19 November 2012
The Singapore office of Watson, Farley & Williams LLP (“WFW”) advised Standard Chartered Bank in relation to the second and final drawdown under the GPB53 million loan facility to three wholly owned subsidiaries of the UK company, Bibby Offshore Limited (“Bibby Offshore”), part of Bibby Line Group in what is Standard Chartered Bank’s second ship finance deal with the UK shipowner in as many years.
The second drawdown under the facility was used to finance the purchase of a diving support vessel Bibby Polaris, from Toisa Ltd. According to Bibby Offshore, the purchase of the vessel gives the company 100% ownership of one of a small number of high specification DPIII North Sea class DSVs and will join Bibby Offshore’s international fleet which now consists of five subsea support vessels, including the most modern fleet of DSVs in the North Sea.
The WFW Singapore team was led by partner Mehraab Nazir, who was assisted by associate Hannah Sinclair and by associate Emily King from the WFW London office.