Fugro in Sale and Leaseback Deal for Two Ships

  • Business & Finance

Dutch subsea and survey specialist, Fugro, has struck a deal with ICON Investments for sale and leaseback of its geotechnical vessels Fugro Scout and Fugro Voyager.

The agreement is for an initial lease term of 5 years with up to 12 years extension option. The leaseback classifies as an operating lease.

The sale and leaseback agreement was already announced during the company’s Q3 earnings presentation in October last year, however, the names of the vessels were not specified.

The 83-meter sister vessels were built and delivered by India’s Tebma Shipyards in 2013 and 2015.

The geotech drilling ships are designed for both the shallow and deep water survey markets. They can perform drilling and seabed sampling in water depths up to 3,000 metres.

For this deal Fugro received USD 106 million (EUR 97 million) in cash, which, according to the company, should be fully applied to debt reduction.

Subsea World News Staff

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