Specialist shipping, rail and logistics firm Myton Law has advised a UK boat builder on a vessel build and export contract with an Irish fishing company worth over GB£3m.
Parkol Marine Engineering’s 27m trawler order is the first boat the company has ever constructed for export. Parkol has boatyards in Whitby and Middlesbrough, and the vessel build at Middlesbrough is already underway with completion expected by April 2021.
Sally Atkinson, director of Parkol Marine Engineering, said: “Winning this export deal was an important milestone for our company. Now that we have this export experience under our belts, we aim to win more business overseas and have another build for export in the pipeline.”
Hull-based Myton Law wrote and negotiated the vessel build contract and wrote or advised on various cross guarantees involving UK Export Finance and Natwest.
“As always Myton Law is delighted to have supported Parkol in putting in place the various agreements required. Building for export was new territory for Parkol and required appropriate revisions to its build contract," commented Myton Law’s John Habergham.
Myton Law also acted for Parkol Marine Engineering to negotiate build contracts, worth in total over GB£5m, for two new vessels launched for sea trials in September. These were the 200t twin-rig trawler Reliance III, destined for Banffshire, Scotland, to work netting prawns and white fish, and the 260t Havara, a salmon feed support vessel headed for the Shetland Islands in Scotland.
By Rebecca Jeffrey