WFW”) Combines Our In-Depth Knowledge in the Energy, Natural Resources and Maritime Sectors

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ADVISING THROUGHOUT THE LNG VALUE CHAIN - CREDENTIALS STATEMENT -

Credentials Statement 1

GLOBAL REACH - OUR GLOBAL OIL & GAS PRACTICE

The LNG team at Watson Farley & Williams (“WFW”) combines our in-depth knowledge in the energy, natural resources and maritime sectors. The team is supported by the largest dedicated shipping and offshore oil & gas practices in the world. With more than 150 lawyers in our global Oil & Gas group across 15 offices in the WFW international network, our team has the combined expertise, local knowledge and critical mass to advise on the most complex and multi-jurisdictional projects throughout the LNG Value Chain

● LNG industry heavyweight: WFW is widely acknowledged to be the “undisputed leader in shipping” (Legal 500) and a go- to firm with “a sophisticated practice… particularly active where there is a nexus with the energy sector, demonstrating expertise in LNG, offshore oil and gas, and logistics.” (Chambers Asia Pacific). Our market-leading team of LNG experts have acted for some of the industry’s leading players and on some of the most complex projects in this sector, across the entire LNG Value Chain, examples of which are set out in this document.

● “360-degree” sector perspective: Unlike the traditional practice-focused law firm model, WFW is a sector-focused firm. This means our lawyers are working in their specialist sectors on a day to day basis, continually witnessing the ups and downs, trends and cycles of the industry. The accrued knowledge and experience allows them to serve as better and more commercially-minded advisors to our clients. Our lawyers have a track record advising on upstream, midstream and downstream LNG and gas projects.

● One stop shop: The end result is that WFW’s LNG team can serve as a client’s 'one stop shop' for innovative and commercially-focused legal advice throughout the LNG Value Chain. We also have the critical mass to work on large scale projects, as evidenced by the experience of the firm and our expert Oil & Gas team set out in this document.

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UPSTREAM M&A AND TRANSACTIONAL SELECTED RELEVANT EXPERIENCE

Upstream hydrocarbon exploration & production is the basis of any LNG project. Working in all major hydrocarbon producing areas of the world on a range of M&A and commercial oil & gas transactions as well as disputes and financing, our oil & gas lawyers work as an integrated team across the entire value chain. our experience includes M&A of exploration and production assets around the world. We act for a broad range of clients in the upstream oil & gas industry, including E&P companies, offshore services contractors, storage providers and refineries, local and national governments, financiers, funds and other investors.

BW OFFSHORE PERTAMINA SYNDICATE OF BANKS Advising BW Offshore on Advising a subsidiary of Pertamina (the Advising a syndicate of banks consisting documentation relating to its National Oil Company of Indonesia) on of DnB, ING, BNP Paribas, Citi and participation in the Kudu offshore gas the unitisation of the Jambaran and BMO as lenders on a US$1.5bn field project in Namibia, including its Tiung Biru fields and associated Reserve-Based Lending Facility to acquisition – via its wholly owned agreements with ExxonMobil in Chrysaor for the acquisition of a subsidiary BW Kudu – of a 56% stake in Indonesia. portfolio of UK North Sea assets from the Kudu offshore licence. Royal Dutch Shell.

OCTANEX MIDDLE EAST – GOVERNMENTS Advising the Sabah Development Bank BAYERNGAS UK LTD (BGUK) Advising the Governments of Iraq and on the acquisition of an interest in ASX Advising BGUK on two separate Kuwait (jointly with petroleum engineers listed Octanex NL, with assets in acquisitions relating to projects in the ERCE) on cross border agreements and Malaysia, Indonesia, Australia and New UK Southern North Sea. BGUK optimal model for the further Zealand, a subscription for loan notes acquired a 25% interest in the Clipper exploration and exploitation of the convertible into Octanex NL or its South project from Fairfield Energy and cross-border oil and gas fields between subsidiary holding the group’s interest a 12.5% interest in the Cygnus project the countries. in the Ophir risk sharing contract in from Endeavour Energy for US$110m. Malaysia.

PROGRAMME OF US ONSHORE AZINAM LTD OIL & GAS INVESTMENTS CALENERGY RESOURCES Advising independent Namibian oil and gas explorer Azinam on its divestment Advising Matra Petroleum on an Advising CalEnergy Resources on its to ExxonMobil Namibia (PEL 44) Ltd, an agreement allowing it to make a series host selection process to export field affiliate of ExxonMobil Corporation, of of investments into the US onshore oil & fluids and raw gas from the Platypus a 30% stake in Petroleum Exploration gas sector. The purchase agreement field offshore the UK Southern North Licence 44 offshore Namibia. The allows Matra to acquire up to 38,746 Sea, including advising on, drafting transaction remains subject to net acres across 50 leases in the Texas and negotiating transportation governmental approval and other Panhandle through a series of processing operating services conditions. investments. agreements, construction commissioning and tie-in agreements, allocation and access agreements, field user agreements, amongst others, in relation to two exit routes to the beach terminals and connection to the UK national gas transmission system.

Credentials Statement 3

GAS STORAGE AND TRANSPORTATION SELECTED RELEVANT EXPERIENCE

Commercial and effective, our oil & gas lawyers utilise material sector expertise to provide commercially expedient, pragmatic legal advice taking into account the wider business environment to ensure that such advice delivers projects on a robust and timely commercial basis. Our lawyers support clients on transactions involving land- based and floating oil products storage facilities and onshore gas transmission and distribution pipeline networks to move the gas from the production well to market or from a regasification terminal to the end user.

€1.4BN SPANISH GAS STORAGE EXCELERATE ENERGY GOVERNMENT OF ISRAEL PROJECT FINANCING Advising Excelerate Energy on complex Advising the Government of Israel gas Advising oil and gas exploration and innovative commercial agreements transportation company INGL on the company, SPV Escal UGS, in obtaining for a unique gas import project in drafting and negotiation of gas a financing facility for the Castor Teesside, UK involving installation of transportation agreement for the use of underground gas storage project facilities to enable regassified LNG to the national gas pipeline network. offering a 1.9bn cubic metre capacity. access the UK pipeline system. Project finance was provided by Luxembourg Watercraft Capital, S.A. with funds obtained through the issuing HIDROCANTÁBRICO of project bonds amounting to €1.4bn. Advising Hidrocantábrico on negotiations with Enagas in relation to agreements for the transportation of gas and access to gas mains.

KOGAS Advising Kogas, together with Wood LEAD ARRANGERS MacKenzie, on a potential gas pipeline, Advising the mandated lead arrangers including international government and on the financing of the acquisition of host government contracts and the Baskent Gas (distribution company) transportation agreements. in Turkey. LEIF HOEGH & CO LTD Advising Leif Hoegh & Co Ltd on the acquisition of shares in a company STORENGY PIPE-LAYING VESSEL undertaking a gas storage project, Advising Storengy Deutschland GmbH Advising ICICI Bank, Axis Bank, Punjab including advice in relation to the on the sale of its stake in the gas National Bank and Indian Bank in shareholders agreement and related storage facility in Breitbrunn/Eggstätt in relation to loan and letter of credit commercial and project agreements. Bavaria to Slovakia’s NAFTA a.s. In facilities aggregating US$97.3m to part parallel, NAFTA also acquired stakes in finance the acquisition of, and project the Breitbrunn/Eggstätt, Inzenham-West costs relating to, a derrick pipe-laying and Wolfersberg underground gas vessel chartered to Quippo Prakash. storage facilities from DEA Deutsche Erdoel AG.

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LIQUEFACTION SELECTED RELEVANT EXPERIENCE Specialists across our offices in all the major shipping centres throughout Europe, Asia, the Middle East and the USA act on matters such as the development and financing of onshore and floating liquefaction plants, the construction of new floating LNG plants and terminals and the organisation and preparation of bids in relation to tenders for participation in LNG projects.

PRELUDE FLNG PROJECT SHELL EASTERN PETROLEUM ARROW LNG (AUSTRALIA) Advising INPEX on aspects of the (PTE) LTD. Advising the Project Company for an Prelude FLNG Project, including Advising on the placement, LNG facility in Australia on a range offtake and transport arrangements employment and operation of FLNG of documentation including bespoke and review and advice on lifting units in Australia and Indonesia. The FEED contracts for engineering agreements and chartering transaction included import/export, works, tunnelling construction arrangements. ownership structures, tax, registration contracts and EPC contracts for and international convention onshore works. compliance. ANADARKO PETROLEUM CORPORATION Advising Anadarko Petroleum WORLD’S FIRST FLNG UNIT Corporation in connection with the Advising the Industrial and financing of the development of the Commercial Bank of China Limited Mozambique LNG project. on the US$200m financing of the construction and acquisition of the world’s first floating liquefaction and storage unit for natural gas for the EXMAR Group. HØEGH FLNG Advising on the structuring and joint SHTOKMAN development of Høegh’s FLNG Advising Gazprom on the proposed projects, including on the term sheet restructuring of a Barents Sea gas for the EPCIC contract and the terms condensate project and development of the pre-FEED contract with its EPC of a related LNG facility, including contractor. LNG LIQUEFACTION PLANT extensive negotiations with two Advising on the development of a international oil companies. 2MTPA LNG liquefaction plant in Indonesia, using a modular system of 0.5MTPA LNG trains.

Credentials Statement 5

O&M AGREEMENTS: LNG TRANSPORTATION AND FSRU SELECTED RELEVANT EXPERIENCE We have considerable experience advising owners, operators, lessors and lessees, project sponsors and integrated oil & gas companies on all manner of commercial contracts with regards to the operation of FLNGs, FSRUs and LNG carriers. Our extensive experience also encompasses advising on FPSOs, offshore rigs and drillships. From joint venture agreements to commercial contracts and leasing agreements, WFW has the capacity to advise on any matter involving LNG transportation.

YEMEN LNG COMPANY HØEGH LNG MARUBENI AND SK SHIPPING Advising Yemen LNG Company on Advising the joint venture between Advising on the creation of a joint its transportation requirements for Høegh LNG and Mitsui OSK Lines venture for ownership of two the Bal Haf project, including the on the commercial arrangements 180,000m3 LNG vessels and related long-term charter of four LNG relating to the sub-let by ENGIE of time charter contracts with Total for carriers. the SRV Neptune to Turkish project the transport of LNG from the developers, Kolin and Kalyon for Australian Ichthys project and the utilisation at Turkey’s new Etki LNG Sabine Pass terminal in Louisiana, PRIMORSK SHIPPING terminal. This included negotiating USA. Advising Primorsk Shipping and documenting certain Corporation in respect of a joint amendments to the underlying venture with MOL and K-Line charter (referred to above), and a YAMAL LNG: SOVCOMFLOT concerning the financing and charter review of the terminal use and port Advising Sovcomflot on the of an LNG carrier for the liability agreements. shipbuilding and charter party transportation of LNG primarily from contracts for a US$260m LNG vessel the Russian Federation. to be utilised as part of the Yamal LNG project. We also advised on the financing of the vessel which won RASGAS II Marine Money’s “Project Finance Advising Teekay on its successful bid Deal of the Year 2018”. BG Group to provide three LNG carriers on on the terms of a series of long-term long-term charter to RasGas II. LNG charter arrangements.

GOLAR LNG SK SHIPPING GOLAR LNG Advising Golar LNG in negotiations Advising SK Shipping on the long- Advising Golar LNG in relation to on the terms of the long-term time term charter of two of its LNG Indonesia’s first FSRU, chartered to charterparties and operating and vessels. PR Nusantara Regas, a joint venture maintenance agreements in respect between Pertamina and Perusahaan of two LNG FSRUs for Petrobras. Gas Negara. US$930M SALE & LEASEBACK Advising BG Group plc subsidiary HØEGH LNG Methane Services Limited on the BG GROUP Advising Høegh LNG on commercial US$930m sale and charter back of Advising BG Group on the terms of agreements for two LNG shuttle and six LNG carrier vessels to GasLog a series of long-term LNG charter regasification vessels (SRVs), Ltd. arrangements. designed to service the Neptune offshore LNG import terminal.

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EPC CONTRACTS: FSRU CONVERSIONS & NEWBUILD SELECTED RELEVANT EXPERIENCE

WFW has a substantive track record of advising on complex construction projects, such as conversions, lengthening and major refurbishment work in addition to newbuilds in the offshore oil & gas sector, and wider maritime industry.

Our lawyers’ experience advising shipyards, owners/operators and financiers ultimately serves our clients well, allowing them to ask the pertinent questions and ensure that the most relevant clauses and language are included in the contract, ultimately ensuring that the unit delivered at the end of the project is to our clients’ exacting specifications and avoiding costly and time-consuming litigation.

CONVESIONS FSRU TOSCANA NEWBUILDINGS BUMI ARMADA Advising the owners of the offshore NYK, SOVCOMFLOT AND Advising Bumi Armada on the moored FSRU Toscana, in the SAMUDERA drafting and negotiation of the contract for the conversion, delivery, Advising NYK, Sovcomflot and O&M Agreement; pre-installation installation and leasing of an FPSO Samudera on a joint venture for the Familiarisation & Training on the Madura Project, Indonesia, construction, ownership and Agreement; the Support, Guardian involving China National Offshore financing of two LNG vessels for the and Crewboat Services Agreements; Oil Corporation (CNOOC) and Tangguh project. the Terminal Use Agreement; Husky. Conditions of Use; and Vetting and Approval standards. Also advising in relation to the delivery (from PLUTO LNG PROJECT YINSON OCTP GHANA conversion yard) contracts and Advising Woodside (as operator) in Advising Yinson OCTP Ghana FPSO issues arising under the purchase relation to the terms of the on the supply, conversion and and conversion contracts. construction contracts in respect of leasing of an FPSO to Eni. the vessels to be utilised in the Pluto LNG Project.

OIL EXPLORATION AND PRODUCTION COMPANY TEEKAY LNG PARTNERS Advising a major independent oil Advising Teekay on the terms of its exploration and production company construction contracts and chartering on the repair and upgrade of an arrangements in respect of a series FPSO; drafting the repair contract, of LNG carriers for the Yamal LNG assisting the client's bid package for Project. competitive tender process, evaluating the bid and negotiating LNG CARRIER and finalising the repair contract Acting for mid-term charterers in LNG NEWBUILDINGS negotiating terms with the owners of with the preferred contractor. Advising a shipbuilding group on the LNG carriers for the acquisition and construction and financing storage of long-lead items needed arrangements for a series of five for conversion into FSRU and the JURONG SHIPYARD PTE LTD LNG newbuildings for Middle options and terms for the Advising the Singapore shipyard in Eastern interests. conversion project. a Master Shipyard Service

Agreement for a series of vessel conversion and refurbishment works for offshore.

Credentials Statement 7

EPC CONTRACTS: SUBSEA CONSTRUCTION SELECTED RELEVANT EXPERIENCE Utilising the expertise of WFW's LNG and Offshore Oil & Gas teams and the firm's Ports and Terminals practice, our firm is a leading advisor on the commissioning, regulatory requirements, development and installation and operation of subsea and offshore installations.

Combined with our experience advising further upstream and downstream in the LNG Value Chain, this permits us to take a more holistic, 360-degree view of how the installations sit within wider projects or advise on LNG onshore and offshore infrastructure as a standalone project. In either situation our clients' commercial priorities and operational goals are paramount, and benefit from our team’s collective experience to avoid potentials pitfalls and bottlenecks throughout the process.

PROJECT SPONSOR DZHUBGA-LAZAREVSKOYE- GOVERNMENT OF CYPRUS Advising in relation to a UK offshore SOCHI (RUSSIA) Advising as part of a consortium with regasification terminal and pipeline Advising an offshore gas pipeline MW Kellogg Ltd. and Gas Strategies involving the mooring of an LNG contractor on the negotiation of the on a BOT tender for the construction regasification vessel on an offshore EPC contract for the offshore and operation of an LNG and buoy connected to a pipeline to feed construction of pipeline in the Black petroleum products import terminal gas into the national transmission Sea with pull-in onshore through project in Cyprus. system. HDD.

LEKKI PORT LFTZ ENTERPRISE Advising in relation to the EPC contract for the infrastructure and deep-water port in Ibeju, Lagos, Nigeria.

HØEGH LNG Advising Høegh LNG on OFFSHORE CONTRACTOR ROSETTI MARINO S.P.A. regasification projects offshore UK Advising on the commercial terms of Drafting and negotiating a contract utilising on-board regasification into the EPC contracts for a number of for the engineering, procurement, purpose-built infrastructure for Single Point Mooring (SPM) projects. construction and installation of delivery of natural gas to shore. topside modules for a drilling platform in the North Sea, involving negotiations with counterparties on CHINA LIGHT AND POWER risk allocation and insurance in Advising on the development of its offshore construction. LNG import terminal in Hong Kong.

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ONSHORE GAS INFRASTRUCTURE DEVELOPMENT SELECTED RELEVANT EXPERIENCE Our dedicated team of lawyers provides strategic legal solutions for the development of key infrastructure projects – taking underlying business issues and risks into account. Our expertise covers all facets of projects, from early stage development such as consortium issues and joint ventures to project financing structures, construction, risk allocation / mitigation, privatisations, commercial contracts and acquisitions but also competition law, merger control, public procurement, State aid and other regulatory issues that may arise in energy or infrastructure transactions.

REGASIFICATION TERMINAL TRANS ADRIATIC PIPELINE BORD GAIS AND PIPELINE (GREECE, ALBANIA, ITALY) Advising Bord Gais of Ireland in Advising Excelerate Energy in Advising the Project Company relation to the Isle of Man gas supply relation to the world’s first dockside procuring the construction of a gas pipeline and operational issues. floating regasification facility in transportation pipeline in South Teesside, UK, involving the mooring Eastern Europe on the forms of of an LNG regasification vessel on contract for the onshore pipeline LNG PLANT IN RUSSIA an offshore buoy connected to a construction works; offshore marine Advising Ashmore in the pipeline feeding into the national works; ancillary onshore construction establishment of a joint venture to gas transmission system. Work works (compressor stations, support construct and operate an LNG plant included advice on cable and roads); and contracts for the supply in Russia. pipeline crossing agreements, real of materials. property aspects and regulatory issues as well as LNG regasification vessel and pipeline infrastructure SOCAR construction and procurement, user Advising the State Oil Company of agreements and limited recourse Azerbaijan on the final investment project financing. decision for the expansion of the Shah Deniz2 gas condensate field and related southern corridor gas pipeline.

GAS FIELDS IN BALTIC SEA FLUXYS Advising an SPV owned by Advising Fluxys on the acquisition CalEnergy Resources and LOTOS financing (and subsequent Petrobaltic on the development of refinancing) of a gas pipeline the B4 and B6 gas fields in Baltic connecting Germany and Italy as Sea including advising on the part of the ENI unbundling. financing, development of the CHINA LIGHT AND POWER offshore and onshore facilities and Advising China Light and Power on offtake agreements. the development of its onshore LNG import terminal in Hong Kong.

Credentials Statement 9

LNG/GAS SPAS AND TRADING SELECTED RELEVANT EXPERIENCE We act for a range of financiers and producers bringing gas, LNG, oil and related products to market, providing specialist advice on long‑term sale and purchase agreements as well as spot trading arrangements and a variety of other structures to finance that activity, including L/C facilities, pre-export facilities, securitisations and all related cross-border security issues.

GUANGDONG DAPENG LNG CITI GROUP NAUTICOR GMBH COMPANT LTD. Advising Citi Group in relation to a Advising Nauticor GmbH on and Advising on its import terminal long-term structured purchase of gas drafting mid-term supply agreement project, which includes LNG at the UK national balancing point (under Swedish law) for the delivery purchase tender and contract (NBP). The arrangements were of LNG as bunker fuel to Destination negotiations, terminal and shipping unique in that they took account of Gotland AB, a Swedish ferry arrangements. the physical nature of the delivery company. chain of the underlying LNG source and covered the seller’s related force majeure risk. SORGENIA Advising Sorgenia on rights under a long-term gas supply agreement BW KUDU with a take-or-pay structure, against Advising BW Kudu on the Eni S.p.A. for abuse of market power development and gas sales and and anti-competitive behaviour in transportation terms (including Italy. commercial and technical) for an offshore gas pipeline from an QATARI LNG upstream source to a proposed Advising Qatari LNG producer on power plant in Namibia, including LNG sale and purchase agreements bankability analysis and financing for the sale of LNG cargoes options. (including spot market sales and cargo swaps). CALENERGY RESOURCES Advising CalEnergy Resources on the GOVERNMENT OF PAKISTAN development of their upstream Baltic Advising under an USAID mandate, Gas Project in Poland, including on GOVERNMENT OF CYPRUS the Government of Pakistan and the long-term gas sales agreement, Advising the Government of Cyprus Pakistan State Oil Corporation condensate sales agreement and in relation to the bidding process to Limited in relation to, negotiating LPG sales agreements. be adopted and parameters to be and drafting a long-term LNG specified when inviting various supply agreement with Qatargas producers to sell LNG long‑term into and model master LNG trading Cyprus. agreement.

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TERMINAL USE AGREEMENTS SELECTED RELEVANT EXPERIENCE LNG import terminals are embedded between sellers’/producers’ LNG supply arrangements and offtake rules for the regasified LNG and need to address the resulting interphases. In addition, host countries may require compliance with mandatory third-party access rules and use-it-or-lose-it regimes. Our lawyers have a wealth of experience in drafting and negotiating terminal use agreements with and without third-party access requirements in mind.

SUI SOUTHERN GAS GOVERNMENT OF PAKISTAN INDUSTRIAL AND COMPANY Advising as legal project counsel, as COMMERCIAL BANK OF Advising, as part of a consortium part of a USAID funded consortium CHINA with commercial and technical of advisers, on and drafting the Advising on project agreements, advisers QED, Sui Southern Gas tender documentation for the including services/facility access Company of Pakistan as Customer construction and operation of the agreement, in relation to a US$200 of the Engro Elengy FSRU-based FSRU-based terminal in Karachi and million financing to the Exmar group LNG import terminal on the tender, long-term LNG import into Pakistan; in respect of its construction and and negotiating and drafting drafting and negotiating Terminal acquisition of a floating liquefaction relevant documentation, for the Throughput Agreement, Port and storage unit for natural gas purchase of uncommitted throughput Implementation Agreement, Direct presently being built by China capacity at that terminal. Agreements; reviewing and advising shipbuilders Wison (Nantong) Heavy on regulatory policy relating to LNG Industry Co., Ltd and Wison activities in Pakistan; advising on Offshore & Marine Ltd. and drafting long-term, mid-term and spot LNG sale and purchase agreements including relevant tender documentation.

ENERGÍA Y GAS DE HUELVA Advising Energía y Gas de Huelva (Grupo Villar Mir) in the PORT MERIDIAN development of a regasification Advising project developer in relation terminal and two associated to a gas unloading licence from the combined cycle power plants in SOUTH HOOK LNG Department for Energy and Climate Spain. TERMINAL COMPANY Change of the UK (DECC) for this Advising this Qatargas II group FSRU-based terminal off the West company on and drafting of coast of the UK, drafting the licence BW VENTURES commercial access agreements and advising on subsequent Advising an FSRU owner on its bid to regarding the LNG import facility at amendments proposed by DECC act as the operator of a FSRU Milford Haven, Wales, UK, and until finalisation of the licence. installation offshore Chile for this more recently advising on the Advising in relation to applicable LNG-to-power project proving subsequent creation and maritime and HSE regulatory electricity to mining companies in implementation of operational regimes. Northern Chile, including advising business rules at the terminal. on access to and operating arrangements of the facility.

Credentials Statement 11

GAS-FIRED POWER PLANTS SELECTED RELEVANT EXPERIENCE With our true understanding of the difficulties and implications of global sector trends, we are able to deliver first-class expert advice on some of the world’s leading, high profile and ground-breaking projects in the energy infrastructure space.

Known and trusted by all parties involved in power plant, grid and interconnector transactions and developments, Watson Farley & Williams’ lawyers regularly work with the world’s largest players in the market. We provide a cradle to grave service in relation to these assets, regularly on an international or cross-border basis.

ENERGÍA Y GAS DE HUELVA LENDERS DONG ENERGY Advising Energía y Gas de Huelva Advising groups of lenders in Advising DONG Energy on its (Grupo Villar Mir) in the relation to the financing of the acquisition of the Severn gas-fired development of a regasification construction, conversion, operation power station in South Wales and terminal and two associated and maintenance of several power the engineering business Carron combined cycle power plants in ships deployed to a variety of Engineering & Construction, a power Spain. jurisdictions, including Ghana, plant consultancy, from Welsh Power Indonesia and Lebanon. Their Group. capacity ranges from 175MW to 470MW (the world’s largest power ship).

650MW GAS-FIRED POWER PLANT Advising a project developer in the development and financing of a 650MW gas-fired combined cycle SHELL power project in the Philippines, the Advising Shell as gas toller in first CCGT to utilise LNG as a fuel AFRICAN EXPORT-IMPORT BANK relation to an LNG/gas-to-power source in the Philippines. Project Advising African Export-Import Bank tolling arrangement in Amorebieta, lenders included the Development as lead arranger on the project Spain, including drafting and Bank of the Philippines and financing of a US$600m gas-fired negotiating the Tolling Agreement Landbank of the Philippines. power plant in Akwa Ibom State, for the import of LNG into Spain, Nigeria. supply of gas to and offtake of electricity from the power station ENGIE operated by ESBI, third-party access Advising Engie in relation to the LENDERS and liability regimes in relation to Heron II gas fired power project in Advising lenders in connection with Spain’s gas transmission network Greece. financing the construction of the Al and sale of electricity into the Ezzel Power Project, being a gas- Spanish grid. fired power project in Bahrain.

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FINANCE (LNGC, FSRU, FLNG, FPSO) SELECTED RELEVANT EXPERIENCE

We advise shipowners, lessors and lessees, banks, export credit agencies and private equity funds on a range of different assets types and financial structures and the associated underlying project documentation.

TEEKAY US$1.6BN FINANCING TEEKAY LNG SUMI TRUST US$880M LOAN Advising Teekay LNG Partners L.P. and Advising Teekay LNG Partners L.P. on Advising SuMi Trust London in their its joint venture partner China LNG the US$327m long-term financing participation in a US$880m loan facility Shipping (Holdings) Ltd on the signed in November 2017 to fund a to Teekay Nakilat (III) Corp relating to US$1.6bn long-term financing for the floating storage unit (FSU) for the four LNG tankers chartered to Ras construction of six Arc7 LNG carrier Bahrain regasification project, and one Laffan Liquified Natural Gas Company. newbuildings at Daewoo Shipbuilding M-Type, Electronically Controlled, Gas & Marine Engineering Co., Ltd. in South Injection (MEGI) LNG carrier Korea. Once completed, these 172,410 newbuilding. The FSU will be chartered cubic meter vessels will have 2.1 metre over 20 years from the third quarter of icebreaking capabilities in both forward 2018 and the MEGI LNG carrier has a and reverse and will service the Yamal 13-year charter contract with BP starting LNG project under charter contracts out in early 2019. to 2045 (plus options), with the first vessel delivering and commencing its charter contract in January 2018. KOGAS NEWBUILDS Advising a syndicate of lenders on the US$1.2bn finance facility for KOGAS, US$800M GOLAR MLP FLEET to fund the acquisition of six newbuild Advising Golar LNG Limited on the LNG carriers to be constructed at US$800m refinancing of Golar MLP Daewoo Shipbuilding & Marine fleet secured over seven ships including Engineering and Samsung Heavy LNG and FSRUs; the facility Industries. The deal was named “Bank consolidated a number of vessel Debt - East: Financing of the Year” in financings for Golar MLP, the listed arm 2015 by Marine Money. of the Group owning the vessels with long-term employment.

BRUNEI GAS CARRIERS YAMAL LNG: SOVCOMFLOT Advising Brunei Gas Carriers Sdn Bhd Advising Sovcomflot on the US$260m WORLD’S FIRST FLNG UNIT in relation to the largest ever Islamic financing by VTB Bank, shipbuilding Advising the Industrial and Commercial Southeast Asian shipping finance facility and charter contracts for the LNG Bank of China Limited (“ICBC”) on the of up to US$505m to fund its carrier vessel m.v. “Christophe de US$200m financing of the construction newbuilding programme of two Margerie”. The vessel is the first of the and acquisition of the world’s first 147,000m³ Duel Fuel Diesel Electric Yamal Project arctic LNG carriers in floating liquefaction and storage unit Engine Type LNG vessels. operation and the deal was named for natural gas (“FLNG”), for the “Project Finance Deal of the Year – EXMAR Group. West” by Marine Money.

Credentials Statement 13

REPUTATION

"They are heavyweights in "There are specialists in "They are heavyweights in shipping, trading and offshore different fields which is quite shipping and offshore oil and oil and gas disputes, with a important when it comes to gas disputes, with a formidable list of regional and related issues." formidable list of multinational multinational clients." Legal 500 UK, 2020 clients in these areas." Chambers Global, 2020 Chambers Asia Pacific, 2018

"It's an excellent firm with good "WFW provides a consistently niche expertise in oil and gas." “Watson Farley & Williams LLP high standard and responsive Chambers UK, 2020 is an attractive choice for big - service." ticket maritime asset financing,

Legal 500 UK, 2020 particularly in the oil and gas sectors." "WFW has a strong credentials for its work in the renewable Legal 500 Asia Pacific, 2020 "They provide an on-point, energy, conventional energy commercially expedient and and energy infrastructure high quality legal service" sectors." "WFW remains best known for Legal 500 UK, 2018 Legal 500 UK, 2020 shipbuilding and oil and gas disputes."

Legal 500 Asia Pacific, 2020 “The team works effectively and efficiently together. The attorneys are willing to bounce "The firm has a wealth of ideas off one another in a experience in project proactive effort to seek development and project solutions rather than simply investments." taking direction from clients." Legal 500 Asia Pacific, 2020 Legal 500 UK, 2020

"They go above and beyond to "We had good accessibility to "One of the greatest strengths look after us and we feel like their priority." the team and we appreciated of this team is its unique ability their willingness to go out of to cooperate internally to Chambers UK, 2020 the way to meet our needs." support the client." Legal 500 Asia Pacific, 2020 Legal 500 UK, 2020 "It's a very effective team and the lawyers are practical and "They're a pre-eminent "The firm’s M&A work shows a pragmatic." shipping finance practice with strong focus on the maritime Chambers UK, 2020 an outstanding bench of and oil and gas sectors, with a experienced lawyers." strong cross-border element across its portfolio." Chambers Global, 2020 IFLR1000 Financial & Corporate, 2018

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All references to ‘Watson Farley & Williams’, ‘WFW’ and ‘the firm’ in this document mean Watson Farley & Williams LLP and/or its Affiliated Entities. Any reference to a ‘partner’ means a member of Watson Farley & Williams LLP, or a member or partner in an Affiliated Entity, or an employee or consultant with equivalent standing and qualification. The transactions and matters referred to in this document represent the experience of our lawyers. This publication is produced by Watson Farley & Williams. It provides a summary of the legal issues, but is not intended to give specific legal advice. The situation described may not apply to your circumstances. If you require advice or have questions or comments on its subject, please speak to your usual contact at Watson Farley & Williams. This publication constitutes attorney advertising.