Norton Rose Fulbright has advised Axis Bank Limited and a syndicate of lenders based in Singapore, United Arab Emirates and London on a US$202 million limited recourse project refinancing of the floating, production, storage and offloading vessel m.v. “ARMADA STERLING”.

The FPSO is owned by a joint venture entity formed by Bumi Armada Berhad, Shapoorji Pallonji & Co. Ltd. and Clean Environment Investments Co. Ltd. It is currently working for Oil and Natural Gas Corporation Limited (ONGC) in the D1 field, 200km offshore from Mumbai, India.

Bumi Armada Berhad is a Malaysia-listed international offshore oil and gas services provider. Shapoorji Pallonji & Co. Ltd is based in Mumbai and is one of the leading Indian construction companies. The syndicate of lenders comprised State Bank of India, London Branch, Emirates NBD Bank PJSC and First Gulf Bank PJSC in the United Arab Emirates.

The Norton Rose Fulbright team who advised on English law and Singapore law aspects was led by Singapore partner Ben Rose and senior associate Gregory Xu. Foreign counsels who assisted on the transaction included Oxton Law (Marshall Islands law), Madun Gujadhur Chambers (Mauritian law), Cyril Armachand Mangaldas and Co. (Indian law) and Albar & Partners (Malaysian law).