Davie Yards Receives Additional Loan from Investissement Quebec

Davie Yards has amended its loan agreement with Investissement Quebec pursuant to which Investissement Quebec has agreed to provide Davie with an additional C$2.7 million for an aggregate of C$12.7 million loan.

The other terms of the loan have not been amended and, as previously announced on November 6, 2008, the loan has a term of 48 months, bears interest at a rate of 9% per annum and is secured against certain claims and accounts receivable of Davie.

"We are encouraged by the continued support from Investissment Quebec and the Quebec Government through their PAFE-program, as we work to towards securing our long-term stability," said Steinar Kulen, the CEO of Davie.