DNB said it would also look into the decision-making process and whether the pension funds still had a clear view on downside risk after any adjustments.The supervisor indicated that three pension funds had decided not to change their risk profile after consultations with DNB. Five schemes would be allowed to raise their investment risk after their funding had improved to more than 105%, it added.Pension funds that increase their investment risk must raise their financial buffers at the same time. DNB said the required asset level had increased by 3% on average.The one-off option to raise the risk profile is part of the new financial assessment framework (nFTK), which was introduced in 2015.During the past two years, 45 pension funds in total – including the schemes of coffee producer Douwe Egberts, BpfBouw, and UWV – have used this option.Pension funds with a coverage of less than 105% are not allowed to increase their risk level, while schemes with a funding of more than 125% do not face limits in principle. More than 50 underfunded Dutch pension funds have indicated that they want to raise their risk profile this year in a bid to improve returns, according to supervisor De Nederlandsche Bank (DNB).It said 159 schemes were eligible for a one-off increase of their investment risk. These schemes had a coverage ratio of between the required minimum of 105% and the prescribed level for financial reserves of approximately 125%.DNB made clear that the 53 pension funds that took up the opportunity had predominantly opted for a reduction of their interest rate hedge, sometimes combined with an increase in equity allocations.The watchdog said it assessed the schemes’ requests against criteria such as a “balanced approach towards their participants” as well as the impact of the adjustment on different generations.
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Petroleum Geo-Services (PGS), reported profit for the second quarter ended June 30, 2018 of $10 million versus loss off $37 million in the prior-year quarter.Basic earnings per share was 3 cents per share, bouncing back from 10 cents per share loss same time last year.Norway-based PGS generated relatively flat quarterly revenues compared to Q1 2017 of $240 million.“Most of our active 3D vessel capacity was allocated to multi-client in the quarter and pre-funding revenues dominated the sales mix. multi-client late sales did not benefit materially from any license rounds, but the quarter still demonstrates a continuance of the strong trend from the two previous quarters,” said Rune Olav Pedersen, PGS president and CEO.PGS recognized net operating expenses of $63 million versus $128 million a year earlier.The Oslo-listed company secured order book of $187 million, down compared to $248 million at June 30, 2018, and from $211 million sequentially.PGS said it operated eight 3D vessels during the Q2 season 2018.“Our contract activities in Q2 related mainly to completion of surveys we commenced in Q1, offshore West Africa. The marine contract market is improving, but still challenging, and it is encouraging that our estimate of the total value of bids and leads for contract work is at its highest level for more than three years,” Pedersen added.Subsea World News Staff
Oil and gas company Neptune Energy and helicopter operator CHC marked the inaugural flight from Norwich with the H175 to the Cygnus A and Cygnus B installations in the North Sea earlier this month.CHC H175; Photo by: Ronnie Robertson; Source: Flickr – under the CC BY-SA 2.0 licenseCHC said on Tuesday that the flight was part of a new 22-month contract with multiple extension options. It is also worth noting that CHC’s third H175 entered service in late April.Mark Abbey, CHC regional director for Europe, Middle East, and Africa, said: “We are delighted to have the opportunity to continue our 17-year aviation partnership with Neptune who has become one of our largest North Sea customers.”The company added that the contract was in addition to the two and a half-year contract extension CHC secured with Neptune in November to provide three AW139 aircraft operating to 32 different locations in the Southern North Sea from CHC’s Den Helder base in the Netherlands.Karl Fessenden, president and CEO of CHC Helicopter, added: “We look forward to continuing to build on our relationship with Neptune and meet their aviation transportation needs for the duration of these projects and beyond throughout the Europe, Middle East, and Africa (EMEA) region.”
Related Articles GVC absorbs retail shocks as business recalibrates for critical H2 trading August 13, 2020 Bookies Corner: Trump Presidency sinks as US 2020 enters its 100 day countdown July 29, 2020 StumbleUpon FSB selects Glenn Elliott as new COO August 12, 2020 Submit Share Share David Macdonald – Ladbrokes CoralIndustry-independent watchdog and standards body, The Senet Group has praised Ladbrokes (GVC Holdings) for its commitment to promoting Responsible Gambling through its marquee sponsorship of the Scottish Professional Football League (SPFL).Promoting safer gambling, Ladbrokes marketing confirms that the Senet Group’s ‘When the Fun Stops, Stop’ message will appear across all SPFL players’ shirts for the 2019/20 season.David Macdonald, Sponsorship and Events Manager at Ladbrokes Coral, said: “As a responsible business, we hope this innovative scheme proves our commitment to tackling problem gambling through sport, across Scotland and will encourage other operators to follow suit, for the benefit of our customers, colleagues and communities.”In addition, the Senet Group’s core message will be displayed across match-day programmes, LED boards and TV interview backdrops, with Ladbrokes marketing outlining the most comprehensive coverage for UK safer gambling initiatives.Entering 2018, Ladbrokes renewed its SPFL sponsorship until 2020, with the betting brand agreeing to invest in Scottish football projects.Gillian Wilmot – The Senet GroupBacking Ladbrokes, Senet Group Chair, Gillian Wilmot, said: “The When the Fun Stops, Stop campaign has proven its ability to connect meaningfully with players and to help tackle problem gambling. Since its launch in 2015, the campaign has reached an estimated 82% of regular UK gamblers, with 33%, or an indicative 5 million adults confirming that it has helped them gamble more responsibly.“The decision by Ladbrokes and the SPFL to use our campaign materials is a great endorsement of the work we do to engage with players through positive and engaging messaging, which drives reflection and behaviour change.”
LOS ANGELES – Arron Afflalo usually gets the attention of his opponents for his scoring ability, but the UCLA junior believes he will be the focus of California’s Ayinde Ubaka for another reason. When UCLA beat the Bears last month in Berkeley, Ubaka was shut down. At the time, he led Cal in scoring but was shut out by Afflalo. So when Cal visits No. 4 UCLA tonight, Afflalo knows he needs to be ready. “I’m sure he’s looking forward to it,” Afflalo said. “I’ll guard him and try to get the same result, but he’s a competitive player and I’m sure he’s more upset about the loss than his own personal performance.” Ubaka, who is averaging 14 points per game, was 0 for 8 against the Bruins. He missed several open shots, and even when he was near the basket, shied away from contact. After UCLA’s 62-46 win, Cal coach Ben Braun said Ubaka was ill, which contributed to his poor play. The outing certainly was different from the 18 points Ubaka scored in Cal’s 68-61 win at Pauley last season. “I have great respect for Ubaka,” UCLA coach Ben Howland said. “He killed us here a year ago. He had 18 here a year ago. He was sick when we played them up there, and did not play well. I know he’ll want to come back and really take it at us.” Howland has used reserve center/power forward Alfred Aboya much more in the last six weeks because of the energy of the sophomore big man. In UCLA’s first 15 games, Aboya averaged 13.5 minutes, 3.4 points and 3.2 rebounds per game. In the Bruins’ last 11 games, Aboya is playing 21.3 minutes, scoring 4.5 points and grabbing six rebounds. “His rebounds per minute, especially on the offensive end, are far better than anybody, including Luc (Richard Mbah a Moute), on the team,” Howland said. Aboya is tied with Mbah a Moute with 36 offensive rebounds in Pac-10 play. [email protected] (818) 713-3607 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!