The Singapore office of Watson, Farley & Williams advised a syndicate of international lenders led by Bank of America N.A. as agent, in relation to an export-credit backed US$168,000,000 project financing of a drilling rig for use in the Zhambyl oil field in the Kazakh sector of the Caspian Sea. The project sponsors are led by Korea National Oil Corporation with the other project sponsors being SK Innovation Co., Ltd, Samsung C&T Corporation, LG International Corporation, Aju Corporation, Daesung Industrial Co., Ltd, Daewoo Shipbuilding & Marine Engineering Co., Ltd and Hyundai Hysco Co., Ltd.
The drilling rig will be constructed by Daewoo Shipbuilding & Marine Engineering Co., Ltd. and is intended to be employed by the state-owned KazMunayGas of Kazakhstan.
The financing was backed by credit insurance from Korea Trade Insurance Corporation (K-Sure) and arranged by Mizuho Corporate Bank Ltd, Banc of America Leasing & Capital LLC and WestLB AG.
The WFW team was led by partner Goh Mei Lin who was assisted by Valerie Lee.
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