Ashurst and Allen & Overy (A&O) are acting on Saudi Aramco and oil rig construction business Lamprell’s new joint venture to develop a $5.2bn maritime yard in Saudi Arabia.
The development will create the largest maritime yard in the region, located at Ras Al-Khair on the east coast of the country.
Saudi Arabia’s national shipping company Bahri, and South Korea’s Hyundai Heavy Industries, have also partnered with Saudi Aramco as part of the project.
Lamprell instructed Ashurst on the deal, with a team led by London-based corporate partner Nick Bryans. Europe and US banking head Martyn Rogers, London-based real estate partner Jamie Chapman and corporate partner Faisal Baassiri in Jeddah are also providing advice.
Saudi Aramco was advised by a joint team from A&O and its Saudi Arabia relationship firm Khoshaim & Associates (K&A) led by K&A structured finance partner Zeyad Khoshaim and A&O corporate finance partner Stephen Mathews.
Earlier this year, A&O and K&A advised the arrangers and dealers on the establishment of the SAR37.5bn sukuk issuance programme for Saudi Aramco. The two firms also advised on the debut issuance of SAR 11.25 billion sukuk due 2024.
A&O capital markets partner Bilal Ahmad led A&O’s team. K&A advised on the structuring and coordination with the banks. A separate team advised Riyad Capital as sukukholders’ agent, led by A&O partner Morgan Krone.
