Baker Botts has advised Hoëgh LNG on a limited recourse financing of the Lampung LNG floating storage and regasification unit (FSRU) and mooring in Indonesia.
The Lampung FSRU will be employed offshore south Sumatra under lease to PT PGN LNG Indonesia for a 20 year term, with an option for the lease to be extended to 30 years.
The facility includes US$ 299 million commercial and ECA-backed loan facilities and a US$ 10.7 million Standby Letter of Credit Facility to PT Hoëgh LNG Lampung. Korean export credit agency K-sure provided ECA support.
The Baker Botts team was led by partners Russell Wilkinson, in Hong Kong, and Partner Stuart McIntyre, in London.
Höegh LNG Holdings Ltd. has entered into an agreement with Daewoo Shipbuilding & Marine Engineering Co. (DSME) to initiate a project specific FEED of an LNG FPSO solution for the Tamar gas field offshore Israel.