Norton Rose Fulbright Advises on Financing of South East Asia’s First LNG Floating Storage and Regasification Unit

Norton Rose Fulbright has advised a group of banks led by Sumitomo Mitsui Banking Corporation on the financing for Golar LNG of Indonesia’s first LNG floating storage and regasification unit (FRSU).

The FSRU, named Nusantara Regas Satu, was financed through a US$155 million term facility and a US$20 million revolving facility.

The FSRU is chartered to PT Nusantara Regas, a joint-venture between Pertamina and Perusahaan Gas Negara (PGN). The vessel is owned by an Indonesian company and is Indonesian flagged in compliance with Indonesian cabotage requirements.

The facility was provided by a syndicate of lenders including PT Bank Sumitomo Mitsui Indonesia, The Bank of Tokyo-Mitsubishi UFJ, Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank.

Gervais Green, Kate Magnin (Sherrard), Robert Driver, James Atkinson, Sue Ann Gan and Pauline Percereau of Norton Rose Fulbright’s Singapore office were involved in the deal. Watson Farley & Williams acted for Golar LNG.

Kate Magnin (Sherrard), Norton Rose Fulbright commented:

“This is the first LNG floating storage and regasification unit in South East Asia and the transaction was recently awarded Marine Money’s Project Finance of the Year award for 2012. We are seeing an increase in investment in offshore storage and production units in Indonesia and South East Asia generally.”

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