Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract to build a jackup rig worth US$206 million from repeat customer Grupo R, a Mexican drilling company.

Scheduled for delivery in 4Q 2015, the jackup rig will be built to Keppel's proprietary KFELS B Class design. It will be added to the fleet of another four similar rigs that Keppel FELS is building for Grupo R.

With this new contract, Keppel FELS currently has on order nine KFELS B Class jackup rigs from Mexican customers.

Mr Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS, said, "We are delighted that Grupo R has chosen to build another jackup rig of the KFELS B Class design with us. It is an affirmation of their confidence in our rig designs as well as our project execution capabilities. The KFELS B Class is an industry leading jackup design with a proven track record in the Gulf of Mexico.

"With this order, there will be 65 KFELS B Class rigs in the market by 2015, of which some 13 rigs are for Mexico. We are glad to be able to support Mexico's exploration of its offshore energy reserves and look forward to providing them with on time, on budget and safe deliveries."

Mexico's President, Enrique Pena Nieto, announced in March this year that the country's proven reserves of oil and gas at the start of 2013 has risen to 13.87 billion barrels of crude-oil equivalent. PEMEX, the Mexican national oil company has stated their aim to increase production with plans to add between eight and 12 offshore platforms to its drilling fleet. In its quarterly results in February 2013, the company unveiled investment plans of US$25.3 billion for 2013, of which US$20 billion will be targeted at upstream activities.

Mr. Ramiro Garza Vargas, CEO of Grupo R said, "Mexico is aiming to boost oil production through increased E&P with PEMEX looking for a number of new high specification rigs that can optimize their operations. The addition of this premium jackup rig to the four KFELS B Class jackups we ordered earlier will enable us to meet their requirements and strengthen our position as the leading player in Mexico's drilling industry.

Super tug Fairmount Glacier has delivered rig Falcon 100 safely offshore Pointe-Noire, Congo. The rig was towed from Rio de Janeiro via the South Atlantic Ocean over a distance of over 3.400 miles.

The Falcon 100 is a 1974 build semi submersible drilling rig, owned by US based Transocean and capable to drill to a depth of 7.620 meters. The rig has a length of 79 meters long and a breadth of 66 meter.

For this job the Fairmount Glacier was mobilized from Trinidad. First the tug towed the Falcon 100 from her drilling location offshore Macae, Brazil, to offshore Rio de Janeiro. Then Fairmount Glacier assistedt he rig in anchor handling activities and loading all kind of equipment. Also the Fairmount Glacier assisted in installing a new ‘bridle’ – the connection between rig and towing line.

After arrival in Pointe Noire the Fairmount Glacier assisted in keeping the rig in position during the deployment of her anchors. Also the Fairmount Glacier took over equipment and other cargo from Falcon 100 which was discharged in the port of Pointe Noire.

 Fairmount Marine is a marine contractor for ocean towage and heavy lift transportation, headquartered in Rotterdam, theNetherlands. Fairmount’s fleet of tugs consists of five modern super tugsof 205 tons bollard pull each, especially designed for long distance towing, and a multipurpose support vessel. Fairmount Marine is part of Louis Dreyfus Armateurs Group.

Acteon has completed the acquisition of J2 Engineering Services Ltd, which is based in Aberdeen, UK.

J2 Engineering is involved in the rental, maintenance and repair of ROV manipulator arms and associated tooling and equipment. Over the past five years, the company has forged a reputation within the ROV and underwater survey industries for outstanding service quality, fast turnaround times and the ability to deliver highly reliable customized engineering solutions.

J2 Engineering’s service offering runs along very similar lines to that of well-established Acteon company Seatronics, a world leader in the provision of subsea electronic equipment to the offshore and ocean industries. Indeed, J2 Engineering and Seatronics have already collaborated successfully on a number of projects. Bringing these two companies together will benefit Acteon and enhance their combined ability to add value to customers’ operations.

The J2 Engineering team will continue to operate from its premises in Torry, Aberdeen, and will take advantage of Seatronics’ established distribution and service network covering Europe, North America, Brazil, South East Asia and the Middle East.

Acteon’s legal advisor for the J2 Engineering Services acquisition was Burness Paull & Williamsons.

Provides States Greater Flexibility in Planning

The Bureau of Safety and Environmental Enforcement (BSEE) has  posted a revised internal policy for evaluating proposals to convert obsolete, offshore oil and natural gas production platforms into artificial reefs.

The Interim Policy Document replaces a policy addendum issued by BSEE’s predecessor agency in 2009, and removes the requirement for a five-mile buffer zone between designated reefing areas and certain restrictions to reefing in place. The revised policy also provides for extensions to regulatory decommissioning deadlines for facilities that companies are actively pursuing acceptance into a state program, and it eliminates storm-toppled platforms from consideration.

“For the past several months, we have been working with our federal partners, state officials and affected stakeholders in the Gulf of Mexico region to learn about their needs and concerns regarding the inclusion of oil and gas infrastructure in the states’ artificial reef programs,” BSEE Director James A. Watson said. “This policy is reflective of the feedback we received. It provides states greater flexibility in their planning and addresses the multiple uses for these areas while ensuring the marine environment is protected.”

Federal regulations and leasing contracts require offshore oil and gas operators to permanently seal wells that are no longer producing and remove any associated infrastructure, including the production platform.

 BSEE can grant a departure from the removal requirement in a process commonly known as “rigs to reefs” provided the platform meets certain structural criteria and other federal and state requirements, and is accepted by a state into its artificial reef program. After all hazardous materials are removed, the platform structure can be dismantled and towed to a designated reefing area, or may be reefed in place under certain conditions. In each case, the state assumes the liability for the structure.

The revised policy reinforces case by case evaluation of each reefing proposal with balanced consideration of future oil and gas development, pipeline rights of way, decommissioning operations and other uses such as charter, commercial and recreational fishing, shrimping and recreational diving.

James Fisher Mimic (JFM) has partnered with Netherlands-based condition monitoring specialist Oliveira, marine control expert CSI Control Systems and fleet operator Wagenborg, to provide a Platform Shore Support interfacing system using a reliability software application installed on the dry cargo carrier MV Lauwersborg.



Platform Shore Support is a network of ship-owners, suppliers, shipyards and the Dutch government that aims to increase the operational availability and capability of commercial vessels. JFM designed and developed the program along with Oliveira, based on JFM’s Mimic condition monitoring software. The system consolidates and analyses specific condition data, identifying potential failures and recommending corrective actions. CSI Control Systems provided a cost-effective solution to interface with the existing sensors and supply the signals to the new software without interrupting current systems on board the vessel. Wagenborg chose the MV Lauwersborg to be the first vessel to receive this Shore Support project, which will run for six months as a pilot trial. During the trial the system will provide reliability data to the on-board crew, the shore technical office and to third party analysts.



An example of the potential applications of the system being piloted on the MV Lauwersborg is in the proactive management of main propulsion engine turbocharger maintenance. Each turbocharger has a full service maintenance interval of around 12,000 hours engine operation, at which point the unit needs to be removed, stripped down and inspected so that its worn parts can be replaced prior to reassembly. During this time the vessel has to be taken out of service and in order to avoid the consequent disruption and cost of unexpected failures, all parts likely to be subject to wear are typically replaced irrespective of their visible degradation or deterioration in performance. By capturing sufficient operating data to allow an accurate real-time assessment of the condition of the turbocharger leading up to its scheduled 12,000 service interval, the pilot aims to be able to assess its condition and proactively plan maintenance according to the condition of the unit. Maintenance intervals and replacement parts inventories would thus be managed to maximize vessel availability and reliability while potentially saving significant cost if implemented on a fleet-wide basis.

“We are extremely pleased to be participating in this important pilot project,” commented Martin Briddon, engineering manager at JFM. “The safe and efficient use of sea-going vessels is high on today’s agenda for ship owners and managers. The demand for reduced energy consumption and overall operating cost makes the installation and use of new technology systems such as that developed by JFM and our partners, and being piloted on the MV Lauwersborg, highly desirable.”


CSA Ocean Sciences, Inc. are currently seeking an Applications Developer and a Database Administrator for the GIS group, a Marketing Associate, and a Ph.D. Marine Biologist/Biological Oceanographer. Check out the postings on the www.csaocean.com careers page.

Black Elk Energy Offshore Operations, LLC, an independent oil & gas company, has teamed up with Bright Light Foundation to host a second special tribute sporting clay shoot called the West Delta 32 Fall Fundraiser. The event will be held on September 26th at American Shooting Centers in Houston, TX and includes a sporting clay tournament, BBQ cook-off, live auction, music, games and more. Proceeds will assist the families affected by the incident that occurred in the Gulf of Mexico on November 16, 2012.

"We are excited to work with the Bright Light Foundation for our Fall event", says John Hoffman, President and CEO of Black Elk Energy. "We held our first West Delta 32 Fundraiser in March with Oilfield Helping Hands and had a tremendous response. I am confident with the help of Bright Light this event will be another success. Please join us on September 26th in Houston to honor the victims of this tragic incident. We deeply appreciate any and all support."

"We are extremely happy to team up with Black Elk on this meaningful event", says Kirk Trascher, President of the Bright Light Foundation. "We know how important it is to assist those in need and how impactful contributions are for these families. We are honored to be a part of this event for the families of West Delta". Those interested in offering their support should visit:  http://www.brightlightfoundation.org/west_delta_clays.cfm or contact Leslie Hoffman at This email address is being protected from spambots. You need JavaScript enabled to view it.This email address is being protected from spambots. You need JavaScript enabled to view it..

Statoil and its partners have made the investment decision for a joint oil export solution for the Edvard Grieg and Ivar Aasen fields.

The oil will be transported via a 43-kilometer oil pipeline from Edvard Grieg to the Grane oil pipeline, and then on to Sture.

The transport solution is a precondition for developing the Edvard Grieg (operated by Lundin) and Ivar Aasen (operated by Det norske oljeselskap) fields. Edvard Grieg is scheduled to start producing in 2015 and Ivar Aasen in 2016. The new pipeline will be called the Edvard Grieg oil pipeline.

Statoil is a partner in both fields and operator for the joint venture for oil transport.

Tor Martin Anfinnsen, senior vice president for trade with crude oil, wet gas and refined products in Statoil.

The investment decision was made by Statoil and the partners, based on a recommended solution from Gassco. A plan for installation and operation (PIO) has been submitted to the Norwegian Ministry of Petroleum and Energy.

“We are an important player in the Sleipner and Utsira area, and are therefore concerned with robust solutions that provide the possibility of expanded activities in the area in the future,” says Tor Martin Anfinnsen, senior vice president for trade with crude oil, wet gas and refined products in Statoil.

Statoil’s extensive project experience from similar projects and market position within procurements and pipeline installation constitute the framework for implementation of the project. 

Torger Rød, senior vice president for pipelines and onshore projects in Statoil. 

“Good cooperation and close coordination with other projects in Statoil, as well as close follow-up of the primary suppliers are important success criteria, where, among other things, we have achieved synergies as regards the pipeline installation job,” says Torger Rød, senior vice president for pipelines and onshore projects in Statoil.

The Utsira High is located between the two established fields Sleipner and Grane, in an established area with well-developed infrastructure. This forms the basis for new, robust and flexible export solutions on the Utsira High.


Milestones

*  The PIO is expected to be approved this autumn.

*  Pipeline production will be completed in 2013.

*  Pipeline coating will be completed in 2014.

*  Installation of new Y connection point in the Grane oil pipeline will be carried out in connection with the planned shutdown of Grane in the spring of 2014.

*  Pipeline installation in the summer of 2014 and tie-in operations in 2015, so it will be ready for the start of production in the autumn of 2015.


Facts about Edvard Grieg oil pipeline

Length and size: 43-km, 28-inch pipeline from Edvard Grieg (which also processes the wellstream from Ivar Aasen). This will be tied in to the Grane pipeline, which runs to the Sture terminal.

Partners: Lundin Norway (30%), Statoil (operator; 20%), Wintershall Norge AS (18%), Det norske oljeselskap ASA (14%), OMV Norge AS (12%) and Bayerngas Norge AS (6%). 

Lifespan: Designed for 30 years

Investments: NOK 2.1 billion (running)

Occidental Petroleum Corporation(NYSE: OXY) announces that its wholly owned subsidiary Occidental Petroleum of Qatar Ltd. (Oxy Qatar) and Qatar Petroleum have agreed on the Phase 5 Field Development Plan (FDP) of the Idd El Shargi North Dome Field (ISND), offshore Qatar. The ISND Phase 5 FDP has been prepared in close cooperation between Oxy Qatar and Qatar Petroleum as part of the continued development of ISND under the Development and Production Sharing Agreement (DPSA) between the Government of the State of Qatar and Oxy Qatar, which was entered into in July 1994. The work has already begun and will continue to sustain oil production levels at about 100,000 barrels/day through the next six years.

The ISND Phase 5 FDP includes specific activities identified from upgraded reservoir simulation models to implement and/or improve water-flooding practices in all oil producing reservoirs. During implementation of the ISND Phase 5 FDP, Qatar Petroleum and Oxy Qatar will strive to improve the ultimate recovery in all existing contract reservoirs by continuing to work closely together to further optimize long-term production and recoverable reserves.

The ISND Phase 5 FDP comprises drilling over 200 additional production, water injection and water source wells, plus the installation of associated facilities required to support the additional wells. Added facilities will include minimum facilities platforms, wellhead jackets, fluid processing equipment and pipeline debottlenecking and water source projects. In addition, pilot studies to support Produced Water Re-Injection and Enhanced Oil Recovery projects will be implemented. The development activities are expected to constitute an aggregate investment exceeding $3 billion.

Oxy Qatar, under separate contractual arrangements, also operates the Idd El Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a partner in Dolphin Energy.

On 07/16 in Rio de Janeiro, Petrobras  signed two financing programs with the Japan Bank for International Cooperation - JBIC for the offer of two lines of credit amounting to US$ 1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60% financed by JBIC and 40% by private Japanese financial institutions, which are insured by Nippon Export and Investment Insurance (NEXI).



The lines of credit are for Petrobras to purchase equipment and services from Japanese companies in Brazil and abroad, based on the memorandum of understanding signed in October 2012, when a strategic partnership between JBIC and Petrobras was established.



Petrobras and Japan Bank for International Cooperation has built up a close cooperative relationship over many years, with a number of joint operations already implemented. The two financing programs taken out represent vast funding possibilities for these entities, offering new ways of financing, and will further strengthen the relationship between the parties.


The Bureau of Safety and Environmental Enforcement (BSEE) is continuing to oversee Energy Resource Technology, LLC’s (ERT) source control efforts to stop the flow of gas and kill the well at Ship Shoal Block 225 Platform B, located approximately 74 miles offshore Louisiana, southwest of Port Fourchon, in about 146 feet of water. BSEE and Coast Guard remain on scene at a nearby platform.

Following a site safety assessment, BSEE approved the movement of pumping equipment onto Platform E, adjacent to Platform B and connected by a bridge. BSEE engineers completed final reviews and approved the source control procedures which involve pumping drilling mud into the well to stop the flow of natural gas. The wellhead and associated equipment are located approximately 70 feet above the surface of the water, where all platform work is conducted.

Coast Guard continues to provide safety management oversight as part of its active involvement in ERT operational planning. Coast Guard conducted an overflight yesterday and is ensuring that all precautions are taken to access risk and make certain that safety measures are in place to protect personnel.

As reported by ERT, there is currently a light sheen on the water, which appears to be evaporating. The well is flowing mostly water at very low pressure and ERT believes that approximately 3.6 barrels of light condensate is being discharged every 24 hours based upon the size of the sheen as reported by the BSEE and the U.S. Coast Guard.

According to ERT, the Ship Shoal 225 B-2 well is an older gas condensate well in a field developed in the 1970's that last produced mostly water in 1997 at a rate of 65 thousand cubic feet of gas per day, 9 barrels of condensate per day and 1,150 barrels of water per day at a low flowing pressure of 175 psi.

While conducting a temporary plugging operation, ERT first experienced a loss of well control on July 7, 2013. BSEE was notified of the incident and that the well had been secured. A BSEE Houma District engineer received the report of a second loss of well control event on July 8, at approximately 9:45 a.m. BSEE inspectors were on-board the platform and confirmed that the well was flowing natural gas, water, and condensate. The platform was safely evacuated and two producing wells were shut-in.

BSEE and Coast Guard continue to work closely with federal and local agencies. BSEE will conduct an investigation to determine the cause of the well control event.

Aker Solutions won a contract from Caspian Drilling Company Ltd (CDC) to provide a complete topside equipment package for a new semi-submersible drilling rig in Baku, Azerbaijan. The parties agreed not to disclose the value of the order.

Aker Solutions has previously delivered drilling equipment to eight drilling rigs operating in the Caspian Sea. Two of the rigs are semi submersible and operated by CDC.

"The contract confirms our strong position in the Caspian market and our long-lasting relationship with CDC," said Roy Dyrseth, head of Aker Solutions' drilling technologies business. "We are pleased to secure more work in Azerbaijan after making significant investments in our infrastructure in the region."

Aker Solutions last year opened a new facility in Baku to improve its offering of services in the region.

The equipment will mainly be constructed and assembled at Aker Solutions' facilities in Kristiansand and Asker in Norway as well as in Erkelenz in Germany.

Installation and commissioning services will be performed by the Caspian Shipyard Company Ltd., where Keppel Fels is the major shareholder. Delivery is scheduled for the fourth quarter of 2016.

SeaBird Exploration Plc ("SeaBird") is pleased to announce that Geo Pacific has been awarded a new contract in the Caribbean. The work is estimated to 63 days duration and the contract value is about USD 12 million. Geo Pacific has just completed her current contract and will mobilize directly to the new job.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market.

 Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels.

Actual results may differ substantially from those expected or projected in the forward-looking statements.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Seadrill Limited ("Seadrill" or "the Company") has entered into turnkey contracts to build four new ultra-deepwater drillships. Two drillships will be built at the DSME yard and the other two at the Samsung yard, in South Korea. The project value price is estimated to be below US$600 million per unit (including project management, drilling and handling tools, spares, capitalized interest and operations preparations).  Delivery of the 4 units is scheduled for the second half 2015.  Seadrill has in addition received fixed priced options for delivery of two further units for delivery in the first half 2016. 

The drillships will have a hook load capability of 1,250 tons and a water depth capacity of up to 12,000 feet targeting operations in areas such as the Gulf of Mexico, Brazil and West and East Africa. Also, these units will be outfitted with seven ram configuration of the blowout preventer (BOP) stack and with storing and handling capacity for a second BOP. The units include design and equipment features, which makes them particularly attractive for development drilling. For two of the drillships, Seadrill has received options to include equipment which makes the units prepared for 20K BOP systems.

Seadrill's construction program now totals 22 units, including 9 drillships, 2 harsh environment semi-submersibles, and 11 high specification jack-ups. In addition the Company has fixed priced options for two ultra-deepwater units.

The offshore drilling market has absorbed approximately 261 new units since 2005 and the utilization of the ultra deepwater fleet has been 100% since Seadrill was established in 2005. In the same period offshore production has been estimated to be marginally down. This illustrates in very simple terms the increased complexity of the development of new oil and gas reserves. Seadrill has spent significant time and effort analyzing the future demand of the ultra deepwater drilling market.  Ultra deepwater production is estimated to increase from around 1 million barrels per day today to 5 million barrels per day over the next 6 years. In order to reach this target significant new development drilling capacity will have to be added. At the same time, the industry faces a situation where approximately 49% of the current floater fleet is older than 20 years. We have already seen a strong trend where fourth and fifth generation vessels are incapable of meeting oil companies' new requirement for safety margin and deck load capacity and are being replaced with newer units.

The Board of Seadrill is of the opinion that the current order book for 2014 - 2016 of approximately 39 units will be fully absorbed, and utilization will continue at very high levels with solid dayrates for the modern equipment.

Seadrill currently has an order backlog of approximately US$19 billion. Based on current discussions, we are confident that in the coming months we will add to this as our open 2014 capacity is likely to be fixed at attractive day rate levels.

The Edison Chouest Offshore (ECO) global family of companies, one of the industry’s largest, most diverse and dynamic marine transportation solution providers, announced plans to enlarge its sizeable fleet and expand its terminal facilities in support of its customer base.

“Reacting to customer demands, ECO continues to lead the industry by designing, building and operating new generation vessels featuring the latest available technology,” said ECO President Gary Chouest.  “We are a customer-centric company: Our main goal is to support their activities with state-of-the-art vessels, expanded terminal facilities, subsea services, fully-integrated logistics, and shorebase support wherever necessary.”

The Chouest newbuild order book contains over 40 vessels, a vast majority to be constructed at its four U.S.-affiliate shipyards:  North American Shipbuilding (Larose, LA), LaShip (Houma, LA), Gulf Ship (Gulfport, MS) and Tampa Ship (Tampa, FL), as well as its Brazilian shipyard, Navship.

INNOVATIVE NEW 312’ PSV CLASS

ECO’s worldwide fleet now approaches 250 highly specialized offshore service and support vessels.   The largest portion of the newbuild program contains 17 vessels, with options for an additional 20, in a new class of 312’ x 66’ x 26’ new generation, clean design, diesel-electric platform supply vessels (PSV). 

This class features a new hull form that was designed to maximize deadweight while significantly reducing hydrodynamic resistance, thereby improving fuel efficiency.  The result is a vessel that offers a deadweight tonnage in excess of 6,000 LT, the capacity for over 22,000 barrels of liquid mud, over 2,000 barrels of methanol, and 14,450 cubic feet of dry bulk.  Carrying the new class moniker of NA312E CD VE (Very Efficient), these vessels offer a cargo delivered to fuel used ratio that is significantly better than other PSVs operating in the Gulf of Mexico. 

These vessels provide accommodations for 51, as well as class notations for firefighting, dynamic positioning, unmanned engine room operation, special purpose ship safety, workboat habitability, and storage and discharge of recovered oil.  The vessels also comply with the new International Labour Organization (ILO) standards for vessel design and crew standards.

“ECO owns and operates the largest fleet of new generation, high deadweight capacity PSVs in the global offshore service vessel industry.  The new series of 312’ PSVs under construction represents an evolution of ECO’s proven proprietary hull designs,” said ECO’s Executive Vice President Dino Chouest.  “The 312’ class meets 100 percent of ECO’s customers’ requirements for a high deadweight ton capacity, deepwater PSV that is extremely fuel efficient.”

NEW VESSELS INCLUDE ICE CLASS, MPSV, SUBSEA, WELL STIM

The Chouest newbuild program also includes two (2) new high ice class AHTS vessels for Arctic service, currently being designed.  The vessels will mark the fifth and sixth icebreaking vessels in the ECO fleet, making Chouest the largest designer, builder, owner and operator of icebreaking vessels in the U.S. industry.

Additionally, Chouest will build four (4) subsea construction vessels, slated for service in the Gulf of Mexico market.  Features include ROVs from Chouest affiliate C-Innovation, as well as a 400 MT AHC deepwater crane. 

Additional newbuild highlights include:

Milbank has advised the lenders and hedge counterparties on a further US$500 million term loan financing for Isramco Negev 2 LP (Isramco) in support of its share of the development of the Tamargas field located of the coast of Israel.  The Loan proceeds partially refinance the US$750 million bridge and term loans extended to Isramco in 2011 and also support future development and expansion of the field which became operational in March 2013.

The Tamar gas field is located off the coast of Israel and commenced operations in March 2013 after a 3 year development.  Isramco is the largest local partner in the Project and owns a 28.5% stake in the Tamar gas field.  The other investors are Noble Energy, Delek Drilling, Avner Oil and Gas and Alon Gas Exploration.  The gross resource estimate of Tamar gas field is ten trillion cubic feet (Tcf).

This financing was arranged by Deutsche Bank, who also led the 2011 financings, and Natixis and was successfully syndicated to a large number of onshore and offshore financial institutions.  Deutsche Bank has now arranged US$1.25 billion in debt financing for Isramco's share of the development of the Tamar offshore gas field since 2011.  John Dewar, a partner in Milbank's London project finance team, said, "The successful syndication of this prestigious and high-profile financing demonstrates the high level of investor confidence in the future prospects of the geopolitically important Tamar gas field."

The team was led by John Dewar and included Oliver Irwin, Vicky Cox, Matthew Mortimer, John Goldfinch and Claire Hall in Milbank’s London Project Finance, Tax and Alternative Investment practices.