Nyda New Chairman, CEO at Davie Yards

Thursday, January 21, 2010

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.

Gustav Johan Nydal, a Norwegian citizen, will be moving to Quebec along with his family. The newly appointed President and CEO comes to Davie from the position of Director, International Hullbuilding at Kleven Maritime. He started his maritime career as head of a marine engineering firm. He also held several managerial positions in a silicon metal processing company before being appointed Managing Director for a Kleven Maritime shipyard building highly specialized tankers. Nydal transferred to Akers Yards when the shipyard was sold in 2006 and subsequently returned to Kleven. Nydal holds a Bachelor's in Mechanical Engineering from the South Dakota School of Mines and Technology, USA, and a Master's in Mechanical Engineering from the Norwegian Institute of Technology in Trondheim, Norway.

Sigurd Lange, the current Chairman, will continue on the Board as Vice Chairman.


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