Sidley Represents Lead Arranger in US$1 Billion Financing to Navitas and Rockhopper for First-Ever Development of the Falklands Islands Sea Lion Field

Sidley represented the lead arranger, administrative agent, and technical bank in connection with a US$1 billion financing and hedging facility supporting the first-ever commercial development of the Sea Lion Field, an offshore oil and gas reserves field located in the North Falkland Basin. The financing includes US$650 million of first-lien senior secured development loans to a subsidiary of Navitas Petroleum LP (Navitas), and US$350 million of corresponding loans to a subsidiary of Rockhopper Exploration plc (Rockhopper), the joint development partner of Navitas.

Sidley advised on all aspects of the financing structure, including multisource credit arrangements, risk allocation, and intercreditor hedging mechanics. The cross-practice and cross-border Sidley team was led by partners Mahalia Doughty and Robert Stephens (Energy and Infrastructure) and was further supported by Michael Schlinkert, Evan Grosch, and Emily W. Eng (Energy and Infrastructure); Emilie E. Stewart, Ben Thompson, Adrienne Diu, Rory Miller, Aoibhín Kelly, and Mo Suksaisakulsakdi (Global Finance); Steve Quinn and Patrick Graham (Tax); Chris Horrocks (Corporate); Andrew Fox and David Smith (Commercial Litigation and Disputes); Peter McCorkell and Alex Down (Labor, Employment and Immigration); David Horan (M&A); and Christopher Lock (Global Arbitration, Trade and Advocacy). The team was further supported by lawyers across the firm’s offices in Houston and London.