Cecon Calls First of Four Option Vessels

Vik Sandvik VS4220
(Click to Enlarge)
Cecon ASA has called the first of the four option Vik Sandvik VS4220 offshore construction vessels. The vessel will be built with Davie Yards ASA with delivery scheduled for Q4 2009.

It will be equipped a 400 metric tonnes offshore crane, rated for 4000 meters waterdepth and will otherwise be equal to Cecon's first two vessels, currently under construction. The vessels are 130 meters long with a deck area of 2000 sqm, DP Class 3, 100 man accommodation and a maximum transit speed of 16 knots, considered important for global operations in order to minimize mobilization time.

The total estimated project cost for the contract is USD 143 million, with an increment of approx USD 10-12 mill for the larger crane. The investment will be financed through an equity private placement of up to NOK 285 million in Cecon ASA through a book-building process, an issue of USDm 13.75 in equity to Davie Yards as part payment for the vessels, with the remaining financing to be secured through expected long-term bank debt.

Pareto Securities ASA has been retained as financial advisors in relation to the private placement.

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