Legal DealFolio - First Reserve/Petrofac - PetroFirst International Joint Venture

Slaughter and May advised First Reserve, the global energy-focused infrastructure investment firm, on a framework agreement with Petrofac, the international service provider to the oil and gas industry, to create PetroFirst Infrastructure Partners (the Agreement). The new venture intends to deploy capital both in purchasing a number of existing assets from Petrofac's Integrated Energy Services (IES) division as well as in new energy infrastructure projects that utilise Petrofac's development capability. The new venture, which was announced on 26 June 2014, is anticipated to be funded 80% by First Reserve and its investors, with Petrofac retaining the balance of ownership. Up to USD1 billion is expected to be committed by the First Reserve Energy Infrastructure Funds and its investors and Petrofac expects to contribute up to a maximum of USD250 million in the form of existing assets and cash. The gross investment capacity of the new venture is expected to be significantly increased through debt leverage available to infrastructure investments. It has been agreed that the first transaction under the Agreement will be the establishment of a joint venture in respect of three of Petrofac's deployed and contracted floating production facilities. The total initial consideration for the transaction is approximately USD450 million. Corporate and Financing: Robin Ogle (partner), Peter Jolliffe (partner), Chris McGaffin (associate), Frances Churchard (associate).

Deal Date:	26-06-2014	Practice Area:	Corporate and M&A
Deal Title:	First Reserve/Petrofac - PetroFirst International Joint Venture	Industry:	Oil & Gas Producers
Description:	Slaughter and May advised First Reserve, the global energy-focused infrastructure investment firm, on a framework agreement with Petrofac, the international service provider to the oil and gas industry, to create PetroFirst Infrastructure Partners (the Agreement). The new venture intends to deploy capital both in purchasing a number of existing assets from Petrofac's Integrated Energy Services (IES) division as well as in new energy infrastructure projects that utilise Petrofac's development capability. The new venture, which was announced on 26 June 2014, is anticipated to be funded 80% by First Reserve and its investors, with Petrofac retaining the balance of ownership. Up to USD1 billion is expected to be committed by the First Reserve Energy Infrastructure Funds and its investors and Petrofac expects to contribute up to a maximum of USD250 million in the form of existing assets and cash. The gross investment capacity of the new venture is expected to be significantly increased through debt leverage available to infrastructure investments. It has been agreed that the first transaction under the Agreement will be the establishment of a joint venture in respect of three of Petrofac's deployed and contracted floating production facilities. The total initial consideration for the transaction is approximately USD450 million. Corporate and Financing: Robin Ogle (partner), Peter Jolliffe (partner), Chris McGaffin (associate), Frances Churchard (associate).
Financial Center:	London	Value:	100.01-500.00
Advised Party:	Joint Venture Party	Law Firm	Slaughter and May
JV Party Jurisdiction	United Kingdom	JV Party Jurisdiction	United Kingdom
Classification:	Joint Ventures Continuing Business Partnership	Lawyer	Robin Ogle

Practice Areas -

Corporate and M&A Law Firms and Lawyers

Practice Areas - Corporate and M&A Law Firms and Lawyers