HPP advised Neste Oil Corporation on completing the arrangement whereby Neste Oil’s key vessels were sold to companies owned by National Emergency Supply Agency and Ilmarinen Mutual Pension Insurance Company. Simultaneously with the sale of the vessels a set of long-term lease agreements, under which Neste Oil leased the vessels back, was executed. Also as a part of the restructuring an asset management company owned by Neste Oil, Ilmarinen and the National Emergency Supply Agency was established to manage and administer the vessel assets. HPP has advised Neste Oil during all phases of the arrangement.
HPP advised Neste Oil also on outsourcing of its ship management functions to a Finnish subsidiary of OSM Group AS of Norway. Said arrangement was also executed simultaneously with the sale of the vessels.
The HPP team was led by partner Björn Nykvist. Other key members of the team included partner Nora Gahmberg-Hisinger as well as senior associate Iiro Lähdevuori, associate Teresa Kauppila, associate Elina Valkonen and associate Matias Leskinen.
More information can be found in Neste Oil’s press release.