Arias, Fábrega & Fábrega acted as counsel to DnB NOR Bank ASA, Oslo, Norway in connection with the financing and the granting of a naval mortgage on two floating storage facilities. 

Our services also included sorting out the challenges posed by the vessel having to comply with the registration requirements applicable to Oil Carriers while being reclassified as a FSU (Floating Storage Unit) and ensuring the continuous registration of the vessel under Panamanian flag in order to preserve the mortgagee's interest. 

As part of our services, we had to advise the client on the MARPOL Regulations and their application to the conversion process.