BLP advises leading oil companies on $250m acquisition – Providing worldwide response capability for subsea oil spills

International law firm Berwin Leighton Paisner (BLP) advised Oil Spill Response, an oil and gas industry collective comprising of over 40 of the world’s leading oil and gas majors, on their acquisition of four preventive subsea oil capping stacks – with a capital value of approximately $250m and an expected asset life of at least 10 years.

The transaction was a joint project with the nine largest oil independents – BG, BP, Chevron, ConocoPhillips, ExxonMobil, Petrobras, Shell, Statoil and Total – to provide global response capability in the event of a large subsea oil spill. The project was developed following the Macondo incident in the Gulf of Mexico and is very important both for Oil Spill Response and the global oil industry.

The complex structure involved long term loans from the oil majors for the procurement cost, hire and indemnity agreements with each oil company, management agreements, construction contracts and various other agreements.

The matter was led by BLP senior associate Jordan Phillips, with assistance from senior associate Kiran Arora, and associates Alfred Weightman and Gemma Byrne. Senior associate Natalie Wardle advised on construction aspects of the deal, while partners Andrew Rose, Mark Richards, and Kevin Cummings assisted with insurance, loan, and tax aspects respectively. 

BLP partner Mark Saunders has acted for Oil Spill Response since its inception. The successful conclusion of this most recent complex and high profile transaction is a further example of the firm’s oil and gas sector group working on world class mandates.

If you require any further information, please contact press@blplaw.com.

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