Energy finance

We work with leading financial institutions in the energy sector. These case studies illustrate our strength in this area:

• BNP Paribas

  BNP Paribas as joint lead arranger on a £235 million Term Loan and Revolving Letter of Credit facility to Perenco UK Limited, the European oil and gas exploration and production company.
  
  The facility will be used towards funding Perenco’s UKCS licence interests including gas fields in the southern North Sea.

  BNP Paribas was advised by the energy finance teams at Herbert Smith’s London and Paris offices. Herbert Smith has acted in the past both for BNP Paribas’ oil and gas group and for Perenco. This made us the logical choice to advise the banks on this deal. This transaction means that Herbert Smith has now been involved in three of the biggest North Sea disposals by oil majors over the past 12 months.

• JPMorgan
  
  Building on Herbert Smith’s long-standing relationship with JPMorgan’s oil and gas team, the firm recently advised the bank on the biggest development-related financing in the North Sea for many years.
  
  The deal secures a $600 million secured credit facility to provide financing for the development of Intrepid Energy’s interest in Buzzard Field, one of the North Sea’s largest oil fields. The facility includes a number of innovative features to balance Intrepid’s requirement for committed funding early in the development process for the Buzzard field with the creditors’ requirements for adequate protection. Intrepid Energy is a leading UK independent oil and gas company and this new-found financial flexibility constitutes a key stepping stone in its growth.
  
  

  JPMorgan was advised by Herbert Smith’s energy team in London. Other Mandated Lead Arrangers were ABN AMRO, Bank of Scotland and Royal Bank of Scotland.