Herbert Smith Freehills Kramer advises lenders on US$3 billion RBL for Adura

Herbert Smith Freehills Kramer has advised the lenders on a new US$3 billion senior secured reserve-based lending (RBL) facility for Adura. 

Headquartered in Aberdeen, Adura is the largest UK North Sea independent oil and gas producer, formed through a 50:50 joint venture between Shell and Equinor. The company holds interests in multiple producing oil and gas fields across the UK Continental Shelf, alongside development assets including Rosebank. 

The Herbert Smith Freehills Kramer team was led by partner Thomas Bethel, supported by senior associates Alex Shindler-Kelly and Angad Rekhi, and associates Joana Bourouphael and Sharon Don-Okhuofu.  

Partner Thomas Bethel comments: "We are very pleased to have advised the lenders on one of the largest oil and gas financings to come to market in recent years. The sizable commitments from 18 banks to the financing indicates strong lender appetite to back the UK oil and gas industry, including future developments, recognising the importance the sector plays in the energy mix and the need for efficient and responsible financing of stable energy production alongside energy transition projects.  This deal also evidences the resilience of the RBL financing structure and its suitability for efficiently raising finance in this sector at scale.  To have been chosen to advise Adura's lenders, in what is a headline deal not only for the UK but the upstream oil and gas sector more widely, is a strong testament to the strength of our upstream financing practice and to our superb team."

The firm has advised on a number of other major upstream financings in recent years, including the financing of Neo Next, EnQuest and Ithaca in the North Sea, alongside many other such financings globally.