17 June 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised TUI Cruises GmbH (TUIC), a Hamburg-based cruise line owned by TUI AG and Royal Caribbean Cruises Ltd, on TUIC’s ordering at STX Finland Oy in Turku, and financing, of two 99,000 GRT, 2,500 passenger cruise vessels, doubling the number of cruise vessels owned and operated by TUIC.
WFW advised on the negotiation and completion of the contracts for the construction of the vessels with STX Finland Oy as well as on TUIC’s obtaining Finnvera-supported post-delivery financing for 80% of the cost of the vessels.
The implementation of TUIC’s order with the Finnish shipyard required support for STX Finland Oy from the Finnish State and various other stakeholders (including the Shipyard’s shareholders), and WFW’s assisted TUIC in this exercise.
WFW’s London team comprised Martin Watson and senior associate Marzena Legezynska.
Martin noted: “WFW was very pleased to be able to assist TUI Cruises in this challenging project the success of which was the result of the support and endeavours of numerous stakeholders, not least the Finnish State and various of its agencies. These newbuildngs will, when brought into service, undoubtedly build on the success of TUI Cruises’ vision and strategy.”