Fox Williams LLP has acted for Global Marine Systems Limited (“GMSL”) in respect of the purchase of two commercial vessels, the Wave Sentinel and CS Sovereign, from Oslo based Global Cable II AS (“Global Cable”).
GMSL is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of its customers around the world.
Fox Williams also advised GMSL on a new loan facility with DVB Bank (“DVB Bank”) which assisted in the finance of the vessel purchase.
Fox Williams worked alongside Oslo based Advokatfirmaet Simonsen Vogt Wiig AS, who advised Global Cable, and Stephenson Harwood’s Singapore office, who advised DVB Bank.
Bill Donaldson, Chief Financial Officer at GMSL commented ‘Shortly after I joined the Board of GMSL, I noted there was the possibility of making a material reduction in our financing costs by acquiring these two vessels. The transaction needed to be completed by late January and I am grateful to our funder, DVB Bank, and the seller, Global Cable (as well as the various advisers) for their pragmatic approach in hitting this important target ’.
Paul Taylor, the FW Partner handling the transaction for GMSL commented ‘We have previously acted for GMSL on non-transactional matters and have also acted for Bill earlier in his career. It was a pleasure to represent them on a challenging purchase and financing, which had to be delivered within a tight timetable. All parties collaborated to make sure that the deadline was met and we are delighted for our client that the transaction will deliver a material reduction in its financing costs.’