Waiting over for Cecon

Norwegian owner Cecon’s long wait has come to an end as the 10,000-dwt offshore support vessel Cecon Pride has completed its sea trials and will soon commence a 10-month contract.

The ship, which was ordered seven years ago at Davie Yards in Canada, was supposed to be ready initially in March and then in May.

It will finally be delivered in August and will then depart for the Mediterranean to start a charter with Micoperi in Italy.

Through its subsidiary, Rever Offshore, Cecon has signed an agreement that extends the maturity of the senior tranche A and tranche B bonds funded by York Capital Management Global Advisors up to 31 August.

The repayment date had been stretched again in the past to align with the planned delivery of the ship.

The holder of the bonds will receive an extension fee of $17,500 per day.

This ensures sufficient flexibility to complete the refinancing of the vessel after the delivery, the company said.

Last week, the offshore shipowner recorded a deficit of NOK 12.9m ($2.1m) on a NOK 19m revenue in the second quarter.