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Canadian shipbuilder struggles

Canadian shipbuilder struggles
Norway's Bergen Group and Cecon have agreed to inject $10m into Davie Yards, the struggling Canadian shipbuilder.

Norway's Bergen Group and Cecon have agreed to inject $10m into Davie Yards, the struggling Canadian shipbuilder.

Norway's Bergen Group and Cecon have agreed to inject $10m into Davie Yards, the struggling Canadian shipbuilder.

The yard had previously secured $60m from its main clients through price increases on newbuildings as it sought much needed working capital.

It recorded net losses for the third quarter of the year at $51m, leading it to announce the need for further financing to secure its survival.

This latest agreement sees Bergen Group and Cecon forming a joint venture, Newco, which will invest a further $10m in Davie.

Cecon, a company focused on offshore construction and maintenance, has three vessels on order with the yard, which is based on the St Lawrence Seaway opposite Quebec City.

It and the Bergen Group, a ship construction and offshore engineering company, which listed on the Oslo stock exchange this summer, agreed the joint venture, while Bergen also agreed a separate arrangement with Davie Yards where it will contribute management resources and a smaller amount of capital.

Bergen Group described the deal as ?an attractive opportunity with a very low risk?.

One of the main objectives for the support of the yards by Bergen Group is to assist in the development of the Canadian oil and gas industry, the Canadian naval fleet and the offshore industry.

www.TurkishMaritime.com.tr

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