Watson Farley & Williams (WFW) has announced that it advised Credit Agricole Corporate and Investment Bank (CA-CIB) as Agent on the US$216 million post-delivery financing to a subsidiary of BW Gas (who were advised by Stephenson Harwood), in relation to the floating storage and regasification unit (FSRU), BW Singapore.
The FSRU, which has a storage capacity of over 170 000 m3 and a peak regasification capacity of 750 million ft3/d, is based in Ain Sokhna Port in Egypt. It is currently employed by Egyptian Natural Gas Holding Company and commenced operations in October 2015.
WFW partner, Madeline Leong, who is Head of the Shipping and Energy Finance team of WFW and Head of the WFW Hong Kong office, said: “This transaction is important as it underlines BW Gas’ commitment to its energy focused assets and CA-CIB’s expertise in financing such specialised assets and their commitment and support for the BW group. We value the work we have delivered to the lenders in this complex financing deal which also highlights the fast emerging LNG regasification and storage market in the Middle East and supports the much needed energy supply to sustain Egypt’s rising demand for energy. The WFW team assured effective co-ordination between CA-CIB, K-Sure, EGAS and other relevant parties involved”.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/regasification/20042016/wfw-and-stephenson-harwood-advise-on-bw-gas-fsru-2317/