Cecon ASA has received an acceptance from Export Development Canada (EDC) for Cecon ASA’s proposal to acquire the rights in the USD 200 million EDC financing received by Cecon ASA February 2009.
Cecon ASA will proceed to negotiate a final purchase and sale agreement whereby EDC will sell their rights in the USD 200 million Loan Agreement dated April 23, 2009 for an agreed cash settlement to Cecon ASA. The closing of the transaction is conditional upon Cecon ASA reaching a final commercial contract with the Davie Yard Joint Venture formed by Upper Lakes Group and SNC Lavalin, to complete the three vessels currently under construction at Davie Yard. The closing and settlement of the transaction is expected to take a few weeks.
The acceptance and solution from EDC enables Cecon ASA to complete the construction of the three vessels at Davie Yard in Lévis Canada.