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WFW Asia Practice advises DVB Merchant Bank (Asia) Ltd on the US$38.2m financing of PSVs and OSRVs for Nautilus Marine/Vega Offshore

21 February 2013

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it has advised DVB Merchant Bank (Asia) Ltd on a US$38,220,000 facility to Vega Corona AS, Vega Crusader AS, Vega Juniz AS and Vega Emtoli AS in order to part finance the acquisition of two platform supply vessels (PSVs) and two oil spill recovery vessels (OSRVs) from Nam Cheong International and Asian Offshore.

The borrowers comprise part of Nautilus Marine Acquisition’s investment in the offshore support sector. Mezzanine financing was also provided by Mezzanine Financing Investments III Limited. The vessels are on bareboat charter to Vega Offshore AS and time chartered to Petrobras.

The WFW Singapore team advising DVB was led by partner Simon Petch, who was assisted by associate Lizzie Roe.

Partner Simon Petch at WFW Singapore, said: “We are very pleased to have been able to assist the stakeholders in facing up to the challenges presented by this project and in bringing it to a fruitful conclusion”.