LEIDSCHENDAM, the Netherlands–Fugro has entered into a sale and lease back agreement regarding its geotechnical vessels Fugro Scout and Fugro Voyager.
The agreement has been established 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 Dec. 24, 2015 with the Fugro Voyager following two weeks later on Jan. 8, 2016.
The net cash proceeds of $106 million will be fully applied to debt reduction. The lease back classifies as an operating lease, Fugro said.
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