Cecon heads for bankruptcy

Oslo: Oslo-listed subsea contractor Cecon has said it has been unable to successfully restructure and it has asked a court to declare it bankrupt.

The company said that the company’s cash balance, which had been in escrow against a Gdf contract, has been given to Gdf against its will.

Cecon said other companies it has invested in will continue to operate.

According to its site, the firm has one ship and two more under construction.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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