Davie Yards Inc.

Davie Yards Inc.

July 30, 2009 12:27 ET

Davie Yards Inc. Announces Appointment of Mr. Arne Ramstad as Chief Operating Officer

LEVIS, QUEBEC--(Marketwire - July 30, 2009) - Davie Yards Inc. ("Davie" or the Corporation")(TSX:DAV) announces today the appointment of Mr. Arne Ramstad as Chief Operating Officer of the Corporation.

"I am pleased that Mr. Ramstad has accepted to take on this new challenge, to move to Quebec with his family, and to build a future here at the yard. We are glad that Davie will benefit from Mr. Ramstad's extensive knowledge of the offshore oil industry, shipbuilding processes and international business", said Mr. Steinar Kulen, Davie's Chief Executive Officer.

Mr. Ramstad will move to Quebec and start in his new position as soon as practically possible but no later than October 1, 2009.

Mr. Ramstad is an engineer with specialization in petroleum processes. He has extensive experience in managerial positions within the marine and oil services sectors with companies like Schlumberger Western Geco, Infotronic International, Subsea 7 and National Oilwell Varco.

Mr. Ramstad is replacing Mr. Mugaas who has been acting in the position since last summer.

About Davie Yards Inc.

Davie Yards Inc. owns and operates the Davie yard in Quebec. With over 180 years of operating experience and approximately 1200 employees, the shipyard is the largest in Canada and among the largest and most sophisticated in North America. The Corporation has a focus on building large and complex offshore service vessels and rigs, and other sophisticated vessels for commercial and governmental use. Its shares are traded on the Toronto Stock Exchange (DAV). News and information are available at www.davie.ca.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. These statements include those relating to statements that are not historical facts, and reflect the current intentions, plans, expectations and beliefs of Davie's management ("Management"). Such forward-looking statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve known and unknown risks, uncertainties and other factors outside Management's control. A number of factors could cause actual results of Davie to differ materially from the results predicted in the forward-looking statements, including, but not limited to, risks associated with the Corporation's fiscal results, conditions to the completion of the refinancing plan, working capital requirements, major disruptions of production, a downturn in economic conditions, competition and sensitivity to the oil and gas industry and other factors.

Although the forward-looking statements contained herein are based upon what Management believes to be reasonable assumptions, Management cannot assure investors that actual results will be consistent with these forward-looking statements. Certain assumptions underlying the forward-looking statements contained in this news release include Management's assumptions regarding market outlook for the construction of complex offshore vessels as well as the assumptions that new vessels will be delivered on schedule and that the Corporation will attract and retain key personnel in key positions. These forward-looking statements are made as of the date of this release, and Management assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. Readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risks, please refer to the Corporation's Management's Discussion and Analysis for quarter ended March 31, 2009 and the year ended December 31, 2008 as well as the Financial Statements for the quarter ended March 31, 2009 and the year ended December 31, 2008, and the Corporation's Annual Information Form dated March 29, 2009.

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