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Teco Management News

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.

05 Jun 2006

Irving’s Bid to Build Navy Ships Unchanged

According to the Chronicle Herald, a deal to save Quebec’s Davie shipyard hasn’t changed Irving’s plans to bring a $2.1b navy shipbuilding project to Halifax. But one of the new owners of the Quebec City yard isn’t ruling out the possibility that the three 28,000-ton joint support ships will be built in Quebec. Navamar and its senior Norwegian partner, Teco Management Group, announced a deal Thursday to purchase Davie. The transaction is slated to be completed by the end of June, allowing Davie, to resume operations. Davie is the largest shipyard in Canada and could build the vessels without making changes needed at the Halifax facility. Two groups, Canadian North Atlantic Marine Partnerships and BAE Systems Inc., are seeking to build the three ships in Newfoundland and Labrador.