Offshore Oil Rig

WFW Asia Practice advises Fred Olsen Energy ASA group on US$1.5bn refinancing of subsidiary Dolphin International AS

10 September 2012

Watson, Farley & Williams Asia Practice LLP, Singapore, a leading international law firm, acted as English and Singapore law counsel for the Fred. Olsen Energy ASA group of Norway in relation to a five year facility of up to US$1,500,000,000 entered into by Dolphin International AS (“Dolphin”), a subsidiary of Fred. Olsen Energy ASA. The facility was provided for the purposes of refinancing Dolphin’s existing bank loans, the financing of the newbuild drillship Bolette Dolphin and for Dolphin’s general corporate purposes. The facility was provided by a syndicate of 12 international banks and GIEK/Eksportfinans.

Dolphin International AS owns and operates a fleet of six semi-submersible drilling rigs and two drillship (including the newbuild Bolette Dolphin). The fleet operates in a variety of locations including the North Sea, Latin America, Africa and South Asia.

The transaction was led by partner Goh Mei Lin who was assisted by partner Jin Ng and associate Shawn Er.

Goh Mei Lin commented “We are delighted to work again with the Fred. Olsen group and are very pleased to have been able to assist them in this”.