Global law firm Norton Rose Fulbright has advised a syndicate of 13 international banks on a US$800 million refinancing for the floating production storage and offloading (FPSO) vessel “John Agyekum Kufuor”.
The banking syndicate was led by Standard Chartered Bank as sole coordinating bank and, together with DBS Bank, co-hedge coordinator. The other lenders include CIC, Clifford Capital, The Korea Development Bank, Maybank, Natixis, Societe Generale, Sumitomo Mitsui Banking Corporation, United Overseas Bank, CIMB, Oversea-Chinese Banking Corporation and Mitsubishi UFJ Financial Group.
The FPSO is owned by a subsidiary of Yinson Holdings Berhad, one of the world's leading FPSO contractors, based in Malaysia. It is chartered to Eni Ghana Exploration & Production Ltd., a subsidiary of Italian energy company Eni S.p.A., and is currently operating in the Sankofa offshore cape three point field off the coast of Ghana. The sponsors also include a Japanese consortium comprising of Sumitomo, K-Line, JGC Corp and the Development Bank of Japan.
The team on the deal, led by counsel Jonathan Siu and Head of Shipping & Offshore (Asia) Ben Rose, included Singapore partner Colin Rice, consultant Robert Driver, associate Sophie Polisena and associate Francesca North.
Ben Rose commented: “We are delighted to have to been engaged by the lenders to advise on and help facilitate this complex project financing for Yinson, which has enabled Yinson to take advantage of current lower interest rates, as well as freeing up capital to invest in upcoming FPSO projects. Each of the lenders involved in the financing was an Asian bank or an international bank operating from its Asian branch, highlighting the strength and depth of offshore experience in the region - and the appetite of such lenders to finance projects such as this. Having a leading team of experienced shipping and energy advisors, together with hedging and corporate specialists, here in Singapore, with unparalleled experience in offshore-vessel transactions such as this, places Norton Rose Fulbright in prime position to advise on major FPSO transactions such as this.”