Ince & Co Advises Fugro on Vessels Sale
International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of lending banks led by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
Dutch stock exchange listed offshore operator Fugro is the world’s largest integrator of geotechnical, survey, subsea and geosciences services. Fugro is playing a key role in the search for the missing Malaysia Airlines flight MH370 in the Southern Indian Ocean. They are a longstanding client of Ince & Co’s energy department.
The sale and lease back of the Fugro Scout took place on 24 December 2015, with the Fugro Voyager following two weeks later on 8 January 2016. The net proceeds of the transaction will be used to reduce the company’s debt.
The Ince & Co team advising Fugro was led by finance partner, Beatrice Russ, and energy partner, Simon Hems, with assistance from Joe Snell, Stuart Plotnek, Lisa Howie and Shawn Kirby.
Reed Smith advised ICON. Norton Rose Fulbright advised Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.