Cecon secures further extension of the senior bond loans

Cecon ASA (“Cecon”), through its subsidiary Rever Offshore AS (“Rever”), 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 15 July. The holder of the Tranche A Bonds and the Tranche B Bonds will receive an extension fee of USD 250,000 for each 15-day of extension from 1 May 2014.

The agreement with York aligns repayment of the construction financing with the planned delivery of the first vessel Cecon Pride from the yard in Canada. Cecon Pride is to go directly from the yard to the agreed contract in Italy.

Cecon is a subsea contractor involved in the fields of project management, engineering and subsea installation for the offshore oil and gas and renewables industry. Cecon executes EPIC and T&I contracts in both the SURF market and the rigid pipelay/heavy lift market.