Maritime Finance and Transactions

Representative Matters

Finance

• Represented an American gaming hotel and casino corporation in connection with maritime regulatory, contractual, and financing matters in a sale leaseback transaction with a publicly traded real estate investment trust; the maritime transaction matters included multiple vessel transfers, leasebacks, and a more than $11 billion financing secured by multiple ship mortgages, assignments, etc.
• Acted as special maritime counsel in connection with the modification of a $9.25 billion credit facility secured by US ship mortgages
• Represented a publicly traded real estate investment trust as special maritime counsel in connection with maritime regulatory, contractual, and financing matters in a sale leaseback transaction; the maritime transaction matters included multiple vessel transfers, leasebacks, and a more than $3.4 billion financing secured by multiple ship mortgages, assignments, etc.
• Represented Tidewater Inc. in a $900 million unsecured credit facility, $890 million of privately placed notes, a Norwegian credit facility, $300 million in sale leaseback arrangements, and the complete restructure of all debt and sale leaseback arrangements, including $350 million in take-back debt
• Acted as maritime counsel for Pacific Drilling and its subsidiaries during Pacific Drilling’s 2018 restructuring and bankruptcy regarding preferred ship mortgages on seven Liberian-flagged drill ships, as well as related financing documents such as assignments of insurances and earnings, to secure first lien notes of $750 million and second lien notes of more than $273 million
• Acted as maritime counsel for first lien lenders in Chapter 11 restructuring regarding preferred ship mortgages on nineteen (19) Liberian flagged drillships and rigs, as well as related financing documents such as Assignments of Insurances and Earnings, to secure exit financing of $675 million and shed over $1 billion in existing debt
• Acted as maritime counsel for Pacific Drilling in its 2020 Chapter 11 restructuring regarding preferred ship mortgages on seven (7) Liberian flagged drillships, as well as related financing documents such as Assignments of Insurances and Earnings, to secure exit financing of $80 million and shed over $1 billion in existing debt in debt-for-equity swap

M&A

• Served as special maritime counsel to lenders in connection with the $1.75 billion Eldorado Resorts Inc.’s acquisition of Isle of Capri Casino
• Represented Tidewater Inc. as company and maritime counsel in its $1.25 billion merger with Gulfmark Offshore Inc. in a deal that created the largest fleet in the offshore support vessel industry
• Served as maritime counsel to the seller of a commercial inland barge subsidiary for $550 million
• Represented Tidewater Inc. in multiple acquisitions, including the acquisition of Troms Offshore (a Norwegian company) for $395 million, the acquisition of Zapata Gulf Marine for $407 million, and the acquisition of Hornbeck Marine for just under $255 million
• Represented the buyer for three offshore construction barges flagged in the United States, Panama, and Vanuatu
• Represented Superior Energy Services Inc. in the sale of its Marine Division to SEACOR Marine LLC for $140 million
• Represented International Shipholding Corp. in the acquisition of US United Ocean Services LLC from United Maritime Group LLC for $111 million

Commercial Contracts

• Represented a large dry bulk terminal in North America, which served as an export facility for coal, petcoke, phosphate, and other dry bulk commodities, with respect to the following matters:
  • Terminal agreements; terminal and dock tariffs, rules, and regulations; terminal operation agreements; berthing agreements; tug assist contracts; throughput agreements; and transportation package agreements
• Represented a major buyer/seller of crude oil cargoes and owner/operator/user of various marine oil terminals in the United States, and the charterer of ships carrying crude oil with respect to the following matters:
  • Terminal and dock tariffs, rules, and regulations; terminal operation agreements; and berthing agreements
  • Throughput, wharf lease, and buy/sell agreements
  • Charter parties and transportation agreements for inland and ocean movements of crude oil
• Represented a supply chain provider in the sale/leaseback equipment financing of a molten sulphur carrier; also completed the same type of sale/leaseback equipment financing of an articulated tug/barge (ATB) unit for transportation of ammonia
• Represented a major inland barge line in the negotiation of the construction, purchase, financing, and long-term charter of a 22,000-ton liquid bulk ATB and the negotiation of the construction and sale of a 155,000-barrel double-hull tank barge and an 8,000-HP tug liquid bulk ATB