Ship Finance Update
About MJM Limited
MJM is one of Bermuda’s leading law firms. We have a broad ranging practice with an emphasis on civil and commercial litigation, banking and finance, general corporate, trusts, insolvency, restructuring, insurance and reinsurance. We also offer advice and services to international individual and commercial private clients.
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MJM continues to be at the forefront of significant transactions for Norwegian shipping clients, with our expertise in this area unmatched in the Bermuda legal market, and recognised by the leading participants in this sector, for whom MJM is their number one choice when they need Bermuda advice.
CoolCo Vessels Acquisition
MJM advised Cool Company Ltd. (“CoolCo”) on its recent acquisition of eight single purpose companies, each respectively owning an LNG vessel, from Golar LNG Limited (“Golar”), for cash and equity in CoolCo.
CoolCo’s shares are listed on Euronext Growth Oslo which was recently approved as an appointed stock exchange under the Companies Act 1981. CoolCo, along with Himalaya Shipping Ltd., were the first Bermuda companies listed on such exchange. MJM acted as legal advisor to both companies in connection with these listings.
Frontline & Euronav Merger
MJM is advising its longstanding client Frontline Ltd. (“Frontline”) (NYSE: FRO & OSE: FRO) on its proposed merger with Euronav NV (“Euronav”) (NYSE: EURN & Euronext: EURN). The merger, if successful, will create one of the largest oil tanker companies in the world. The combined group would operate under the name Frontline and would continue to operate from Belgium, Norway, UK, Singapore, Greece and the US.
Jeremy Leese and Brian Holdipp, respectively an MJM Director/Head of the Corporate & Finance team and Counsel to the firm, attended meetings in Oslo, Norway, in the first week of April 2022, to assist in concluding the work on the indicative term sheet, which was unanimously approved by the board of directors of both Frontline and Euronav, for the potential stock-for-stock combination between the two companies.