NEW YORK – Atlantis Finance Ltd. has acquired funds to buy a semisubmersible accommodation vessel for Cotemar to use offshore Mexico.
The Atlantis, owned by Atlantis Offshore, will be chartered to Mexico oilfield services company Cotemar, S.A. de C.V., which will use it in connection with service contracts for PEMEX. Atlantis was built at COSCO’s Nantong shipyard in China.
Milbank Global Project Finance practice group leader Dan Bartfeld said, “This very successful financing highlights the opportunities in Mexico’s offshore energy sector – an area where we expect to see very significant growth in the coming years. Despite oil price volatility, this successful transaction shows that well-structured projects from top-tier sponsors can obtain successful cross-border financing.”
Milbank, Tweed, Hadley & McCloy LLP advised Atlantis Finance Ltd. on securing the financing.