uncategorized ยท 11/15/2013

Neste Shipping completes its statutory employer-employee negotiations

Neste Oil Corporation
Press release
15 November 2013 at 9.00 a.m. (EET)

Neste Shipping completes its statutory employer-employee negotiations

Neste Oil's shipping company, Neste Shipping, has completed the statutory employer-employee negotiations initiated on 1 October this year covering the plan to outsource its ship management functions. Following a decision taken after the conclusion of the negotiations, Neste Shipping is considering the possibility of outsourcing these functions, and is to start negotiations on the terms and conditions of an outsourcing contract with various potential ship management companies. A separate announcement will be made on the transfer and the partner selected if it is decided to proceed.

If the decision is taken to proceed with outsourcing these functions, the intention is to transfer all land- and sea-based personnel employed in Neste Shipping's ship management activities to the new partner. Neste Shipping's ship management functions currently employ around 300 people at sea and 20 people on shore. The plan is to retain Neste Shipping's chartering functions as part of the Neste Oil organization.

Neste Oil announced on 19 September that it is planning to exit the shipping business and reinforce its focus on its core business based on cleaner traffic solutions. Under the plan, the company would sell all its own vessels and source its marine transportation needs through contractual arrangements. As part of the announcement, Neste Shipping outlined its plan to transfer the ship management functions covering the crewing and maintenance of its vessels to a commercial ship management company that would take over the operations of the vessels remaining in Neste Oil usage using current personnel.

Neste Oil Corporation

Kaisa Lipponen
Director, Corporate Communications

Further information:
Arvo Ruotsalainen, Vice President, Shipping and Terminals, tel. +358 (0)50 458 8205

Neste Oil in brief

Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.9 billion in 2012 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.

Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world's most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: