Cecon ASA Annual Accounts 2010

The restructuring process of the bond loans has been completed during Q1/2011 and Cecon ASA is much better prepared for new and increased business after this refinancing operation.

The situation at Davie Yards Inc (“Davie”) has developed in a positive way by new investors aiming to take over the yard (the assets) and the CCAA process will finally come to an end. New contracts for completion of the vessels have to be signed with the new investor. Delivery times for the vessels to be decided. A draft term sheet for financing of the completion of the vessel has been received from a well reputed international bank.

Cecon ASA have submitted several new tenders for potential EPCI contracts, and the expected growth in the subsea market is coming as predicted by various outside sources. A very strong market seems to be developing in the coming years.

For further information, please contact:
Ivar Halvorsen, CFO: +47 48 13 22 45

Download: Cecon ASA Annual Accounts 2010.pdf

Download: Annual report of the board of directors of Cecon ASA 2010.pdf