financial institutions such as Australia’s FIF, the UK’s HM Revenue and Customs, Canada’s Income Tax Act, and more. The BSX is also a member of America’s Central Securities Depository Association. In 2019, Miami International Holdings, Inc. (MIH) obtained a controlling interest in the BSX and acquired full ownership by the end of 2020. As part of MIH’s global ambitions for the expansion of technology, derivatives trading and regulatory expertise to address emerging markets, the firm benefits from the Bermuda government’s commitment to fintech regulation and the country’s established reinsurance market. The growth of The BSX is due to its innovative, commercial approach centered on operational, technical and regulatory infrastructure serving clients with speed to market and affordable listing fees. The Exchange’s Mezzanine Listing facility is one such example of its pioneering approach, offering development stage companies a unique opportunity to list, and subsequently raise capital, on an internationally recognized exchange earlier than a traditional IPO. Whilst many of its issuers are based in Bermuda, The BSX also serves North America, the UK, Europe and Asia, as it witnesses growing interest from the global capital markets for an exchange platform for the listing of international debt instruments. Moreover, the introduction of the Special Purpose Insurance (SPI) class by the Bermuda Monetary Authority in 2009 continues to proffer growth of the ILS market, with 93.5% of the global ILS issuance outstanding market listed on The BSX at the end of 2020. Among its many attractive qualities as an investment for institutional investor portfolios, certain ILS vehicles align with the United Nations’ Sustainable Development Goals (SDGs) due to their role in helping private and public organizations build resistance to natural disasters and climate change. The BSX is similarly moving towards a greater emphasis on sustainability, promoting its Environmental Social and Governance (ESG) principles on sustainability of listed issuers, engaging with stakeholders on the advancement of the mandate and establishing internal and operational processes and policies to support its efforts in sustainability. The movement towards better practices is driven by the people of The BSX, a small team that takes pride in the Exchange and its growth. The dedication and passion that is underpinned by market, regulatory and exchange knowledge as well as a culture of innovation has created a positive, transparent working environment that has been able to withstand the challenges of 2020. Moreover, the fully-electronic nature of The BSX meant that the firm was able to address business interruption with minimal impact on operations, which continued to be effective through a year of unusual market operation. As vaccines begin to be distributed worldwide and economies return to a new sense of normal, The BSX is entering its fiftieth year with continued commitment to the domestic and international capital markets. The BSX and MIH have major investments planned for the years ahead, beginning with the opening of new offices and training facilities in downtown Hamilton and substantial upgrades to the Exchange’s technology infrastructure. The BSX will also continue to promote its ESG principles on sustainability, as well as working to align its standards with the global harmonization of securities settlement standards following the ACSDA’s on-site review in 2019. Ultimately, The BSX is looking ahead to another fifty years committed to the service and development of its sector, whilst simultaneously ensuring that The BSX remains one of the world’s preeminent offshore securities exchanges, and Bermuda the place where business happens. Phone: +1 (441) 292 7212 Email: [email protected] Contact: Greg Wojciechowski Company: Bermuda Stock Exchange Web Address: www.bsx.com E 22 Acquisit on International - Issue 3 2021 159 Pioneer Of Alternative Energy As the global energy industry comes under intense scrutiny in the midst of the climate crisis, renewable solutions are at the fore of th ind stry’ attention. Axis Energy Projects is independent peci lis in offshore floating ergy solutions, that has long championed th oil and gas industry nd is now making significant impacts in th offshore wind and renewables sector. With its market-leading Tension Leg Buoy technology currently in the works, Axis is establishing itself as a pioneer of alternative energy. ounded in 2008, Axis Energy Projects is a leadi g in ependent global tur key provider of mooring and fluid transfer systems for the offsho e floating production d stry of Oil and Gas and for the Offshore Wind and Ren ables sector. Specialists in the d sign and d liv ry of subsea substructures, moorings and foundations, A is provid s sound, cost-efficient and effective solutions and pr ject managem nt consultancy for a worldwide clientele within floating production and subsea operations. Predomina tly serving larg , multinational o l and en rgy operator nd Tier 1 Contractors, Axis s eks to work clos ly with it lients in ord that they can trive towards clear, shared objectives. By l stening to clients and g ining a well-rounded view of their issues and goals, Axi is able to deliver on its commitment to cr ating workable, robust, and affordable solutions and implem nting them in a timely, fuss-fr e mann r. The team at Axis b i gs together a wealth of experienc and industry knowledge, with many among its ranks having been involv d in the sector for mo e than four decades. Combining insights and con ections from across the offshore industries n b th Oil and Gas and Renewables, the Axis team is able to offer comp ehensive service based o well-informed research and knowledge. The team of ambitious and highly qualified professionals are supported through career paths that develop key skills and acumen by a conscientious management team heade by Founder, John Baross. John, who was also the Found r and Managing Director of Dalriad Faber Limited and Sigma Offshore Limited, - where he coinv nted th SMART Moori and Fluid Transfer system - is the driving force for innovation in engineering s lutions at Axis, m ow ring th s lutio provider in its leading position in an exciting fi ld. With the global Offshore Wind industry seeing exponential acceleration due to inc e s d levels of industry inv stment into the d v lopment of larger wind turbines, Axis’ expertise is becoming m re sought af e than ver. As Offshore Wind is set to pl y a major role in the decarbonisat on targets being set arou d the w rld, i is estimated that approxim tely 80% of the reas across the plan t that will be suitable will require floating solutions. Moreover, the increased requirement will be monumental, with the total amount f flo ting wind necessary on a global scale proj cted to be between 6,000 and 8,000 GW – an enormous leap from the current total installed Offshore Wind in the UK, which is less than 12 GW. However, although it will require a huge effort, it is by no m ans an impossible feat. Hundreds f tho sand of turbines will need o be instal ed worldwid , and it is l kely that the companies that engage F with floati g solutions t an early stage will likely be the leaders of the market as it matures. Axi ’ decad s of combi ed experience in the industry will therefore continue t prove invaluable in supporting clients who rely on subsea structures, moorings and foundations. The Axis team boasts comprehe sive expertise in Floating Production and Offshore Construction, Renewable Energy, ROV Engineering Support, Decommissioning and Extended Well Test Export Systems, which the f rm employs o inform its speci lised service offering. Clients are able to rely on Axis for design and delivery of their offshore mooring systems and foundations; turnkey provision of moored and DP tanker ext nded w ll test export systems; moorings and loading systems for FPSOs and FSOs; nd ins llation engi eering support, i cluding deep- ater IRM ngineering solutions. Clients seeking design and analysis services can rely on Axis for mooring systems and foundations; submarine pipelines, fl wlines, and risers; subsea st uctures; vessel d platform odific tions; structural engineering and naval architecture; nd com lex a alyses including Orcaflex, FEA and heat attenuation. Axis also offers 1800 m t es of six-inch, high-grade Manuli hose to its clients either on lease or for sale to support offshore loading systems. Now, Axis i able to us it decades f experie ce in the d ign a d delivery of subsea structures to champion the rm’s T nsion Leg Buoy (TLB) Technology, a robust mooring system that comprises a subsurfac buoy attached to a m dular gravi y b se anchor or found tion on the seabed by ensioned tethers, in ord r to support the wind turbine above. Designed to control stability, roll and pitch, TLB technology is gainin popularity in the Offshore Renewable industry and could be a viable alter ative to the traditional development of Offshore Wind in relatively shallow water using sub tructur s fixed to the seabed. In these cases, wind resources located in water depths of sixty metres or more are not economically viable, despite the access to higher wind reserves. Industry estimates suggest that the implem ntation of TLB technology into thes more lucrative areas c uld e Flo ting Offshor Wind achieve t e delivery of 12 GW, valued at £32 billion, by 2030. Thus, the succe sful completion of the tank testing of Axis’ TLB technology at the University of Edinburgh’s FloWave facility is an exciting step towards accommodating this projected growth in demand. Compared with its competitors, Axis’ system demonstrated better stability performance, greater flexibility in installation and offshore transportation, and the ability to have a large percentage constructed locally, re ulting in an overall cost that was between 15
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