Cecon ASA enters into Letter of Intent with potential investor

CECON ASA – ANNOUNCEMENT OF LETTER OF INTENT
Date: 27 July 2010

On 27 July 2010, Cecon ASA (“Cecon” or the “Company”) entered into a letter of intent (the "LOI") with a reputable Norwegian investor (the “Investor”) in relation to a potential investment in Cecon of up to NOK 250 million. The potential investment is subject to several conditions including, but not limited to, satisfactory due diligence, removal of parent company guarantee in relation to the USD 100 million bond loan (issued by vessel owning subsidiaries) and approval from shareholders and relevant financial creditors. Furthermore, a potential investment in Cecon is assumed to be made on the basis that there is no financial indebtedness at the Cecon level, which is likely to require that the USD 10 million bond loan issued by Cecon will have to be converted into equity. Discussions with relevant stakeholders in relation to a potential solution will commence shortly.

Extension of Grace period on interest on USD 100 million Bond loan

Arendal, 26. July 2010

Cecon has today received an extension of grace period on interest payment.

Extension of Grace period on interest on USD 100 million Bond loan

Arendal, 12. July 2010

Cecon has today received an extension of grace period on interest payment.

Visit of Oil- and Energy Minister to Cecon.

The Oil- and Energy Minister, together with a delegation from the Ministry visited Cecon and was briefed on current activities.
The visit was in connection with a series of visits to the industry in preparation of a paper on future oil- and gas activities.

EXECUTIVE APPOINTMENTS

• Morten Kilen (43) is appointed Operations Director in Cecon ASA.
• Andrew Towler (50) is appointed Business Development Director in Cecon ASA, currently based in Perth, Australia.
• Jørn Otto Gundersen (47) is appointed Commercial Director in Cecon ASA.