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Cecon Asa News

18 Dec 2014

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors, LLC, the principal bondholder under the group's senior bond loan agreement, has confirmed its continued support for the Cecon shipbuilding program in Canada, and that it will not take any action to declare or have declared any senior bonds to be in default  due to the debt restructuring process. Cecon said it is confident that York's continued support together with the inter-creditor arrangements in place between the senior and junior bondholders means that the debt restructuring…

28 Oct 2013

Davie Shipyard Float-out the First for Two Decades

'Cecon Pride' Photo courtesy of Cecon ASA

The traditional smashing of a champagne bottle on the first ship built at Canada’s oldest and biggest shipyard marked the christening ceremony and float-out of the 'Cecon Pride' in front of some 1,000 guests at the Davie Shipyard, also signalling the resurgence of shipbuilding in Quebec, informs the Gazette Montreal. The Cecon Pride is the 717th vessel to be built at the Davie shipyard, which was itself launched in 1825. This offshore service vessel is 130-m in length and specifically built to operate in the harsh conditions of the North Sea oilfields.

28 Aug 2012

Cecon's Stock Exchange Announcement

Sampson DP III

2012-08-28: Contract Award Cecon ASA with its subsidiary Cecon NL BV has announced a new contract award. GDF SUEZ E&P Nederland B.V. has issued a Letter of Intent to Cecon NL BV to install rigid pipelines on three projects totalling 57km, all in the Dutch Sector of the North Sea, in the first half of 2013. Cecon will execute pipeline installation with the new DP Pipelay and Heavy-Lift vessel "Sampson", delivered from shipyard after upgrading early August 2012. Cecon will perform project management, including subcontractors and engineering, from the Dutch office in Leiden.

04 Jun 2012

Cecon ASA: Update on Davie Yard Situation

“SNC-Lavalin has made the difficult decision to cease its efforts to participate in the Davie Joint Venture. Following an extensive analysis, we concluded that this initiative did not pass the financial or business risk criteria required to proceed. SNC-Lavalin was one of the Davie J.V. partners that was planned to take part in the completion of the Cecon vessels under construction at the Davie yard. Cecon regrets the withdrawal, however alternative solutions are under negotiations and development for delivery of the vessels.

13 Apr 2012

Cecon Completes Installation Offshore Nigeria

End March Cecon has completed the installation of four flexible pipelines and umbilical’s for Broron Oil & Gas/Addax Petroleum in waters offshore Nigeria, West Africa. The project was  initially awarded (Oct 2011) to Cecon ASA as a fast-track subsea tieback project for the management, transport, installation and tie-ins of two flexible pipelines and two umbilicals between two wells in 130 m water depth and the Okwori FPSO. In Feb 2012, the scope was increased to connect two additional wells…

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.