Milbank LLP has advised Neptuno Offshore Pte Ltd. and Atlantis Offshore Pte. Ltd. as borrowers in connection with a financing of the Atlantis semi-submersible oilfield maintenance vessel and the Neptuno oilfield maintenance vessel.
The vessels will be chartered in the Gulf of Mexico by Mexican oilfield services company Cotemar, S.A. de C.V. The vessels will be used in connection with service contracts for Mexico’s state-owned oil company Pemex. Financing was obtained from a group of 10 lenders.
The Milbank team was led by Project, Energy and Infrastructure Finance partners Dan Bartfeld and Alec Borisoff, along with senior associate Alejandra Garcia Garcia and associates Lindsay Hall and Amanda Goodhart.
Mr. Bartfeld, head of Milbank’s Global Project, Energy and Infrastructure Finance Group, noted: “Mexico’s energy sector has grown tremendously in recent years, and we are thrilled that strong clients such as Cotemar continue to turn to us to handle some of the most complex and unique transactions in the region. We look forward to bringing innovative, unparalleled service to our clients as they continue to navigate challenging market conditions in the years to come.”
Mr. Borisoff added: “We are incredibly proud of our team’s role in the successful closing of this complex refinancing, and we were delighted to see such a strong response from a large group of sophisticated Mexican and international lenders, which is an indication both of the strength of Cotemar as the project’s sponsor and the significant investor interest in well-structured projects in Mexico.”
