Guernsey law firms advise on oil and collectibles investments

12 April 2018

Teams from two Guernsey law firms have demonstrated expertise with assistance on investments by their respective clients.

Carey Olsen’s Guernsey corporate team has advised existing client Blue Water Energy LLP (BWE) on its combined investment with Blackstone Energy Partners in new Norwegian oil firm Mime Petroleum AS for an initial amount of up to $1 billion.

Independent development and construction company Mime Petroleum is focused on acquired assets available on the Norwegian continental shelf and pursuing production optimisation, developments and near-field exploration opportunities.

Carey Olsen Partner Andrew Boyce led the team advising BWE on the Guernsey legal and regulatory aspects of its investment, supported by Senior Associate Ruth Abernethy. Mr Boyce also recently led the Carey Olsen team that advised BWE on the $1.1 billion final closing of Blue Water Energy Fund II at the end of last year, surpassing its original fundraising target of US$1 billion.

Mr Boyce said: “The company’s senior management team has a long track record of success operating on the Norwegian continental shelf and we are therefore delighted to have advised BWE on its investment in Mime Petroleum.”

Mime Chairman and Chief Executive Sverre Skogen said that BWE’s strong strategic and financial support to date was now significantly enhanced in combination with Blackstone.

“There are a lot of high-quality opportunities on the Norwegian continental shelf, and, with two of the foremost energy investors behind us, we are well positioned to take advantage of these,” Mr Skogen added.

Also in Guernsey’s legal sector, Collas Crill has advised fund manager Phoenix Asset Management Partners in the investment of up to £19.45 million by Phoenix UK Fund Ltd in stamp and collectibles business Stanley Gibbons Group PLC.

The transaction involved the restructuring of external debt and the acquisition of certain rights of the Group in inter-company indebtedness of Stanley Gibbons (Guernsey), which went into administration towards the end of 2017.

Phoenix, which now owns a 58% (approx.) stake in AIM-listed Stanley Gibbons Group, also has a substantial holding in iconic toy maker, Hornby, another AIM-listed company.

Banking Partner Sean Cheong and Insolvency and Restructuring Partner Michael Adkins led the Collas Crill team, assisted by Fiona Wilson and Gareth Morgan, Senior Associates in Jersey and Guernsey, respectively.

Ms Cheong said the deal was important locally given that Stanley Gibbons was ‘practically a household name’ in the Channel Islands.

“We were pleased to be able to work with Phoenix’s onshore Counsel, Taylor Wessing, to deliver the outcome for the client within challenging deadlines,” she added.

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