Linklaters takes BP role on $650m oil wells sale to Japanese investor
Linklaters has taken a lead role for BP on the $650m (£412m) sale of four oil wells in the Gulf of Mexico, reports the Am Law Daily. The sale to to Japanese trading company Marubeni is BP's latest move to sell off up to $30bn (£19bn) in assets to offset the rising costs associated with cleaning up the Gulf of Mexico after the disastrous explosion aboard its Deepwater Horizon offshore drilling rig in April.
October 26, 2010 at 04:27 AM
2 minute read
Linklaters has taken a lead role for BP on the $650m (£412m) sale of four oil wells in the Gulf of Mexico, reports the Am Law Daily.
The sale to to Japanese trading company Marubeni is BP's latest move to sell off up to $30bn (£19bn) in assets to offset the rising costs associated with cleaning up the Gulf of Mexico after the disastrous explosion aboard its Deepwater Horizon offshore drilling rig in April.
BP was advised on the Marubeni deal by Linklaters, which previously represented the oil giant in August when it borrowed $5bn (£3.2bn) from a consortium of banks by tying the loans to future revenue from two oil fields, a deal which also handed roles to Herbert Smith and Baker & McKenzie.
Linklaters New York corporate partner Joshua Berick led the magic circle firm's team on the Marubeni deal, while Brad Bryan, senior attorney for exploration and production at BP America, served as the company's lead in-house lawyer on the deal.
Craig Townsend, an oil and gas partner at New Orleans-based Am Law 200 firm Adams and Reese, served as lead adviser for Marubeni. The deal is expected to be completed by early 2011, according to a statement by BP.
A raft of leading firms have won work for BP in the wake of the Deepwater oil disaster.
In July CMS Cameron McKenna and Sullivan & Cromwell were appointed to advise on BP's $7bn (£4.7bn) sale of assets in Canada, Egypt and the US, while around the same time Freshfields Bruckhaus Deringer was instructed to act for the oil giant on its attempts to ward off a takeover bid.
The Am Law Daily is a blog on law.com, Legal Week's US affiliate title.
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