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Onslow Marine Support Base advised on first NAIF-funded project

Onslow Marine Support Base advised on first NAIF-funded project

meeting, discussion, advise

Herbert Smith Freehills has advised the Onslow Marine Support Base in the nation's first Northern Australia Infrastructure Facility-funded project.

Firm: Herbert Smith Freehills (Onslow Marine Support Base Pty Ltd)

Deal: Onslow Marine Support Base Pty Ltd (OMSB) has been advised as the borrower in the first Northern Australia Infrastructure Facility (NAIF) loan facility funding disbursed since the fund was established.

Value: Undisclosed

Area: Finance

Key players: The Herbert Smith Freehills team was led by partner Andrew McLean, with support from senior associate Owen Alcorn.

Herbert Smith Freehills also advised OMSB on its construction and operation contracts and land tenure, led by partner David Hugo with support from senior associate Katie Brennan.

Deal significance: Under the transaction, NAIF provided a subordinated concessional loan to OMSB to facilitate the construction of a multi-user infrastructure port and marine supply project at Onslow in Western Australia, according to a statement from Herbert Smith Freehills. National Australia Bank Limited was the senior lender on the project, the firm noted.

“Once complete, the project will be offered as an alternative to facilities at Dampier and Exmouth in the north-west of Western Australia, providing cost-saving proximity to offshore oil and gas fields in the northern Carnarvon Basin,” the firm's statement said.

“It's 204m laydown area means that all four oil and gas majors will be able to use the facility at the same time.”

Commenting further on the deal, Herbert Smith Freehills partner Andrew McLean said: “It’s a credit to the vision and hard work of the OMSB team that they have been able to design and progress such an important infrastructure asset for Western Australia, and for the oil and gas industry participants in the region.”

“The team at OMSB has worked tirelessly to reach financial close on the first NAIF financing. It was a pleasure to work with them and to be involved on the transaction, and to work alongside the NAIF and NAB teams to achieve this result,” he added.

 

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