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Offshore Experience
- Advising MISC Berhad (MISC) as the borrower on a US$415m limited-recourse syndicated term loan facility to finance the FPSO Kikeh Project jointly owned and operated by MISC and SBM, offshore Sabah, Malaysia
- Advising Excelerate Energy on the commercial agreements for a unique gas project in Teesside, which will see the region become a major centre for LNG and thus increase the natural gas supply in the UK. Excelerate Energy has invested in 3 customised ships with another 2 on order which transport LNG but have the capability to convert LNG to natural gas on board if required, which is relatively new technology giving substantial flexibilty to offtake options
- Acting for Bluewater in the negotiation and documentation of their US$850m secured revolving credit facility involving lead arranger ING, Bluewater and six major oil companies. The firm has represented Bluewater since 1994, and this credit facility is the culmination of a series of complex structured debt, lease and bond financings which Bluewater has successfully implemented to expand its floating production and other core business over that period
- Advising the lessees on three separate leases of floating production storage and offtake (FPSO) units and two separate leases of “topsides” for other FPSOs (aggregate transaction value in excess of US$1.5bn) and the five transactions consisting almost all of the lease financings done in relation to FPSOs operating on the UK Continental Shelf
- Acting for Exmar in connection with the design, construction and financing of a floating production storage and offloading unit built in Spain and time chartered to CPTL for operations offshore Libya
- Advising R & B Falcon Group on a US$245m defeased lease of the semi-submersible drilling rig “Deepwater Nautilus”, engaged on a services contract for Shell Deepwater for use initially in the Gulf of Mexico
- Advising an FPSO operator against a North Sea licence holder in High Court litigation relating to the terms of an FPSO operating contract. The key issue concerned the payment obligations of the licence holder in circumstances where the FPSO was taken off the field for essential maintenance and repair. This dispute, worth in excess of £16m, was ultimately resolved by the Court of Appeal
- Advising PGS Offshore Technology in relation to substantial claims arising out of the US$500m Banff Field FPSO project in the North Sea. The claims, which were brought against the two major contractors responsible for the design, construction and installation of the subsea equipment and topsides process facilities, led to complex litigation in the Technology & Construction Court and, in one instance, the Court of Appeal. The litigation raised numerous difficult technical issues concerning the quality of engineering and design, as well as allegations of delay and negligent project management on the part of the contractors. As a result of the very large volume of documentation produced during the proceedings, we adopted a computerised document management system, which has since become standard practice in such large construction cases
- Advising First Olsen group in relation to the restructuring/reflagging and refinancing of their FPSO/FSO/MOPU fleet. This deal won the ‘Asset & Corporate Finance Deal of the Year’ award from Asian Legal Business
- Advising Global Process Systems Inc on its joint venture arrangements for the design, fabrication and supply of a mobile offshore processing unit to Petrofac for use in the Cendor Field, which is located offshore Peninsular Malaysia. Our role involved the drafting and negotiation of a joint venture agreement between the various joint venture parties to the MOPU supply project
- Advising a leading Brazilian engineering and construction company Odebrecht S.A. in relation to the sale of Odebrecht Servicos de Oleo e Gas Ltd, including its Brazilian oil exploration and production interests, to Enterprise Oil Plc for gross consideration of US$153m
Steven Burkill, Bangkok
Thomas Hollenhorst, Hamburg
Mark Lawson, London
Chris Lowe, Singapore
Laurence Martinez-Bellet, Paris
Eugenio Tranchino, Rome
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