Ship's Bow

WFW advises ING Bank on a US$160m post-delivery export finance-backed loan facility for the Sovcomflot Group

11 January 2013

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised ING Bank N.V. (London Branch) on a US$160m post-delivery export-finance-backed loan facility for the Sovcomflot (SCF) Group, for the financing of two new multifunctional icebreaking supply vessels.

The financing was supported by Finnish Export Credit Ltd. and Finnvera plc, with ING acting as mandated lead arranger, agent and security trustee. The post-delivery facility follows the US$60m pre-delivery loan facility that was signed between ING Bank N.V., London Branch and the Sovcomflot (SCF) Group in July 2012.

The first vessel was delivered from Arctech Helsinki Shipyard on 21 December 2012, with the second vessel due for delivery in Q2 2013. The vessels are to be operated under long-term charter to Exxon Neftegas and will be working as part of the Sakhalin-I project in Russia.

London maritime partner Nigel Thomas led on the deal, supported by assistant Michael Savva and trainee Electra Stamatopoulos.

Nigel Thomas commented: “We were delighted to assist ING Bank and the Finnish export credit agencies on another sophisticated financing for Sovcomflot, as they continue to build up their impressive harsh environment fleet working on oil and gas recovery in inhospitable parts of the globe.”