Arias, Fábrega & Fábrega acted as Panamanian counsel to Schahin Engenharia S.A. in connection with the amendment and restatement of the terms of the 2007 US$800 Million Credit Agreement for the construction of two offshore drilling units that are being built at Yantai Raffles shipyard in Yantai, China. 

The two drilling units are to be registered under the laws of the Republic of Panama. The financing was originally Lead Arranged by West LB, Bayerische Hypo and Vereinsbank, Mizuho Corporate Bank and Standard Chartered Bank.  The rigs will be owned by separate special purpose offshore group companies and will be registered in the Republic of Panama. The transaction involved the recordation of amendments to the first mortgages granted on the rigs under construction in China (the SS Amazônia and SS Pantanal).