Arias, Fábrega & Fábrega has acted as special Panamanian counsel to Schahin Group in connection with the sale-leaseback transaction of two (2) vessels of Panamanian registry, the SS Amazonia and the SS Pantanal, owned by Baerfield Drilling LLC and Soratu Drilling LLC, respectively, sold to affiliates of ICBC Financing Leasing Co. Ltd., and re-flagged to the Marshall Islands. 

The transaction involved the repayment of an existing senior debt facility and sub debt facility with Black Gold Drilling LLC, secured by the SS Amazonia and the SS Pantanal, the deletion and re-flagging of the vessels from Panama to the Marshall Islands and the chartering of the vessels by the ICBC affiliate to the previous owners. 

Schahin Group has been active in the Brazilian market for over 45 years, with business activities in the oil, gas and energy sectors.