A team of international lawyers from Wikborg Rein have successfully acted as counsel to ICBC Financial Leasing Co., Ltd. (ICBCL) in the sale and leaseback transaction with Petrobras for the semi-submersible drilling rig “Petrobras-52” located at the Roncador field in the Campos Basin close to Rio de Janeiro.

The 10 years sale- and leaseback transaction worth $1 billion forms part of the cooperation agreement which was signed between ICBC and Petrobras during the Chinese Prime Minister’s visit to Brazil in May 2015.

The Wikborg Rein  team was led by partner Siri Wennevik in the Singapore office, assisted by partners Clare Calnan and June Ho.

Managing Partner International Geir Sviggum said: " We are extremely proud to be allowed to assist a leading global player such as ICBC Financial Leasing Co., Ltd. in a ground-breaking milestone transaction such as this. We firmly believe in the exciting synergies that exist between Chinese players and the Brazilian offshore industry. Our contribution in this matter is a proud result of the professional and cultural investments we have made into this industry in general and into China and Brazil in particular.