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Clifford Chance advises China Merchants Capital on US$174 million strategic investment in and rig sale to Shelf Drilling

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18 July 2019

Clifford Chance advises China Merchants Capital on US$174 million strategic investment in and rig sale to Shelf Drilling

Leading international law firm Clifford Chance has advised China Merchants & Great Wall Ocean Strategy & Technology Fund, a fund under China Merchants Capital, on the US$174 million subscription for 19.4% of the outstanding common shares of Shelf Drilling, Ltd. (Shelf Drilling). The transaction also involved the sale of two jack-up rigs and the bareboat charter of two additional jack-up rigs to Shelf Drilling.

Dubai-headquartered, Oslo-listed Shelf Drilling is the world’s largest contractor of jack-up rigs, operating across four core regions – South East Asia, India, West Africa and MENAM (Middle East, North Africa and the Mediterranean).

A cross-practice, cross-border team from Beijing, Hong Kong, New York, Perth, Shanghai, Singapore and Sydney advised on the deal, co-led by partners Fang Liu and Amy Ho. They were supported by partners Gervais Green and Richard Blewett, counsel Richard Cui, Mark Gillgren and Erika Bucci, senior associates Becky Tai and Steven Meacher, associates Eric Zhang, Clinton Bonomelli, Echo YangIshbel McLachlan and Zibo Liu, and trainee Jingxuan Liu.

Liu said, "This complex equity plus assets transaction showcases our global expertise in public company deals and the oil and gas sector. I am particularly proud of how our corporate and finance teams around the world came together to achieve the goals for our client."

高伟绅律师事务所就招商局资本对Shelf Drilling的1.74亿美元的战略投资和钻井平台销售提供法律服务

领先国际律师事务所高伟绅为招商局资本旗下的招商局长城海洋科技战略发展产业基金以1.74亿美元认购奥斯陆上市公司Shelf Drilling Ltd.(以下简称“Shelf Drilling”)19.4%的已发行普通股提供法律服务。本次交易还涉及向Shelf Drilling出售两个自升式钻井平台和两个额外的自升式钻井平台的光船租赁。

奥斯陆上市公司Shelf Drilling总部位于迪拜,是世界上最大的自升式钻井平台承包商,其业务遍及四个核心区域——南亚、印度、西非和MENAM地区(即中东、北非和地中海地区)。

本次交易由并购合伙人方刘何美玉共同领导,团队成员涵盖北京、香港、纽约、珀斯、上海、新加坡及悉尼在内的多个办公室及多个业务领域。项目由Gervais Green(合伙人)和Richard Blewett(合伙人)、崔彧Mark GillgrenErika Bucci戴碧姬Steven Meacher张承Clinton Bonomelli杨丹Ishbel McLachlan刘子博和刘靖轩提供支持。

方刘表示,“此类复杂的股权加资产的交易显示了我们在上市公司交易和石油、天然气领域全球化的专业素养。对于本所全球各办公室的公司和金融团队能够协同为客户达成交易目标,我非常感到自豪。”