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Extending offshore capabilities for Allseas

Late 2016, offshore construction and pipe-laying contractor Allseas added a new support vessel to its fleet named the ‘Oceanic’. In order to take delivery of this vessel, Allseas and its advisor Pareto Securities, turned to NIBC to structure a financing package, together with investment manager AGC Equity Partners (AGC) and compatriot ING Bank.

The financing consisted of a sale-and-leaseback of the vessel to AGC, with a long-term leaseback to Allseas. NIBC and ING delivered the debt financing in this successfully executed transaction. The Oceanic will support Allseas with its (de)commissioning and pipe-laying work, primarily in relation to the vessel ‘Pioneering Spirit’.

The assignment

Within a short time NIBC had to deliver a tailor-made facility structure and align the interest of the banks, AGC and Allseas. In the end, NIBC acted as mandated lead arranger and facility agent of a US$ 50 million senior secured loan for AGC Equity Partners.

Adding value

Our flexible and professional approach was essential for completing this all-but-straightforward project and coordinating the various external parties involved. NIBC has built a track record of sale and lease-back transactions, which paid off in this complex transaction.

Delivering results

The Oceanic left the Turkish yard late November 2016 and is on its way to start operations next to the Pioneering Spirit and Allseas’ other large pipe-laying vessels.

The sale and leaseback transaction of the Oceanic had a very tight closing deadline in order to meet the delivery window of the vessel. NIBC acted swiftly and professionally to deliver the loan facility. We are very pleased with having NIBC as a long-term partner in this project. - Magnus Valeberg, Executive Director, AGC Equity Partners 

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