Cecon Pride Completes Sea Trials

Cecon ASA announces that the Cecon Pride has successfully completed its sea trials and is in the process of being handed over prior to departure for the Mediterranean, where she will commence a 10 month contract.

Also, Cecon, through its subsidiary Rever Offshore AS, has signed an agreement that extend the maturity of the senior tranche A and tranche B bonds funded by certain funds and accounts managed by York Capital Management Global Advisors, LLC or its affiliates (York) up to 31st  August.

The holder of the Tranche A Bonds and the Tranche B Bonds will receive an extension fee of USD 17.500 per day for the days of extension used.

This ensures sufficient flexibility to complete the refinancing of the vessel post delivery.

Press Release, August 20, 2014