Ashurst has advised Petroleum Geo-Services ASA ("PGS") on the establishment of an Export Credit Financing for two (third and fourth of a series of four) Ramform Titan-class seismic survey vessels scheduled for 2015 delivery.

PGS has, through a wholly owned subsidiary, signed two loan agreements for together $305 million to finance the two new builds.  The lenders are Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corporation, with Nippon Export and Investment Insurance insuring the SMBC portions of the loans.

The Ashurst team was led by Huw Thomas, oil and gas structured finance partner and Rachael Chapple, Associate.