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Stephenson Harwood advises Foresight Group on US$103 million loan
Law firm Stephenson Harwood LLP has advised Foresight Group on a US$103 million bilateral senior secured term loan for a jack-up rig.
The refinancing was provided by Abu Dhabi Commercial Bank to Foresight Drilling, a wholly owned subsidiary of Foresight group, which operates a fleet of jack-ups and land rigs between India and the UAE. The jack-up rig was delivered in 2016 from COSCO and is on a term contract to Oil & Gas Corporation of India for three years. This transaction was a significant achievement in view of the current challenges faced by the offshore drilling market.
The Stephenson Harwood team was led by Singapore-based banking and finance partner Dr Gregory Xu, who was supported by paralegal Dan Tan.