Watson Farley & Williams (“WFW”) advised BPER Banca S.p.A. on a loan facility to Rimorchiatori Riuniti Panfido & C. S.r.l. to finance the construction of two innovative LNG units, a barge and a tugboat, the value of which is equal to €36 million in aggregate.
The loan will be drawn in instalments to the end of 2020, to cover the various advance payments due to the shipyard and the suppliers on a pre-delivery basis.
The financing is part of Project Poseidon MED II, a key EU project to promote liquefied natural gas (LNG) as a marine fuel in the eastern Mediterranean.
The two new units, both under construction at the Rossetti Marino S.p.A. shipyard in Italy, join Rimorchiatori Riuniti Panfido & C.’s fleet of 25+ tugboats that operate in the Venetian lagoon and the Adriatic and Mediterranean seas where they provide towing, assistance and rescue services to ships and floating units.