Hogan Lovells Advises Barwa Bank on S$125M Ship Financing

DUBAI, 25 September 2013 - Hogan Lovells has advised Barwa Bank on a US$125m Islamic facility made available to UAE-based Topaz Energy and Marine.

The Islamic financing facility will be used to finance 12 of Topaz’s vessels operating in the Arabian Gulf and the Caspian Sea. Comprising two separate structures, the facility involves a US$110m Ijara-based financing scheme for 10 existing vessels and a US$15m Istisna-based deal for the purchase of two new vessels under construction.

Topaz Energy and Marine is a leading offshore support vessel company that provides marine solutions to the global energy industry, with a primary focus on the Middle East and the Caspian Sea.

Hogan Lovells' Dubai-based team was led by banking & finance Partner, Rustum Shah assisted by Faraz Naqvi (senior associate), Victoria Mesquita (associate) and James Clarke (associate). The Dubai team was supported by Simon Gwynne (partner) and Patrick Moore (associate) from Hogan Lovells' London based asset finance team. Topaz was advised by Reed Smith LLP.

Commenting on the transaction, Rustum Shah said:

"We are delighted to have advised on this successful financing, which combines maritime financing principles with Islamic finance. The deal demonstrates Barwa Bank's emergence as a leader in Sharia compliant shipping finance and Hogan Lovells' ability to field a cross-border team of Islamic and shipping finance specialists to help close complex deals."

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