Cosalt director resigns
COSALT director Calum Melville has resigned from the offshore safety experts board with immediate effect and has been suspended from his day-to-day duties as head of the offshore division.
The Grimsby-based firm – a specialist provider of critical safety equipment and services for the offshore oil and gas and marine industries – is carrying out an internal review of the operating practices of its businesses in Aberdeen.
Cosalt reported a doubling of half-yearly pre-tax profits to £1m earlier this year after the company restructured to focus on providing equipment and services to the oil, gas and marine industries.
Falling sales in the six months to May, from £48.3m from £52.8m, were blamed on caution in the UK oil and gas sector although the company is expecting to benefit from tighter regulations governing offshore drilling following the oil leak in the Gulf of Mexico.
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