Arias, Fábrega & Fábrega represents Dvb Bank SE in connection with the financing made available to Up Offshore (Bahamas) Ltd., a company with mayor maritime and oil operations in South America, to provide additional financing for the supply platforms Up Esmeralda and Up Safira of Panamanian flag and Up Agua-Marinha, Up Diamante and Up Topazio, of Brazilian flag, in the aggregate principal amount of US$40 million, secured by, among other security, naval mortgages of first priority over each of these vessels and corporate guarantees by the ship owning companies of these vessels, two (2) of them incorporated in Panama.

The firm acted as counsel to both the lenders and the Panamanian companies by preparing the corporate authorizations necessary under Panamanian corporate and commercial law for providing the security package required under the transaction, including bareboat and time charter assignments, insurance and earnings assignments and corporate guarantees.  ARIFA also assisted from a maritime commercial law perspective in connection with the naval mortgages, including their preliminary registrations to be made effective against third parties.  The parties have also entrusted us with completing the definitive registrations of the mortgages in Panama.