Clyde & Co has advised Sea Trucks Group Ltd (“Sea Trucks”) on a landmark five-year US$575m Norwegian Bond issue, which was not only substantially oversubscribed, but also went from book closure to completion in 11 days.

Clyde & Co has advised Sea Trucks Group Ltd (“Sea Trucks”) on a landmark five-year US$575m Norwegian Bond issue, which was not only substantially oversubscribed, but also went from book closure to completion in 11 days.

Sea Trucks, with its HQ in Nigeria, is one of the largest and fastest growing oil and gas marine contractors in West Africa with offices in Angola, Ghana, UAE, The Netherlands, USA, Australia, Singapore and China.

Sea Trucks General Counsel Caleb Raywood said: “Sea Trucks has experienced strong growth in recent years and is keen to consolidate its position as the contractor of choice for oilfield services in
the markets in which it operates. Central to this strategy is to raise funds for the completion of its new-build program for additional vessels. Our long-term legal advisers Clyde & Co play a key role in making that happen.”

The Clyde & Co team was led by ship finance partner John Leonida and corporate finance partner Philip Rogers, who managed the discharge of the HBOS loan and a Convertible Bond as well as negotiating the security package for the new Norwegian Bond. Partner Finn Bjørnstad and Jonathan Page of Norwegian firm Wikborg Rein advised on the Norwegian Bond elements.

John Leonida said: “We are delighted to have advised Sea Trucks Group on this ground-breaking deal which involved many complex cross-border financing elements. We were able to combine flexible transactional expertise with unparalleled knowledge of the marine sector. In deals like these there is no room for prima donnas.”