WFW advises Teekay LNG on US$327m FSU and LNG carrier newbuild financing

By Finance

International law firm Watson Farley & Williams (WFW) has advised Teekay LNG Partners L.P. (Teekay LNG) on the US$327m long-term financing signed in November 2017 to fund a floating storage unit (FSU) for the Bahrain regasification project, and one M-Type, Electronically Controlled, Gas Injection (MEGI) liquefied natural gas (LNG) carrier newbuilding.

WFW advises Teekay LNG on US$327m FSU and LNG carrier newbuild financing
Caption: Ship under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea - Image courtesy of DSME (For illustrative purposes only)

The FSU will be chartered over 20 years from the third quarter of 2018 and the MEGI LNG carrier has a 13-year charter contract with BP starting in early 2019.

New York-listed Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services via its fleet comprising 50 LNG carriers, 30 LPG/Multigas carriers and five conventional tankers.

The WFW Maritime team advising Teekay LNG was led by Partner and firm Chairman Nigel Thomas assisted by Senior Associate Patrick Smith and Associate Joanna Sissens.

Nigel commented: “We are delighted to have assisted our valued long-standing client Teekay LNG in concluding further significant long-term financings for its exciting newbuilding programme in the LNG sector. Teekay LNG expects to take delivery of a further eight LNG carrier newbuildings during 2018”.

Related news: Teekay’s first LNG import terminal is full steam ahead

Source: WFW