Shearman And Sterling

News November 16, 2016

Shearman & Sterling Advises OneLNG on Establishment of Joint Venture to Develop Floating Natural Gas Liquefaction Project

Shearman & Sterling advised OneLNG in connection with the agreement to establish a joint venture with a wholly owned subsidiary of Ophir Energy plc to facilitate the development, financing and operation of the Fortuna FLNG Project in offshore Equatorial Guinea. The Shearman & Sterling team has worked on all aspects of the project since March 2015.

Once a final investment decision has been made, OneLNG and Ophir will own 66.2% and 33.8% of the joint venture company respectively, and the joint venture company will own Ophir’s share of the Block R license and the Gandria FLNG vessel. The final investment decision, expected in the first half of 2017, is contingent upon debt financing and approvals by the shareholders of Ophir Energy plc and the government of Equatorial Guinea, among other things.

The Team