An international law firm, Watson Farley & Williams (WFW) recently advised Teekay LNG partners and its joint venture partner China LNG (CLNG) Shipping on the USD$1.6bn long-term financing for the construction of six Arc7 liquefied natural gas (LNG) carrier vessels in South Korea.
How long is WFW advising?
“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 project,” said WFW chair Nigel Thomas.
The WFW team was led by partner David Osborne, and assisted by senior associate Patrick Smith and associate Natalia Golovataya.
What is Arc7?
Arc7 is a 172,410 cubic meter vessel that will have 2.1 metre icebreaking capabilities in both forward and reverse.
It is scheduled to service the Arctic Russia Yamal LNG project under charter contracts, until 2045.
Out of six vessels, the first is lined up for delivery and will commence its charter contract in January 2018.
Why Teekay?
Teekay is one of the world’s largest independent owners and operators of LNG carriers. On the other hand, CLNG is currently the biggest LNG shipping company that owns and operates LNG carriers in China.
According to Teekay, the Yamal LNG project in Arctic Russia is one of the largest of such in the world.
Three planned trains will carry about 16.5m metric tons of gas every year, all year round.
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Source: Watson Farley & Williams
