13 September 2013
Watson, Farley & Williams (“WFW”), practicing in Hong Kong in association with Lau, Leong & Co., is pleased to announce that it has advised Chinese ICBC Financial Leasing Co. Ltd in relation to the long term sale and lease back of 51 offshore supply vessels with the French offshore oil and gas conglomerate, Bourbon.
The vessels have been sold for US$1.5 billion and the first nine vessels out of the 24 vessels in operation were delivered at the beginning of this month. The transfer of the remaining 15 vessels currently under operation is expected to be completed within two months and the transfer of the remaining 27 vessels under construction will be within the next 10 months.
The vessels will all be registered in Singapore and a few of them will be dual registered in Europe.
The WFW Hong Kong team was led by partner Madeline Leong, who was assisted by associates Jonathan Keats and Janice Lee.
Partner Madeline Leong said: “This deal is one of ICBC Leasing’s largest sale and leaseback transactions which was challenging for all parties, drew on WFW’s legal experience, expertise and depth in several jurisdictions and demonstrated ICBC Leasing’s growing appetite in the offshore oil and gas sector.”