19 December 2012
Watson, Farley & Williams (WFW), a leading international law firm, is pleased to announce that it has acted as Marshall Islands counsel to Seadrill Partners LLC on its IPO that closed successfully this quarter.
Seadrill Partners LLC was formed by Seadrill Limited to own, operate and acquire offshore drilling rigs. This is the first IPO in the offshore drilling sector that was structured as a master limited partnership but which used a Marshall Islands limited liability company in place of the usual limited partnership vehicle.
Lead partner and head of WFW New York, Daniel Rodgers said: “This was an innovative deal both in the offshore sector generally but also with regard to to the use of a limited liability company. We advised Teekay LNG Partners L.P. on the first MLP structure used in the capital markets for the shipping sector back in 2005, and this deal again demonstrates a pioneering approach that is paramount to ensuring the continued financial viability of the shipping and offshore sectors in an economic environment that requires flexibility.”
The WFW team was led by partner and New York office head Daniel Rodgers, who was assisted by Counsel Steven Hollander and Associate Theresa (Maxi) Adamski.