Norton Rose Fulbright - Experts & Thought Leaders

Global law firm Norton Rose Fulbright has advised BNP Paribas, a syndicate of lenders, SACE and SIMEST on the financing of four new cruise vessels for Viking Ocean Cruises. The financing consists of four export credit loan facilities, which are together worth around $2 billion. The facilities are backed by the Italian export credit agency SACE and contain a fixed-rate subsidy offered by SIMEST. Viking Ocean Cruise’s growing fleet The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A The ocean-going passenger cruise vessels are being constructed at Fincantieri S.p.A. and are the 17th to 20th ocean cruise vessels to be built for Viking. Norton Rose Fulbright has advised the lenders, SACE and SIMEST, on fourteen of these financings. Partner Simon Hartley, who led the Norton Rose Fulbright team working on the transaction, said: “This is the third such deal that we have worked on for our clients, involving the financing of new vessels in Viking Ocean Cruise’s growing fleet." SACE export credit arrangements Hartley added: "This latest transaction, which is the first for Viking since it went public last year, demonstrates the ongoing high confidence in the passenger cruise sector that we are seeing across all sub-sectors, including the luxury segment in which Viking operates.” Simon Hartley was supported by counsel Matthew Bambury and associate Jennifer Carr in the firm’s London office. Arturo Sferruzza, a partner in the firm’s Milan office, advised on Italian law aspects relating to the SACE export credit arrangements. Range of legal services Norton Rose Fulbright’s shipping team offers the full range of legal services Norton Rose Fulbright’s shipping team offers the full range of legal services needed by shipping companies. The team is particularly well known for their cruise sector expertise, acting for some of the largest, most renowned industry participants on both the operator and lender side. World Class cruise vessels for MSC Cruises The team recently advised lenders on the financing of two Orient Express cruise ships, an ECA-backed financing of Royal Caribbean’s latest “Oasis Class” vessel “Utopia of the Seas” and an ECA-backed financing for two new LNG-powered ‘World Class’ cruise vessels for MSC Cruises. The firm’s is globally recognised for having pioneering Shipping and Ship Finance practices. Simon Hartley is named as a Band 1 practitioner for shipping finance in Chambers Global 2025 and as a pioneering Partner for Transport Finance and Leasing in the Legal 500, with Matthew Bambury listed as a pioneering Associate/Rising Star in the same category.

Global law firm Norton Rose Fulbright, working in conjunction with pioneering Spanish law firm Uría Menéndez, has advised Bibby Marine on a financing package with HSBC UK to support the development of its previously announced zero-emission electric Commissioning Service Operation Vessel for servicing offshore wind farms. The multi-million euro financing made available by HSBC UK is backed by Cesce, the Spanish Export Credit Agency. HSBC acted as sole ECA coordinator, mandated lead arranger and facility agent. Zero-emission operation The design also allows for direct offshore charging, enabling true zero-emission operation The vessel, which will now be built at Astilleros Armon in Vigo, Spain, will be equipped with a powerful 25 MWh battery system, rechargeable via dual-fuel hybrid engines powered by methanol or diesel. The design also allows for direct offshore charging, enabling true zero-emission operation.  If offshore charging is unavailable, the dual-fuel methanol engines provide an alternative method to recharge the battery system, ensuring operational flexibility and zero-emission operation with green methanol. Norton Rose Fulbright team The Norton Rose Fulbright team was led by partners Andrew Williams and Philip Roche, supported by senior associate Oliver Webber. Partner Matthew Hodkin and associate Elisabeth Trotter advised on tax aspects. The Uría Menéndez team advising on Spanish law matters was led by partner Carlos López-Quiroga and counsel José Sánchez-Fayos, with the support of junior associate Andreea Croitor. Partner Guillermo Canalejo Lasarte, supported by senior associate Blanca García Velloso, advised on Spanish tax aspects. Watson Farley & Williams advised HSBC UK.

Global law firm - Norton Rose Fulbright has advised ABN AMRO and National Australia Bank (NAB) on their arrangement of acquisition financing for Celsius Shipping (Celsius) and Basalt Infrastructure Partners (Basalt) to acquire two LNG carriers. Celsius and Basalt formed a new joint venture for the acquisition of the two state-of-the-art vessels – the Celsius Copenhagen and Celsius Carolina – which were built in Korea and operate using the latest, most fuel-efficient propulsion technology. Vanadis LNG platform The vessels are being managed and operated by Celsius, and are the first vessels for Basalt’s new Vanadis LNG platform. ABN AMRO and National Australia Bank jointly structured the bespoke term loan facility for the acquisition, with First Citizens Bank also participating as a lender. Advising team Further support was provided by Amsterdam-based counsel - Mei Land Man, senior associate Tamara Ubink The Norton Rose Fulbright team advising on the deal was led by London-based partners - Andrew Williams and Richard Howley, with assistance from senior associates - Julie Walton and Oliver Webber, and associates - Kenny Lawal and Rebecca Martindale. Counsel Sean Bruns assisted with hedging aspects. Further support was provided by Amsterdam-based counsel - Mei Land Man, senior associate Tamara Ubink, and associate - Martijn Knigge, as well as New York-based partner - Brian Devine and counsel - Julie Pateman Ward. Multi-jurisdictional team Richard Howley said, “We were delighted to be able to assist our clients on this significant and complex financing for Celsius Shipping and Basalt Infrastructure Partners." He adds, "We have advised on several significant LNG carrier financings, and our multi-jurisdictional team worked closely with our clients and the lenders to deliver the financing within a tight timeframe and to achieve a successful result for all parties." Full range of legal services Norton Rose Fulbright provides the full range of legal services to global corporate finance, acquisition finance, and shipping and offshore finance mandates, including to banks, lessors, brokers, owners, and operators worldwide. Its lawyers advise on all aspects of corporate, banking, shipping, and offshore transactions, such as mergers and acquisitions, leveraged finance, complex leasing deals, and ship sales, acquisitions, and charter transactions.