Ince part of the winning Offshore Project Finance Deal of the Year for 2019
Golar LNG & Keppel Capital, FLNG Gimi – US$ 700m Senior Secured Term Loan awarded ‘Offshore Project Finance Deal of the Year’.
We are delighted to have been informed by Marine Money that the US$ 700m Senior Secured Term Loan in respect of the FLNG conversion financing of the Gimi was awarded ‘Offshore Project Finance Deal of the Year’ at the latest Marine Money Deal of the Year Awards. Ince acted as Finance Counsel for the Sponsors throughout the transaction.
We understand from Marine Money that despite the extraordinary number of outstanding transactions submitted for the 2019 Deal of the Year Awards, and a challenging year for ship finance last year, Ince has been recognised for our role as counsel to Sponsors acting for the project company, Gimi MS Corporation, a joint venture of Golar LNG & Keppel Capital.
The work was undertaken by members of the ship and energy finance teams; led by London Partner, Beatrice Russ, and assisted by the whole of the Ship and Energy Finance team in London.
In phase one of the project with Gimi MS Corporation, Ince most notably assisted with the FLNG conversion finance of the existing LNG carrier “Gimi” into an FLNG unit. The FLNG unit is intended to liquefy gas as a part of the Greater Tortue Ahmeyim project and will be located at a nearshore hub on the Mauritania and Senegal maritime border under a lease and operate agreement with BP.
The US$ 700m senior secured finance for the conversion of the “Gimi” is being provided by a syndicate of lending banks led by Clifford Capital, ABN AMRO, ING and Natixis.