19 November 2012
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Höegh LNG AS (“Höegh LNG”) on the sale of its wholly owned subsidiary Port Meridian Energy Limited for US$20m to Meridian Holdings Co. (“Meridian”), an entity advised by West Face Capital Inc. (“West Face”) and owned by a fund managed by West Face (the “West Face Fund”). Port Meridian Energy Limited has developed plans and received permits for a deepwater port for LNG imports and regasification near the coast of Barrow-in-Furness in England.
Under a Joint Development Agreement with the West Face Fund, Höegh LNG remains as the supplier and operator of the floating storage and regasification unit (“FSRU”) for the planned LNG import terminal. Meridian will continue to develop the commercial agreements for LNG imports and the pipeline connecting the FSRU to the gas distribution grid. Both parties are committed to successfully developing the project with an ambition to start operations in 2016.
Oslo-listed Höegh LNG is a fully integrated floating LNG services company with almost 40 years’ experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market.
West Face is a Toronto-based institutional investment manager with roughly US$2.8 billion in assets under management.
The WFW team was led by London office Corporate partner Mark Tooke. He was assisted by solicitors Justin Priestley (Real Estate), Tanvir Dhanoa (Corporate) and David Galea (Asset Finance/Shipping).
Baker Botts LLP acted for West Face.
WFW London Corporate partner Mark Tooke said: “We were very pleased to have advised longstanding client Höegh LNG on the sale of its UK Port Meridian Terminal project, which is strategically important to the challenge of meeting the UK’s future energy requirements. The ongoing nature of the relationship between Höegh LNG and Meridian required sensitive handling but ultimately made this an unusually satisfying transaction for the WFW team to have worked on.”