Cosalt may sell offshore division

Published on 11/01/2013 00:00

MARINE services group Cosalt yesterday confirmed it was in talks over the sale of its Aberdeen-based offshore division but warned that shareholders were unlikely to get any return from a deal.

The heavily-indebted company said there was no certainty an agreement will be reached over the disposal of Cosalt Offshore or of its workwear division.

The company said it was focused on “reaching a solution which will ensure the long term future of both operating businesses”.

It added that the group’s debts and pension scheme liabilities meant it was unlikely there would be any value realised for shareholders from the business.

Last year Cosalt reached “full and final settlement” in a dispute with Calum Melville, a former director of Dundee FC, and his brother Stuart over the running of the Aberdeen business. The brothers have strongly denied any wrongdoing.