Olivia Cullen

Counsel Norton Rose Fulbright LLP

London +44 (20) 74442738

Olivia Cullen

Olivia is a banking and finance lawyer based in London. She focuses on the shipping, offshore energy and export finance sectors. Olivia has advised borrowers, lenders and export credit agencies on transactions which are highly structured across multiple jurisdictions. She has spent time on secondment with clients, most recently she spent over nine months with UK Export Finance advising on a variety of their financing structures and products.

Olivia has experience advising on the financing of vessel and offshore equipment (including accommodation units, FSOs, FPSOs and drilling rigs), as well as other project and asset finance matters, including aviation. Olivia has advised on the structuring and closing of project finance, asset finance and corporate finance transactions with certain assets operating offshore Brazil, in the North Sea, Angola, Spain, Australia and Japan predominantly backed by export credit agency support.

Olivia has been involved in significant restructuring matters. She led part of the team that represented the Coordinating Committee of Secured Lenders and Agents (CoCom) in the restructuring and emergence of Altera Infrastructure L.P. (leading international midstream services provider to the oil and gas industry) from Chapter 11 bankruptcy protection on January 6, 2023.

Olivia is founder and chair of our Women in Maritime network and is passionate about the sustainable future of shipping and offshore. Olivia leads an active programme for this group which is well received by clients and contacts.

Professional experience

Representative experience

Offshore and shipping

Advising international bank on a debt consolidation for an offshore energy company involving 4 drilling rigs located offshore UAE and India operating under Panamanian and Liberian flags
Advising international banks and an export credit agency on the financing of the refurbishment of an FPSO to operate offshore Brazil
Coordinating Committee of Secured Lenders and Agents (CoCom) in the cross-border pre-negotiated restructuring of Altera Infrastructure L.P., a UK-based offshore oil and gas service vessel provider, which commenced Chapter 11 proceedings on August 12, 2022 in the US Bankruptcy Court for the Southern District of Texas and emerged on 6 January 2023
Major international credit institutions (including an ECA) – of the restructuring of two facilities to a jack-up rig owning company
Major international banks on refinancing of two geotechnical drilling rigs operating under the flag state of Singapore
Containership owner on various financing, refinancing and corporate reorganisation transactions
Major international banks on a US$500.7m financing (project and corporate) for the construction of the world's biggest wind farm installation vessel in Korea, which was supported by Korean export credit agency K-Sure
A Dutch bank on a US$180m Atradius-backed financing to upgrade and modify an FPSO for operation in Atlanta Field, located in the Santos Basin offshore Brazil
Major international banks on refinancing an existing project finance facility and revolving credit facility involving the restructuring of the security package over five FPSOs, involving security in five jurisdictions
International banks on financing two ultra-deepwater drilling rigs operating offshore Brazil
Maersk Drilling on the acquisition of a new-build jack-up rig from Hercules Offshore immediately prior to its Chapter 11 filing
International banks – on a EUR100m secured refinancing of an LNG carrier flagged in Spain
International banks – on a $200m secured refinancing of two LNG carriers flagged in Spain

Export finance

Advising an international bank and export credit agency on a financing to a sovereign borrower in West Africa for the purchase of defence equipment
Advising an international bank and two export credit agencies on a financing to a financial institution in Honduras which is on-lending the funds to a project company installing subsea fiber optic cables

Aviation

Special aircraft finance counsel for Scandinavian Airline System, which recently commenced Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of New York
TAAG on the financing of six new delivery aircraft, with support from African Export-Import Bank. This transaction won Africa deal of the year in the Airfinance Journal Awards in June 2021