Arias, Fábrega & Fábrega acted as Panamanian counsel in connection with Seadrill Finance Limited’s successful closing of a US$1 billion refinancing transaction, comprising an upsized US$300 million senior secured revolving credit facility and the issuance of US$700 million in 6.750% senior notes due 2034.

The transaction strengthens Seadrill’s position as a leading offshore drilling contractor, while reflecting the successful execution of a complex, cross-border financing involving multiple international stakeholders.

ARIFA advised both Seadrill and GLAS Trust Company LLC, acting as common security agent and trustee, through an ethical wall structure. This enabled separate teams to advise each client independently while coordinating the Panamanian aspects of the transaction. The Seadrill team was led by Partner Pilar Castillo and Lawyer Isabel Villalaz, while the GLAS team was led by Partner Jorge Loaiza III and Associate Angie Sánchez.

We are proud to have contributed our Panamanian law expertise to a transaction of this scale and complexity, supporting our clients through another significant international financing.