Arias, Fábrega & Fábrega acted as counsel to Crédit Agricole Corporate and Investment Bank in connection with a letter of credit facility and a term loan facility in the aggregate principal amount of US$700 million made available to McDermott International, Inc., and McDermott Finance LLC, secured by, among other security, a first naval mortgage granted by J Ray McDermott International Vessels, a subsidiary of the McDermott Group, over its vessel of Panamanian registry "McDermott Derrick Barge No. 50", and a first naval fleet mortgage granted by Hydro Marine Services Inc., a Panamanian company, over its fleet of four (4) vessels of Panamanian registry.

ARIFA provided extensive assessment of the Panamanian corporate matters and tax implications of the transaction in addition to analysis regarding the perfection of collateral in the form of naval mortgages and other security interests under Panamanian law.

Mcdermott is a leading engineering, procurement, construction and installation (EPCI) company focused on executing complex offshore oil and gas projects worlwide. Mcdermott is active in oil and gas operating regions throughout the world, with locally focused and globally integrated resources which include a diversified fleet of marine vessels, fabrication facilities and engineering offices. A great number of Mcdermott's fleet of marine vessels is registered with the Panamanian flag. Likewise, many subsidiaries of Mcdermott, through which the company carries out its operations, are incorporated in Panama.