Ilmarinen Mutual Pension Insurance Company – Financial Restructuring of Neste Oil’s Ownership of its Tanker Fleet

Castrén & Snellman advised Ilmarinen Mutual Pension Insurance Company on all legal aspects and acted as legal adviser for the National Emergency Supply Agency on the financial aspects in relation to the financial restructuring arrangement whereby Neste Oil divested its strategic tanker fleet including five of its tankers and three tugs to companies owned by Ilmarinen Mutual Pension Insurance Company and Finland’s National Emergency Supply Agency. The tankers and tugs will continue in Neste Oil’s traffic under long term lease agreements and they will continue to sail under the Finnish flag. The whole transaction is very important, inter alia, for the Finland’s national emergency supply and Castrén & Snellman’s role in the transaction establishes again Castrén & Snellman’s first-tier expertise in most complex banking and finance, shipping, employment as well as corporate advisory and tax transactions.