23 Jan 2018

Stephenson Harwood advises China Development Bank on US$1.6 billion financing of Yamal LNG ice-class carriers


Law firm Stephenson Harwood LLP has advised China Development Bank on the US$1.6 billion financing of six Arc7 LNG carrier newbuildings for a joint venture between Teekay LNG Partners and China LNG Shipping. The first vessel – EDUARD TOLL – was delivered earlier this month.

The vessels will operate under long-term charters servicing the Yamal LNG project in Russia and will have ice-breaking capabilities which will enable year-round use of the Arctic sea routes.

"This was a complex and demanding transaction but we were able to field teams in London, Hong Kong and Singapore to provide the necessary expertise and round-the-clock service," said Dean Norton, partner at Stephenson Harwood. "We are delighted to have been able to represent China Development Bank on such an important transaction for the Yamal LNG project."

The Stephenson Harwood team was led by London finance partner Dean Norton. In London, it also included finance partner George Vaughton, tax partner John Meehan and associates Roddy McGeachy, Jennifer Ashford, Anthony Hui and Joanna Katsaouni. It comprised consultant Jessie Chen, assisted by Simone Liu and Sophie Cui in Hong Kong, and finance partner Saugata Mukherjee, assisted by Ethan Tan and Clement Leung in Singapore.