Semi-submersible accommodation vessel built in China and chartered in Gulf of Mexico to Cotemar



In its latest major transaction in Mexico’s energy sector, Milbank, Tweed, Hadley & McCloy LLP has advised Atlantis Finance Ltd. as borrower in a senior secured financing for the purchase of a semi-submersible oilfield maintenance, construction & accommodation vessel that will operate in the Gulf of Mexico. 



HSBC was lead arranger and administrative agent for the deal, which closed on August 26. 

The ship, named “Atlantis” and owned by Atlantis Offshore Ltd., will be chartered to Mexico oilfield services company Cotemar, S.A. de C.V., which will use it in connection with service contracts for the country’s state-owned oil company Pemex.

"Atlantis" was built at COSCO’s Nantong shipyard in China. 

Milbank Global Project Finance practice group leader Dan Bartfeld led the Atlantis deal team, assisted by Global Project Finance associates Alejandra Garcia Garcia and Mark Greenfogel. 


Mr. Bartfeld said, “This very successful financing highlights the opportunities in Mexico’s offshore energy sector – an area where we expect to see very significant growth in the coming years. Despite oil price volatility, this successful transaction shows that well-structured projects from top-tier sponsors can obtain successful cross-border financing.” 

Ms. Garcia Garcia added “We are thrilled to work with Atlantis, Cotemar, HSBC and the other lenders in developing a unique financing structure that supports Pemex and the Mexican energy sector.”

The financing for Atlantis is one of many successful Mexican energy-related financings handled by Milbank in 2015 – including most recently the financing of Fermaca’s El Encino-La Laguna natural gas pipeline project.

Further information on Milbank’s Latin America practice is available at www.milbank.com/practices/regions/latin-america.html.