Norton Rose Fulbright advises on RCI’s ECA-backed finance

2024-06-28T17:09:59+00:00 June 28th, 2024|Finance|

International law firm, Norton Rose Fulbright (NRF), advised lenders, led by Citi, on the financing and subsequent delivery of Royal Caribbean’s (RCI) latest flagship ‘Utopia of the Seas’.

The NRF team advised on all aspects of the transaction, including the original financing arrangements and, most recently, the vessel’s delivery.

She is the latest RCI vessel financed under a French ECA-supported receivable purchase financing and post-delivery financing totalling about $1.3 bill.

At 236,000 gt, ‘Utopia of the Seas’ is RCI’s sixth ‘Oasis Class’ cruise ship and is 1,188 ft in length and has a maximum passenger capacity of 7,500, in addition to 2,300 crew.

She is also the first ‘Oasis Class’ vessel to be powered by LNG technology.

NRF’s London team was led by Global Co-Head of Shipping, Simon Hartley and Counsel, Matthew Bambury, with support from Associate, Rebecca Daniel, and Trainee Solicitor, Lucrezia Cavuto.

Partner, Kirstin Russell and Senior Associate, Jessica Sorah advised on related English law aspects, while Global Co-Head of Transport, Christine Ezcutari led the team advising on French law matters, supported by Senior Associate, Ayaka Millet, Associate, Emilie Jacques and Trainee, Sarah Malegarie.

Hartley commented: “We are delighted to continue to support our longstanding client, Citi, on this important and complex financing, involving multiple jurisdictions and incorporating innovating LNG technology that represents another step along the road to de-carbonising the shipping industry.

“The cruise sector has had a robust start to the year and we are anticipating a strong pipeline of deal activity throughout the rest of 2024 and into 2025,” he said.