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WFW advises Teekay LNG joint venture on financing for icebreaker LNG carrier newbuildings

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LNG Industry,

International law firm Watson Farley & Williams (WFW) has advised Teekay LNG Partners L.P. and its joint venture partner China LNG Shipping (Holdings) Limited (CLNG) on the US$1.6bn long term financing for the construction of six Arc7 LNG carrier newbuildings at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea.

Once completed these 172 410 m3 vessels will have 2.1 m icebreaking capabilities in both forward and reverse and will service the Yamal LNG project under charter contracts out to 2045 (plus options), with the first vessel scheduled to deliver and commence its charter contract in January 2018.

The WFW team advising Teekay LNG was led by Partner David Osborne assisted by Senior Associate Patrick Smith and Associate Natalia Golovataya.

David commented: “We are very pleased to have assisted our valued client Teekay LNG and their joint venture partner China LNG in concluding this financing for these Arc7 LNG carrier newbuildings".

Firm Chairman, Nigel Thomas, added: "Over the past 12 months, WFW is delighted to have advised Teekay LNG on around US$2.2bn in debt financings for its various LNG carrier growth projects”.

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