Arias, Fábrega & Fábrega represented ABN AMRO BANK N.V. in connection with a US$360 million senior secured credit facility agreement involving the ship owners and Seadrill Limited as borrowers, including the granting of naval mortgages over the vessels of Panamanian registry: AOD I, AOD II and AOD III.

We started some approaches also as borrower's counsel in Panama, as to the viability of the financing while the vessels remain under construction, and further determining the filing for registration of the mortgages prior to each delivery, but considering that ownership was only being transferred upon delivery, also for the lending parties to arrange for payment mechanics (to the shipyard, in each case) in accordance with the adequate timing bearing in mind the moment at which the mortgage would become in fact a real lien (i.e. upon builder releasing ownership documents and the same being registered at the Public Registry of Vessels).

ARIFA acted for the owners, as resident agents before the Merchant Marine Administration and coordination was an element of care for all parties to be satisfied with our performance at all ends; in particular, since delivery issues were attended outside working hours of Panama, but supervised by the lawyer in charge and having our clerks attend the registry.

The matter required a special drafting of the mortgages, also involved a series of discussion with the Director of the Public Registry of Titles and Encumbrances of Vessels of the Panama Maritime Authority, as to the documentation that would be submitted at each stage as a matter of ownership rights.