LNG Ship at Sea

WFW advises Golar LNG Limited on a US$1.125 billion ECA and commercial bank facility

31 July 2013

Watson, Farley & Williams (“WFW”) is pleased to announce that it has advised Golar LNG Limited (“Golar”) in relation to a US$1.125 billion facility to fund the first eight of Golar’s thirteen LNG vessel and FSRU newbuildings under construction at Samsung, South Korea.

The facility comprises three tranches: a term loan of US$450 million funded by commercial banks guaranteed by a 95% Korea Trade Insurance Corporation (“K-Sure”) policy; a term loan of US$450 million provided by The Export Import Bank of Korea (“Kexim”); and a term loan of US$225 million provided by a syndicate of commercial banks. The banks included Citibank, Nordea, Danske Bank, Swedbank, DVB and SEB, with Citibank acting as global coordinator and bookrunner.

Golar is one of the world’s largest independent owners and operators of LNG carriers.

The WFW team was led by senior consultant David Warder in the London office. He was assisted by asset finance associates Kate Silverstein, Andrew Harper and trainee solicitor Jessica Greenwood (all WFW London).

David Warder commented: “We are very pleased to have worked with longstanding client Golar on this important ECA and commercial bank co-financing which will finance a substantial part of Golar’s extensive newbuilding programme.”

In December 2012 WFW Asia Practice advised Golar on a US$175 million facility for the financing of Indonesia’s first FSRU.