10 December 2014
ING Bank N.V., advised by leading international law firm Watson Farley & Williams (“WFW”), has arranged a US$150 million facility for the MODEX/Euro Offshore group, a lessor of offshore container boxes, in order to refinance existing indebtedness and provide working capital.
The US dollar and Norwegian krone revolving credit facility has been made available to three entities within the wider MODEX/Euro Offshore group; Modex Energy Rentals LLC, Modex Rentals Singapore Pte Ltd and Euro Offshore AS. In February 2014, Modex Asia Limited and Euro Offshore AS merged to form one of the top five offshore container and cabin rental companies in the world. MODEX/Euro Offshore is a leading manufacturer and provider of DNV‐certified offshore containers, tanks, modules and cabin units and well service equipment of offshore oil and gas operations.
WFW advised ING Bank N.V., Singapore Branch as co‐arranger, facility agent and security agent and ING Bank N.V. as coordinator on the facility. DBS Bank Ltd and Sparebank 1 SR‐Bank ASA are co‐arrangers. Consideration had to be given to the complex leasing arrangements as well as local law considerations in a number of jurisdictions across the world and the relationship with the different entities within the MODEX/Euro Offshore group.
The WFW London team was led by partner and WFW Head of Maritime Lindsey Keeble, with associate Ida Marie Oedegaard.
Partner Lindsey Keeble, said: “Long‐time client ING is a key financier within the maritime and offshore sector and we are pleased to have worked with the team on this notable deal in the offshore container box space. WFW’s ability to advise on multi‐jurisdictional container‐box financings speaks to the firm’s breadth of expertise within the wider maritime sector.”