Danish pensions body counters political pressure to invest for growth

first_imgDanish pension funds have already invested DKK220bn (€29.5bn) in Danish business and are keen to help create more growth in the domestic economy, according to industry association Forsikring & Pension (F&P).But the risk of such investments has to match the return, it insisted. The association’s chairman Christian Salgild told F&P’s annual meeting: “All my warning lights start to flash when the political side proposes that pension funds invest in companies and sectors considered risky by banks and the FSA, while at the same time those businesses are making big investments in production and jobs abroad.”However, his main message should not be misunderstood, he said. He said the pensions and insurance industry already contributed very significantly to investment and growth in Denmark and wanted to step up efforts, as long as the return matched the risk.New figures from F&P show the pension funds have DKK220bn invested in Danish business.Of this, DKK125bn was in property, DKK85bn in shares, corporate bonds and loans, and DKK10bn in infrastructure, wind energy and public-private partnerships (PPPs), according to the association’s data, covering 85% of the pensions market. “I understand politicians’ desire for more pensions money to go into Danish companies,” said Salgild. But politicians also have to understand the world in which pension funds operate, he said.“We are obliged – legally, too – to safeguard pension savers’ interests first and foremost,” he said.Sagild said the problem facing investment and growth in Denmark was not that Danish companies were caught in a credit crunch.The main problem was rather that the Danish economy was growing too slowly and that Denmark was not nearly as attractive an investment location as other countries.“In a globalised world, it is first and foremost the cost level that determines where companies place their production,” he said.“And this, therefore, also determines which countries and regions will experience growth and increased employment.”last_img read more

Well-Safe awards contracts for rig upgrade into P&A unit

first_imgWell-Safe Solutions has awarded two multi-million-pound contracts to continue the refurbishment of the Well-Safe Guardian, the decommissioning company’s first asset, into a bespoke plug and abandonment unit.Source: Global EnergyWell-Safe, which was launched in August 2017, agreed to acquire the Ocean Guardian semi-submersible drilling unit from Diamond Offshore back in April 2019. Well-Safe’s plan was to convert the rig into a plug and abandonment (P&A) unit.Global Energy Group and Rigfit7seas have been appointed to deliver the upgrade of the semi-submersible drilling rig, Well-Safe said on Thursday.Global Energy Group will provide quayside services and the paintwork scope while Rigfit7seas will provide accommodation upgrade services.Well-Safe is progressing with the refurbishment work on the asset which it acquired earlier this summer. As part of the upgrade, Well-Safe will be installing a dive system and the capability to deploy a SIL (subsea intervention lubricator).Phil Milton, Chief Executive Officer of Well-Safe Solutions, said: “The award of these contracts, within the timeframes we committed to, will ensure that this bespoke plug and abandonment asset will be available to the industry in 2020.”Global Energy Group, who has been supporting Well-Safe with marine operations and quayside services since April this year, following the acquisition of the asset, has secured the contract to support the upgrades and life extension works at the Port of Nigg.Stuart Paterson, Managing Director for Global Energy Group, Access & Coatings commented: “We are thrilled to have been awarded this contract to bring the flagship semi-submersible up to standard. Creating opportunity for additional employment, we expect to have in the region of 80 personnel engaged on various work scopes until the end of the year.“Working in partnership with Well-Safe, Global Energy Group will provide fully encapsulated scaffold access, blast and paint services along with the provision of rope access personnel, mobile cranes, plant and labor, workboats and onsite facilities for the duration of the rigs yard stay at our Nigg Energy Park facility.”Brian Knowles, Group Managing Director, Rigfit7seas said: “We are delighted that Well-Safe has chosen Rigfit7Seas to carry out this sizeable scope on their flagship project.”Knowles added: “The project award