service vessel

WFW advises Citibank on US$357m facility to finance new Oilfield Service vessels

31 July 2015

Watson Farley & Williams (“WFW”) has advised Citibank N.A., London Branch (“Citibank”) as coordinator for a syndicate of lenders on a US$357m term loan facility for Subsea 7, in order to fund the construction of two new Oilfield Service vessels.

The Export-Import Bank of Korea and Australia and New Zealand Banking Group Ltd (“ANZ”) both served as mandated lead arrangers alongside Citibank. Both of the vessels are being constructed by Hyundai Heavy Industries in South Korea.

The WFW London team was led by finance partner and WFW Head of Maritime Lindsey Keeble, with senior associate Ida Marie Oedegaard and associate Gareth Lond.

London finance partner Lindsey Keeble commented: “We’re pleased to have been able to utilise our experience in the offshore energy services market to work with Citibank and ANZ to enable Subsea 7 to fund construction of two state of the art vessels designed to enhance its fleet.”