Arias, Fábrega & Fábrega acted as special Panamanian counsel to DVB Bank America N.V., in connection with term loan facility of up to US$40 million made available to UP Offshore (Bahamas) Ltd. to finance the acquisition of two floating production and storage vessels registered in Panama, the UP Turquoise and UP Jasper.

UP Offshore (Bahamas) Ltd. is an affiliate of the Ultrapetrol group, one of the largest operators of barges in the navigable rivers of Argentina, Bolivia, Brazil, Paraguay and Uruguay. 

The UP Turquoise and UP Jasper are specially designed for the processing and storage of oil and are employed in the offshore supply business of the group, in charge of providing critical logistical and transportation services for offshore petroleum exploration and production companies, primarily in the coastal waters of Brazil.  The UP Turquoise and UP Jasper and its sister vessels are employed in the increasingly active offshore exploration sector in Brazil, which in the last few years has attracted significant investments from Petrobras and private companies in oil exploration and production facilities.