Norton Rose (Asia) LLP today announced that it has advised DVB Group Merchant Bank (Asia) Ltd. in connection with a US$420 million export credit supported loan facility to OSX 1 Leasing B.V., a subsidiary of OSX Brasil S.A.. The deal has been awarded South American Shipping Debt Deal of the Year by Jane’s Transport Finance.
The loan facility will assist with financing the acquisition and conversion of OSX’s first floating production storage and offloading unit (FPSO) referred to as the “OSX 1 FPSO” currently under conversion at Keppel Shipyard, Singapore. The unit will be operated by OGX Petróleo e Gás LTDA, a subsidiary of OGX Petróleo e Gás Participaçoes S.A. in the Waimea prospect in BM-C-41 in the Santos Basin offshore Brazil.
Head of Asia Pacific shipping and offshore partner in Singapore, Gervais Green commented:
“We are delighted to have advised DVB and the bank syndicate on this award winning project. This is clearly an important financing for OSX, being its first FPSO project financing and it was important that it was structured and we reached financial close within the parameters required by the parties involved.”
The team was led by partner Gervais Green, supported by senior associates Kate Sherrard and Robert Driver and associate Sue Ann Gan. Further advice was also provided by Amsterdam partner Wouter Hertzberger with support from associates Rik de Groot and Marcel Janssen.
Allen & Overy advised OSX.
Cameron McKenna acted for OGX.
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