Legal support by Interlegal: oil tanker sale & purchase at the cost exceeding 35 million USD

Having represented the interests of their regular client, Interlegal lawyers supported the deal upon oil tanker purchase. Due to its cost (35,825,000 USD), today it is one of the most expensive transactions with Interlegal experts involved.

In the framework of project, Interlegal law held complex work, including negotiations aimed at arrangement of transaction terms and issuing Memorandum of Agreement, drafting supplementary agreements, payment scheme development and escrow agent engagement, issuing all the documents required for successful closing the deal, as well as regular consulting the Client upon various questions arising at each stage of the project.

Due to high cost of the vessel, special attention was drawn to provisions on payment procedure and schedule, based on Escrow Service Agreement.

Case specification was that closing the deal was supposed to be held in Athens, Greece, but due to active hostilities in Ukraine and impossibility to leave the country, the parties decided to involve Interlegal Turkish Office, having facilitated closing the deal as much as quickly, safely and effectively, without any deviations from initially agreed closing amount in whole.

Due to teamwork of Interlegal offices in Odessa and Istanbul, our law team successfully represented the Buyer’s interests and supported sale & purchase transaction, having signed all the necessary documents and having finally executed vessel purchase.

Interlegal law team led the project, namely: associate attorney Mykola Kozachenko, junior lawyer Diana Mykhailova, partner Alexey Remeslo, jointly with Turkish colleagues – Mehmet Sitki Dogu, Attila Mehmet Dogu and Selin Kulturel Darendeli.