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Ince & Co advises Golar LNG on US$187 million sale and leaseback of Golar Crystal with COSCO Shipping Development


Beatrice Russ

Beatrice Russ Partner

International law firm Ince & Co LLP has advised long-standing client Golar LNG on a US$187 million sale and leaseback of their 2014-built 160,000 m3 liquefied natural gas carrier the Golar Crystal with COSCO Shipping Development.

The Ince & Co team led by London-based partner Beatrice Russ comprised associate Elizabeth Lord, trainee solicitor Alex Troop, associate Louie Zhang in Shanghai and paralegal Xylona Chan in Hong Kong.

Beatrice Russ commented: 

“We were delighted to assist the Golar team again with our long-standing expertise on sale and leaseback financing in this transaction, which saw Golar teaming up with COSCO’s leasing arm for the first time. This combination of two major industry players attracted a lot of attention in China over the last week.”

This was the fifth vessel sale and leaseback on which the Ince & Co team have advised Golar over the last three years with the Crystal’s sister vessel, the Golar Seal, being financed with CCB Financial Leasing, the FSRUs Golar Eskimo and Golar Tundra with CMB Financial Leasing and four further LNG carriers with ICBC Financial Leasing. Additionally, Beatrice Russ, associates Elizabeth Lord and Amy O’Connor and senior associate Lisa Howie continue to advise on Golar’s conversion financing of the LNG carrier Golar Hilli into an FLNG with CSSC (Hong Kong) Shipping Company as lender, to be converted into a sale and leaseback for the operational phase of the project.

Article authors:

Beatrice Russ