Government of Quebec approves sale of Davie to Zafiro

NOVEMBER 1, 2012 — The Quebec government has reportedly approved the sale of shipbuilder Davie Yards to London-based Zafiro Marine, which has a fleet of two offshore construction vessels and one diving support vessel.

Last year Cecon ASA, which has three offshore construction vessels on order at Davie, announced that it had entered into a “strategic alliance” with Zafiro.

The Montreal Gazette says that the government has accepted the recommendation of Investissement Québec to approve the sale of the shipyard, which is expected to close in about two weeks.

The sale required the approval of the Quebec government because the province had provided C$35 million in unsecured credit to Davie.