Government negotiations to secure potentially lucrative satellite slots are ongoing ? although the Isle of Man has objected to Bermuda's attempts to modify one of the three slots allocated by the United Nations in 1983.

This is according to a Government Press statement released this week, which revealed the dispute is being moderated by the UK Office of Communications (Ofcom).

"Government is in ongoing discussions with the UK Government, including the Foreign and Commonwealth Office and Ofcom," the statement said.

"This is in order to further Bermuda's efforts in developing the satellite slots by modifying one of its three slots. During this process, Bermuda has become aware that the Isle of Man is seeking to develop a slot which is nearby to, and overlaps with, the Bermudian slot to be modified. The Isle of Man has objected to Bermuda's proposal to modify its slot."

Telecommunications Minister Michael Scott has nevertheless expressed his confidence that a "satisfactory resolution can be achieved with Ofcom's assistance".

Last month revealed the slots could net an annual revenue of $850 million a year, although the high maintenance costs should result in typical annual profits of closer to $5 million.