Dav News

Churchill Drilling Tools Targets More Success With Product Reliability. Aberdeen-based drilling systems specialist Churchill Drilling Tools is to invest half a million pounds and expand its workforce to meet growing demand for its revolutionary technology. The company is on course to record a turnover of £3.5million in this financial year with results up by about 30% on 2011. With more than a decade of hydraulic design experience, Churchill Drilling Tools has produced a range of patented performance and safety improvement technologies, used by more than 50 operators worldwide.

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)

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.

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”.

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)

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.

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.