Davie Canada to complete three Cecon newbuilds

ceconmicroNorway's Cecon ASA said today that it has signed an agreement that will see its three newbuild offshore construction vessels completed by Davie Canada Inc., the name under which Quebec shipbuilder Davie will operate following yesterday's acquisition of Davie Yards Inc.'s assets by Upper Lakes Group in association with SNC-Lavalin and Daewoo Shipbuilding and Marine Engineering.

Cecon ASA says it signed an Amending Letter Agreement that "regulates the assignment of the company's existing shipbuilding contracts to Davie Canada Inc., and sets forth the necessary amendments to the three shipbuilding contracts with regards to completion cost and timing; to be within acceptable terms. Final amendments are expected to be concluded during Q3 2011."

July 22, 2011

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