HFW Advises Swedish Northern Offshore Group On Complex Double Vessel Purchase And Financing
Global, sector-focused law firm HFW has advised Swedish Northern Offshore Group (NOG) on the purchase, on-sale and leaseback financing of two crew transfer and windfarm support vessels.
HFW advised NOG and its UK and Danish subsidiaries on all aspects of the transaction, which involved multi-layered purchase, financing and flagging arrangements, and had to close within a very tight timescale.
NOG’s subsidiary acquired the vessels from a third-party seller; on-sold them to Luxembourg-based fund Flexam Tangible Asset Income Fund (Flexam); then leased them back under bareboat charters.
HFW’s team comprised Gudmund Bernitz, Daniel Rainer and David Worby.
Flexam was advised by Allen & Overy.
HFW previously advised NOG on the establishment of its UK operation and the purchase of 25 vessels in 2019.
HFW is widely recognised as the world’s leading shipping and maritime law firm, and has been serving clients in the industry for more than 135 years.
The firm has over 200 shipping lawyers and Master Mariners across the Americas, Europe, the Middle East and Asia-Pacific, specialising in dry shipping, admiralty and crisis management, and transactional work.
It represents the full spectrum of those involved in the industry, including shipowners and charterers, P&I Clubs, banks, international agencies, shipyards, marine insurance underwriters, governments and brokers across the entire shipping life cycle, from design to recycling.
In 2020 HFW won the Excellence in Maritime Law award at the Lloyd’s List Global Awards, which recognises the world’s best shipping law firm.