Cecon Formalises Agreement with Export Development Canada

Cecon ASA and Development Canada Inc (EDC) have signed a Sales and Purchase Agreement to acquire the rights in the USD 200 million EDC financing received by Cecon ASA February 2009.

The agreement covers the loan principal of USD 200.000.000 and all accrued unpaid interest up until execution of the agreement (USD 42,994,638 as of Sept. 30 2012).

The agreed consideration to be paid to EDC from Cecon ASA is USD 27,000,000.

The Agreement is conditioned upon Cecon entering into construction contracts with Chantelier Davie Canada for the three vessels. Cecon is in the final stage of finalizing the construction contracts with Chantelier Davie Canada and expects to sign the construction contracts in the coming weeks.

[mappress]
Press Release, December 12, 2012