Coastal Sells Vessels for $54 mln

first_imgcoastal, March 28, 2014 zoom Coastal Group today announced that its wholly-owned subsidiaries, Coastal Offshore, Thaumas Marine and Pleasant Engineering have collectively secured contracts for the sales of three offshore support vessels (OSVs) and two low-end vessels for an aggregate value of approx $54 million.Apart from the two OSVs which were sold to a repeat customer, the third OSV and two low-end vessels were sold to a new customers. With these latest orders, the total value of the Group’s vessel sales stood at approx $366 million.Mr Ng Chin Heng, the Executive Chairman of Coastal, commented: “Current crude oil price remains stable underpinned by the recovery momentum in the United States and the anticipated shift out of recession in the Eurozone. We are quite optimistic with the current OSV market as stable oil price will continue to spur oil majors to increase capex spending on exploration and production activities, especially for drilling activities. We believe there are more OSV needed to support the 2015-delivery rigs.”Mr Ng further added: “With the current strong vessel sales order book and the recent win of jack-up gas compression service unit charter contract, FY2014 shall be a busy year to Coastal Group. In addition, currently we are in the progress of clinching a contract for our maiden jack-up rig which is scheduled for delivery in quarter three this year. We are quite optimistic on clinching our first jack-up rig contract this year.”All of these vessels are expected to be delivered in 2014 and 2015.last_img read more

Dunnes Stores workers receive pay boost

first_imgA 3% PAY increase for Dunnes Stores workers has been announced today.The pay increase follows on from the ‘Decency for Dunnes Workers’ campaign, launched by Mandate Trade Union in April of this year. The campaign makes a claim on behalf of workers for improved pay and contract conditions.Mandate have a number of unresolved issues with workers conditions in Dunnes Stores. Included in these are the introduction of banded hour contracts, a review of temporary contracts that are being over utilised and the right to representation for Mandate members in Dunnes Stores.Assistant General Secretary of Mandate Gerry Light said: “Dating back to 1996, we have a procedural agreement that says in the case of a disagreement, Dunnes sit down and meet with us.  Unfortunately, when we seek to evoke the terms of that agreement, Dunnes aren’t interested”.“The next stage of the campaign is to bring it to the Labour Court.  We anticipate Dunnes to not attend.”The 3% pay increase comes on the same day that Mandate referred the claims made in the campaign to the LRC.Dunnes Stores currently employ 10,000 workers aross its 116 stores in the Republic of Ireland. More than 4000 of these are represented by Mandate Trade Union.Dunnes Stores were contacted by but are yet to reply.  READ: Dunnes-v-Karen Millen goes to Europe, the result isn’t good for the Irish storeREAD: Mandate writes to Dunnes Stores owners over worker issueslast_img read more