Watson Farley & Williams (“WFW”) advised EDT Shipmanagement Ltd. (“EDT”) on a US$24m sale and leaseback financing transaction in connection with a 91-loa multipurpose platform supply vessel EDT Prometheus (previously named Peridot) (built 2005).
The vessel, initially purchased by EDT from the Israeli government, was sold to the financing lessor and then subsequently leased back from them under a five-year fixed rate bareboat charter with purchase options exercisable at certain points during the lease period.
EDT is a leading operator of multipurpose supply ships, PSVs, anchor-handling tug supply units, tugs, cargo barges, dredgers and crew boats, operating primarily in the Eastern Mediterranean from bases in Cyprus, Greece and Israel.
The WFW Athens Maritime team that advised EDT was led by Partner Marsila Karpida, supported by Associates Angelos Michas and Vassia Angeletaki.
Marsila commented: “This was a fantastic opportunity to advise on an exciting transaction involving companies committed to the offshore market. WFW has a long-standing relationship with EDT and we are delighted to have been able to help them successfully close this transaction within a tight timeframe”.
