Heads of agreement with well-reputed company in order to secure delivery of vessels under construction

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

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

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 3 Cecon vessels 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.

Further information:  CFO Ivar Halvorsen +47 48 13 22 45  (after 1300 hrs CET, currently being abroad)