Davie Yards Inc.
TSX : DAV
TSX : DAV.WT

Davie Yards Inc.

August 12, 2008 16:57 ET

Davie Yards Inc. Announces Hiring of Mr. Brynjulv Mugaas as Acting COO

LEVIS, QUEBEC--(Marketwire - Aug. 12, 2008) - Davie Yards Inc. ("Davie" or the "Company") (TSX:DAV) today announced the hiring of Mr. Brynjulv Mugaas as acting COO of the Company, effective immediately.

Following the resignation of the Company`s President and COO, Mr. Gilles Gagne, the Company is pleased to have been able to replace him with a qualified shipbuilder upon very short notice. Steinar Kulen, Davies's Chief Executive Officer, stated "I am pleased that Mr. Brynjulv Mugaas has accepted to take on this new challenge. Mr. Mugaas knows the yard well since he has been involved in our recent analysis of the yard's processes and projects. I welcome him onboard."

Mr. Mugaas will act as COO until a permanent replacement is hired.

Mr. Mugaas has an extensive career in the marine and shipbuilding industry, working for Shell in Norway with the Troll Project, as Managing Director for Ulstein Yard and Executive Vice President, Shipbuilding for Ulstein Group of Companies in Norway and as Managing Director and CEO for Harland & Wolf in Northern Ireland. He is currently partner in a successful consultancy company.

The Management of the yard will, together with Mr. Mugaas, start immediately implementing and executing a plan to increase productivity and attain profitability.

Davie has commenced the search for a new President and COO.

About Davie Yards Inc.

Davie Yards Inc. owns and operates the Davie yard in Quebec. With over 180 years of operating experience, the shipyard is the largest in Canada and among the largest and most sophisticated in North America. The company has a primary focus on building complex offshore oil services vessels. Its shares are traded on the Toronto Stock Exchange (DAV). News and information are available at www.davie.ca.

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