Hogan Lovells advises Barwa Bank

Hogan Lovells has advised Barwa Bank on a USD125m Islamic facility made available to UAE-based Topaz Energy and Marine. 

The Islamic financing facility will be used to finance 12 of Topaz’s vessels operating in the Arabian Gulf and the Caspian Sea. Comprising two separate structures, the facility involves a USD110m Ijara-based financing scheme for 10 existing vessels and a USD15m Istisna-based deal for the purchase of two new vessels under construction. 

Topaz Energy and Marine is a leading offshore support vessel company that provides marine solutions to the global energy industry, with a primary focus on the Middle East and the Caspian Sea. 

Hogan Lovells’ Dubai-based team was led by Banking & Finance Partner, Rustum Shah assisted by Faraz Naqvi (senior associate), Victoria Mesquita (Associate) and James Clarke (associate). The Dubai team was supported by Simon Gwynne (partner) and Patrick Moore (associate) from Hogan Lovells’ London based asset finance team. Topaz was advised by Reed Smith LLP.