Trowers & Hamlins

Sign up

Home » News » Press Releases » Trowers & Hamlins acts as local counsel…

Trowers & Hamlins acts as local counsel in US$1.85bn revolving credit facility for Oman Oil Company

Trowers & Hamlins acts as local counsel in US$1.85bn revolving credit facility for Oman Oil Company

Trowers & Hamlins is pleased to have acted as Oman local counsel to advise a consortium of sixteen international and local financial institutions on the finance documents for a US$1.85 billion unsecured revolving credit facility (RCF) arranged for Oman Oil Company SAOC (OOC), the energy investment arm of the Sultanate of Oman.

The RCF will be applied towards OOC's growth strategy over the next three to five years. Having achieved an oversubscription to the RCF of US$3.75 billion, the agreement signifies confidence in OOC's robust track record and future plans for diversification and growth.

Trowers & Hamlins reviewed the finance documents from an Oman law perspective and provided an Oman law legal opinion as to its enforceability to the sixteen-strong consortium of lenders.

The RCF is based on OOC's strategy of continued diversification of its local and international portfolio of investments, projects and operating companies and demonstrates strong support from the banking industry towards the long term vision of the Sultanate's energy investment arm.

Banking and Finance partner Roger Clarke, senior associate Riza Ismail, and trainee solicitor Sam Cobley advised on the matter.