Professional Documents
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Contents
Our approach ................................................................................................................................... 3 Oil & gas .......................................................................................................................................... 4 Oil & gas experience ....................................................................................................................... 5 CORPORATE FINANCE & SECURITIES ............................................................................ 5 MERGERS & ACQUISITIONS............................................................................................. 10 PROJECT FINANCE, TRADE FINANCE, STRUCTURED FINANCE & SECURITISATIONS ............................................................................................................... 17 STRATEGIC ALLIANCES..................................................................................................... 24 DISPUTE RESOLUTION ....................................................................................................... 26 COMMERCIAL TRANSACTIONS ..................................................................................... 30 Our offices ...................................................................................................................................... 39
Our approach
Watson, Farley & Williams is a leading international law firm with offices in major financial centres in Europe, Asia and the USA.
We have the skills to manage a wide range of corporate and finance transactions, and disputes, and to provide our clients with the high quality advice they require. We have teams which are integrated across legal disciplines and offices so that a consistent level of service can be provided on all matters, in each jurisdiction and in combination across borders.
We continually invest in developing our expertise and reputation in the sectors we know best: Finance & Investment, Maritime, Energy, Natural Resources, Transport, Real Estate and ICT.
We establish candid, open relationships with our clients and take the time to understand their businesses. We generally work in small, partner led teams where our sector knowledge and experience enable us to provide effective, commercially focused advice.
offshore contractors e.g. seismic operators, drilling companies, construction companies, FPSO contractors and standby/supply vessel operators
developers and operators of power plants, electricity transmission and distribution facilities
governments or local governments wishing to involve the private sector in utility activities
banks
Advising Resaca Exploitation on certain aspects of its listing on AIM with a market capitalisation of ca 120m and related 53m placing
Advising Oriel Securities Limited as nominated adviser and broker and Tristone Capital Limited as global bookrunner and broker on the 50m AIM IPO of Valiant Petroleum plc. Valiant intends to use the funds (together with existing debt facilities) to reach first production on the West Don and Don South West fields and fund its 2008 drilling program and approved 2008 budgets for the Crawford and Causeway fields
Advising Irvine Energy Plc on its acquisition of a 50% working interest in Niobrara oil and gas project in Kansas, USA and a related fundraising to raise approximately 1.5m
Advising Suntera Resources Limited on a private placement to raise US$400m in private equity
Advising Matra Petroleum Plc on the acquisition of OOO Arkhangelovskoe, the owner of the Arkhangelovskoe exploration licence in Orenburg, Russian Federation for 55,000,000 new shares in Matra and the related issue of 135,000,000 new shares in Matra to Delek International Energy Limited to raise 6.075m to fund initial drilling on that licence
Advising on Italian aspects of the Australian Stock Exchange listing of Key Petroleum Limited
Advising Black Rock Oil & Gas Plc on a placing to raise 625,000
Advising a Cyprus company owning oil transhipment assets in relation to a US$46.5m capital raising programme involving the issue of (i) redeemable preference shares and (ii) convertible loan notes
Advising JM Finn & Co on a placing raising 6.9m for Hallin Marine Subsea International Plc
Advising Pantheon Resources Plc on its listing on AIM and related placing raising 10m
Advising Oilex NL, listed on the Australian Stock Exchange, on its fast-track secondary listing on AIM and creation of a stamp duty reserve tax exempt Depositary Interest trading facility
Advising Eclipse Energy Company Limited on a 5m pre-IPO fundraising for a UK offshore hybrid generation project involving two gas fields to generate 90 MW and a wind farm to generate 108 MW and the related restructuring of existing private equity investment agreements
Acted as special MI counsel in connection with the secondary offering of common units by Teekay LNG Partners L.P. We also acted as special MI counsel in connection with the initial public offering of StealthGas
Advising Elixir Petroleum Limited, listed on the Australian Stock Exchange, on its secondary listing on AIM, creation of a Depositary Interest trading facility and placing raising 6.4m
Advising JM Finn & Co, as broker, and ARM Corporate Finance Limited, as nominated adviser, in connection with Hallin Marine Subsea International PLCs admission to trading on AIM and on a placing raising 3.45m
Advising Ascent Resources PLC on a placing raising 1.5m and related warrant issue
Advising Naftrans Ltd, the owner of Batumi Oil Terminal in Georgia, and its shareholder on the US$12.75m equity investment from the Great Circle Fund, a private equity fund primarily funded by OPIC (Overseas Private Investment Corporation) and the US8m investment from ENR Securities/MC Investment Trust (a private equity fund for investments in the Former Soviet Union)
Advising Hardman Resources Ltd., listed on the Australian Stock Exchange and AIM, on a secondary placing by way of accelerated bookbuild raising 65m and related Depositary Interest issues
Advising Global Petroleum Limited, listed on the Australian Stock Exchange, on its fast-track secondary listing on AIM with a market capitalisation of 47m and creation of a stamp duty reserve tax exempt Depositary Interest trading facility
Advising Ascent Resources PLC on its admission to trading on AIM and on a placing raising 500,000
Advising an oil and gas exploration company with licences in West Africa on its proposed admission to trading on AIM and related placing
Advising Black Rock Oil & Gas PLC on various share placings and exercise of warrants to raise over 2m, its acquisition of Wildlook Enterprises Limited and a 1-for-5 warrant issue to shareholders
Advising an Australian Plc on a Jordanian oil & gas sector takeover and subsequent listing
Advising Hardman Resources Ltd., listed on the Australian Stock Exchange and AIM, on an international share placing and entitlement issue to existing shareholders to raise 70m making it the third largest AIM listed company by market capitalisation
Advising in relation to equity investment and offtaker arrangements in relation to a refinery and storage facility in the Middle East and related financing
Advising Black Rock Oil & Gas Plc (listed on AIM) on two share placings and the exercise of warrants to raise around 700,000
Advising Hardman Resources Ltd., listed on the Australian Stock Exchange and AIM, on a 9.4m share placing to UK investors
Advising Black Rock Oil & Gas Plc (listed on AIM) on the proposed acquisition of the entire issued share capital of Afrex Limited, including its African and Mediterranean oil and gas exploration interests, and related fundraising and secondary listing of Australian CREST Depository Instruments on the ASX
Advising Hardman Resources Ltd, listed on the Australian Stock Exchange, on its secondary listing on AIM with a market capitalisation of around 85m and creation of a Depositary Interest trading facility
Advising Aker RGI Holding ASA on its NOK 4bn take-over offer to acquire the 37% shares in Aker Maritime ASA (listed on the Oslo Stock Exchange) not already owned by it
Advising Aker Maritime ASA (listed on the Oslo Stock Exchange) on its US$576m share redemption offer
Advising Black Rock Oil & Gas plc on its recommended takeover offer for Black Rock Petroleum NL, an Australian company listed on OFEX, and its placing and admission to trading on AIM
Advising Hardman Resources NL (listed on the ASX) on its proposed demerger of Planet Oil International Plc
Advising Aker Geo Seismic AS in the sale of the core of its seismic business including its two seismic vessels to Compagnie Generale de Geophysique in France, for US$118m in shares and cash, with advice on French, English and US Federal Law
Advising Atlantis (UK) Limited, a subsidiary of Petroleum Geo-Services A/S on its takeover offer to acquire the entire issued share capital of Sakhalin Petroleum PLC (listed on OFEX)
Advising a US overseas investment organisation on various investment transactions involving entities in the former Soviet Union, particularly in the oil and gas sectors
Advising Eurosov Energy PLC, listed on the Official List of the London Stock Exchange, on its takeover by Sibir Energy plc, listed on AIM
Advising EuroSov Energy Plc on its admission to the Official List of the London Stock Exchange and related placing of shares raising 13m for a total initial market capitalisation of 35m
Advising Vanguard Petroleum Ltd (listed on ASX) on its group reorganisation and demerger of EuroSov Energy Plc
Advising Middlesex Holdings Plc (now Global Natural Energy Plc) in connection with the acquisition by its subsidiary of 29.3% of Dominion Energy Plc with an option to acquire up to 52% of its share capital
Advising the Government of Pakistan on the proposed privatisation of the Pakistan State Oil Company
Advising KBC Advanced Technologies Plc on its 34.2m placing and admission to the Official List of the London Stock Exchange
Advising London & Overseas Freighters Ltd, an oil tanker operator listed on NASDAQ and the Official List, in connection with the US$105m tender offer by, and amalgamation with, Frontline Ltd.
Advising Genesis Petroleum Corporation plc on the recommended offer by Bayerngas Norge AS for the entire issued share capital of Genesis. The offer was implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006 and valued Genesis at approximately 15m
Advising Galoc Production Company W.L.L (GPC) on its acquisition of an additional interest in the Philippines Galoc oil field from Alcorn Gold Resources Corp. and PetroEnergy Resources Corp. The Galoc oil field, the Philippines only major oil development in nearly two decades, has produced over 1 million barrels of light sweet crude since it started extended production testing in the last quarter of 2008
Advising Gas Plus Erbil Limited and Gas Plus Khalakan on the acquisition and acquisition finance of upstream assets in the Kursdistan Region of Iraq
Advising Mitsui on its farm-in agreement and joint operating agreement, new company establishment and corporate formalities with BHP in relation to exploration on the Northern and Southern Blocks
10
Advising Matra Petroleum plc on the sale of its 40% interest in Gemstone Properties Ltd (the owner of certain oil & gas concessions in Hungary) to HHE America Limited for around US$670,000
Advising New Age (African Global Energy) on the signing of a farmout agreement with Lundin Petroleum AB for the acquisition of a non-operated interest in three production sharing agreements in Ethiopia
Advising the Arabian Oil Company on a farm-out of part of its interests in an Egyptian production sharing contract
Acting for a Norwegian start-up oil and gas company on the proposed acquisition of the shares in a company holding an interest in a significant undeveloped Danish oil and gas discovery
Acting for a Norwegian start-up oil and gas company on the acquisition of two companies holding interests in producing gas fields in the Irish Sea and the acquisition of an interest in some Irish exploration licences
Advising Elixir Petroleum Limited, listed on AIM and ASX, on its merger with Gawler Resources Limited to form a UK/USA oil and gas exploration company
Advising Avana Petroleum on an investment which has led to Avana Petroleum acquiring an interest in a production sharing agreement in the Seychelles
Advising Encana Corporation on the sale of the holding company that owns their exploration and production assets in Chad
Advising PetroMal LLC on its bid for a package of non-operated North Sea exploration and production assets located in the UK, Dutch and Danish sectors. The deal was structured as a cross border package deal including company and asset acquisitions
Acting for an Africa focussed company on a bid for a company holding full value chain gas to power assets in East Africa
11
Advising Genesis Petroleum Corporation on a placing and cash shell acquisition to raise 10m from two strategic investors, Petroleum Geo Services ASA and Aker Capital AS
Advising Technip on its sale of Perry Slingsby Systems to SCF Partners, a private equity business, for US$78m
Advising Equatorial Biofuels Plc (previously Nardina Resources Plc) on its proposed reverse takeover of Liberia Forest Products Inc
Advising Irvine Energy Plc on its acquisition of 75% working interests in two South Kansas Oil and Gas Development Projects and related placing to raise 4.25m
Advising Matra Petroleum plc (previously Ming Resources plc) on its reverse takeover of Inke Petroleum, a placing raising 8m and readmission to AIM
Advising Genesis Petroleum Corporation Limited on the reverse takeover of Genesis by Zari Resources PLC valuing Genesis at 15.6m
Advising Genesis Petroleum Corporation Limited on the farm-out of an interest in a UK exploration licence to a Norwegian company
Advising Tower Resources PLC on the acquisition of Neptune Petroleum Limited, which holds oil and gas exploration licences in Namibia and Uganda, for 200 million ordinary shares valued at 4 million
Advising the seller on the sale of an interest in a Russian oil & gas exploration licence to Emerald Energy plc (listed on the Official List) for 18m to be satisfied by shares in Emerald
Advising Jose de Mello SGPS S.A. on the US$415m sale of its shipping business, Soponata, to General Maritime Corporation
12
Advising Oceaneering International Inc (listed on the NYSE) on its US$48.4m acquisition of Stolt Offshoress drill support ROV (remotely operated vehicle) businesses in Norway, Brazil and Angola
Advising Oceaneering International Inc on its proposed US$108m acquisition of Subsea 7s drill support ROV and associated subsea engineering businesses in the UK, Norway, Brazil, Gulf of Mexico, West Africa and South East Asia
Advising worldwide seismic specialist Petroleum Geo-Services ASA on the US$105m sale of its Atlantis Group and its oil exploration and production interests in the Middle East to China National Chemicals Import and Export Corporation (Sinochem)
Advising on the proposed sale of a majority interest in an Italian oil and LPG terminal
Advising a UK subsidiary of a US energy company on the sale of a package of oil and gas production and exploration assets in the UK North Sea
Advising on the proposed sale of US and UK oil field equipment supply companies
Advising a leading Brazilian engineering and construction company Odebrecht S.A. in relation to the sale of Odebrecht Servicos de Oleo e Gas Ltd, including its Brazilian oil exploration and production interests, to Enterprise Oil Plc for gross consideration of US$153m
Advising Coflexip Stena Offshore Ltd on the US$67.5m sale of its Subsea Well Operations business to Well Ops (UK) Ltd, a subsidiary of Caldive
Advising Intec Engineering (UK) Ltd on the purchase of the FUEL subsea engineering business from Smit Land & Marine Engineering Ltd
Advising Petroleum Geo-Services ASA on merger control issues in the UK and elsewhere in Europe, in relation to its proposed merger with Veritas, including notifying the transaction and obtaining clearance from the UK Office of Fair Trading (OFT)
13
Advising Bergesen d.y. ASA, Navion ASA and Advanced Production Systems DA on the US$188m sale of the Pierce Field FPSO assets, including Pierce Production Company Limited, to Bluewater Group
Advising Black Rock Oil & Gas Plc (listed on AIM) on its acquisition of an oil exploration licence from Otto Oil Pty Ltd and another one from Cadex Petroleum Pty Ltd
Advising Global Natural Energy plc (listed on the Official List) on its acquisition of an initial 19.9% interest (with an option to acquire a further 40.1% interest) in a new UK gas distribution group formed by the merger of Quantum Energy Group Limited, Fortum Energy Plus Limited and Saracen Gas Limited
Advising the purchaser on the proposed purchase of a shareholding in a Russian oil exploration and development company for around US$30m (including assumed debts)
Advising an investor in relation to the acquisition of an interest in a liquid storage terminal and transhipment facility in Poti, Georgia
Advising the administrators of Victoria Oil Field Development Ltd on the sale of its extended well testing and mooring system business to Brovig Production Services Limited, a subsidiary of Brovig Offshore ASA
Advising an offshore energy services company on the proposed sale of an interest in an offshore oil and gas project, based offshore Morocco
Advising a Danish company in connection with the acquisition of an English company with a North Sea exploration licence
Advising the UK subsidiary of a Brazilian offshore engineering and construction group on the disposal of its engineering facilities at Lowestoft to the management of the business
14
Advising Petroleum Geo-Services A/S on its acquisition of the Atlantic Power Group from 3i and others for around US$52m
Advising Genesis Petroleum Corporation Limited on the reverse takeover of Genesis by Zari Resources PLC valuing Genesis at 15.6m
Advising a BVI company making a 2m investment in a Canadian corporation involved in oil exploration
Advising EuroSov Energy Plc on its acquisition of 25% of Russian oil company Magma for around US$6m
Advising the vendor on the sale of a shareholding in Moscow Oil Refinery Company for around US$30m
Advising Waterford Finance & Investment Ltd on the disposal of its interests in Russian oil companies Evikhon, Yugan-neft and Yuganskoil to Dana Petroleum plc for around US$40m
Advising Waterford Finance & Investment Ltd on the disposal of a 20% interest in Russian oil company Evikhon to Dana Petroleum plc for 4.5m
Advising the purchasers on the acquisition of two companies with new oil tankers under construction for a total of around US$70m
Advising S Three Capital LLC in its US$19m acquisition and related financing of an option to purchase a tanker on a long-term charter to a major oil company
Advising an English company on the acquisition of a 100% shareholding in an Indonesian company which provides consultancy services to the oil and gas industry in Indonesia
15
Advising a Hong Kong-based group of companies dealing in equipment for the oil and gas industry in connection with the sale of its business to a subsidiary of an American public listed company
Advising Trafigura Fuels Australia on the acquisition of liquid storage terminals in Sydney and Melbourne, Australia, from Vopak including the financing of the acquisition through a combination of project finance and structured commodity finance
Advising Innogy on the disposal of oil and gas interests in the North Sea as part of a divestment following their acquisition of Yorkshire Electricity Group
Advising an oil company on the proposed purchase of the Santa Cruz oil field in Argentina
Acting for an oil company as the purchaser of a petroleum products distribution business and associated service stations in Ecuador
Advising an oil & gas company on the restructuring and subsequent sale of a majority interest in the Natuna Sea oil and gas field in Indonesia
Advising an international oil & gas company on the sale of oil & gas exploration interests in Kenya
Advising an international oil & gas company on the sale of oil & gas exploration interests in Malta
Advising a UK oil and gas company on the disposal of an Indonesian oil & gas services subsidiary
16
Advising a UK oil company on the takeover of an Indonesian oil and gas company
Advising an international E&P company on US$215m sale of Saudi Oil & Gas interests to Sinochem
Advising an energy services company on the acquisition of the drill support remotely operated vehicles business from Halliburton and DSND for US$108m
Advising an oil and gas services company on sale of Tunisian Oil & Gas Holdings.
Advising an international oil trader on a US$45m advance payment arrangement for the purchase of oil products from Cubametales/Cupet, the Cuban state oil producer
Acting for Rabobank on a review of its standard form facility and security documentation relating to trade finance facilities
Advising on a US$50m reserve-based reducing senior facility and US$10m junior facility to fund new drilling in new offshore oilfields in northern Greece
Advising Irvine Energy Plc on its US$50m development loan facility for its oil and gas exploration and production assets in Kansas and Oklahoma
Advising Citibank as mandated lead arranger, agent and security trustee in connection with a US$850m pre and post delivery financing for an ice-class drillship to be constructed for the Stena AB Group at Samsung in Korea. The financing involved Norwegian and Korean export credit support as well as commercial bank financing. This was the fourth in a series of drillships ordered by Stena and financed by Citibank
17
Acting for an international oil and gas services company in relation to the raising of additional finance in relation to a project involving a mobile offshore production unit by means of a private equity financing under a leasing structure involving a Shariacompliant head lease and sub-lease
Advising Standard Chartered Bank on a US$25m reducing reserve-based facility to fund oil exploration and drilling work by Aegean Energy SA in the North Aegean Sea in Greece
Advising a bank on structured receivables financing to an African state owned oil exporter
Acting for the owner in connection with the financing of a newbuilding jack-up drilling rig
Advising Nord LB in relation to the financing of power generation facilities at the Caythorpe onshore gas field in Yorkshire, UK
Acting for Bluewater in the negotiation and documentation of their US$850m secured revolving credit facility involving lead arranger ING, Bluewater and six major oil companies. The firm has represented Bluewater since 1994, and this credit facility is the culmination of a series of complex structured debt, lease and bond financings which Bluewater has successfully implemented to expand its floating production and other core business over that period
Advising DVB Bank AG in a US$15m newbuilding delivery financing in respect of a platform supply vessel being constructed in Brazil for UP Offshore Apoio Maritimo Ltda., a Brazilian company controlled by Ultrapetrol of Argentina. This is the first of four such vessels being built in Brazil for the Ultrapetrol group
Advising Trafigura on sale and purchase arrangements with Singapore and Indonesian counterparties and preparing documentation in relation to the purchase of petroleum products under a renewable term pre-financing facility of US$260m
18
Advising Trafigura Beheer B.V. as special English law counsel on the US$300m securitisation of oil sale receiveables, sponsored by Societe Generale
Advising on a silent participation in a proposed US$150m financing of a UK listed oil & gas exploration company
Advising a leading French bank on a US$100m pre-export finance facility for Egyptian General Petroleum Corporation
Acting for Exmar in connection with the design, construction and financing of a floating production storage and offloading unit built in Spain and time chartered to CPTL for operations offshore Libya
Advising Royal Bank of Scotland on the financing of a series of 12 product tankers chartered to BP Shipping
Advising Nordea Bank on a US$230m syndicated loan to Exmar to refinance its 19 vessel gas carrier fleet
Advising NIB Capital and Bank of Scotland on the US$51m financing package to convert an Italian tanker into a floating production and storage platform (FPSO) for the Woollybutt Field, Western Australia, operated by Agip
Advising R & B Falcon Group on a US$245m defeased lease of the semi-submersible drilling rig Deepwater Nautilus, engaged on a services contract for Shell Deepwater for use initially in the Gulf of Mexico
Acting for CEXIM in relation to a loan facility made to Sevan Production AS, a wholly owned subsidiary of the Norwegian company, Sevan Marine ASA. The loan facility assisted Sevan Production in its acquisition and construction of a FSO being built by Yantai Raffles Offshore Ltd and China National Aero-Technology Import & Export Xiamen Corporation
19
Advising a FPSO and mooring systems technology and service provider on four separate leases and the related debt financing secured on their FPSOs, operating on the UK continental shelf and elsewhere; and their subsequent structured acceleration and termination in 2005
Advising Amerada Hess Limited on the UK tax, commercial, contractual and security aspects of a sale and leaseback of its part interest in a semi-submersible rig operating in the North Sea
Acting for Aban Loyd Chiles Offshore Ltd in connection with the negotiation and purchase of a US$160m Baker Marine Pacific Class 375 jack-up rig from Sembcorp Marines PPL shipyard
Acting in DBSs financing of the Baker Marine Pacific Class 375 deep drilling jackup rig which is to be constructed at Jurong Shipyard on behalf of Petrojack AS. The rig contract price was in excess of US$100m
Advising a sponsor on the US$300m lease financing for the topsides of the US$300m FPSO, Blue Holm, contracted for the Canadian oil company, Talisman
Advising African Export-Import Bank on a revolving invoice discounting facility, in order to provide finance for corporates carrying on business with oil majors in Nigeria, Angola and other eligible African countries
Advising Trafigura on a US$5m advance payment facility made to the US subsidiary of a Georgian entity for the provision of transportation services for gasoil across Azerbaijan and Georgia, secured by an assignment of the transporters open credit balance from time to time with Azerrail
Advising Petroleum Geo-Services, the multinational marine seismic company, on the US$240m securitisation of its multiclient seismic data library, one of the first securitisations of intellectual property rights outside the music industry
20
Advising Trafigura on a prefinancing facility made in respect of the purchase of gasoil and mogas under, and secured by an assignment over, a production sharing arrangement in Uzbekistan
Advising Trafigura on a US$10m prepayment of a Russian oil producer in relation to the delivery of crude oil
Advising Trafigura on a US$40m advance payment facility made to a Peruvian subsidiary of an Argentinean oil producer against the delivery of crude oil at a fixed price from Peru
Advising Trafigura in relation to a US$30m prefinancing of fuel oil made to an Ecuadorian producer, structured as a sleeve with an Italian intermediary counterparty
Advising Trafigura in relation to a US$15m stock financing facility and repo arrangement and a pre-export finance facility for the US$40m prepayment of gasoline made to a Uruguayan producer
Advising Trafigura in relation to a $137m advance payment credit arrangement made against future deliveries of crude oil from Cuba, together with the later refinancing of this into a structured arrangement with three separate facilities. This was to fund the importation of crude as well as the purchase of receivables on sales of refined products, during which security was taken over the whole of one of Havanas state owned refineries
Advising TransCanada Pipelines on its proposed acquisition of the Slovak gas storage sector in Slovakia
Advising TransCanada Pipelines on its proposed acquisition of the Slovak oil transmission company
Advising National Fuel Gas Corporation on its proposed investments in the Czech gas distribution sector
21
Advising National Fuel Gas Corporation on its bids to acquire gas distribution companies in the Hungarian privatisations in Hungary
Advising a US offshore contractor on the lease finance of two drill ships valued at US$660m, the first leases of their kind following changes to UK tax law in the Finance Act of 1997
Advising the lessee on UK leases of a series of newly delivered seismic vessels (value approximately US$350m)
Advising the lessees on three separate leases of floating production storage and offtake (FPSO) units and two separate leases of topsides for other FPSOs (aggregate transaction value in excess of US$1.5bn) and the five transactions consisting almost all of the lease financings done in relation to FPSOs operating on the UK Continental Shelf
Advising the indenture trustee in a medium term note program for a major Brazilian oil producer
Advising the Singapore branch of a Dutch bank on a US$150m loan to the Ministry of Petroleum and Natural Resources of the Government of Pakistan, including in relation to the current rescheduling of sovereign debt in conjunction with the IMF
Advising the Singapore branch of a leading Dutch bank on a US$200m short term oil imports facility for an Indian oil company
Advising a leading US bank in the silent confirmation of the payment obligations of south east Asian buyers under oil purchase contracts with western oil majors
Advising a leading Swiss bank on financing arrangements for an oil major to support the export of oil and gas from Trinidad
Advising a major French utility company on the first euro dual play feature convertible bond issue for a global amount of 2.8bn
22
Advising a major component manufacturer in a 190m acquisition of a French company involved in the diesel business
Advising the lender on the Emerald North Sea oilfield project financing
Advising French banks on a project financing for the construction and maintenance of oil stocking and distribution facilities in Benin
Advising African Multilateral Development agency/bank on a global discounting facility for state owned oil company in Cameroon
Advising an international energy trader on a US$180m structured financing of oil imports secured in part over receivables in Cuba
Advising a French bank on oil import/export arrangements and loan/security documents for transactions secured in part over receivables in Cuba
Advising an international energy trader on a 30 year concession on an LPG bottling and distribution project in Cuba and related joint venture with the Cuban State
Advising an international energy trader on the structured financing of a petroleum tank farm and related throughput arrangements in Georgia
Advising an energy trader on pre-financing and purchase of oil products from Pertamina in Indonesia
Advising French banks on a US$100m project financing for the construction and maintenance of oil stocking and distribution facilities in Ivory Coast
Advising French banks on a US$40m project financing for the construction of oil refining facilities in Ivory Coast
Advising the lender on a $260m structured US/Norway synthetic lease financing of drill ship for an oil major
23
Advising an international energy trader in relation to a US$35m pre-export trade finance facility negotiated in respect of a prepayment to be made against the export of crude oil from Peru
Advising a US and UK bank on pre-export financing of crude oil exports from Russia
Advising French banks on the project financing of new oil refining facilities in Tanzania
Advising an oil services company on a bid for an FSO project with PTT in Thailand
Advising the lessor on the lease out lease back of an oil rig operating on the UK continental shelf.
STRATEGIC ALLIANCES
Advising an Arabic joint venture on their partnership with BP in relation to a US$1bn investment in a negotiated EPSA covering the largest area awarded in Libya
Advising a major Norwegian shipping company on a joint venture to supply LNG vessels
Advising a major Japanese shipping company on a joint venture to supply LNG vessels
Advising Golar LNG Limited on its A$11.5m investment in, Australian Stock Exchange listed, Liquefied Natural Gas Limited
Advising Genesis Petroleum Corporation Plc on its joint venture with Petroleum GeoServices ASA in Genesis Petroleum Europe Limited
Advising Global Natural Energy plc and its affiliate, Flenwood Limited, on the disposal of Flenwoods 45% interest in Corona Energy Holdings Limited, a UK gas distribution business, to Macquarie International Investments Limited
Advising KBC Advanced Technologies plc on the transfer to it and licensing by it of intellectual property rights in HYSYS.Refinery
24
Advising Puma Energy on various joint ventures to build, own and operate oil storage facilities together with supporting throughput arrangements and related financing in Paraguay, Honduras and Brazil
Advised an offshore contractor in relation to a joint venture between the offshore contractor and operator and Brazilian oil and gas drilling, exploration and production company in relation to long-term charter and operating contracts for floating production storage and offloading vessels operating in the Espardarte, Roncador and Marlim Sul fields offshore Brazil. Advice was also provided to the offshore contractor for the acquisition of a 20% share in the operating and owning companies by the Brazilian company and the financing thereof
Advised an offshore operator during its negotiations with a ship owner in connection with a joint venture in respect of the construction, acquisition, management and operation of a dynamically positioned deepwater construction, installation and anchor handling vessel. This also involved assisting the parties in their negotiations with the shipyard and documenting the terms of the construction of the vessel, the joint venture agreement, and the chartering and operating agreements for the vessel
Advising Global Process Systems Inc on its joint venture arrangements for the design, fabrication and supply of a mobile offshore processing unit to Petrofac for use in the Cendor Field, which is located offshore Peninsular Malaysia. Our role involved the drafting and negotiation of a joint venture agreement between the various joint venture parties to the MOPU supply project
Advising EuroSov Energy Plc on a memorandum of understanding between EuroSov and Central Fuel Company of Moscow, Russia, owned by the City of Moscow Government, to establish a joint venture company, Central Fuel Neftegaz, to pursue exploration, development, production and trading activities in the former Soviet Union
Advising the UK joint venture company on the joint venture arrangements between it and three Norwegian oil/shipping companies, for a North Sea Oil project
25
Acting for Sevan Marine ASA in respect to the registration of an FPSO vessel under Singapore flag, structuring of a general partnership with a UK joint venture partner and obtaining exemption under section 13A of the Singapore Income Tax Act
Advising IM Skaugen A/S, a listed Norwegian company, on the formation of a US$90m joint venture with GATX for the purchase of 4 new ethylene gas carriers under construction in China, with options for a further six vessels
Advising a French oil industry service company on a joint venture with an African national oil company
Advising an offshore drilling contractor on a joint venture for the construction, marketing and operation of a semi-submersible drilling tender barge
Advising an energy trader on all aspects of a joint venture with an Argentinean conglomerate to establish a downstream energy company, including the transfer of existing energy projects throughout Latin America to a new joint venture entity
Advising a UK plc on joint venture arrangements relating to a production sharing agreement with SOCAR (state oil company), Amoco and Monument Oil for the exploration of the Inam Block offshore Azerbaijan
Advising an international energy trader on the structuring and documentation of a joint venture with a local chain of petrol stations in Brazil
Advising an energy trader in relation to a joint venture for the storage and transportation of hydrocarbons in Congo.
DISPUTE RESOLUTION
Advising clients on a claim under an all risks cargo policy of insurance following damage sustained to a jack-up rig whilst being transported from Galveston Texas to Luwut Malaysia. Addressing, in particular, issues of fortuity and inherent vice
26
Acting for PGS Offshore Technology in relation to a claim for a 2m sailaway bonus under an EPC contract for the design, engineering, procurement and construction of an FPSO. The case turned upon whether the head construction contractor, Aker Oil & Gas (UK) Limited, had earned the performance bonus by substantially completing its scope of work on the date of sailaway, and required an assessment of the scope of carry-over work to be performed offshore
Acting for SANA the Italian owner of the semi-submersible oil production platform known as P36 in long-running High Court proceedings against Petrobas (represented by Linklaters in London) concerning upgrade works to the rig which capsized and sank off Brazil in 2001. The case involved complicated technical issues relating to the construction and financing of the rig and was worth in excess of US$350m
Acting for Aban Loyd Chiles in a dispute with ITC of Holland over the failure of ITCs semi-submersible barge to dock Abans rig, the Aban II. Claim centred on which party was responsible for the failure, and required an investigation into the technical reasons for failure of the docking operation
Advising Moscow Oil Refinery in relation to London arbitration proceedings commenced by Fiber Technologies International Ltd worth in excess of US$300m and relating to the design and construction of a Russian polypropylene plant
Acting in an LCIA London arbitration in a US$85m dispute on behalf of a Canadian owner/operator and two state owned Asia oil & gas companies in relation to a central oil and gas operating platform fabricated in Vietnam and commissioned offshore in the Malaysian oil field
Advising a contractor in relation to the bankruptcy of Tuscan Energy, the operator of the Ardmore field in the North Sea Corporation
Acting for the Government of India in the worlds largest and Indias first investment treaty arbitration. The multi-billion dollar claims arose out of the Dabhol Power Project in Maharashtra which was built by a US consortium led by Enron, GE and Bechtel. Further advising the Government of India on the overall settlement of the complex
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Dabhol disputes which had been ongoing for the last five years and negotiating two separate settlements with GE and Bechtel
Advising an international oil and gas exploration company on a dispute relating to oil fields located in the South China Sea
Advising KBC Advanced Technologies plc, a major US and international oil refinery software consultant/provider, on a dispute with AEA concerning a multi-million dollar software programme
Advising an FPSO operator against a North Sea licence holder in High Court litigation relating to the terms of an FPSO operating contract. The key issue concerned the payment obligations of the licence holder in circumstances where the FPSO was taken off the field for essential maintenance and repair. This dispute, worth in excess of 16m, was ultimately resolved by the Court of Appeal
Advising a Dutch engineering company in a Commercial Court dispute about the contract price for an FPSO-related design, engineering and construction project. The project concerned the removal and refurbishment of a gas compressor unit and its installation and commissioning on board a North Sea FPSO. The case was eventually settled following proceedings in the Commercial Court and a CEDR mediation
Acting for an Iranian marine construction company in an ICC arbitration brought by a European oil company (represented by Herbert Smith in Paris). The claim relates to an EPC contract for the design, construction, installation and commissioning of two offshore wellhead platforms
Advising Talisman Malaysia Ltd on a multi-million dollar construction arbitration dispute concerning an offshore oil platform in South East Asia built by Hyundai Heavy Industries
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Advising ING Barings on the successful defence of a US$5m commission claim by Westminster Oil & Gas in respect of the US$800m financing of the Cabinda oil field in Angola
Acting for Congolese interests in High Court proceedings relating to a payment for a cargo of oil being shipped from the Congo, and purchased by Glencore
Advising owners of a very large shipment of oil in a highly publicised dispute with the Thai Customs Authority arising out of the seizure and detention of their shipment
Advising Sinochem on its successful claim against Mobil for approximately US$14m under a crude oil sale contract
Advising a multi-party joint venture company in the offshore energy sector in relation to a dispute between its shareholders with various cross-holdings within the group
Advising PGS Offshore Technology in relation to substantial claims arising out of the US$500m Banff Field FPSO project in the North Sea. The claims, which were brought against the two major contractors responsible for the design, construction and installation of the subsea equipment and topsides process facilities, led to complex litigation in the Technology & Construction Court and, in one instance, the Court of Appeal. The litigation raised numerous difficult technical issues concerning the quality of engineering and design, as well as allegations of delay and negligent project management on the part of the contractors. As a result of the very large volume of documentation produced during the proceedings, we adopted a computerised document management system, which has since become standard practice in such large construction cases
Acting for Bluewater N.V. against Amerada Hess Limited in High Court litigation relating to the terms of an FPSO operating contract
Advising on a dispute concerning the engineering and construction of a gas compression plant on a floating oil production vessel. This claim was being pursued in
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the High Court in London, but was settled prior to mediation (after close of pleadings and disclosure of documents)
Acting for Transocean in a London arbitration against operators in two adjacent oil and gas fields off Mumbai
Representing Northern Offshore ASA in Commercial Court proceedings and arbitration against British Gas arising out of a contract for drilling wells offshore Indonesia
Advising an Iranian oil trader on a case brought by Vitol in the Commercial Court in London involving the sale of Iranian crude and foreign exchange transactions
Advising a contractor in connection with a 10m claim for a bonus payment under an offshore construction contract
Acting for Talisman Malaysia in a drilling rig dispute arising from the failure of the drilling equipment and the collapse of a jack-up leg.
COMMERCIAL TRANSACTIONS
Advising Hardman Resources NL (the ASX and AIM listed oil and gas company with producing assets offshore Mauritania and exploration assets in Uganda) through our London and Paris offices in relation to the re-negotiation of certain of their production sharing contracts with the Mauritanian government
Advising Standard Chartered Bank on a US$25m reducing reserve-based facility to fund oil exploration and drilling work by Aegean Energy SA in the North Aegean Sea in Greece
Advising the owners of a oil product transhipment terminal situated on the black sea in connection with commercial contracts and ultimately the sale of the terminal and related port facilities
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Advising an oil and gas company on the placement, employment and operation of an FLNG unit in Australia and Indonesia respectively. Areas covered included import/export, ownership structures, tax issues, registration/deregistration of the FLNG, compliance with the laws of the relevant jurisdiction and international convention compliance
Advising the client on its investment in New Age African Global Energy, the primary upstream oil & gas Africa focused investment vehicle, backed by Och Ziff Capital Management and Tokyo Sexwale
Advising Sasol Synfuels International on its commercial arrangements, including the marketing of diesel and naptha, for the Oryx Gas to Liquids plant in Qatar
Advising Excelerate Energy on the commercial and construction agreements for a unique gas import project into the port at Teesside, UK. The worlds first project enabled on board, in port regasified LNG to be delivered straight into the NTS to boost the UKs natural gas supply in times of shortage. Excelerate Energy has invested in 9 customised ships (with others on order) which transport LNG but also have the capability to convert LNG to natural gas on board, a relatively new technology which allows flexibility in offtake options. The project was the first for Excelerate Energy outside the US and the first of its type in the world. Due to its unique characteristics, advice was required in relation to complex and innovative commercial arrangements, including close liaison with UK government and regulatory departments. We won The Lawyers Infrastructure Team of Year 2007 Award for our work on this deal
Advising on a project involving the construction of two gas pipelines within Oman and the acquisition of the pre-existing state gas pipeline network
Advising Edison S.p.A. on the construction and implementation of an Italy to Greece Gas pipeline Project
Advising BW Shipping in its purchase of eight 76,000-dwt Panamax product/crude oil tankers from Germanys AL Ships. Purchased for a total price of US$449m, the
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acquisition represents BW Shippings re-entry into product tanker ownership, following its exit from the sector in 2004
Advising Global Process Systems Inc in relation to the conversion and operation of a mobile offshore production unit for the Maleo Joint Venture in East Java, Indonesia. This included advising on all aspects of the loan documentation, project structure, project documentation and liasing and coordinating Indonesian counsel. The asset is worth approximately US$60m
Advising a Norwegian company on a possible project to construct a gas pipeline connected to a buoy capable of receiving delivery of gas from an LNG regasification vessel
Advising a number of shipowners and offshore oil & gas operators (including Teekay, I.M. Skaugens Norgas Carriers and a number of Fred Olsen group companies) in a series of high profile transactions for the establishment of an increased presence in Singapore for the purpose of operations under the Approved International Shipping Enterprise (AISE) scheme. The AISE scheme provides, inter alia, tax exemption for income arising from the operation of ships/offshore assets and also the establishment in Singapore enables relevant operators to take advantage of the increased profile and activity of shipping and offshore oil & gas operations in Asia
Advising World Petroleum in connection with the documentation of security arrangements in favour of Trafigura to address delayed payment of purchase price due to Trafigura for products supplied and on-sold by World Petroleum to Pertamina. The amount outstanding and due to Trafigura was approximately US$22.5m
Advised an offshore contractor and operator on the conversion and supply of a very large floating production storage and offloading vessel for use in the Oveng field offshore Equatorial Guinea, including advice to the in-house legal and commercial teams on the terms of a bid for the conversion, installation, chartering and operating and maintenance contracts
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Advised an offshore contractor in relation to the termination by a field operator of charter and operating contracts in relation to a floating production and storage vessel deployed offshore the Democratic Republic of Congo. This also included negotiating and documenting the termination arrangements and negotiating the terms of the agreements for the supply, including the upgrade and installation, of the unit to another offshore project in the Yoho field offshore Nigeria, and the units associated sale to the field operator
Advised an offshore contractor in relation to US$25m long term supply and maintenance contracts in respect of a fleet of floating production storage and offloading vessels deployed offshore Angola, Democratic Republic of Congo, Nigeria and Brazil. This also involved assisting the in-house legal and technical teams of the offshore contractor and fleet owner in negotiating the contracts with the equipment suppliers, including Rolls-Royce Power Engineering, Alstom Power, Siemens and Solar Turbines, and ExxonMobil as field operator
Advising a Norwegian shipping and energy group in relation to the corporate restructuring of its offshore oil and gas business involving seven semi-submersible oil rigs, one drill ship and related rig and crew management service providers. We advised on the structuring and documentation of the sale and purchase arrangements, the restructuring of the groups US$405m existing debt, the transfer of assets based in five different jurisdictions, advising on employment and other relevant commercial and operational arrangements and advising on various tax, regulatory and other legal issues
Advised Marathon Oil in connection with the development of the Alvheim field in the Norwegian sector of the North-Sea, including advice and assistance in the preparation of the suite of EPCI contracts and bid documentation in respect of the acquisition of an oil tanker, and its conversion into a floating production storage and offloading vessel. Further assistance was provided during the negotiation of the terms of the contracts for the supply of the topsides and process facilities, turret, mooring and swivel system and STP buoy and various long-lead items, such as the main power generation units and the water injection pumps, with various contractors including Vetco Aibel AS and APL AS
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Advised an offshore drilling contractor in connection with the provision of a drilling rig for deployment offshore West Africa in relation to the development of the Akpo field, reviewing the bid documents, including the pro forma drilling contract, and assisting the drilling contractor in negotiating the contract terms with the field operator
Advising a Norwegian shipping and energy group in connection with the restructuring of and relocation of its oil tanker business and the related restructuring of its US$250m existing debt. The transaction involved the structuring and documentation of the transfer of shares and assets (valued in excess of US$240m) based in a variety of jurisdictions, the restructuring of the commercial arrangements relating to such assets and advising on various regulatory, tax and legal matters arising in connection therewith
Advising a large contractor in connection with the development of a North Sea oil and gas field, utilising an innovative FPSO vessel. During the negotiations, we advised on all the major contracts, including topsides, turret, sub-Sea and installation and vessel management, helping to ensure that the risks in the project were identified, understood and minimised from the start. We also advised on the clients insurance matters. Once work on the project had started, we continued to assist with contractual issues arising during the construction phase
Advising Aker Geo Seismic AS in the purchase of the seismic vessel Atlantic Horizon from the Eagle Geophysical Group under Chapter II bankruptcy protection in the US, with advice on US Federal, Liberian and English Law
Advising Trafigura Pte Ltd on, negotiating and documenting storage, collateral management, sale and purchase and security arrangements in relation to the storage and management of petroleum products to be stored on board the Kadriah I, a VLCC tanker converted into a floating storage facility and located at Port Tanjung Pelepas, Malaysia
Advising Trafigura Pte Ltd on, negotiating and documenting commitment, guarantee and storage agreements relating to Trafiguras commitment to use storage facilities to be constructed in Johor Bahru by Tanjung Langsat Port Sdn Bhd
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Advising Vitol in connection with a proposed farm-in to an existing production licence offshore Indonesia
Advising Talisman Malaysia Limited in connection with the bareboat charter and operation contract for an FSO on a field offshore Malaysia
Advising Trafigura in relation to various long term natural gas supply contracts with delivery points including Bacton, NBP, Zeebrugge Hub and Zeebrugge Flange
Advising large industrial users and producers on long term purchase agreements of natural gas. General advice in relation to the Network Code including liability, penalties, operational matters, flexibility bidding and code communications in the UK
Advising Trafigura in relation to work-out strategies under natural gas arrangements with various companies post-Enron
Advising on transhipment agreements for oil products between a US oil major and a Black Sea oil terminal
Advising an offshore drilling contractor in connection with the sale of a self-erecting drilling tender assist barge
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Advising a major French oil company on its corporate restructuring in Singapore, India and Cambodia (including franchising agreements)
Advising Dutch and Norwegian offshore contractors in relation to their contractual documentation for the acquisition, conversion and chartering of a number of FPSOs for use in the North Sea and elsewhere
Advising the owner of a floating production and floating storage facilities in the North Sea in connection with the development contract, conversion contracts for the FPF and FSU and all other subcontracts and advice including litigation during the course of a much delayed project
Advising an English contractor in connection with the EPC and operation contract for production facilities to be installed on a tanker for installation as an FPSO on a field offshore Ireland, including the head contract with the field operator
Advising a UK company in connection with a one year extended well test in the North Sea including contracts with the field operator and a number of subcontractors
Advising an FPSO operator in connection with the contracts for procurement of the topsides facility, subsea and installation contracts for an FPSO project in the North Sea
Advising the owner of a semi submersible drilling rig in connection with its conversion into an FPF in South Africa, including issues arising with the conversion yard
Advising a contractor in relation to a shuttle tanker offshore system from an FPSO in the North Sea
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Advising a European energy company on a pipeline gas purchase contract for the import of gas into Jordan
Advising a UK gas major on the negotiation of the Karachaganak production sharing agreement and gas transportation agreements with the Government of Kazakhstan and Gazprom
Advising a gas purchaser on the gas supply contract for gas to be used in a proposed iron ore reduction/steel plant in South Africa
Advising an EPC contractor on offshore oil & gas drilling contracts in Thailand
Advising a UK developer on the IGDAS Gas distribution project for the city of Istanbul, Turkey
Advising a UK gas major on negotiating gas sales and transportation agreements for the sale of gas through the Interconnector Pipeline to various European purchasers
Advising an international energy trader on the structuring of a 12 month sleeved contract for the purchase of Russian gas.
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Our offices
London Watson, Farley & Williams LLP 15 Appold Street London EC2A 2HB Tel: +44 (0) 20 7814 8000 Fax: +44 (0) 20 7814 8141/8142 Milan Studio Legale Associato a Watson, Farley & Williams Via Santa Radegonda 11 20121 Milan Tel: +39 02 72 17 071 Fax: +39 02 72 17 0720 Athens Watson, Farley & Williams Greek Branch 6th Floor Neophytou Vamva 4 Kolonaki 106 - 74 Athens Tel: +30 21 0455 7300 Fax: +30 210 7212 490 Madrid WFW (Madrid) LLP Maria de Molina, 4 28006 Madrid Tel: +34 91 564 81 00 Piraeus Watson, Farley & Williams Greek Branch 2nd Floor Akti Miaouli 89 & Mavrokordatou 4 Piraeus 185 38 Tel: +30 21 0455 7300 Fax: +30 21 0459 4004 Singapore Watson, Farley & Williams LLP 16 Collyer Quay #12-02 Singapore 049318 Tel: + 65 6 532 5335 Fax: + 65 6 532 5454 Bangkok Watson, Farley & Williams (Thailand) Limited Unit 902, 9th Floor, GPF Witthayu Tower B 93/1 Wireless Road Patumwan, Bangkok 10330 Tel: + 66 (0)2 665 7800 Fax: + 66 (0)2 665 7888
New York Watson, Farley & Williams (New York) LLP 1133 Avenue of the Americas New York New York 10036 Tel: +1 212 922 2200 Fax: +1 212 922 1512
Paris Watson, Farley & Williams LLP 150, avenue des Champs-Elyses 75008 Paris Tel: +33 (0) 156 88 21 21 Fax: +33 (0) 156 88 21 20 Hamburg Watson, Farley & Williams LLP Am Kaiserkai 69 20457 Hamburg Tel: +49 (0) 40 80 80 344 0 Fax: +49 (0) 40 80 80 344 10
Munich Watson, Farley & Williams LLP Kardinal-Faulhaber-Strae 10 80333 Munich T: +49 (89) 237086 0 F: +49 (89) 237086 222 Rome Studio Legale Associato a Watson, Farley & Williams Piazza Navona, 49 2nd Floor int 2/3 00186 - Rome Tel: +39 06 68 40 581 Fax: +39 06 68 89 2717
All references to Watson, Farley & Williams and the firm in this brochure mean Watson, Farley & Williams LLP and/or its affiliated undertakings. Any reference to a partner means a member of Watson, Farley & Williams LLP, or a member or partner in an affiliated undertaking, or an employee or consultant with equivalent standing and qualification.
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