Norton Rose Fulbright advises on two financings for Teekay Offshore

Global | Press release - Business | May 2019

Global law firm Norton Rose Fulbright has advised Macquarie Corporate and Asset Finance and ABN AMRO as arranging banks on two offshore financings for global marine energy company Teekay Offshore.

The firm acted for Macquarie and ABN AMRO as arrangers in the pre-delivery and post-delivery US$414 million financing of the new build shuttle tankers for Teekay Offshore, with support from EDC, the Canadian export credit agency and GIEK, the Norwegian credit agency.

The transaction involved particular arrangements for financing LNG engines and VOC Systems installed on the shuttle tankers for operations offshore Norway.

Partner Eleanor Martin of the firm’s London office led the transaction, assisted by senior associate Alex Blaney and paralegal Leila Parry, with support from Singapore-based of counsel Sue Ann Gan.

The firm has also acted for ING Capital LLC as arranging bank in the US$100 million financing of three FPSOs for Teekay Offshore, two of which are operating in the North Sea and Brazil respectively.

Eleanor Martin also led this transaction, assisted by senior associate Alex Blaney, and paralegal Kasmin Ntem as well as legal process and technology paralegal Mauro Lixi. Amsterdam-based partner Wouter Hertzberger and Sue Ann Gan advised on Dutch and Singapore legal issues respectively.

Norton Rose Fulbright was honoured for its previous transactions related to Teekay projects at the 2019 Marine Money Awards.

Eleanor Martin, who is ranked as a leading individual in offshore finance in both the Chambers UK and UK Legal 500 directories, commented: “We are starting to see an upward movement in transactional activity in the offshore production equipment sector as companies seek to invest strategically in their operations.”