Cecon to Assess Newbuilding Program

Davie Yards announced it recently sought protection under the Canadian Companies' Credit Arrangement Act (CCAA) from creditors. Cecon ASA, Davie's largest customer, has initiated a rapid and detailed assessment of the performance on Cecon's three vessels under construction at the Davie yard. The assessment will commence immediately on approval by Davie's Board of Directors.

Cecon has engaged companies with specialized capability in the marine industry and shipbuilding to support this external assessment process. These companies include, Upper Lakes Marine & Industrial Inc., SNC-Lavalin Defence Contractors Inc., DRS Technologies Inc., and Fincantieri SPA.

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."