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Davie Yards Enters Into Loan Agreement With Export Development Canada Providing for a US$40 Millon Pre-Funding Facility

LEVIS, QUEBEC -- (Marketwire) -- 07/23/09 -- Davie Yards Inc. ("Davie" or the "Corporation") (TSX: DAV) announced today that it has entered into a loan agreement with Export Development Canada ("EDC") pursuant to which EDC will provide up to US$40 million in secured loans to Davie to finance the construction of the two multipurpose accommodation vessels for Ocean Hotels Plc. This loan will be reimbursed once EDC funds its first disbursement under the US$100 million loan it is presently negotiating with Ocean Hotels Plc.

The Ocean Hotels loan and the pre-funding facility are part of a previously announced financial restructuring of the Corporation that included price increases from its clients, a private placement of new equity and the refinancing of loans from Investment Quebec in addition to the loan facilities from EDC to Davie's clients.

The US$300 million EDC guarantees and loan facility were approved by the Government of Canada in December 2008. Of this amount, US$200 million in secured loans have been executed with Cecon ASA, the purchaser of the first three vessels under contract with Davie. The remaining US$100M is in final discussions between EDC and Ocean Hotels Plc, the purchaser of the subsequent two vessels under contract.

"We are very pleased with the continued support from the Government of Canada and EDC", stated Mr. Steinar Kulen, the Chief Executive Officer of Davie. Mr Kulen added: "We hope to complete the financial restructuring plan shortly with the execution of the US$100 million EDC facility to Ocean Hotels Plc."

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.

Contacts:
Davie Yards Inc.
Steinar Kulen, CEO
+1-418-837-5841 Ext. 2101
+ 47 901 05 698
[email protected]

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