Dutch maritime scheme says merger would mean benefit cuts

first_imgThe Dutch industry scheme for the maritime construction sector has decided against merging with another pension fund.The €1.2bn Bpf Waterbouw said that continuing as an independent scheme would be the best option for all participants and pensioners.The board said it based its conclusion on a survey by consultancy Sprenkels & Verschuren into the pros and cons of joining one of the larger sector schemes, such as PGB, building industry scheme BpfBouw, or the fund for the merchant navy (Bpf Koopvaardij).The study was initiated by the board and the ‘social partners’ of employers and unions, with the latter considering joining the multi-sectoral scheme PGB for further pension accrual. However, the study found that, if Waterbouw transferred its pension rights to BpfBouw or Bpf Koopvaardij, the scheme would have had to cut pension rights straight away, because of its lower funding ratio relative to BpfBouw and Bpf Koopvaardij.Waterbouw had a coverage ratio of 104.6% at June-end, while the coverage ratios of Bouw and Koopvaardij stood at 110% and 109.7%, respectively.If Waterbouw joined PGB, the future chances of rights discounts would be bigger, the board concluded.Compared to the other pension funds, Waterbouw had a low interest rate hedge – 25% against 50%. It also had a relatively large securities allocation, with 44.7% invested in equity and 11.4% in property.Waterbouw, which carries out its administration in-house, compared favourably to the other schemes on cost, in particular regarding asset management costs.The employers and unions still need to decide whether Waterbouw is to continue as an active or as a closed pension fund.Contracting out the pension arrangements would not be easy, as the pension plan has a lower-than-average accrual rate. In addition, there is no part of employees’ salary that is exempt from pension accrual, unlike many other Dutch schemes.Waterbouw said it wanted to extend the one-year contract for companies that have voluntarily joined the pension fund to a five-year term, to reduce the risk of companies leaving the scheme suddenly.It also said that it would look into the options of contracting out its pension provision to decrease its vulnerability as a self-administering scheme.Bpf Waterbouw has 2,850 active participants, 3,205 deferred members and 5,785 pensioners.last_img read more

EnQuest gives up on production re-start at UK fields

first_imgCost-saving measures  In light of recent developments in the oil market, oil and gas company EnQuest has decided not to re-start production at the Heather and Thistle/Deveron fields located offshore the UK. Thistle platform. Source: RMTEnQuest was in October 2019 forced to evacuate workers from its Thistle platform following an inspection relating to a support element on a redundant subsea storage tank. During the same month, a small fire broke out on the Heather platform and two workers were injured. Production at Heather had been shut down for maintenance prior to the incident.EnQuest said in November 2019 that single compressor operations had impacted production at Heather.Production has been shut down at both platforms ever since. EnQuest previously planned to restore production at both platforms in the first half of 2020.In an update on Thursday EnQuest said it had reviewed each of its assets and related spending plans in light of the current lower oil price environment.EnQuest’s updated working assumption is not to re-start production at the Heather and Thistle/Deveron fields. Total combined production from these fields in 2019 was c.6,000 Boepd. At the same time, the company is implementing a material operating cost and capital expenditure reduction program. This action will significantly lower EnQuest’s cost base, with group free cash flow breakeven targeted at c.$38/Boe in 2020 and $35/Boe in 2021, the company explained.For 2020, the company is targeting base operating expenditure savings of c.$150 million, which would lower operating costs by c.30% to c.$375 million.In 2021, the group is targeting unit operating expenditures of c.$15/Boe. These savings are driven primarily by cost savings at Heather and Thistle/Deveron, but also through the removal of non-critical and discretionary operating expenditures and support costs.The company’s 2020 cash capital expenditure is also expected to be reduced by c.$80 million to c.$150 million. The majority of the group’s 2020 program relates to the recently concluded drilling program at Magnus and the two-well program now underway at Kraken, with approximately $50 million of 2020 cash capital expenditure relating to the phasing of cash payments into 2020.The group’s 2021 capital expenditure program is expected to reduce further, although production is also likely to be impacted as a result.The group retains significant liquidity with cash and available facilities of $268.2 million at February 28, 2019.EnQuest Chief Executive, Amjad Bseisu, said: “Over the last few years, EnQuest has made significant progress in strengthening the business with our three world-class assets in Kraken, Magnus and PM8/Seligi, and a materially reduced debt position.“Given the prevailing low oil price environment, we are taking decisive action to reduce operating and capital expenditure in 2020 and beyond, with a view to targeting cash flow breakeven of c.$35/Boe in 2021. While these actions have reduced our production expectations, free cash flow has improved and with no senior credit facility amortizations due in 2020 and long-dated bond maturities, we are positioning ourselves to manage through the current low oil price environment.”It is also worth mentioning that offshore accommodation specialist, Prosafe, has recently been awarded a contract to provide accommodation in support of the redundant subsea tank removal and safe re-habitation of the Thistle Alpha platform in the UK North Sea.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more

Lady Bulldogs Fall Short Against Lady Panthers

first_imgThe BMS 7th Grade Volleyball lost a tough match against Jennings County: 25-15 and 25-16. Laney Walsman scored 5 points, one being an ace. Kennedy Westrick scored 5 point, two being aces. Kaitlyn Sarringhaus also scored 5 points with her serves. Kaitlyn Sarringhaus and Jenna Honnert had great passes from the back row. Kennedy Westrick and Laney Walsman had great digs and hustle. Tiffany Hawker, Cayman Werner, and Jadyn Harrington all added great sets for our hitters. Jadyn Harrington had 3 kills. Megan Meyer had 2 kills. Cayman Werner, Ashlee Cornn, and Kaitlyn Sarringhaus each had one kill. Samantha Kessens added one great hit. Their record is 5-6!Courtesy of Bulldogs Coach Megan Werner.The BMS 8th Grade Volleyball team lost to Jennings County 25-19, 25-18.  Jade Kopp earn 5 service points for the team.  Sydnee Schaefer had 4 services points.  From the spiking line Jade Kopp had 3 kills.  Laney Flynn earned 2 kills and Katie Shane and Carley Pride each had a kill. Their record is 6-5.  The team faces Milan on Monday in the SEI tourney.Courtesy of Bulldogs Coach Angie Ehrman.last_img read more

Blackett signs new United deal

first_img “I am delighted that Tyler has signed a new contract,” said United manager Louis van Gaal, who handed another academy product, Paddy McNair, a new contract earlier this month. “He is another young player that has risen through the academy system to break into the first-team squad this season. “Tyler has great potential and I believe he is at the right club to continue his development and progression to become a great defender.” Van Gaal is keen to promote youth players from the academy and although Blackett has not played since January 11, he is clearly in the Dutchman’s long-term plans. Blackett, who hails from Hulme, which is within two miles of Old Trafford, was delighted to commit his future to a club he has been at for the last 12 years. “I’m thrilled to have signed my new contract,” the defender said. “I have supported United all my life and have been here since I was eight years old. “To come through the academy and make my debut this season was a dream come true. Tyler Blackett has signed a two-year contract extension at Manchester United. Press Association The United academy product made his debut against Swansea on the opening day of the season and has since gone on to make another nine appearances for the club. The 20-year-old’s contract was due to expire in the summer, but he has agreed a new deal that will keep him at the club until June 2017, and there is an option to extend by another year. “I want to keep improving within the first-team squad with the help of the manager, coaches and the players around me.” United later confirmed 21-year-old left-back Reece James had also signed a contract extension. James scored twice in Van Gaal’s first friendly as United manager against the Los Angeles Galaxy last summer, but his only competitive appearance came in the 4-0 Capital One Cup defeat to MK Dons. James spent six weeks on loan at Championship side Rotherham earlier this season. last_img read more

Sellas names 18 for Qatari friendly

first_imgSellas Tetteh has named his squad ahead of Ghana’s international friendly against Qatar next month. The 18-man Black Satellites squad, who are in camp in Accra will travel on October 3 for the game against the hosts U20s on October 7.Ghana, who have qualified for the 2015 Africa Youth Championship in Senegal and will use the game in Qatar as part of their build-up for the continental championship.Ghana squad1. Mutawakilu Seidu – Kotoko 2. Sai Micheal – Berekum Chelsea 3. Owusu Bempah – Hearts of Oak4. Christopher Bonney – Kotoko 5. Asmah Patrick – B. A. Utd.6. Latif Abubarkar – Liberty7. Joseph Adjei – Wa All Stars 8. Stephen Anokye – B. A. Utd.9. Kofi Yeboah – Wa All Stars 10. Emmanuel Asante – Kotoko 11. Ben Tetteh – Bechem12. Attobrah Asiedu – Edubiase 13. Kumi Eric – Hearts of Oak14. Prosper Kassim – Inter Allies 15. Noah Martey – Bechem 16. Sulley Mohammed – King Faisal 17. Samuel Afful – Hasacass 18. Samuel Tetteh – Feyenoordlast_img read more


first_imgBREAKING NEWS: Two men have been convicted of murdering a 57-year-old Donegal man outside his home in Glasgow.Asif Rehman, 20, and Adel Ishaq, 19, attacked William McKeeney in Melville Street, Pollokshields, on 15 January.Mr McKeeney, who was originally from Malin Head, later died at the city’s Victoria Infirmary. Rehman and Ishaq, who denied the murder charge against them, face mandatory life terms when they are sentenced at a later date.During the trial at the High Court in Kilmarnock, the jury was told that Mr McKeeney was attacked while making his way home from a nearby pub.His partner Annemarie Newlands, 48, said she had been watching out for him from a window of the flat they shared in Melville Street.She told the court that she had seen “two Asian men stamping on something”.After they left the scene, Ms Newlands said she was able to see a dark shape which she thought was a person.When she ran outside she realised the dark object was her partner, Mr McKeeney.She told the court: “He was very battered and the side of his face was all swollen.”The trial also heard from Ishaq’s friend, 19-year-old Imran Khan.He said Rehman had warned him during a phone call that they had just “splattered” someone outside his house.Following Rehman and Ishaq’s convictions, procurator fiscal John Dunn said: “William McKeeney was an innocent man on his way home when he had the misfortune to run into Asif Rehman and Adel Ishaq.“Minutes later and in a totally brutal and unprovoked attack, he was beaten so viciously and severely that he would never recover. His murder has shocked the local community.“I hope that today’s verdict will bring some closure for Mr McKeeney’s family, who have had to deal with the effects of this tragic event. I cannot imagine the mental anguish they have suffered because of these men.”MEN FOUND GUILTY OF MURDER OF DONEGAL MAN IN GLASGOW was last modified: October 16th, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:courtdeadGlasgowguiltywilliam mckeeneylast_img read more