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Davie Yards News

06 Nov 2012

Davie Yards, Quebec, to Change Hands

Cecon has three large offshore vessels under construction at Davie Yard & confirm a new owner will be taking over the yard. Cecon adds that negotiations on contracts to complete the three  vessels have already started with the new owners of the yard, and all agreements in this respect, are expected to be completed within the coming weeks. Davie Yards Incorporated is a ship building unit of TECO Group of Norway and is the successor to Davie Shipbuilding and MIL-Davie Shipbuilding. Created in 2006 when TECO purchase the assets for the bankrupt MIL-Davie, the Canadian unit is based in Lauzon, Quebec.

15 Jul 2011

Group Eyes Davie Yard

According to a report on CanadianBusiness.com, SNC-Lavalin formed a joint venture with prospective new buyers of Davie Yards in order to bid on federal shipbuilding contracts. Davie has been in creditor protection since February 2010, according to the site, and after negotiations with a potential buyer broke down this week, the company is pressed to quickly find a deal to avert bankruptcy. If no agreement is reached by July 21, Davie reportedly will not be able to bid for part of federal shipbuilding contracts valued at $35 billion.   (Source: CanadianBusiness.com)

02 Nov 2010

Davie Yards Continues Restructuring Process

Davie Yards announced today that it has obtained an order from the Québec Superior Court extending the stay of proceedings ordered by the Court to January 21, 2011, the whole pursuant to the companies' Creditors Arrangement Act (CCAA). The extension will allow Davie to continue to discuss with potential industrial investors, to pursue its efforts to qualify for the National Shipbuilding Procurement Strategy (NSPS), and to develop and eventually submit a plan of arrangement to its creditors under CCAA. Since the previous court hearing in September, Davie has received formal expressions of interest from two potential investors in addition to having ongoing discussions with others.

04 Jun 2010

Canada Announces National Shipbuilding Strategy

Davie Yards welcomed the announcement of the National Shipbuilding Procurement Strategy by the Government of Canada creating dedicated shipyards for the construction of the large ships included in the federal fleet renewal program. "We are pleased that the government is moving forward with this strategy that will ensure a balanced workload in the shipyards for the years to come and help develop a strong expertise in shipbuilding in Canada. This is good news for Davie and the entire Canadian marine industry", said the President and CEO of Davie, Gustav Johan Nydal. The shipbuilding strategy unveiled a $40b program to build approximately 50 ships to renew Canadian Navy and Canadian Coast Guard fleets over the next 30 years.

23 May 2010

Davie Yards Second Extension of Stay Order

Davie Yards announced that it has obtained an order from the Québec Superior Court extending the stay of proceedings ordered by the Court to September 15, 2010, in accordance with the terms of the written order to be issued by the Court, the whole pursuant to the Companies' Creditors Arrangement Act (CCAA). The extension will allow Davie to continue its restructuring efforts, to negotiate with potential investors, and to develop and eventually submit a plan of arrangement to its creditors under CCAA. As a preventive measure and in order to comply with statutory requirements, Davie has also sent a notice to the Quebec Minister of Employment and Social Solidarity to inform that the layoffs made earlier this year may exceed a period of six months.

04 Mar 2010

Update on Davie Yards

Ocean Hotels Plc. On 25 February 2010, Davie Yards announced it has filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) with the Québec Superior Court, in Canada. On 26 February 2010, Tore Enger resigned from the Board of Directors of Ocean Hotels PLC and following a Board of Directors meeting that was held the same day, Alexandros Tsirikos was appointed Chairman of the Board of Directors. The Board is looking into terminating the management agreement between Ocean Hotels and Teco Management, and appointed Anthony Kandylidis as CEO / Managing Director of Ocean Hotels. Director Constantinos Economides also resigned as Director of the Board, to allow for a more efficient Board, and will remain Corporate Secretary of Ocean Hotels.

23 Feb 2010

Management Change at Davie Yards

Davie Yards Inc. (TSX:DAV) announced that Alain Tanguay has tendered his resignation as Chief Financial Officer of the Corporation, effective February 26, 2010, to pursue other career opportunities. The Corporation has begun a search for a new CFO. Marc Veilleux, Davie's Vice President, Finance, will act as interim CFO until a successor is identified. (www.davie.ca)

21 Jan 2010

Nyda New Chairman, CEO at Davie Yards

Davie Yards Inc. (TSX:DAV) announced that Gustav Johan Nydal will be joining the corporation as President and CEO. Nydal-who has extensive experience in the marine industry-is taking over for Steinar Kulen, who will become Chairman of the Board of Davie. Both appointments are effective as of February 15, 2010. Over the last two years, Kulen has built up Davie's shipbuilding activities and has taken Davie through a financial and organizational restructuring. The corporation has five ships under construction and around 1,800 employees at the yard. Davie's team has also been strengthened with experienced senior management as well as qualified shipbuilding specialists. Davie is now well positioned for new contracts.

16 Dec 2009

Davie Yards Goes Ahead on Ocean Hotels

Davie Yards (TSX:DAV) received confirmation that its client Ocean Hotels has finalized a $100m loan agreement with Export Development Canada (EDC) for the financing of two Multipurpose Accommodation Vessels contracted at Davie. “Now that our client has secured its financing with EDC, we will be able to restart construction of the Ocean Hotels vessels, which has been suspended for a long period” said Steinar Kulen, President and Chief Executive Officer at Davie, and he continued; “Those newbuilding projects are important to maintain a good level of activity at the yard, and this is good news for our employees and their families. I am glad that they will have a much better Christmas than last year when we were forced to lay off people temporary”.

29 Sep 2009

Davie Yards Appoints Tanguay CFO

Davie Yards Inc. (TSX:DAV) announced the appointment of Alain Tanguay as Chief Financial Officer of the company effective immediately. Tanguay comes to Davie Yards from the position of Vice President and CFO of Mega Brands Inc. He holds a Bachelor degree in Business Administration is a chartered accountant (CA) and is a member of OCAQ. Mr. Tanguay has held top financial positions and been a part of the North American/Canadian business environment for close to 15 years. In addition to his recent experience at Mega Brands Inc., he has extensive experience in managerial financial positions within corporations like; National-State Group, CBCI Telcom, ISM Information Systems, Hostess Frito-Lay and Le Groupe Videotron Ltee. (www.davie.ca)

23 Sep 2009

Davie Yards, Canada's Shipbuilding Plans

According to a Sept. 22 report from The National Post, the Government of Canada (GOC) is planning to build $40b worth of ships over the next 20 years. Davie Yards Inc., the largest shipyard in Canada, recently announced a deal with Halifax-based Irving Shipbuilding Inc. The companies agreed to co-operate by sharing technology, facilities, and capabilities. They also proposed that the Government select Irving to build combat vessels and Davie to build commercial ships. (Source: The National Post)

20 Sep 2009

Proposed Shipbuilding Centers of Excellence

Davie Yards Inc. (TSX:DAV) introduced its proposal for the implementation of a National Shipbuilding Procurement Strategy aimed at renewing the federal fleet and building world-class shipbuilding capability in Canada, while providing more predictable work for the maritime industry. "Davie's proposal is based on our belief that Canadian yards can achieve a competitive position vis-à-vis European yards in building complex ships. In order to create such competitiveness, we are proposing that major federal shipbuilding projects be allocated to a select number of yards that will develop expertise and thus make it possible to secure the right costs and prices for the fleet renewal program," explained Steinar Kulen, President and Chief Executive Officer at Davie.

18 Feb 2009

Davie Yards to Gradually Resume Operations

Davie Yards Inc. (TSX:DAV) announced that it has reached agreements with its clients for new price increases of $35m on its existing contracts. In addition Davie's largest client, Cecon ASA has informed that it has received a $200m loan offer replacing the lost loan facility with the Norwegian bank DnB Nor. While Cecon completes the loan documentation, Davie has negotiated a $20m prefunding facility which will enable it to gradually resume its operations. Davie Yards has agreed to amendments to the shipbuilding contracts for Cecon's three vessels and Ocean Hotels' two vessels under construction. Under the terms of the amendments, the clients have accepted price increases totaling $35m in addition to the $60m that were agreed upon in September last year.

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