Cross-border team advises on $1.5bn financing of 4 ocean-going cruise vessels for Viking Ocean Cruises
Global | Press release | November 2022
The financing consists of four export credit loan facilities, which are together worth over $1.5bn and are backed by Italian export credit agency SACE.
The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A., with the first of the vessels - Viking Neptune - successfully delivered to Viking at Fincantieri’s yard in Ancona on 10 November 2022.
Partner, Simon Hartley, who led the Norton Rose Fulbright team working on the transaction, said:
“We were delighted to work on this deal, which forms part of a significant ongoing investment by Viking Ocean Cruises in its fleet. It is encouraging that, despite the Covid related issues that have challenged the cruise sector during the last few years, ECA finance is still available for newbuilding projects of this nature, reflecting an underlying inherent confidence in the passenger cruise sector.”
Simon Hartley was supported by senior associate Matthew Bambury, associate Jennifer Carr and trainee Emma Borch in the firm’s London office. Arturo Sferruzza, a partner in the firm’s Milan office, advised on Italian law aspects relating to the SACE export credit arrangements.
Norton Rose Fulbright’s shipping team offers the full range of legal services needed by today’s shipping companies. Its specialist shipping lawyers advise on areas ranging from complex structured finance, export credit finance and anti-competitive actions to ship conversion disputes, offshore disputes, the latest environmental regulation and the impact of blockchain and the digitalisation of the whole industry.