Fugro entered into a sale and leaseback agreement with Icon Investments for two of its geotechnical vessels, the Fugro Scout and the Fugro Voyager.
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The Fugro Scout. Image courtesy of Fugro. |
The agreement is for an initial lease term of five years. The leaseback agreement allows for extension options, at the discretion of Icon, for a total term of 12 years.
The sale and leaseback of the Fugro Scout took place on 24 December 2015 with the Fugro Voyager following two weeks later on 8 January 2016.
The net cash proceeds of the sale and leaseback transaction of US$106 million (EUR 97 million) will be fully applied to debt reduction. The leaseback classifies as an operating lease.
Icon Investments is a leading alternative fund manager with approximately $2 billion under management, and a provider of customized investment solutions to international companies in asset intensive industries, including the offshore oil services market.
Clarksons Platou Leasing & Debt Solutions has acted as advisor to Fugro in this transaction.
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