Fugro sells and leases back two vesselsCompany News // January 14, 2016
Fugro has entered into a sale and lease back agreement regarding its geotechnical vessels Fugro Scout and Fugro Voyager. The agreement is with Icon Investments for an initial lease term of five years. The lease back agreement allows for extension options, at the discretion of Icon, for a total term of 12 years.
The sale and lease back 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 lease back transaction of US$106 million will be applied to debt reduction. The lease back classifies as an operating lease.
Icon Investments is an alternative fund manager with approximately US$2 billion under management, and a provider of customised investment solutions to international companies in asset intensive industries, including the offshore oil services market. Clarksons Platou Leasing & Debt Solutions acted as advisor to Fugro in the transaction.