Stephenson Harwood (Singapore) Alliance has advised a unit of BW Gas, the world’s biggest gas shipping company, on a $216 million post-delivery financing backed by an export credit agency.
Watson Farley & Williams (WFW) advised Paris-headquartered Credit Agricole Corporate and Investment Bank (CA-CIB), which acted as agent on the export credit agency.
Singapore-based partner Gregg Johnston, who also serves as head of the firm’s shipping and offshore finance team, oversaw the transaction for Stephenson Harwood. Meanwhile, WFW partner Madeline Leong, who heads the Hong Kong office and the shipping and energy finance team, handled the deal for the firm.
The financing is for BW Singapore, a state-of-the-art floating storage and regasification unit (FSRU) vessel that has storage capacity in excess of 170,000 cubic metres and a peak regasification capacity of 750 million standard cubic feet per day.
Based in Egypt’s Ain Sokhna Port, the FSRU is currently employed by the state-owned Egyptian Natural Gas Holding Company (EGAS) and began operations in October 2015. EGAS has the sole mandate in the country to issue natural gas exploration, drilling and production (upstream) as well as processing, transmission, liquefaction and distribution of natural gas.
