FREEHILLS has advised Roc Oil Company Limited on two deals, one in South-East Asia and one in Africa.
The Freehills team was led by partner Rob Merrick in corporate, energy and resources, and senior associate Lynda Tully in the same group. The team also included partner Joel Rennie in banking and finance and graduate Josh Spry in corporate, energy & resources.
ROC general counsel included Leanne Nolan and in-house lawyer Madeline Baines.
In the first transaction, Freehills advised on the entry into a Small Field Risk Service Contract ("SFRSC") for the pre-development and development of the Balai Cluster Fields offshore Sarawak, Malaysia. The SFRSC was awarded by Malaysian National Oil Company PETRONAS to a contractor group comprising ROC (48 per cent), Dialog Group (32 per cent) and PETRONAS Carigali (20 per cent). The SFRSC is a new petroleum arrangement being implemented in Malaysia to encourage the development of marginal fields. In this arrangement, PETRONAS is the owner of the project and the contractor group is the service provider.
The contractor group contributes all of the pre-development and development capital and is compensated accordingly with cost reimbursement and a remuneration fee for services rendered. The remuneration fee is based on oil and gas production and the attainment of key performance indicators.
In the second transaction, Freehills advised ROC on the sale of all of its interests offshore Mauritania, including its interest in the producing Chinguetti oil field, to Tullow Oil plc. The sale is subject to normal conditions precedent, including regulatory and partner consents.
Freehills' Merrick said: "We are delighted to have assisted ROC deliver on its stated strategies of exiting Africa and re-deploying capital to the generation of future growth opportunities in the South-East Asian region."