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Cosalt suspends its offshore chief sending shares plummeting 25pc
COSALT, a provider of safety equipment to the oil industry, has lost a quarter of its value after the head of its offshore division was suspended from day to day duties.
The company, which makes things like lifejackets, First Aid gear and fire extinguishers, said Calum Melville had also resigned as a director.
An internal review of the operating practices of the group’s businesses in Aberdeen is underway, a statement confirmed yesterday.
Melville joined Cosalt when it bought GTC Group, a supplier of lifting equipment to the oil and gas industry he owned with his brother Stuart, in 2008 for £30m.
Cosalt’s shares closed 22.4 per cent lower yesterday at 3.88p.