Milbank advises Atlantis Finance Ltd on accommodation vesselCompany News // September 4, 2015
In its latest transaction in Mexico’s energy sector, Milbank, Tweed, Hadley & McCloy LLP has advised Atlantis Finance Ltd as borrower in a senior secured financing for the purchase of a semi-submersible oilfield maintenance, construction and accommodation vessel that will operate in the Gulf of Mexico. HSBC was lead arranger and administrative agent for the deal, which closed on 26 August.
The ship, Atlantis, owned by Atlantis Offshore Ltd, will be chartered to Mexico oilfield services company Cotemar, SA de CV, which will use it in connection with service contracts for the country’s state-owned oil company Pemex. Atlantis was built at COSCO’s Nantong shipyard in China.
Milbank Global Project Finance practice group leader Dan Bartfeld led the Atlantis deal team, assisted by Global Project Finance associates Alejandra Garcia Garcia and Mark Greenfogel.
Mr Bartfeld said, “This successful financing highlights the opportunities in Mexico’s offshore energy sector – an area where we expect to see very significant growth in the coming years. Despite oil price volatility, this successful transaction shows that well-structured projects from top-tier sponsors can obtain successful cross-border financing.”