Update on Davie Yards

Thursday, March 04, 2010

Ocean Hotels Plc. (OSLO: OCEA) announced an update on Davie Yards, and management and board of directors reorganization:

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.

Ocean Hotels currently has two Accommodation Vessels on order at Davie Yards. The Yard has indicated additional delays in delivery and potentially increased costs. These costs may be significant, but the actual effects for Ocean Hotels are unclear at this time. Ocean Hotels is evaluating its position and seeking clarification of the factual situation from the yard, and will provide updates to the market as soon as information is received and evaluated by the Management and Board of Directors.

Anthony Kandylidis started his career at OMI Corporation's commercial department. During his tenure at OMI Corporation he gained significant experience in the tanker vessel business and held various positions with responsibilities spanning Sale and Purchase, Time Charters, FFA Trading, Corporate Finance and Strategic Planning. In the spring of 2006, he returned to Greece where he provided consultancy services to companies affiliated with George Economou. In September of 2006, Kandylidis founded OceanFreight Inc. and in April of 2007 he took the Company public. Kandylidids is currently the Chief Executive Officer of OceanFreight Inc. Kandylidis graduated Magna Cum Laude from Brown University and continued his studies at the Massachusetts Institute of Technology where he graduated with a Master’s of Science in Ocean Systems Management.

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