UK: Ince Law Alliance Advises Vision Drilling On Its New US$205 Million Jack Up Rig
Last Updated: 12 March 2013

International law firm Ince & Co Singapore LLP together with Incisive Law LLC advised Cyprus-based Dynamic Offshore Drilling Limited, in the vessel financing, construction and delivery of its new US$205 million 350 foot KFELS B Class jack-up rig Dynamic Vision constructed at Keppel Fels Shipyard in Singapore.

The Ince Law Alliance team advised Dynamic in its financing arrangements that involved a private placement, follow-on equity raising and shareholders' arrangements. The team subsequently advised on the company's US$135 million senior loan facilities and a junior loan facility.

The team also assisted in negotiating the construction agreement for the jack-up drilling rig with specialist designer and builder, Keppel Offshore & Marine. The team then advised on the delivery of the rig to Dynamic's subsidiary Vision Drilling Pte. Ltd, that was delivered almost two months ahead of schedule.

The KFels B Class jack-up Dynamic Vision is the first newbuild for Dynamic's Singapore-based subsidiary Vision Drilling. The rig has secured a five-year contract with India's state-owned Oil & Natural Gas Corporation (ONGC), and the unit is expected to be deployed off the west coast of the India. Delivery of rig took place on 31 January 2013.

Ince & Co partner Martin Brown (pictured), who heads the firm's finance group in Singapore co-led the team along with partner's John Simpson and Denys Hickey, supported by senior associate Kunal Kapoor. The Incisive Law LLC team was led by joint managing director, Bill Ricquier. 

"We are delighted to have assisted Dynamic on this successful transaction, and we look forward to supporting the company's future enterprises in South East Asia," said Martin Brown. "The financing aspects of this transaction were ground-breaking and show the strength of commitment by all involved towards India's offshore market, not least the experienced judgement of both Dynamic and Keppel working together."

Manav Kumar, Director at Dynamic Offshore Drilling comments: "Ince lawyers were instrumental in the successful completion of this transaction. Their deep understanding of our company and business realities combined with extensive knowledge of the offshore oil and gas market ensured we received straight-forward on-the-spot advice."

The Ince & Co finance team has a strong reputation advising on transactions in the shipping and offshore oil and gas sectors, particularly on complex structured finance transactions and general asset-related instructions.

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