Rever Offshore, CDCI Agree to Postpone Delivery of ‘Cecon Pride’

Rever Offshore AS, a subsidiary of Cecon ASA, has agreed with Chantier Davie Canada Inc. (CDCI) to delay delivery of Cecon Pride until sea-ice conditions permit sea-trials according to the vessel’s class notation, expected during second half of March.

The delivery of the Hull 717, named Cecon Pride, had been scheduled to take place on 21st of February 2014. To allow for the postponed delivery, and extended construction financing, Rever has agreed with York Capital Management Global Advisors, LLC and its affiliates (York) to move maturity for the A and B Bonds held by York to the 1st of April.

As compensation for the extension, York will receive 353 shares in Rever, equal to 1% of the outstanding share capital.

Further, the parties have agreed that Rever can extend maturity of the A and B bonds to the 1st of May, against another 1059 shares in Rever issued to York.

The extended financing provides increased flexibility for Rever, with respect to concluding one of several charter options and take out financing alternatives. Rever and its subsidiaries will seek to obtain necessary consents from the relevant bondholders to effectuate the above.

CDCI named and launched the advanced multipurpose subsea construction vessel Cecon Pride at the end of October last year.

At 130 meters long, the Cecon Pride will meet the highest standards required for deepwater operations in harsh environments. Using diesel-electric power generation which feeds six electric thrusters, the vessel also uses dynamic positioning technology to ensure it holds position while performing subsea construction, pipelaying, diving operations, well intervention and ROV support.

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Cecon ASA, January 30, 2014