Carey Olsen has been recognised for its role in a landmark offshore bond transaction that has been named Marine Money’s Offshore Norwegian Bond Deal of the Year.

The firm served as Bermuda counsel to Paratus Energy Services Ltd in connection with its successful issuance of $500 million in five-year senior secured bonds, carrying a 9.5 per cent coupon rate. The deal, completed alongside Norwegian legal advisers Schjødt, was hailed by Marine Money as the “joint-largest unrated oil services related bond issuance in the Nordic market in the last 10 years”.

Marine Money, a leading publication in global maritime finance, praised the cross-border team involved, including Carey Olsen, as “a talented team of experts flawlessly executing on a tried and true value proposition to deliver a successful solution for their customer”.

The Carey Olsen Bermuda team was led by Steven Rees Davies, partner, alongside Alexander Collis, counsel, and Matthew Dulaney and Isabella Zuill-McKenzie, associates.

“We are proud that Marine Money has recognised the significance of this transaction, which marked one of the largest bond issuances in the Nordic bond market in recent years,” said Mr Rees Davies. “Our role in the deal and the success of the bond issuance, which was significantly oversubscribed, is a testament to our team's strength in advising on large-scale and complex capital market transactions.”

Paratus Energy, a provider of offshore drilling services, has used the bond proceeds to refinance existing debt and support its broader strategic growth initiatives.