Cecon Secures Funds for Third Subsea Vessel

Cecon Shipping 3 AS, a subsidiary of Rever Offshore AS, has secured a USD 35 million senior bond financing deal with York for the purpose of starting the completion of Hull 719, the third in line of Cecon’s 130 meters long SURF subsea construction vessels.

To enable an earlier start-up of the Hull 719 completion, Cecon Shipping 3 AS has used its option to terminate its current financing arrangement with York in respect of Hull 719.

A new bond financing arrangement has been made, securing York’s purchase of a first issue of USD 35 million in senior bonds to commence the initial phase of the completion of Hull 719 -and which will be completed shortly.

The remaining capital required to complete the two year Hull 719 completion project will conclude at a later stage.

In January 2013, Cecon signed completion contracts for the three vessels under construction at Chantier Davie Canada. Hull 717-719 (CECON PRIDE, CECON EXCELLENCE and CECON SOVEREIGN).

Cecon Sovereign is the third in a series of three large OCVs under construction.

According to Checon, the key difference between the Sovereign and her sister ships Pride and Excellence is the increased crane capacity, 400T AHC.

The company plans to utilize Cecon Sovereign for future projects in the SURF market, for primary activities such as flexible pipelines and risers, umbilicals, subsea installations, WOROV operations and tie-ins.