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Stephenson Harwood advises lenders on $300 million financing facility for offshore support vessel fleet
International law firm Stephenson Harwood LLP has advised the National Bank of Fujairah PJSC and The Arab Energy Fund on a $300 million financing facility provided to Stanford Marine and Allianz Middle East Ship Management (managed by the UAE-based asset manager SHUAA Capital psc (SHUAA), a leading asset management and investment banking platform in the Middle East region).
As a single loan facility, it will be used to drive the growth of Stanford Marine and Allianz Middle East Ship Management – the world's fourth largest OSV fleet – that together control 120 vessels across 13 different jurisdictions throughout the Middle East, Africa, Asia, Latin America and the West Indies.
This transaction represents one of the largest Secured Overnight Funding Rate based facilities for the OSV sector in the region.
The matter follows on from Stephenson Harwood also advising the lenders on preceding facilities to Stanford Marine and Allianz Middle East Ship Management. Standford Marine and Allianz Marine Middle East Ship Management are maritime logistics providers that operate the largest fleet of owned and chartered OSVs in the Middle East. The fleet comprises a combination of platform supply vessels, anchor handling tug supply vessels, crew boats, accommodation barges and flat barges, among others.
The Stephenson Harwood team was led by Dubai-based banking and finance partner, Rustum Shah, and maritime finance managing associate Chinar Zaidi. They were supported by banking and finance associate Punte-â Hosseini and paralegal Shwini Dsouza.
Further support in relation to Singapore and Liberia aspects of the matter was provided by members of the firm’s Singapore team, including partner Gregory Xu, and Virtus Law* partner Jason Yang, and senior paralegal Sylvia Lisa.