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Clyde & Co Advises Mitsui OSK Lines On Major LNG deal.

24 February, 2015

 

Clyde & Co has advised Mitsui OSK Lines (MOL) on a major LNG shipping transaction.

The deal sees MOL, a LNG vessel owner and operator, agree a long term charterparty with E.ON Global Commodities SE (EGC) and a shipbuilding contract with Korean builder Daewoo Shipbuilding & Marine Engineering (DSME), a significant shipbuilder. The ship, due to be delivered by 2018, will be used by EGC to transport LNG cargoes on a worldwide basis. An agreement for a second ship was also signed, subject to final Board approval. Clyde & Co closely supported MOL on the negotiation of all aspects of this complex transaction, which closed in Berlin on February 11th.

 

Clyde & Co partner Sandra Sinclair-Hughes, said: “This is an innovative deal, bringing together the tried and tested LNG shipping expertise of MOL with the transportation needs of one of Europe’s major utility companies. With volatility in the energy markets expected for the foreseeable future, this diversification of supply away from traditional pipeline sources represents a watershed moment for the parties to the transaction.   We are proud to have been part of this important project.

 

This was a market leading deal, and as with most deals of this complexity, bringing in the right people was paramount.  We put together a tailored team from two of the firm’s core sectors of transactional marine and energy enabling us to add value at each stage of the transaction.”

 

Conventus Law

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