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Marc Rathbone

Partner

Contact
CMS Cameron McKenna Nabarro Olswang (Singapore) LLP
7 Straits View #19-01
Marina One East Tower
Singapore 018936
Languages English

Marc is a Partner in our Singapore office and has more than 34 years’ experience in law (in both enforcement and as a barrister/solicitor).  As part of his practice he is actively involved in advising clients both globally and within APAC including in relation to business strategy in developing economies and acting for clients in the Pacific and Island Nations. 

Marc is a corporate/commercial lawyer specialising in acting for all manner of clients in relation to the energy and projects sectors.  He has extensive experience in projects, energy transition, oil and gas sector (upstream, midstream and downstream, LNG and Petrochemicals). 

Marc is praised by clients for being diligent and producing quality work.

With more than 450 energy and climate change lawyers, including over 100 partners, the CMS Energy and Climate Change practice is one of the largest of its kind in the world. Led from its centres of excellence such as London and Aberdeen, the practice works across 75 offices globally. Building on 40 years of experience advising on power, oil & gas and renewables through to energy disputes, emerging areas and Energy Transition, CMS is uniquely placed to ensure clients receive advice best suited to their commercial needs and to our collective future.

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“Marc Rathbone is a Key Partner”

Recommended by Legal 500

"Standout lawyer"

Acritas Star, 2021

"Leading Oil & Gas Legal Advisor"

Singapore: Global Excellence Awards, 2021

"Oil & Gas Sector Lawyer of the Year"

Singapore: Corporate Intl Global Awards, 2021

Relevant experience

  • A major Green Hydrogen/Ammonia development in Middle East.
  • A major MNC in relation to risk and compliance for 3 petrochemical business units and 3 plants in Asia.
  • The pre-FEED development of Green Energy project in Oman.
  • Several companies in relation to solar projects throughout Asia.
  • LANXESS in relation to all aspects of the development and extension of a largest Butyl Rubber Plant in the Southern hemi-sphere on Jurong Island, Singapore. 
  • Denka in relation to various feedstock and utility agreements including oxygen supply contracts, SM and EB for its petrochemical business.
  • Repsol in relation to the development of a large gas asset in SEA.
  • The Tamarind Group in relation to various oil & gas assets and corporate restructuring including joint operating/venture agreements. Offtake agreements, IP issues and marketing agreements.
  • Various LNG companies in relation to contractual issues relating to COVID and force majeure.
  • CNOOC in relation to the acquisition of a gas company and the development of an LNG terminal development and distribution network in Indo-China.
  • A Chinese MNC in relation to the commercialisation of a gas field and cross border transportation in Africa.
  • A client in relation to the divestment of an interest in a Honduras oil and gas interest.
  • An energy fund in relation to an acquisition of offshore oil and gas assets in Asia.
  • Asian Development Bank (ADB) in relation to the restructuring of the Fiji power sector including rural electrification and renewable base load.
  • The Government of an Island Nation in relation to development of an island city project (estimates at $30bn completed).
  • An international merchant bank in relation to the financing of the acquisition of a refinery including advice on related Crude Oil Sales Agreements, Mogas Agreements and LPG Agreements.
  • Gail (India’s largest aggregator and regulator) in relation to its purchase of LNG on a long term contract basis from Sabine Pass and Freeport in the United States into India.
  • InterOil in relation to the monetisation and divestment of an onshore gas and condensate fields in PNG (value between USD1.5 – 3.6bn).
  • Vale in relation to various aspects of its business including its bid for and commercialisation of the Tavan Tolgoi mine, corporate contractual matters.
  • Several Governments in relation to restructuring and drafting legislation including banking & finance, corporations legislation and land.
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Memberships & Roles

  • Executive Committee – Singapore Sri Lanka Business Assoc.
  • Energy Committee for Law Asia.
  • Energy Committee for British Chamber of Commerce.
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Publications

  • Author, Time for Transition: Energy M&A 2022
  • Decarbonisation of LNG – 2021
  • Oil & Gas – ‘You reject if you want to, the Product is not for rejection’ – Law Now 2021
  • Hydrogen Law and Regulation – 2021
  • Energy Transition – Law Now 2021
     
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Education

  • 2001, Admitted as a Barrister and Solicitor to the Supreme Court of Western Australia
  • 1998, Bachelor of Laws (Honours) – University of London
  • Marc also holds a Bachelor of Education, Diploma of Teaching (Major in Science & Minor in Social Science), Graduate Certificate of Commercial Law (International) and Graduate Diploma of Legal Practice.
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Feed

27/09/2024
Malaysia launches National Sustainable Reporting Framework
Malaysia has launched a National Sustainable Reporting Framework (NSRF) in support of its commitment to reduce its economy-wide carbon intensity (measured against GDP) by 45% in 2030 compared to 2005...
18/04/2024
Renewable energy in Singapore
1. Introduction Singapore is an island country with a population currently estimated to be 5.8 million. With its urban density and limited land space and resources, the Government has invested (and continues...
19/12/2023
Meeting the Decommissioning Challenge in Southeast Asia
Following on from our previous Law Now on the decommissioning regime in the UK (see our Law-Now here and here, this Law-Now considers the issues and challenges facing the offshore decommissioning sector...
13/03/2023
Oil & Gas: Time-bars for reclaiming advance payments
In Anron Bunkering DMCC v Glencore Energy UK Ltd [2023] EWHC 295 the Commercial Court dismissed an unjust enrichment claim, relating to the sale of gasoline, on the basis that it was time-barred. In reaching...
08/09/2022
APAC Region: Managing Risk in a Volatile Market
Legal Issues to Consider and Manage in 2022/2023 2022 was a challenging year for many businesses, including for those in the energy sector. 2023 looks to be just as demanding. Slow global growth, the war in Ukraine, continuing supply chain challenges as well as the after-effects of the COVID-19 pandemic are some of the factors causing disruption to business. Here, we highlight some of the legal issues that a party doing business in the energy sector in a volatile market could expect to encounter, and how the risks may be managed. Supply chain risk Current supply chain shortages and restrictions, exacerbated by labour and materials cost inflation which continue from the Covid-19 pandemic. Manage risks by:Actively reviewing robustness of supply chain in a crisis (at all tiers). Ef­fect­ive force majeure drafting and planning. Ensuring there is sufficient security for delivery obligations and carrying out regular credit checks on suppliers.  Termination risk Volatile markets tend to result in additional termination risks:Manage risks by:Review portfolio of key contracts for contracts at risk. Actively engage with counterparties to mitigate risk of termination for essential contracts. Utilise termination rights to escape onerous contracts. Counterparty risk Increased counterparty insolvency risk caused by market volatility. Manage risks by:Conducting effective due diligence. Carrying out detailed assessments on cred­it­wor­thi­ness. Ensuring financial security in the event of insolvency (on-demand bonds, letters of credit etc.). Government intervention The increasing export or import-related restrictions imposed by Governments. Manage risks by:Considering fulfilment of contractual obligations. Reviewing contractual rights and ability to use alternative sources of supply. Careful consideration of trade portfolio. EPC ‘Hot market’ A perfect storm of under supply, over demand, inflation pressures, and legacy of the Covid-19 pandemic for the engineering procurement and construction market will require effective management of:Proper assessment of ability to deliver at tender stage. Contractual damages and incentives for ‘on time’ delivery. Managing project change. Sanctions Sweeping financial global sanctions as a result of Russia’s War on Ukraine may impact your business. Manage risks by:Reviewing nexuses to Russia. Identifying sanctions which apply. Managing any business from a reputational and ESG-based perspective, and consider alternative options. Price volatility LNG spot price is at an all-time high, with potential volatility in all commodity markets. Manage risks by:Careful consideration of counter-party non-delivery, force ma­jeure/ter­min­a­tion. Preparing for circumstances of an inability to deliver / accept delivery and whether any force majeure clause excuses performance. Check price review / reopener clauses in long-term agreements. Careful consideration of any impact on cost base and margin calls. ESG transformation The drive towards net zero and ESG expectations. Manage risks by:Reviewing contractual arrangements for carbon neutral trading and contracting. Considering whether counter-party net zero and / or ESG commitments have adequate remedies in the event of breach. Managing regulatory changes and company policies.
07/03/2022
Hydrogen in India: Issues & Challenges
Global demand for hydrogen has dramatically increased over the past five years, creating what many refer to as the hydrogen economy. What makes hydrogen attractive is that it acts as both an enabler of...
31/01/2022
Time for transition: Energy M&A 2022
While world leaders have been gathering for COP meetings for decades, what made COP26 perhaps particularly notable is that the private sector also gathered in force, and with a commitment and determination to be a key driver in the decarbonisation of the world’s economies.  In previous years, there have been murmurings from various corporates that to make social or environmentally driven investment decisions may not align with their fiduciary duty to act in the interests of shareholders. As shareholder activism has driven the debate into boardrooms from above, this attitude is rapidly reversing direction. While returns are generally seen as lower in the clean sector compared to, say, the oil & gas sector, being invested in the green transition is increasingly seen as a key route to preserving and protecting shareholder value. At the same time, voluntary and mandatory climate related disclosures are aligning the drivers for investors across the board so that capital is increasingly driven by the metrics they produce.  This is being reflected in, among other things, the plummeting cost of capital for green investments. At the same time high carbon intensive investments, such as coal based projects and businesses, are struggling to secure funding, with many facing in­solv­ency. In­vest­ments in the energy transition, a key part of the green transition, will principally take the form of M&A. The outcome of COP26 and the momentum it has generated means that European dealmakers in the energy sector will be even busier in 2022. Europe leads the world in the energy transition and the race to net zero is driving near-record levels of dealmaking – notably in wind and solar photovoltaic generation. At the same time, the energy transition is both expanding and fragmenting the energy sector. For many, it has traditionally been focused on energy generation. The transition is bringing to the fore less visible technologies. Everything from traditional hydropower to grid-scale batteries, electrification of transport and hydrogen. It is also bringing into the mix sectors that have not traditionally been focused on energy, such as industrial decarbonisation, shipping and mining for the natural resources needed for the energy transition. In parallel with this, there is a huge and growing story around energy transmission and distribution. Electricity networks will need to expand massively to facilitate electrification and new technologies. They are also becoming smarter with the use of digital technology to optimise the way power is distributed, traded and consumed. Further, new types of networks may provide investment opportunities for those looking for stable long term assets, such as hydrogen and carbon networks. Against this background, traditional fossil fuel-based players are decarbonising their operations. For the oil and gas majors, this means acquiring or significantly enhancing their capabilities in renewables, including wind, solar and hydrogen, while simultaneously divesting selected carbon-intensive assets in response to mounting ESG pressures. This may be one of the reasons why 50% of respondents in our study point to distress-driven deals as a top sell-side driver. Change is endemic in the energy sector, but the current transition makes the years since liberalisation of energy markets in the late 1980s seem almost steady-state in comparison. Despite the momentum and push for capital to be invested in the energy transition, there remain obstacles, not least the limited pipeline of good quality investment opportunities, continuing concerns over lockdowns and COVID-19 variants, financing difficulties arising from potentially unstable long term revenue streams and diminishing rates of return. Notwithstanding these challenges, our study finds that energy sector M&A will increasingly be an engine driving capital into propositions that match social and political ambitions for the green transition. Key findings  Energy remains a premium asset class for most institutional investors, with its performance during the pandemic and impetus from COP26 further enhancing its at­tract­ive­ness75% of energy companies are considering an acquisition and/or divestment in 2022Alongside premium assets, in some subsectors there are undervalued targets driving buy-side activity, with sellers shedding distressed assets as the sector shifts in response to the energy transition45% think COVID-19 will be a major M&A obstacle in 2022, but this remains a fluid situation that can change rapidly
31/01/2022
Time for transition: Energy M&A 2022
While world leaders have been gathering for COP meetings for decades, what made COP26 perhaps particularly notable is that the private sector also gathered in force, and with a commitment and determination to be a key driver in the decarbonisation of the world’s economies.  In previous years, there have been murmurings from various corporates that to make social or environmentally driven investment decisions may not align with their fiduciary duty to act in the interests of shareholders. As shareholder activism has driven the debate into boardrooms from above, this attitude is rapidly reversing direction. While returns are generally seen as lower in the clean sector compared to, say, the oil & gas sector, being invested in the green transition is increasingly seen as a key route to preserving and protecting shareholder value. At the same time, voluntary and mandatory climate related disclosures are aligning the drivers for investors across the board so that capital is increasingly driven by the metrics they produce.  This is being reflected in, among other things, the plummeting cost of capital for green investments. At the same time high carbon intensive investments, such as coal based projects and businesses, are struggling to secure funding, with many facing in­solv­ency. In­vest­ments in the energy transition, a key part of the green transition, will principally take the form of M&A. The outcome of COP26 and the momentum it has generated means that European dealmakers in the energy sector will be even busier in 2022. Europe leads the world in the energy transition and the race to net zero is driving near-record levels of dealmaking – notably in wind and solar photovoltaic generation. At the same time, the energy transition is both expanding and fragmenting the energy sector. For many, it has traditionally been focused on energy generation. The transition is bringing to the fore less visible technologies. Everything from traditional hydropower to grid-scale batteries, electrification of transport and hydrogen. It is also bringing into the mix sectors that have not traditionally been focused on energy, such as industrial decarbonisation, shipping and mining for the natural resources needed for the energy transition. In parallel with this, there is a huge and growing story around energy transmission and distribution. Electricity networks will need to expand massively to facilitate electrification and new technologies. They are also becoming smarter with the use of digital technology to optimise the way power is distributed, traded and consumed. Further, new types of networks may provide investment opportunities for those looking for stable long term assets, such as hydrogen and carbon networks. Against this background, traditional fossil fuel-based players are decarbonising their operations. For the oil and gas majors, this means acquiring or significantly enhancing their capabilities in renewables, including wind, solar and hydrogen, while simultaneously divesting selected carbon-intensive assets in response to mounting ESG pressures. This may be one of the reasons why 50% of respondents in our study point to distress-driven deals as a top sell-side driver. Change is endemic in the energy sector, but the current transition makes the years since liberalisation of energy markets in the late 1980s seem almost steady-state in comparison. Despite the momentum and push for capital to be invested in the energy transition, there remain obstacles, not least the limited pipeline of good quality investment opportunities, continuing concerns over lockdowns and COVID-19 variants, financing difficulties arising from potentially unstable long term revenue streams and diminishing rates of return. Notwithstanding these challenges, our study finds that energy sector M&A will increasingly be an engine driving capital into propositions that match social and political ambitions for the green transition. Key findings  Energy remains a premium asset class for most institutional investors, with its performance during the pandemic and impetus from COP26 further enhancing its at­tract­ive­ness75% of energy companies are considering an acquisition and/or divestment in 2022Alongside premium assets, in some subsectors there are undervalued targets driving buy-side activity, with sellers shedding distressed assets as the sector shifts in response to the energy transition45% think COVID-19 will be a major M&A obstacle in 2022, but this remains a fluid situation that can change rapidly
25/11/2021
Taking stock of hydrogen developments 2020-2021
With developments in the low carbon hydrogen space proliferating and governments creating new policies to regulate these developments, join CMS experts to explore the key changes over the last 12 months...
24/11/2021
Hydrogen law, regulations & strategy in Singapore
1. Current State of Hydrogen Projects in Singapore Singapore has traditionally been one of the key global players in the downstream oil and gas industry and energy sectors. Despite its relatively small...
03/08/2021
Oil & Gas – You reject if you want to, the Product is not for rejection!
The Commercial Court has decided that a Buyer under the BP General Terms and Conditions for Sales and Purchases of Crude Oil and Petroleum Products 2015 Edition was not entitled to reject off-spec Product...
15/06/2021
Road to COP 26: reimagining energy: just transition
As we approach COP 26, there is extensive discussion of the shift to net zero and how it will be achieved; a large part of this will be the transition from reliance on fossil fuels to a more en­vir­on­ment­ally...