Eleanor Martin

Norton Rose Fulbright LLP

United Kingdom
T:+44 20 7444 3609
United Kingdom
T:+44 20 7444 3609
Eleanor Martin

Eleanor Martin


Related services and key industries


Eleanor Martin is a banking and finance lawyer based in London. She has detailed experience in advising on vessel and offshore equipment (including FPSOs and drilling rigs) financing, whether of a project finance, asset finance, project bond or corporate nature, as well as other asset finance matters, including aviation, deep sea mining and aerospace transactions, in 2021 winning the Marine Money ECA Deal of the Year for a shuttle tanker financing and the AFJ Africa Deal of the Year for her work adviisng TAAG Angola Airlines.

Eleanor has structured and completed financings of offshore equipment operating in the North Sea, on the Norwegian Continetal Shelf and offshore Brazil, Nigeria, Japan, Mexico, Senegal, Western Australia and Angola.

Eleanor has spent time on secondment with two major European banks (including the offshore desk of one of them). She is recognised by Chambers UK 2017 as a leading individual for offshore finance who has "expertise in financing offshore assets including FPSOs, drilling rigs and support vessels" and impresses clients with her "sharp, pragmatic and thinking outside of the box" approach.

Professional experience

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  • Solicitor, qualified in England & Wales


  • Major international bank -  on the four loan facilities for the MiNT project for a joint venture involving Teekay LNG Partners, with ECA support
  • Major international bank -  on the refinancing of 3 shuttle tankers operating off the East Coast of Canada with ECA support
  • New York bank - on the ECA-backed pre and post-delivery financing of 4 newbuild shuttle tankers – winning Marine Money Export Credit Agency Deal of the Year in 2021
  • Major international bank - on the $112,500,000 ECA-supported facility for the Logitel units
  • Major international bank - on the $180,000,000 financing of the Petrojarl I FPSO backed by ECA cover
  • Major International bank - on the pre-delivery financing of the Knarr FPSO with multiple ECA cover, and subordinated financing arrangements
  • Norwegian bank – on a highly structured group financing which involved a syndicated multicurrency revolving facility, acting for the arrangers and secured by mortgages over 13 vessels involving four flag jurisdictions.
  • Dutch bank – on the restructuring and unwinding of tax sparing arrangements of a $600 million revolving credit facility involving restructuring security over four FPSOs. Involved successfully co-ordinating four separate closings within a specific time schedule to ensure that the syndicate banks' security interests were protected at all times.
  • Dutch bank – on a $810 million financing of the construction of two semi-submersible drilling rigs to be chartered to a Brazilian oil company involving tax sparing arrangements.  Involved the drafting of documentation for the transaction (including the tax sparing structure), advising and explaining the structure to syndicate banks (including a quasi governmental agency) and co-ordinating the registration of security in six jurisdictions.
  • Major international banks – on a refinancing of an existing revolving credit facility and restructuring the security package over five FPSOs and one FPSO under construction involving taking security in five jurisdictions.
  • Major international banks – on a $384 million facility to finance the construction of one FPSO to be chartered to Petrobras (the Brazilian state owned oil company) with Japanese sponsors.
  • Dutch bank – on a $200 million facility for the intra group purchase of a semi-submersible drilling rig. The deal was signed shortly after the collapse of Lehman Brothers and allowed for "reverse syndication" whereby new lenders could accede to the facility once there was more market certainty. The facility is now fully funded.
  • Major Japanese banks – on a $650 million financing of the construction of a drillship to be chartered to Petrobras with a consortium of Sponsors incorporated in Japan, Texas and Brazil. Involved advising and co-ordinating a syndicate of six commercial banks and a quasi-governmental agency supported by the Norwegian Export Credit Agency, drafting and negotiating all documentation and co-ordinating a successful signing and satisfaction of conditions precedent.
  • Major international bank – on the financing of the construction of a drilling rig to be chartered to Petrobras which involved vendor credits from the yard and support from Sinosure and GIEK, together with multiples levels of security.
  • Major international bank – on a refinancing of a drilling rig on charter to Petrobras, including support from GIEK and Eksportkreditt.
  • Major international bank – on the financing of the upgrade of an FPSO to be chartered to an operator in the North Sea. The transaction involved complex intercreditor and standby arrangements, including a fully developed co-ordination deed to govern a cost over-run and/or time delay in the upgrade, executed by three sets of creditors.
  • Major US bank – on the financing of the construction of a new-build FPSO to be chartered on the Norwegian Continental Shelf, involving support from KEXIM, K-Sure and GIEK and security in five jurisdictions. The deal won Marine Money ECA Deal of the Year award in 2014.
  • Major international bank – on the financing of the conversion of a tanker into an FPSO to be chartered to a Brazilian consortium, with backing from Atradius, the Dutch ECA.
  • Teekay Offshore – on a number of Teekay FPSO financings since 2013.
  • Major international bank – on an offshore support vessel financing for operation offshore Nigeria.
  • Major international banks – of a $500 million financing (project and corporate) involving K-Sure of five jack-up rigs, one of which was under construction.
  • Dutch banks – on the financing of the sale and leaseback of two offshore service vessels with full intercreditor arrangements.
  • Major Chinese banks – on the sale and leaseback of several specialised vessels to Chinese entities.

Refinancing and Restructuring

  • Secured Lender - on the first use of the "cross class cram down" mechanism in the UK Corporate and Insolvency Governance Act 2020 with an offshore service vessel company as borrower.
  • Secured Lenders - on the restructuring of a defaulting loan secured by 5 drilling rigs operating in Mexico, resulting in the Secured Lenders being paid out at par
  • Maersk Drilling – on the acquisition of a new build jack-up rig from Hercules Offshore immediately prior to its Chapter 11 filing.
  • International banks and GIEK – on the restructuring of the financing of an FPSO upgrade which suffered cost over-runs and delays, involving the purchase of the FPSO and novation of all relevant contracts by a third party offshore operator.
  • International banks – on the restructuring of a corporate and project facility relating to five FPSOs, which included intercreditor arrangements with the Norwegian listed bondholders.
  • Senior Lenders – of an FPSO financing to the OSX group, including enforcement options, the eventual removal of the FPSO from Brazilian waters and mortgage enforcement sale through court process.
  • Senior Lenders – of two refinancings to the Sevan Drilling Group, which included restructuring the debt, liaising with ECAs and the eventual purchase by Seadrill Ltd.
  • Major international credit institutions (including an ECA) – of the restructuring of two facilities to a jack-up rig owning company.
  • Senior Lenders (including IFC) – on the restructuring of a two drilling rig financing to cater for delays in construction and financial difficulties of the offshore service company.
  • Bond Arranger – on the restructuring of a Norwegian bond secured by several assets.
  • Group of international banks – on the restructuring of debt for an offshore service vessel supply company including its takeover by another entity.