Generally, oil and gas projects have little difficulty being financed these days, but when there is a rig purchased out of bankruptcy, a non-recourse structure and a PEMEX contract, things become interesting. As they say, you can’t tell the players without a scorecard, so we will begin with a discussion of the principal parties to the transaction and there are a few, but then again that’s why it’s a structured transaction.

In 2009, when the shipping industry was facing its biggest crisis in decades, one particular Korean financial institution saw the urgency to come up with financing solutions for its core clients. Against this challenging backdrop, Korea Development Bank (“KDB”) brought in co-investors Daewoo Shipbuilding and Marine Engineering, STX Pan Ocean and Dongbu Insurance, and launched its very own USD 800 million shipping fund program. Over the course of last year, KDB concluded a number of transactions under this shipping fund program, and for all the success and creativity demonstrated, we hand out the structured finance award in the East to KDB.

This is only an excerpt of Generally, oil and gas projects have little difficulty being financed these days, but when there is a rig purchased out of bankruptcy, a non-recourse structure and a PEMEX contract, things become interesting. As they say, you can’t tell the players without a scorecard, so we will begin with a discussion of the principal parties to the transaction and there are a few, but then again that’s why it’s a structured transaction.

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