Update on vessels under construction at Davie Yards Inc.

The negotiations with  Fincantieri of Italy was terminated due to no final agreement being reached. However, a prolongation by the Courts of Quebec was obtained. Cecon ASA have been informed on the developments during the negotiations also knowing very interesting and attractive alternatives for a potential “asset takeover” being present awaiting the outcome of the ongoing negotiations that came to a halt yesterday.
 

We refer to the following articles in the media:

http://www.canadianbusiness.com/article/33932--snc-lavalin-partners-with-ontario-and-korean-firms-looking-to-buy-davie-yards

Quote from article above:

MONTREAL – SNC-Lavalin has formed a joint venture with prospective new buyers of Davie Yards in order to bid on federal shipbuilding contracts.

“The Davie Yards’ assets would be acquired by a new entity held jointly by Upper Lakes Group and Daewoo of South Korea, with the aim of putting the shipyards back into operation as quickly as possible,” said SNC-Lavalin vice-president Leslie Quinton.

http://www.985fm.ca/economie/nouvelles/rupture-des-negociations-avec-fincantieri-l-aveni-86655.html

http://argent.canoe.ca/lca/affaires/canada/archives/2011/07/20110714-135817.html

Press release from Davie enclosed

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