Norton Rose Fulbright, a global law firm, has provided legal advice to the lenders, led by Citi, regarding the financing and subsequent delivery of Royal Caribbean's newest flagship vessel, "Utopia of the Seas". The team at Norton Rose Fulbright offered guidance on all aspects of the transaction, which included the initial financing arrangements and, most recently, the delivery of the vessel. This particular vessel is the latest addition to Royal Caribbean's fleet and was financed through a French ECA-supported receivable purchase financing and post-delivery financing, totaling approximately $1.3 billion. With a gross tonnage of 236,000, "Utopia of the Seas" is the sixth ship in the "Oasis Class" cruise line. It measures 1,188 feet in length and can accommodate a maximum of 7,500 passengers, along with 2,300 crew members. Notably, it is the first vessel in the "Oasis Class" to utilize innovative LNG technology for power.
The Norton Rose Fulbright London team was led by Global Co-Head of Shipping Simon Hartley and Counsel Matthew Bambury, with support from Associate Rebecca Daniel, and Trainee Solicitor Lucrezia Cavuto. Partner Kirstin Russell and Senior Associate Jessica Sorah advised on related English law aspects. Global Co-Head of Transport Christine Ezcutari led the team advising on French law matters, supported by Senior Associate Ayaka Millet, Associate Emilie Jacques and Trainee Sarah Malegarie. Simon Hartley commented:
“We are delighted to continue to support our longstanding client, Citi, on this important and complex financing, involving multiple jurisdictions and incorporating innovating LNG technology that represents another step along the road to decarbonising the shipping industry. The cruise sector has had a robust start to the year and we are anticipating a strong pipeline of deal activity throughout the rest of 2024 and into 2025.”
Published by: www.lawyer-monthly.com - June 18th, 2024
