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 Shearman & Sterling team was associate Anthony Lepere (London-Project Finance) and included partners Iain Elder (London-Project Development & Finance) and Matthew Powell (Abu-Dhabi-Mergers & Acquisitions); and associates Colm OhUiggin, Bilyana Belcheva (both London-Project Development & Finance), Vikki Fabian and Ruba Noorali (both London-Mergers & Acquisitions).