APRIL 8, 2013 — The ownership of the three OCVS vessels on order at Quebec's Davie shipyard since 2007 has been organized under a newly established Cecon AS subsidiary named Rever Offshore AS ("Rever"). This follows the completion of a financing agreement with York Capital Management Global Advisors LLC (see earlier story).

A fund managed by York now owns 15 percent of the shares in Rever while Cecon owns the remaining 85 percent. The reorganization involved transfer of the three ship-owning companies Cecon Shipping 1 AS, Cecon Shipping 2 AS and Cecon Shipping 3 AS to Rever.

Petter Hatlem has been appointed Chief Executive Officer ("CEO") in Rever. Mr. Hatlem (born 1965) has significant experience in business development in the maritime sector after more than 20 years in executive positions in companies such as Wilh. Wilhelmsen Group, Leif Höegh & Co ASA, Neptun Group and Gearbulk(UK) Ltd. He is a Norwegian citizen, residing in Oslo, Norway, and holds first degrees in engineering and in marketing and an M.Sc. (Econ) degree from the London School of Economics.