LNG Ship at Sea

WFW Asia Practice acts for Brunei Gas Carriers Sdn Bhd on a US$170m secured Islamic finance facility for newbuild LNG vessel acquisition

25 July 2012

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it has advised Brunei Gas Carriers Sdn Bhd (“BGC”) on the raising of US$170 million to fund the acquisition of one 155,000m3 newbuild LNG vessel. The vessel will be chartered under a long term charter to Brunei LNG Sdn Bhd. WFW also advised BGC on the shipbuilding contract, shipping services agreements and charter documents for the newbuild LNG vessel.

BGC, incorporated in Brunei Darussalam and a well-established LNG vessel owner, has arranged a long-term Islamic financing facility of up to US$170 million with a syndicate of financiers consisting of Bank Islam Brunei Darussalam Berhad, Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad, The Hongkong and Shanghai Banking Corporation Limited and Sumitomo Mitsui Banking Corporation Europe Limited. The facility is centered around an Istisna – Ijara structure.

The transaction was led by partner Chris Lowe who was assisted by associates Shawn Er and Dan Saunders and trainee solicitor Su Lin Khor.

Partner Chris Lowesaid: “This transaction marks our continued involvement in the financing of BGC’s existing fleet. We were delighted to work with BGC again.”