Cecon ASA announces strategic developments

Subsea installation contractor Cecon ASA (OSLO:CECON), which is the largest customer of bankrupt Quebec shipbuilder Davie Yards, has announced a series of strategic developments. They follow the approved restructuring of the Cecon and agreement on the heads of terms with a leading multi-national engineering and construction group regarding the delivery of the three vessels that Cecon has on order at Davie Yards Inc.

Cecon has appointed Henk van den IJssel as Commercial Director. He joins the company from Acergy, where he previously served as VP Business Development. In his new role, he will be responsible for the development of the company’s contracting business.
The company will open a new office in the Netherlands in the second quarter of 2011 to perform a dual role; both to expand its existing SURF business as well as develop a new business unit to focus on larger diameter rigid pipelay, heavylift and subsea construction work.

STRATEGIC ALLIANCE

Cecon says it has entered into a strategic alliance with Zafiro Marine to bid for a number of contracts in which the company is presently engaged in the tendering process. The newest vessel in the Zafiro fleet is the DPIII OCV Sampson with a 1600 t fully-revolving crane and large diameter pipelay capability.

CEO Terje P. Tellefsen commented on the new initiatives.

“We are very pleased to welcome Henk to the management team of Cecon. He brings with him the wealth of many successful years in the offshore contracting business. . The alliance with Zafiro Marine gives us access to large quality vessels for pipelaying and heavylifting. Our office in the Nederlands will provide a new platform for growth and diversification – we expect to announce further appointments shortly.”

March 11, 2011