11 September 2014
Watson, Farley & Williams Asia Practice LLP (“WFWAP”), Singapore, a leading international law firm, acted as English law and lead counsel for Nam Cheong in relation to the leasing of an offshore support vessel (“OSV”) by way of a Mexican financial leasing structure and the sale of the OSV to a customer based in Latin America.
Nam Cheong, which is listed on the Singapore Stock Exchange, is Malaysia’s largest offshore marine group specialising in the building of OSVs.
Nam Cheong’s customer base includes Malaysian and international clients such as Bumi Armada, Perdana Petroleum, Topaz, Vroon, Icon Offshore, Yinson, Sapura Kencana, Borcos Shipping, Petro Vietnam and Tidewater.
The transaction was led by WFWAP partner Andrew Nimmo in Singapore, assisted by senior associate Shawn Er.
Partner Andrew Nimmo, commented: “This was an interesting transaction, requiring an innovative and robust structure in order to deal with a series of jurisdictional and regulatory hurdles. The transaction represents an important step forward in the Latin American markets for Nam Cheong and we are pleased to have played a part in this. The transaction also serves as a further example of the increasing interest we are seeing in the leasing structures in that part of the world in the shipping and offshore oil & gas sectors.”
Nam Cheong Corporate Services Division Head Daniel Chow, added: “We truly appreciate the services rendered by WFWAP, given the complexity of the issues involving a jurisdiction that is entirely new to us. We are glad to have a team who worked tirelessly in completing the transactional documents for us despite the time constraints.”