10 July 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised BG Group plc affiliate Methane Services Ltd (“MSL”), on the US$930 million sale of six LNG carrier vessels to GasLog Ltd (“GasLog”).
The sale was completed via two deals, each involving three ships. The sale of the final three vessels to GasLog was completed at the end of June. This followed the previous sale of three vessels from MSL to GasLog, completed in April 2014.
WFW advised MSL on the sale of all six vessels, which included the termination of the ships’ existing financing arrangements, the purchase of the vessels and the subsequent sale to GasLog. All six LNG carriers will be chartered back to BG Group for initial terms of six years on average.
BG Group is an international exploration and production and LNG company operating in 20 countries. Its affiliate MSL offers LNG shipping services.
Stuart Sperling, head shipping attorney at BG Group plc, commented: “We are incredibly grateful for the hard work, professionalism and guidance that Watson, Farley & Williams has provided.”
WFW London maritime partner Simon Kavanagh commented:“We are delighted to have advised BG Group/MSL on this complex deal. The sale and leaseback arrangement better serves BG Group’s requirements in this market and further highlights WFW’s market-leading status in the maritime finance sector.”