Wikborg Rein advises Gimi MS on $1.2bn FLNG unit bank refinancing
Wikborg Rein is proud to have advised Gimi MS Corporation on the successful $1.2 billion refinancing of FLNG Gimi, a key floating liquefied natural gas (FLNG) asset supporting BP, Kosmos Energy and the national oil companies of Mauritania and Senegal in the Greater Tortue Ahmeyim (GTA) project.
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Golar LNG Limited, through its 70% interest in Gimi MS Corporation, has closed and drawn a new US$1.2 billion asset-backed debt facility agreement with a consortium of leading international banks, including ABN AMRO, Citibank, DNB, Goldman Sachs and Standard Chartered Bank, for the refinancing of FLNG Gimi. FLNG Gimi, a 2.7 mtpa LNG carrier-to-FLNG conversion and Golar’s second FLNG unit, is on a 20-year charter to BP offshore Mauritania and Senegal.
Our London finance team spearheaded the transaction, with Partner Beatrice Russ leading alongside Head of London Projects Jonathan Goldfarb and Senior Associates Ben Orchard, Sofie Gleditch, Sian Sanders and Hallvard Håskjold from the firm’s market-leading global shipping finance practice.
Beatrice Russ commented:
“We are delighted to have advised Gimi MS Corporation on this milestone refinancing. The transaction showcases our strength in complex, cross-border maritime and energy financings, and we are proud to support the continued success of FLNG Gimi and the Greater Tortue Ahmeyim project.”
Gimi MS Corporation is a joint venture between Golar LNG Limited, which holds a 70% stake, and Keppel Capital managed interest. The project involved the conversion of the LNG carrier Gimi into an FLNG vessel at Seatrium Shipyard, reflecting the high level of technical innovation and execution behind the asset.
This transaction further strengthens Wikborg Rein’s reputation as a leading firm in FLNG and FSRU finance. The firm’s extensive experience in structuring high-value LNG import and export financings continues to reinforce its global shipping, offshore and LNG trading capabilities.
Wikborg Rein extends its appreciation to its fantastic clients, to the banks and to Richard Howley, Andrew Williams, Julie Norton and Jennifer Carr of Norton Rose Fulbright, who acted for the lender group, for their constructive cooperation in bringing this transaction to a successful close.