Arias, Fábrega & Fábrega acted as Panamanian counsel to Schahin Engenharia S.A., of Sao Paulo, Brazil, as project sponsor, in connection with the US$800 million project financing of the construction of two offshore drilling units being built at the Yantai Raffles shipyard in Yantai, China, to be leased to Petrobras.

The two drilling units are to be registered under the laws of the Republic of Panama.

The financing was Lead Arranged by West LB, Bayerische Hypo and Vereinsbank, Mizuho Corporate Bank and Standard Chartered Bank.