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Cecon asa bankruptcy protection

cecon asa bankruptcy protection

Apr 24,  · Cecon ASA, a Norwegian owner of pipe-laying ships, has reached a deal to acquire the rights to a US$million loan from Export Development Canada that . Dec 11,  · Davie launched its th vessel on that overcast fall Saturday, the massive metre long Cecon Pride. The subsea multi-purpose construction ship, built for Norweigan offshore installation contractor Cecon ASA, is the first in a series of three ships Davie will construct to fulfil a contract that’s valued at $ million. The Cecon Pride is the first in a series of three large offshore construction vessels being built for Norwegian offshore installation contractor Cecon ASA. The ship, the largest built in Canada in. cecon asa bankruptcy protection

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Overall exports are seen rising a modest 2 percent this year, held back by a percent drop in the value of energy shipments. Canada is a major energy exporter and has been hit hard by slumping crude oil prices.

Davie Yards Inc. Davie Yards has agreed to amendments to the shipbuilding contracts for Cecon's three vessels and Ocean Hotels' two vessels under construction. CSE will seek government money, cut labour costs and restructure before resorting to a sales process if necessary, the monitor overseeing its bankruptcy protection said in court documents. CSE was formed 20 years ago by the merger of the shipbuilding and repair divisions of two of Canada's biggest private shipping companies, Canada Steamship Lines and what is now called Upper Lakes Group Inc.

Upper Lakes Group Inc. The new contract means employment for shipyard workers. The technology is increasingly common onboard mobile offshore drilling units. And three cranes handle loads between and tonnes that are capable of intervention tasks in depths up to 3, metres. It has recalled workers since being acquired by Inocea and the potential of building vessels for the budding offshore oil and gas industry presents a significant opportunity for the once mothballed facility.

Trouble at Davie started all the way back in when it was sold by Canada Steamship Lines. Since then, it has been in and out of bankruptcy. By , it was under creditor protection and ended operations, putting 1, people out of work. The joint venture fell apart, leaving Upper Lakes to clean up the mess as sole owner. Under the new ownership led by Vicefield, Davie has redirected its focus to complex projects, particularly in the oil and gas market.

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