Watson Farley & Williams (“WFW”) has advised China Merchants Financial Leasing Co., Ltd. (“CMFL”) on the novation and amendment of the existing bareboat charter of the drilling rig Sea Lion 7 and the negotiation of the underlying parent company guarantee, followed by a purchase of the rig by Saipem from CMFL.
Sea Lion 7 is a self-elevating mobile drilling unit capable of operating in water depths of up to 114.3 metres. Already compliant with the strictest environmental and industry regulations, it is also upgraded to meet Saudi Aramco standards.
Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore.
CMFL is a subsidiary of China Merchants Group, a leading Chinese commercial corporation, and provides financial and operating leasing services in transport, infrastructure, energy sectors amongst others.
The multi-disciplinary cross-border WFW team that advised CMFL was led by Hong Kong Maritime Partner Guan Jian, supported by Assets & Structured Finance Associate Gabrielle Wong. WFW Italy Head and Corporate and M&A Partner Eugenio Tranchino, supported by Counsel Matteo Trabacchin and Associates Francesco Vanzaghi, and Dario Matrecano advised on the Italian corporate and finance law aspects of the transaction.
