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Stephenson Harwood advises Jifmar on financing and acquisition of workboats from Seacontractors
Law firm Stephenson Harwood LLP has advised Jifmar on the acquisition of 15 workboats and their crews from Dutch company Seacontractors, and the refinancing of the group’s corporate indebtedness.
The Paris shipping team guided Jifmar through all legal aspects of structuring and implementing the acquisition financing, alongside the refinancing of existing debt. The financing package combined senior facilities provided by a syndicate of French banks led by Société Générale and Caisse d’Epargne CEPAC with a bond issuance underwritten by Flexam.
Jifmar is an integrated marine and engineering solutions provider. The transaction marks a significant step in its expansion across the Middle East and Indian Ocean regions, increasing its fleet to 84 vessels, including 26 in the Middle East and Indian Ocean, and strengthening Jifmar’s position as a global leader in the workboat sector, with the expansion of its operational footprint and capabilities.
This was a complicated transaction which leveraged Stephenson Harwood’s expertise in complex maritime financing and its ability to manage large-scale, multi-jurisdictional deals across the firm’s international network of offices.
The Stephenson Harwood team was led by Paris Partner Alain Gautron, with support from Of Counsel Hortense Atthenont-Duret and Associate Tara de Marchi Nassar. Further support was provided by London-based Partner Julie Clegg, Associate Sadhika Shegar and Paralegal Philippa Sharratt, and Dubai-based Partner Toufic Safie. Jifmar was also advised by AKD in the Netherlands, Addleshaw Goddard in Scotland, and Fenech and Fenech in Malta.
