Arias, Fábrega & Fábrega acted as special Panamanian counsel to Alaskan Star Ltd., on the offer and issuance of US$700 million in notes by QGOG Atlantic/Alaskan Rigs Ltd., to refinance the drilling rigs Atlantic Star and Alaskan Star.

Queiroz Galvão Óleo e Gás (QGOG) is the largest privately-held drilling contractor and provider of drilling and production services in Brazil. The issuer, QGOG Atlantic / Alaskan Rigs Ltd., is a British Virgin Islands affiliate of Queiroz Galvão Óleo e Gás S.A. (QGOG).

The funds will refinance Queiroz's Atlantic Star and Alaskan Star drilling rigs off the coast of Brazil, which are both operated by Petrobras, the country's state-owned energy company.