Wikborg Rein Advises Gimi MS on $1.2bn Refinancing of FLNG Gimi

Wikborg Rein advised Gimi MS Corporation, and Norton Rose Fulbright acted for the lender group in the refinancing of FLNG Gimi. The transaction involved Golar LNG Limited, through its 70% interest in Gimi MS Corporation, closing and drawing a new US$1.2 billion asset-backed debt facility with a consortium of international banks, including ABN AMRO, Citibank, DNB, Goldman Sachs and Standard Chartered Bank, to refinance the FLNG Gimi unit. FLNG Gimi is a 2.7 mtpa LNG carrier-to-FLNG conversion, Golar’s second FLNG unit, and is on a 20-year charter to BP offshore Mauritania and Senegal. The vessel supports BP, Kosmos Energy and the national oil companies of Mauritania and Senegal in the Greater Tortue Ahmeyim project. The project included the conversion of the LNG carrier Gimi into an FLNG vessel at Seatrium Shipyard, reflecting the technical innovation and execution behind the asset. Wikborg Rein described the refinancing as a milestone transaction that demonstrates its capabilities in complex cross-border maritime and energy financings and in FLNG and FSRU finance more broadly. Wikborg Rein represented Gimi MS Corporation with a team composed by: Partner Beatrice Russ; Partner Jonathan Goldfarb, Head of London Projects; and Senior Associates Ben Orchard, Sofie Gleditch, Sian Sanders and Hallvard Håskjold from the firm’s global shipping finance practice. Norton Rose Fulbright represented the lender group with a team composed by: Richard Howley, Andrew Williams, Julie Norton and Jennifer Carr.

Wikborg Rein Advises Gimi MS on $1.2bn Refinancing of FLNG Gimi

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