WFW advises Teekay LNG on MEGI carriers financing

International law firm Watson Farley & Williams (WFW) advised Teekay LNG Partners on sale and leaseback transaction for its two MEGI LNG newbuilds. 

The two 173,400-cbm, part of a US$355 million Chinese sale and leaseback transaction are currently under construction at South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME).

The two vessels are scheduled for delivery in 2017 and 2018, upon which both will start their long-term charter contracts with Shell, WFW said.

These are the fifth and sixth Chinese sale and leaseback transactions on which WFW has advised Teekay LNG this year, following on the $685m sale and leasebacks with ICBC Leasing for four of Teekay LNG’s other MEGI LNG carrier newbuilds under construction at DSME delivering in 2017 and 2018.

One of the four vessels is the Torben Spirit, which commenced its ten month plus one-year option charter contract with a major energy company in early March of this year, according to WFW.