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LNG Ship at Sea

WFWAP advises Brunei Gas Carriers Sdn Bhd on the delivery of LNG carrier m.v. “Amani” via US$170 million Islamic finance facility

21 November 2014

Watson, Farley & Williams Asia Practice LLP (“WFWAP”) in Singapore is pleased to announce that it advised Brunei Gas Carriers Sdn Bhd (“BGC”) on the delivery of the liquid natural gas (“LNG”) carrier m.v. “Amani”. The “Amani” was delivered to BGC on 13 November 2014 and will be employed under a long-term charter to Brunei LNG Sdn Bhd.

The “Amani”, which was constructed by Hyundai Heavy Industries Co., Ltd, is a 154,800 cm3 membrane-type LNG Carrier. It is the fourth “A” class LNG carrier vessel to be added to BGC’s fleet. WFWAP also acted for BGC on the delivery of the first three A class LNG carriers

WFWAP also advised BGC on the financing of the “Amani”, which was arranged through a long-term Islamic financing centered around an Istisna – Ijara structure. The US$170 million facility was provided by a syndicate of financiers consisting of Bank Islam Brunei Darussalam Berhad, Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad, HSBC and Sumitomo Mitsui Banking Corporation Europe Limited.

The transaction was led by WFWAP partner Simon Petch who was assisted by senior associate Shawn Er.

Datin Aisah Timbang, Joe Chan and Siti Fatimah of BGC acted on this delivery.

Partner Simon Petch said: “BGC is a first-class LNG vessel owner and operator and we were delighted to work with them again in the delivery of their fourth LNG vessel. The transaction involved extensive co-ordination between the BGC team, local counsels in Brunei and South Korea, the shipyard and the banks and their counsel. Our involvement in this transaction represents our further continued commitment to BGC.”

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