Watson Farley & Williams (“WFW”) has advised Snam S.p.A. (“Snam”), one of the world’s leading energy infrastructure companies, on its US$350m acquisition of Golar LNG NB13 Corporation, owner of the “Golar Tundra” floating storage and regasification unit (“FSRU”), from its parent company Golar LNG Limited (“Golar”).
The “Golar Tundra”, was built in 2015 and can operate both as an LNG carrier and as an FSRU. It has a storage capacity of about 170,000 cubic metres of LNG and a continuous regasification capacity of 5bn cubic metres per year and will contribute circa 6.5% of Italy’s gas needs, bringing the Italian regasification capacity to more than 25% of demand. Snam aims to promote the diversification of Italy’s energy supplies.
WFW advised Snam on all matters relating to due diligence, corporate (under English and Marshall Islands law), administrative, maritime and competition law, as well as the negotiation and drafting of the contractual documentation connected with the transaction and its closing.
The multidisciplinary, cross-border WFW team that advised Snam was led and coordinated by Rome Maritime Partner Michele Autuori, supported by Corporate Partners Mark Tooke (London) and Carlo Cosmelli (Milan), Assets & Structured Finance Partners Joe McGladdery (London) and Daniel Rodgers (New York), Regulatory, Public Law & Competition Partner Solange Leandro (London) and Tax Partner Richard Stephens (London). Counsels Giannalberto Mazzei and C.J. Chido, Senior Associates Gabriela Roque, Irene De Beni, Roberta Sturiale, Arcangelo Pecchia and Antonella Barbarito, and Associates Beatrice D’Amato, Sergio Napolitano, Cesare Fossati, Rohan Inamdar and Noemi D’Alessio also assisted.
Snam were also supported throughout the transaction by an inhouse legal team comprisied of Umberto Baldi, Lorenzo Marcelli Flori, Salvatore Branca, Claudia Fanelli, Erica del Barba and Gabriella Ungaro.
Michele Autuori said “We are very pleased to have assisted Snam on this important transaction that helps enhance the security and diversification of Italy’s energy supplies. We were able to close the deal smoothly under great time pressure and competitive market conditions, highlighting the unrivalled strength of WFW’s global maritime offering and seamless teamworking across service lines across the firm’s international network”.
Wikborg Rein Partner Jonathan Goldfarb and Senior Associate Nikhil Datta advised Golar on the sale of the “Golar Tundra”.