Our client recently acquired a newly-built tug direct from an internationally renowned Dutch shipbuilder, with part of the acquisition funded by a UK bank. This is one of a series of similar transactions that we have been asked to assist this client with. Our instructions included advising the client on the terms of the bank’s lending, liaising with the bank’s solicitors to facilitate the satisfaction of their conditions prior to drawdown of the funds, liaising with the Maritime and Coastguard Agency to register the vessel under the UK flag and liaising with our client’s insurers. Completion of the acquisition was time-critical as the vessel was contractually committed to start working immediately upon delivery, failure to meet the estimated completion date would have put our client in breach of contract. By co-ordinating the various parties involved, we helped our client to meet this delivery date.
Having demonstrated our expertise by delivering consistently successful results for this particular client, we were recommended by our client’s bank to advise another company in the marine sector on their acquisition of a newly-built offshore wind farm service vessel from a Devon-based ship builder.