Stephenson Harwood (Singapore) Alliance has acted as lead counsel to Mizuho Bank, Ltd. and United Overseas Bank Limited on a landmark US$131.5 million project financing for the construction and charter of FSO PTSC Block B.
This Floating Storage and Offloading (FSO) unit will play a pivotal role in Vietnam’s Block B&48/95 and 52/97 gas project, a nationally significant initiative supporting the country’s long-term energy security and infrastructure growth.
The transaction involved a JVCo borrower backed by Singapore’s Yinson Production, a leading independent owner and operator of FPSOs and FSOs, and Vietnam’s PetroVietnam Technical Services Corporation (PTSC). The project is supported by a charter contract with Phu Quoc Petroleum Operating Company, a subsidiary of Vietnam’s national oil company, and is designed to supply gas to Vietnam’s southwest region, meeting rising energy demand.
This financing featured bespoke structuring to address sponsor guarantees against an ultimate limited recourse structure, complex regulatory and foreign exchange requirements, and unique security mechanics tailored to the transaction. The deal demonstrates the ability to attract international capital for large-scale Vietnamese infrastructure projects and highlights the collaborative innovation among sponsors, lenders, and advisors in navigating regional complexities.
The Stephenson Harwood team was led by Partner Pedram Norton and Associate Natania Peh. Singapore law advice was provided by Virtus Law Partner Jason Yang and Associate Thiyana Ilangchizian, with specialist due diligence support from London Partner Rebecca Crookenden. Vietnamese law advice was provided by Dzungsrt & Associates Partner Vu Phuong Trang, Senior Associate Diep Dieu Thuong, and Associate Hoang Thanh Tram.
