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    Cecon signs Heads of Agreement with regard to acquisition of Davie Yards

    Yard News // March 8, 2011

    Cecon ASA in Norway has entered into a Heads of Agreement providing for exclusive negotiations/discussions with what it called "a large, well-reputed international company" for the purpose of facilitating the purchase of Davie Yards' assets with a view to securing delivery of three vessels the company has under construction at the yard.

    "Cecon is currently discussing with this company to obtain a completion guarantee to facilitate further financing for the completion of the vessels," said the Norwegian shipowner.

    The group has asked Davie Yards for exclusivity to perform due diligence at the yard with the aim of taking it over.

    Cecon said the group has the intent to:

             Qualify for, and bid for the upcoming National Shipbuilding Procurement Strategy of both combat and non-combat vessels

             Complete the three Cecon vessels that are currently under construction

             Pursue other additional opportunities for the yard

    "This Heads of Agreement improves the possibilities of the Cecon vessels to be delivered within acceptable cost and time limits," said the company.


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