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March 14, 2010

Cecon gets outside advice on Davie newbuilds

Norway's Cecon ASA has engaged outside advisors -- including Fincantieri -- to make an assessment of Davie Yards' performance on the three Cecon vessels under construction at its Lauzon, Quebec, shipyard.

Davie Yards Inc. recently sought protection from creditors under the Canadian Companies' Creditors Arrangement Act (CCAA). The Court has appointed Samson Bélair/Deloitte & Touche Inc. as Monitor and you can access details on the case HERE

Cecon ASA is Davie's largest customer, with three 130 m Vik-Sandvik VS4220 design offshore construction vessels on order at the yard.

It says it has engaged "companies with specialized capability in the marine industry and shipbuilding to support [its] external assessment process. These companies include, Upper Lakes Marine & Industrial Inc., SNC-Lavalin Defence Contractors Inc., DRS Technologies Inc., and Fincantieri SPA."

The assessment will commence immediately on approval by Davie's Board of Directors.

Cecon CEO, Terje P. Tellefsen states: "Although no commitments beyond the assessment phase have been made, Cecon is pleased to initiate the process with respected partners to evaluate its best course of action in minimizing disruptions to the newbuilding program."


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