| Cecon gets outside advice on Davie newbuilds |
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| News archive - Maritime | |||
| Tuesday, 16 March 2010 05:50 | |||
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Davie Yards Inc. recently sought protection from creditors under the Canadian Companies' Creditors Arrangement Act (CCAA). The Court has appointed Samson Bélair/Deloitte & Touche Inc. as Monitor. Cecon ASA is Davie's largest customer, with three 130 m Vik-Sandvik VS4220 design offshore construction vessels on order at the yard. It says it has engaged "companies with specialized capability in the marine industry and shipbuilding to support [its] external assessment process. These companies include, Upper Lakes Marine & Industrial Inc., SNC-Lavalin Defence Contractors Inc., DRS Technologies Inc., and Fincantieri SPA." The assessment will commence immediately on approval by Davie's Board of Directors. Cecon CEO, Terje P. Tellefsen states: "Although no commitments beyond the assessment phase have been made, Cecon is pleased to initiate the process with respected partners to evaluate its best course of action in minimizing disruptions to the newbuilding program."
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