Arias, Fábrega & Fábrega represented ING BANK N.V. in connection with a US$1.4 million senior secured credit facility agreement to Seadrill Limited and the ship owners for the financing of the construction of the vessel West Auriga.

It involved the structuring with foreign entities, two of which were changed prior to delivery. As we were also assisting Seadrill and its subsidiaries, we also attended to the documentary changes and liaising with the officials at the Merchant Marine Administration in connection thereto.

In addition, relevant issues as to ownership transfer vis a vis placing the naval mortgages in place prior to delivery as to facilitate the closing procedure, but with careful advice as to when the mortgages would actually materialize upon delivery as to ensure the mortgagee and lender's situation in respect to the lien.

There are various approaches amongst the shipping lawyers in Panama, and we have pre-availed as to our analysis and perception of this type of structuring, including some discrepancies observed at the registry level, which we have made clear to our clients, with their clear understanding of the matter in question.