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WFW Asia Practice advises Petrovietnam Technical Services Corporation and Yinson Holdings Berhad on US$105m loan to finance FSO

17 April 2012

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it has acted on behalf of PTSC South East Asia Pte Ltd, (a joint venture between Petrovietnam Technical Services Corporation and Yinson Holdings Berhad) in relation to a term loan facility of up to US$105,000,000 in order to partially finance the project costs in relation to the FSO “PTSC Bien Dong 1”.

The facility was made available by Oversea-Chinese Banking Corporation Limited (“OCBC”) and United Overseas Bank Limited as mandated lead arrangers with OCBC acting as facility agent and security agent. The FSO is under construction at Sungdong Shipbuilding & Marine Engineering Co., Ltd. and will be operated on the Bien Dong field offshore Vietnam.

The transaction was led by partner Andrew Nimmo, who was assisted by associate Vijay Jeyaratnam.

Andrew Nimmo comments: “We are delighted to have been involved with this project which marks the first venture between PTSC and Yinson and which comes at an exciting and transformational time in the Vietnamese offshore oil and gas sector”.