CECON ANNOUNCES FRESH INITIATIVES

Arendal, Norway, 11th March 2011: 
Cecon ASA (the ‘Company’) (OSLO:CECON) announced a series of strategic developments this week following the approved restructuring of the company and agreement on the heads of terms with a leading multi-national engineering and construction group regarding the delivery of the three vessels at Davie Yards Inc.

A NEW COMMERCIAL DIRECTOR
Cecon is pleased to announce the appointment of Henk van den IJssel as Commercial Director of Cecon ASA. Henk joins Cecon from Acergy, where he previously served as VP Business Development. In his new role, Henk will be responsible for the development of the company’s contracting business.

NEW LOCATION, NEW BUSINESS UNIT
The Company also announced that it will open a new office in the Nederlands within Q2 2011 to perform a dual role; both to expand its existing SURF business as well as develop a new business unit to focus on larger diameter rigid pipelay, heavylift and subsea construction work.

NEW ALLIANCE: ZAFIRO MARINE
In line with the Company’s core skillsets, Cecon has entered into a strategic alliance with Zafiro Marine to bid for a number of contracts in which the Company is presently engaged in the tendering process. The newest vessel in the Zafiro fleet is the DPIII OCV Sampson with a 1600t fully-revolving crane and large diameter pipelay capability.

CEO Terje P. Tellefsen commented on the new initiatives “We are very pleased to welcome Henk to the management team of Cecon. He brings with him the wealth of many successful years in the offshore contracting business. . The alliance with Zafiro Marine gives us access to large quality vessels for pipelaying and heavylifting.  Our office in the Nederlands will provide a new platform for growth and diversification - we expect to announce further appointments shortly.”

For further information, please contact:

Terje P. Tellefsen, CEO
Cecon ASA
tpt@cecon.no
+(47) 47 67 28 88