Consultant

Rachael Groundsell

Languages

English

Rachael is a qualified lawyer in the Shipping and Offshore Finance team in London with over 13 years’ experience of financings for a range of offshore oil and gas vessels, including LNG carriers, FSRUs, FSUs, FPSOs, drillships and other offshore support vessels and has acted both borrower side and financier side, including for commercial financiers and export credit agencies. The transactions Rachael has acted on have been a variety of loan, bond and sale and leaseback transactions.

Rachael also has extensive experience of commercial contracts in respect of offshore vessels, including reviewing charter agreements, vessel management agreements, shipbuilding/EPC contracts and maintenance agreements and she has been involved in transactions negotiating charter agreements for FSRUs and project direct agreements for various vessels.

Relevant experience

A PRC finance lessor on a sale and leaseback of a newbuild FSRU for a major LNGC/FSRU owner operator, the FSRU to be operated in Brazil.
A PRC finance lessor on a sale and leaseback of one FSRU for a major LNGC/FSRU owner operator, the FSRU to be operated long term in Asia Pacific.
An international owner/operator of LNGCs on over USD 2bn of term and revolving credit facilities, with and without ECA support, in respect of numerous vessels, both existing and newbuild, in the client’s fleet of LNGCs (the latest refinancing package included in this credential winning Marine Money Debt Deal of the Year 2021).
A European owner/operator of container ships on the refinancing of two of their container ships by way of sale and leaseback with a PRC lessor.
A Brazilian operator on its initial bridge financing in respect of their acquisition of an FPSO for pre-salt waters in Brazil from a PE fund and on the long-term project financing of the same, including provision of security interests over certain of its oilfield rights.
A Malaysian owner / operator on:
- the USD 1.2bn globally syndicated project financing facility for the conversion and operation of its FPSO offshore West Africa, to go on charter to a European NOC;
- its bridge financing of an FSU for operations in the Mediterranean.
Brazilian independent in respect of: (i) USD 850m syndicated loan financing of its second FPSO and (ii) USD 500m secured bond financing of its third FPSO, each for use offshore Brazil.
A European ECA and a US financial conglomerate:
- in connection with the pre- and post-delivery debt facility for a cylindrical FPSO built in China and on its subsequent restructuring to repay the commercial lenders on the back of a mezzanine high-yield bond issued by its parent;
- in connection with the pre- and post-delivery debt financing of a cylindrical deep water drilling unit.
A UK subsidiary of a European oil and gas major on the purchase of an FPSO located in the North Sea.
European and Korean ECAs along with an International Bank Arranger on two debt facilities for Greek owners, subsidiaries of a NASDAQ-listed company, for the construction and acquisition of two deep drill vessels to be manufactured in Korea.

Education

2006 – Legal Practice Course, Nottingham Law School, Nottingham.
2005 - Law, LLB, Nottingham University, Nottingham.

Practice Areas

Banking & Finance Asset Based Financing Energy Finance Asset Finance

Insights

Global Reach

UK Pay Gap Report 2024