Rickard Langenskiöld

Stena Line – Acquisition of NLC Ferry (Wasaline)

We are acting as legal adviser to Stena Line on its acquisition of NLC Ferry Ab Oy (Wasaline), strengthening Stena Line’s position in the Baltic Sea and enabling it to take over operations of the ferry route between Umeå in Sweden and Vaasa in Finland. The acquisition further strengthens Stena Line’s position as one of the leaders in sustainability within the ferry industry and enhances the company’s access to alternative fuels whilst providing a strong intermodal transport link towards Gothenburg and Trelleborg, and onwards to the European continent. NLC Ferry, operating under the auxiliary name Wasaline, were owned by Kvarken Link, a company jointly owned 50/50 by the cities of Umeå and Vaasa. Wasaline is the world’s northernmost shipping company, operating daily passenger and freight services between Vaasa, Finland and Umeå, Sweden, and is the first carbon-neutral ferry operator in the Baltic Sea with its hybrid vessel, Aurora Botnia, which runs on biogas and batteries. Stena Line is one of Europe’s leading ferry operators, with 20 routes across the continent. The company is family-owned, was founded in 1962 and is headquartered in Gothenburg, with 6,550 employees and an annual turnover of 19.6 billion SEK. The transaction is conditional to the approval of the respective municipal councils of Umeå and Vaasa as well as customary closing conditions such as authority approvals. The completion of the transaction is expected to take place in the beginning of the year 2026. Castrén & Snellman is collaborating with CMS Wistrand, Stena Line’s advisor on Swedish law matters in connection with the transaction.

4.11.2025

Gasum – Construction and chartering of a new bunker vessel

We advised Gasum in a Joint Venture project concerning the construction and chartering of a new LNG and bio-LNG bunker vessel. The vessel called Celsius will serve Gasum’s customers starting 2027. The investment is part of Gasum’s strategy to secure the availability of LNG and bio-LNG to its customers in the Northwestern European area as demand increases in the coming years. The vessel is owned by a joint venture between Gasum and the Swedish shipping company Sirius Shipping. The vessel is being built by RMK Marine in Istanbul, Turkey. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Sirius is a Swedish shipping company founded by the Backman family. Sirius operates 11 product/chemical tankers and 2 LNG tankers and has a further 3 product/chemical tankers under commercial management.

11.3.2025

Fortum – Sale of recycling and waste business

We acted as the lead counsel to Fortum in a cross-border transaction in which Fortum sold its recycling and waste business. The business was sold to thematic impact investing firm Summa Equity through its portfolio company NG Group. The debt-free purchase price is approximately EUR 800 million. Fortum’s recycling and waste business to be sold comprises municipal and industrial waste management and end-to-end plastics, metals, ash, slag and hazardous waste treatment and recycling services. These businesses are located in Finland, Sweden, Denmark and Norway and currently employ approximately 900 employees.

18.7.2024

Finnish Climate Fund – Junior financing to Meriaura for the expansion of low-carbon technologies in shipping

We assisted Finnish Climate Fund in junior financing to the shipping company Meriaura for their fleet renewal programme to support the adoption of low-carbon shipping solutions. Meriaura has commissioned two bio-oil-powered hybrid cargo ships with a tonnage of 6,750 from the Royal Bodewes Shipyard in the Netherlands. The ships can achieve emissions reductions of up to 98 % compared to traditional cargo ships powered by fossil fuels. In the emission-intensive freight industry, more efficient vessels powered by renewable fuels have the potential to lead the way to emissions reductions across the sector. Meriaura is a Turku-based maritime shipping company that specialises in the sea transportation of industrial products, raw materials as well as demanding special cargo. The company’s cargo ships operate in Europe, mainly in the Baltic and North Sea. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. By the end of December 2023, the Climate Fund has made 24 investment decisions totalling 178.9 million euros.

26.6.2024

VR Group – Acquisition of Recycling Logistics Specialist Transitar

We assisted VR Group in the acquisition of Transitar Oy, a transport company specialising in recycling logistics. The deal strengthens VR Transpoint’s position as an operator in circular economy logistics while expanding its road logistics service and transport network in the recycling industry segment. Transitar will continue its operations as its own company as part of VR Transpoint’s road logistics service area. ‘Investing in the circular economy provides significant support to our company’s sustainability programme. The circular economy is a growing trend that depends on functional logistics. Our goal is to offer comprehensive, competitive and flexible circular economy logistics services to enable our customers to succeed sustainably in their core businesses’, says Senior Vice President Martti Koskinen from VR Transpoint. Our team, which includes members from several practice areas, advised VR Group in all legal aspects of the acquisition and in drafting the transaction documentation. Transitar’s turnover is approximately EUR 16 million and the company is one of the largest Nordic companies specialised in recycled materials. The company operates 50 vehicles, 70 trailers and several hundred containers. Transitar was established in 1998. VR Group is a responsible service company operating in the field of travel, logistics and maintenance that is speeding up the journey towards a healthy and carbon-neutral Finland.

2.7.2021

VR-Group – Tender for HSL Commuter Train Traffic

We represented VR Group Ltd in the first HSL commuter train traffic tender in history. VR Group won the tender and will continue HSL commuter traffic operation and train fleet maintenance until 2031. The contract value is approximately 400 million euros. The contract for commuter train traffic covers all of HSL’s traffic on the Ring Rail Line, on the Coastal Railway from Helsinki to Siuntio and on the main line all the way to Kerava. This means more than seven million train traffic kilometres and more than 70 million journeys a year. VR Group is a responsible service company operating in the field of travel, logistics and maintenance. The group employs 6,000 professionals, with annual net sales of approximately one billion euros. The group primarily operates in Finland, but it also has operations abroad, especially in Russia. VR Group is owned entirely by the Finnish state.

13.5.2020

Finnish Defence Forces – Squadron 2020 Project

We advised the Finnish Defence Forces Logistics Command in the Squadron 2020 project. Squadron 2020 is the Finnish Navy’s project that is aimed at replacing seven vessels that the Navy will decommission. These will be replaced by four modern corvettes. Rauma Marine Constructions Oy and RMC Defence Oy based in Rauma will construct four multi-purpose corvettes, called the Pohjanmaa Class, for the Squadron 2020 project. Saab AB from Sweden was selected as the combat system supplier. The Pohjanmaa Class will form the backbone of the Finnish Navy’s capability and combat vessel fleet and is planned to remain in service until the 2050s. The total cost of the Squadron 2020 project is approx. EUR 1,300 million.

16.3.2020

Gasum – Acquisition of Clean Energy and Marine Bunkering Businesses from Linde AG

We advised Gasum in its acquisition of AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG. The acquisition is part of Gasum’s strategy execution and further strengthens the company’s capacity to offer gas solutions to various customer segments in multiple locations and will enhance the development of the Nordic gas market. Together, the businesses employ 35 people and generate annual revenues of more than EUR 100 million. Several assets will be transferred to Gasum in the acquisition, including an LNG liquefaction plant, two LNG terminals, two LNG bunkering vessels, and 48 gas filling stations in Sweden and Norway. The deal was signed on 13 November 2019, and the transaction is anticipated to be completed during 2020.

14.11.2019

Norsepower – Rotor Propulsion System for Maersk Tanker

We represented Norsepower Oy, a Finnish clean-technology and engineering company, in a joint project with Maersk Tankers, Shell Shipping & Maritime and the UK’s Energy Technologies Institute. The joint project involves the installation and trial of Norsepower’s ground-breaking wind rotor propulsion system on one of Maersk’s product tanker vessels and is set to demonstrate the benefits of Norsepower’s technology on global shipping routes. The joint project will assist Norsepower in expanding its business internationally. Together with the installation of Norsepower’s wind rotor propulsion system on Viking Line’s cruise ferry M/S Viking Grace and on Bore’s Ro-Ro vessel Estraden, Norsepower’s technology will now begin operating on all major vessel types, offering reduced emissions and fuel cost savings.

26.4.2017

Norsepower – Rotor Propulsion System for Viking Line’s M/S Viking Grace

We advised Norsepower Oy, a Finnish clean-technology and engineering company, in the delivery of its ground-breaking wind rotor propulsion system for Viking Line’s passenger cruise ferry M/S Viking Grace. The M/S Viking Grace, which currently operates in the Baltic Sea between Turku, Finland, and Stockholm, Sweden, will be retrofitted with a rotor sail that is 24 metres high and 4 metres in diameter. Norsepower’s wind rotor propulsion system is a software operated, data verified and low-maintenance solution. It is fully automated and adjusts to the operating conditions of the vessel. In the case of the M/S Viking Grace, it is expected that the vessel’s carbon emissions will be reduced by 900 tonnes per year, which correspond to a reduction of 300 tonnes of LNG fuel.

26.4.2017

Finnlines – Loan from EIB with guarantees from Nordea and Finnvera to finance part of the MEUR 100 Environmental Technology Investment Programme

Castrén & Snellman acted as legal advisor to Finnlines in an arrangement in which Finnlines has signed a EUR 50 million loan agreement with The European Investment Bank (“EIB”). Nordea Bank Finland Plc (“Nordea”) will, in favour of EIB, guarantee the loan facility and the subsequent counter guarantee covering 80 per cent is issued by Finnish Export Credit Agency Finnvera Plc (“Finnvera”) in favour of Nordea. The loan will be used for Finnlines’ EUR 100 million Environmental Technology Investment Programme. The aim of the programme is to improve the ships’ fuel economy and to reduce the emissions by installing exhaust gas scrubbers as well as by reblading and treating the vessels with silicone anti-fouling for reducing hull friction. By these measures Finnlines can meet the new stricter MARPOL sulphur emission regulations that came into force in the beginning of 2015 in a cost efficient way. The environmental programme was initiated in 2014 and by now 18 out of 22 ro-ro and ro-pax vessels are equipped with scrubbers, 7 have been rebladed and 2 repainted. Scrubbers, new propellers and the reduced hull friction will improve the fuel efficiency which in turn will also reduce the overall fuel consumption leading in the reduction of the CO 2 , NOx and SO 2 emissions. In 2015, Finnlines’ overall fleet fuel consumption decreased over 8 per cent compared with 2014. Measured as Finnlines’ environmental footprint, this means a 75,000 tons CO 2 emission reduction, approximately 1,700 tons NOx emission reduction and 5500 tons SO 2 emission reduction (i.e. 91 per cent) on an annual basis. The programme is to be completed by early 2017.

30.6.2016

Arctia – Finance arrangements

We advised Arctia Ltd in putting its financing services out to tender and in concluding unsecured bilateral loan agreements with three different financiers. Arctia Ltd is a limited company owned by the Finnish State. Its line of business is the provision of icebreaking services and specialised multipurpose vessel services.

23.6.2016

Rettig Group – Divestment of Bore to Dutch shipping company Spliethoff

We are acting as the sole legal advisor to Rettig Group in its divestment of Bore to Spliethoff Bevrachtingskantoor in an all-cash deal expected to close on 30 June 2016. Bore is a shipping company with a fleet of nine Roll-on/Roll-off vessels chartered to line operators that transport cargo in the North Sea, the Baltic Sea, the Mediterranean and the Carribean. The Spliethoff group operates a fleet of over 100 vessels worldwide. Finnish Roll-on/Roll-off line operator Transfennica has been part of the Spliethoff Group since 2002.

21.4.2016

Finnish Industry Investment and Finda – Investments in Rauma Marine Constructions

We advised Finnish Industry Investment and Finda in their significant investments, made together with a fund managed by Taaleritehdas, in Rauma Marine Constructions (RMC), a pioneer in arctic shipbuilding. The total value of the investments is EUR 19 million. RMC’s strengthened position is yet another indication of the recovery of the Finnish shipbuilding industry and allows RMC to carry out major shipbuilding projects. RMC is a Finnish-owned shipyard with leading-edge expertise and technology in this field. Strategically, RMC specialises in the construction and maintenance of multi-purpose icebreakers, car ferries and naval vessels.

17.12.2015

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.

8.7.2014

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