Darktrace has acquired attack surface management company Cybersprint for €47.5 million.

The share price for Darktrace gained 3% to trade at 355p in Wednesday afternoon trade. Darktrace had traded as high as 361p in earlier in the session.

The acquisition comes as an addition to Darktrace’s new ‘Prevent’ product suite, which is underpinned by Attack Path Modelling.

The company said that Cybersprint will contribute to Darkspace’s ‘Continuous Cyber AI Loop’ development and will complement its self-leaning technology and inside-out view.

The transaction is set to be paid approximately 75% in cash and 25% in equity, which values the transaction at approximately 12.5 times Cybersprint’s annual recurring revenue (ARR).

“We are very excited to welcome the Cybersprint team to Darktrace,” said Poppy Gustafsson, CEO at Darktrace.

“Bringing inside-out and outside-in visibility together is critical and having access to the robust, rich, real-time external dataset combined with Darktrace’s Self-Learning AI means that customers get a holistic view of prioritised cyber risks to harden the parts of their organisation that are most vulnerable.”

“With this acquisition, we are able to leverage Cybersprint’s seven years of R&D to accelerate our Prevent product family, ultimately making it much harder for cyber-attackers to carry out successful missions.”

Pieter Jansen, CEO at Cybersprint added: “I’m very excited about this fantastic step in the journey of Cybersprint.”

“We are looking forward to joining Darktrace and working together to accelerate state-of-the-art innovations to make organisations more cyber secure.”

The acquisition is scheduled for a completion date of 1 March 2022.

Cohort plc company SEA has secured a contract with Hyundai Heavy Industries (HHI) to supply its Torpedo Launcher System (TLS) to two of the Philippine Navy’s new corvettes.

Cohort’s share price rose to 474.80p in early morning trade, before the rally faded and shares fell back to just 1% up at 455.52p.

The contract is worth several million pounds and is scheduled to see the first TLS delivered in 2023, with the second estimated for delivery in 2025.

The TLS is reportedly a close-range and rapid-react system which is equipped to fire a selection of NATO-compatible standard lightweight torpedoes.

The system is capable of launching the US Mk44, Mk46 and Mk54 torpedoes, UK Sting Ray, Italian A244S, French MU90 and the Korean Blue Shark.

The contract comes as part of the Revised Armed Forces of the Philippines Modernization Program (RAFPMP), and follows the success of SEA’s TLS onboard the Philippine Navy’s frigates.

“The inherent flexibility of our TLS will provide the Philippine Navies with a capability that helps future-proof the corvettes against new weapon developments and obsolescence, whilst also ensuring commonality across the fleet,” said David Hinds, Vice President Strategic Accounts at SEA.

“We look forward to working with our partners across Southeast Asia and further strengthening our relationship with HHI and the Philippine Navy.”

HHI representative Mr Kyunghyun Cho added: “This contract is part of a significant modernisation programme for the Philippine Navy.”

“Following the successful delivery of SEA’s TLS for the Philippine Navy’s frigates, we were impressed by the performance and reliability of the system and are pleased to be collaborating with SEA to deliver the same superior capability to the Navy’s corvettes.”

Mosman Oil and Gas finished a gas network in East Texas, connecting several leases in the area and enabling sales of gas from the Winter-2 project.

Mosman Oil and Gas share price has leaped 25.9% to 0.12p on the news of their project completion to supply gas in East Texas.

The Mosman Oil and Gas strategy focuses on exploration of existing permits and acquisition of new permits in politically stable companies. The Group works to find opportunities which will optimise operating cash flows along with positive developmental shifts.

In the new development, sale of gas is going to be supplied by Winter-2 well and Stanley-4 well. The gas network connects multiple leases, out of which one is Arcadia Operating LLC. Arcadia Operating LLC is jointly owned by Arcadia and Mosman subsidiary, Nadsoilco.

The well production flow rate will be announced after testing the system for a few days.

“Mosman is pleased to complete the construction of the gas network to further build on our production profile. With the gas network in place, it enables gas production from Winters-2 and Stanley-4, and other wells in the area. I am pleased to see increasing production volumes and cashflow, especially while gas price is strong,” said John W Barr, Chairman.

Mosman is on its way to maintaining their growth by furthering their exploration in helium and hydrogen potential in Australia and have recently released a production report that 17,344 boe, an increase of 43% compared to the six months to June 2021 of 12,143 boe.

Rio Tinto has announced record financial results in its full-year financial report for 2021.

The Anglo-Australian mining company reported an 88% free cash flow increase to $17.7bn, following a 42% leap in revenues.

Rio Tinto rewarded investors with a record $16.8 billion in full-year dividends, equating to 1,040 US cents per share, alongside a special dividend of 247 US cents per share.

The dividends amounted to a 79% payout for shareholders in the company.

The company cited global economic recovery post-Covid-19 for its record financial results, consequently helping it retain approximately 80% of the benefit from rising prices.

Rio Tinto cited the Platts index strength with a 62% in iron fines, alongside the Higher London Metal Exchange (LME) prices for acting as a driving factor behind the strong price boost for its copper and aluminium profitability.

“These results are all about commodity prices and the cash flow that comes from low production costs,” said Steve Clayton, Fund Manager at HL Select.

“Iron Ore revenues drive the majority of Rio’s revenues and with ore prices strong and Rio’s operating costs amongst the lowest in the industry, cash generation was always going to be strong in 2021.”

Rio Tinto Portfolio

The metals producer further highlighted recent developments in its portfolio, including the opening of underground gold and copper mining operations in Mongolia after the Mongolian government approved the Oyu Tolgoi agreement.

The deal has allowed the company to start operations in the country, with first sightings of sustainable production estimated for the first half of 2023.

The company also confirmed its agreement to acquire the Rincon lithium project based in Argentina.

“Our people have continued to safely run our world-class assets and are working hard to improve our operational performance, despite challenging operating conditions from prolonged COVID-19 disruptions,” said Rio Tinto Chief Executive Jakob Stausholm.

“The recovery of the global economy, driven by industrial production, resulted in significant price strength for our major commodities, which we were able to capture, achieving record financial results with free cash flow of $17.7 billion and underlying earnings of $21.4 billion, after taxes and government royalties of $13.0 billion.”