Apr 2025

Conyers is pleased to announce the firm’s recognition by Marine Money magazine, the leading global publication covering the maritime finance industry, for our role in five noteworthy transactions awarded in their Ship Finance “Deal of the Year” Awards for 2024.

Conyers’ legal advice was recognised with awards in the following categories:

Equity-IPO Deal of the Year – Viking Holdings US$1.77 Billion IPO

Conyers provided Bermuda law advice to Viking Holdings Ltd (“Viking”) on its initial public offering on the New York Stock Exchange. With US$1.77 billion of shares sold to the market, Viking’s IPO was the biggest US stock market debut of 2024.The offering was a significant milestone for Viking as the company successfully leveraged the post-pandemic resurgence of the cruise sector. By demonstrating strong investor confidence, the transaction highlights the effective synergy between private equity and public markets in creating long-term value. Conyers provided comprehensive legal advice and guidance throughout the IPO process, ensuring compliance with Bermuda corporate regulatory requirements.

Marine Money commented, “While the cruise sector operates outside of the usual maritime shipping sphere, it’s not everyday that the marine industry can claim the largest IPO of the year.”

Director Jason Piney, Director Robert Alexander, Senior Associate Andrew Barnes and Senior Associate Kathleen McBeath worked alongside Skadden, Arps, Slate, Meagher & Flom LLP on this matter.

Private Placement Debt Deal of the Year – Stolt-Nielsen US$450 Million Guaranteed Senior Secured Notes

Conyers advised Stolt-Nielsen Limited in connection with the issue by Stolthaven Houston Inc. of US$450 million of senior secured notes. By successfully securing long-term capital through 7 and 10 year fixed-rate notes, this deal reflects an innovative approach to structuring and investor engagement.

Director Guy Cooper worked alongside McLaughlin & Stern on this matter.

Offshore Equity Private Placement Deal of the Year – Ventura Offshore US$170 Million Equity Private Placement

Conyers provided Bermuda and BVI law advice to Ventura Offshore Holding Ltd. (OB:VTURA) in connection with its admission to trading on Euronext Growth Oslo, the acquisition of all outstanding shares in Universal Energy Resources Inc. (a BVI company), the completion of a private placement of shares of Ventura Offshore raising proceeds of US$170 million, and the issuance of senior secured bonds totalling US$130 million by Ventura Offshore Midco Ltd. Ventura Offshore is the third listing this year on Oslo Børs’ markets. This transaction highlights renewed investor confidence in offshore energy and the advanced financing solutions enabling cross-border acquisitions in this evolving market.

Director Guy Cooper, Senior Associate Andrew Barnes and Senior Associate Sophia Collis of Conyers Bermuda, and Partner Anton Goldstein and Associate Nina Goodman from Conyers BVI worked alongside Thommessen on this matter.

Public Debt Deal of the Year – Carnival Corporation EUR€500 Million Bond Issuance

Conyers advised Carnival Corporation in connection with its offering of EUR€500 million senior unsecured notes. The issuance refinanced existing notes due in 2026 with a significantly lower coupon, reducing the interest rate from 7.625% to 5.75% and extending maturity to 2030.

Director Victor Richards and Senior Associate Alexis Haynes advised on this matter.

Wild Card Deal of the Year – Stonepeak Acquisition of Textainer

Conyers advised Textainer Group Holdings Limited (Textainer) on its definitive agreement to be acquired by US infrastructure investment firm Stonepeak.

Under the terms of the agreement, which was unanimously approved by Textainer’s Board of Directors, Textainer common shareholders received US$50.00 per share in cash, with the total value of the common shares equalling approximately US$2.1 billion. The take private transaction represents an enterprise value of approximately US$7.4 billion. This strategic acquisition highlights the value of container logistics and signals growing investor recognition of infrastructure assets beyond vessels and terminals.

Marine Money noted, “In a mega-acquisition like this, having the right advisors is key, and luckily both sides had experts in their field.”

Director Sophia Greaves, Senior Associate Andrew Barnes and Associate Jacari Brimmer-Landy worked alongside O’Melveny & Myers LLP on this matter.

The recognition of our work on each of these transactions reflects Conyers’ market-leading role in global ship finance and affirms the firm’s standing as a respected advisor in the sector.

Commenting on these achievements, Director Marcello Ausenda, Head of the Bermuda Corporate Practice and of the firm’s Global Shipping Practice, remarked, “We are delighted to have had the opportunity to have advised on five Marine Money Deal of the Year awards. We are grateful that our clients continue to trust our global shipping team to advise on complex and innovative transactions. We are proud to have played a role in the most significant global shipping transactions and to be recognised alongside our peers in the industry as the leading offshore law firm in the shipping sector.”