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January 15, 2010

Davie Yards gets new President and CEO

Levis, Quebec, shipbuilder Davie Yards Inc. (TSX:DAV) reports that Mr. Gustav Johan Nydal will be joining it as President and CEO. He is taking over for Mr. Steinar Kulen, who will become Chairman of the Board. Both appointments are effective as of February 15, 2010.

Davie, which has been through a financial and organizational restructuring, has five ships under construction and around 1,800 employees at the yard.

"I feel that it is the right time for me to hand over management to the new team, and I am glad that Mr. Nydal is getting onboard with us," said Mr Kulen. "Davie needs a CEO working full time at the yard in Levis, Quebec, which is not possible to combine with my family's interest."

Mr. Nydal, a 49-year-old Norwegian citizen, comes to Davie from the position of Director, International Hullbuilding at Norway's Kleven Maritime. He holds a Bachelor's in Mechanical Engineering from the South Dakota School of Mines and Technology, and a Master's in Mechanical Engineering from the Norwegian Institute of Technology in Trondheim, Norway.

Sigurd Lange, the current Chairman, will continue on the Board as Vice Chairman.


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