Watson Farley & Williams (WFW) has advised UniCredit S.p.A. (“UniCredit”) on a loan granted to Augusta S.r.l. (“Rimorchiatori Augusta”) to pay for the purchase of the Italian-flagged tugboat Ortigia which recently joined their fleet. Rimorchiatori Augusta is owned by Rimorchiatori Mediterranei, the world’s renowned port towage operator.
Built in Turkey and currently registered in Catania, Sicily, the Ortigia has a maximum speed of around 12 knots and a towing capacity of over 60 tons, which allows obtaining maximum efficiency in the execution of offshore ship handling activities.
IMO Tier III-compliant tugboats
The Ortigia, along with fellow tugboat - Città di Siracusa, which also recently joined Rimorchiatori Augusta’s fleet, following a UniCredit-supported financing on which WFW advised, is one of the first IMO Tier III compliant tugboats operating in Italian ports, using state-of-the-art new technology to ensure low emissions and negative environmental impact.
Founded in 1922, Rimorchiatori Mediterranei manages a specialised fleet of circa 170 units and has more than 1,000 employees working across Europe, Asia and South America. Milan-headquartered UniCredit is Italy's only systemically important bank and the world's 34th largest by assets.
The WFW Italy Maritime team that advised UniCredit on the drafting and negotiation of all financial documentation was led by Partner Furio Samela, assisted by Senior Associate Antonella Barbarito.
