"We've made it clear we will not be continuing the contracts of anybody who does not wish to continue to work for the company on the new contract, " said Tony Tyler, Cathay's director of corporate development.

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The company is continuing to pursue contracts in the offshore oil and gas industries - and also in wind power generation from offshore sites.

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So far, no contracts have been awarded for the development of those projects, but talks are continuing.

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Brewster, meanwhile, said that talks were continuing with Ross Tokely, Dennis Wyness and Russell Duncan about extended contracts.

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Looking at euribor contracts makes you think that a bull market is already well underway with implied yields continuing to slide.

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