Rever Postpones Delivery of Cecon Pride

Cecon ASA (“Cecon”), through its subsidiary Rever Offshore AS (“Rever”), had a scheduled delivery of the first vessel, Hull 717 to be named Cecon Pride, on 21. 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 1. April. York will receive 353 shares in Rever as compensation.

Further, the parties have agreed that Rever can extend maturity of the A and B bonds to 1. 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.

Press Release, January 30, 2014; Image: Cecon