Nordic Business Report-September 27, 2006-TECO Coating Services ASA acquires stake in new shipyard in Canada
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The Norwegian ballast tank refurbishing company TECO Coating Services ASA said on Wednesday (27 September) that it has invested NOK8.2m in a further 7.9% stake in the new Canadian shipyard Davie Shipyard.
After the transaction TECO Coating Services' ownership interest in the shipyard amounts to a total of 9.8%.
Davie Shipyard, located in Quebec, will build offshore rigs and vessels, sub-sea structures, and will also perform regular ship repair and maintenance. The shipyard is expected to become fully operational within four to six months.
TECO Group AS, an investment company owned by TECO Coating Services' chairman Tore Enger, has invested in a 25.1% stake in Davie Yards.
One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).
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