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Stevedoring Services Ltd News Release
Hamilton, Bermuda - 29 May, 2009 - The Board of Directors of Stevedoring Services Ltd (STVD.BH) has today informed the Bermuda Stock Exchange that the Board has made the decision to freeze the company's Defined Benefit Pension Plan effective early June 2009. This decision will require the company to take a onetime charge of approximately $3 million in its 2009/2010 fiscal year.
This decision was made after a review by independent pension consultants, consultations with legal advisors and most recently the Pension Commission. The purpose of the decision was to cap the growth in the unfunded pension liability as reported in the notes to the annual financial statements.
If there are any questions in relation to this press release please contact Ian Brunson, Financial Controller at 292-3366 ext. 213.