Govt paid half value of Galleons Passage

According to one international valuation, this country paid less than half its value for the Galleons Passage, Finance Minister Colm Imbert says. Imbert said the reports were done by Oceanic Design and Survey of Australia and Schulte Marine Concept of China in November and December respectively. He said there was no direct cost for the Oceanic valuation, as this came with the package of documentation for the vessel arising from the construction of the ship for the previous Venezuelan client, and Oceanic valued the vessel at US$19 million.

He said the cost of the valuation by Schulte for Government was US$4,500 and the vessel was valued at US$35 million and bought by Government for US17.4 million.

Imbert said the law firm which provided services was Haynes and Boone CDG, which was the product of a merger in 2016 between Haynes and Boone of the US, one of the largest and most highly regarded US law firms, and CDG of the UK, which has built a significant reputation over the last 20 years serving the shipbuilding and offshore oil and gas sectors globally.

He said Haynes and Boone, which has offices in Texas, New York, California, Chicago, Denver, Washington, London, Mexico City and Shanghai, provides a full spectrum of legal services in technology, financial services, energy and private equity. He reported the merged firm has 600 lawyers in 15 offices and 40 major legal practices.

The total cost of the legal services was £45,200 (approximately TT$433,468) and the fees were paid for: advising the National Infrastructure Development Company (NIDCO) on the applicable law; seeking NIDCO’s interest in the purchase of the vessel; negotiating and settling with the seller in terms and conditions of the purchase agreement (a modified Norwegian sale form) for the vessel;

Attending and acting as agent for NIDCO in the completion of the purchase; and arranging the registration of the vessel with the Vanuatu Ship Registry as the Galleons Passage in NIDCO’s name, as the new owner pending registration of the vessel with TT Ship Registry upon arrival.

The names of the lawyers from Haynes and Boone CDG who represented NIDCO in the transaction were Andreas Silcher, a specialist in maritime and shipping law and Chrysa Kitsou, who has experience of arranging the delivery of more than 40 new-building vessels from a wide range of Asian shipyards.