Praised as a ‘great one stop shop for complex cross-border transactions’, Norton Rose Fulbright maintains a prominent position in the region’s aviation, shipping, and offshore sectors, leveraging its broad Asian and global networks to provide advisory services. The team is adept at handling high-value transactions, such as aircraft acquisitions and aviation equipment deals, along with complex portfolio management, often working with leading financial institutions and major regional airlines. Furthermore, the shipping division functions as a pivotal hub, delivering a comprehensive suite of services designed to meet the diverse needs of the industry. Keith Sandilands is noted for his considerable experience in all aspects of domestic and cross-border sales. He leads the team alongside Ben Rose, who advises on asset and project finance matters, specialising in the shipping, energy and offshore energy sectors. Elsewhere in the team, Sue Ann Gan stands out for her experience in shipping litigation, while Sophie Polisena is noted for her experience acting for international shipping and project financing banks, owners, operators and other financial institutions in syndicated and bilateral debt facilities. Praised as ‘commercial and extremely responsive’, Edward Bentley is another key contact in the group.
Asset finance: foreign firms in Singapore
Norton Rose Fulbright
Practice head(s):
Keith Sandilands; Ben Rose
Other key lawyers:
Sue Ann Gan; Edward Bentley; Sophie Polisena
Testimonials
‘NRF has a comprehensive offering across Asia in aviation. The practice has strong capability and depth in current practice and legal developments in different jurisdictions in Asia so they give practical and commercial advice.’
‘They are supported by the broader network of offices and a huge global team in aviation that they have around the world. It’s a great one stop shop for complex cross-border transactions.’
‘Keith Sandilands is very experienced and has a depth of technical knowledge mixed with a commercial approach to problem-solving. He is always available and engaged and finds options and solutions no matter what the sticking point on a transaction is. I think his knowledge of the Asia aviation market is unparalleled.’
‘Edward Bentley is great, diligent and thorough. He works hard and manages time-sensitive and complex matters for us, providing efficient and clear advice and management.’
‘I am very impressed by the professionalism Edward Bentley continued to show throughout the transaction. He was always reachable, and he clearly understood the commercial aspects of the transaction.’
‘Edward was collaborative and understood all nuances of the transaction. He was very prompt in his responses and worked very efficiently which led to a successful closing of the transaction in a short timeframe. He is a well-rounded lawyer and is easy to work with.’
‘Edward Bentley is an up and coming senior associate in NRF who worked tirelessly on a recent transaction to facilitate an important year end closing. Ed was very commercial and extremely responsive.’
‘The NRF team has been very supportive with our aircraft deals and always makes sure that we meet the deliverables on time. With their vast experience, we are well informed of standard acceptable market practices and updates in the aviation industry.’
Key clients
BNP Paribas
Carlyle Aviation Partners
Green Shipping Fund (with Prow Capital B.V. as its fund manager)
HSBC
Landesbank Baden-Württemberg (LBBW)
Malaysian Airlines Berhad
Natixis
Pembroke Capital Limited
Philippine Airlines
PT Pelita Air Service
RRJ Capital
Singapore Airlines
Standard Chartered Bank
Standard Chartered Bank
TATA – SIA Airlines Limited
Yinson Production
Work highlights
- Advised Malaysia Airlines Berhad on the leasing of 25 Boeing 737 MAX 8s under a deal with Air Lease Corporation (ALC).
- Advised Yinson Production on a $1.035 billion senior secured notes issuance.
- Advised subsidiaries of Yinson Holdings Berhad ) in relation to the financing and call option arrangements in respect of a modern, low-emission floating, production, storage and offloading vessel, to be chartered to Enauta Energia S.A. and operated by a subsidiary of Yinson in the Atlanta Field located in the Santos Basin, offshore Brazil.
Stephenson Harwood LLP
Well-regarded for its ability to find ‘pragmatic solutions to difficult matters and achieving results that work for all parties’, the team at Stephenson Harwood LLP specialises in structured and aviation finance as well as shipping and offshore finance. Counting major financial institutions, banks, lessors, and lessees among its key roster of clients, the team’s expertise covers both contentious and non-contentious issues, with extensive experience in handling restructurings and refinancing, as well as lease transactions, sales, purchases, and portfolio management within the aviation sector. Co-head Gregg Johnston is involved in loan portfolio transfers related to international bank mergers and group reorganisations. Fellow co-head Saugata Mukherjee stands out for his expertise in derivatives and structured products. Huay Yee Kwan continues to assist on high-profile matters, focusing on PRC leasing, and Pedram Norton advises on all aspects of ship finance, workouts, debt structuring and financing. Other notable individuals include: Jeffrey Tanner, who is noted for his strong sector focus on maritime and offshore energy; Gregory Xu, who is recommended for his experience advising on complex financing; and Clement Leung, who regularly advises on the hedging aspects of aviation finance transactions.
Practice head(s):
Gregg Johnston; Saugata Mukherjee
Other key lawyers:
Huay Yee Kwan; Pedram Norton; Jeffrey Tanner; Gregory Xu; Clement Leung
Testimonials
‘This team consistently and efficiently delivers the best quality legal work and works around the clock to ensure that our interests are well protected even when the closing timeline is very tight and the transaction is very complex. We also greatly appreciate the partner’s heavy involvement and the team’s responsiveness throughout the entire documentation process.’
‘Exceptional knowledge in the industry with diverse deal experience.’
‘Strong international finance experience with particular expertise in the maritime, logistics and offshore energy sectors.’
‘Gregory Xu has substantial experience and expertise in cross-border asset finance transactions and a constructive approach to all transactions.’
‘Commitment to legal excellence, combined with exceptional commercial insight makes this our go-to firm for all our legal requirements. The team, led by Saugata Mukherjee, has a proactive and solution-focused mindset.’
‘They are adept at finding pragmatic solutions to difficult matters and achieving results that work for all parties. They are commercial and responsive and efficient and very knowledgeable. Excellent client communication and management and holistic assistance, and a determination to do the best.’
Key clients
Cebu Pacific
Cebu Air, Inc.
Transportation Partners
ABN AMRO Bank
Standard Chartered Bank
ING Bank
Bank of Communications Financial Leasing
ANZ Bank
BNP Paribas
Huaxia Financial Leasing Co. Ltd.
Commercial Bank of China (ICBC)
Straitsman Limited
CPF Dubai
Crédit Agricole Corporate and Investment Bank
E.SUN Bank
Cetus Maritime
Work highlights
- Advised Cebu Pacific on a series of leasing transactions and a $123 million Japanese Operating Lease with Call Option (JOLCO) financing.
- Advised Transportation Partners with respect to extension and restructuring of financing relating to thirteen B737-900ER aircraft.
- Advised Huaxia Financial Leasing Co. Ltd. on its sale and leaseback financing arrangements with Cool Company Ltd. for two new-build MEGA LNG carrier vessels, the Kool Tiger and Kool Panther. Hyundai Samho Heavy Industries.
Clifford Chance
Clifford Chance remains a key player for aviation matters throughout the Asia Pacific region. The practice had manages a steady stream of mandates over the last year, including financing deals, restructurings, sales and leasebacks, JOLCO structured leasing, and sustainability-linked financings. Spearheading the team is Fergus Evans, who advises clients on various types of financing including syndicated lending, aircraft and asset financing. Counsel Nattawat Vilasdechanon is a key port of call for global financial institutions and international aircraft lessors seeking advice on commercial and private aircraft financings, leasing and trading.
Practice head(s):
Fergus Evans
Other key lawyers:
Nattawat Vilasdechanon
Key clients
BNP Paribas
HSBC
Sumitomo Mitsui Banking Corporation (SMBC)
Macquarie Aircraft Leasing Services
ICBC Leasing
SMBC Aviation Capital Limited
Avolon Aerospace Leasing Limited
Itochu
Aviation Capital Group LLC
Castlelake, L.P.
CMB Leasing
Fuyo General Lease Co. Ltd
Aviation Capital Group LLC
AerCap Ireland Limited
Dubai Aerospace Enterprise
Nordic Aviation Capital DAC
Work highlights
- Assisted Air India GIFT City A350 on finance lease transactions.
- Advised an international bank and individual lessors in connection with the restructuring of Hong Kong Airlines.
- Advised Crédit Agricole Corporate and Investment Bank on a Japanese operating lease financing with call option for Cathay Pacific Airways Limited with equity being provided Financial Products Group Co., Ltd.
HFW Singapore LLP
Under the leadership of ship finance expert John Forrester, HFW Singapore LLP’s team skilfully navigates a diverse range of shipping and aviation finance matters. The practice is highly regarded for its expertise in advising lessors on portfolio management, warehouse financing, aircraft portfolio acquisitions, and lease structuring, leveraging its extensive experience in aviation finance throughout China, Japan, and Southeast Asia. Ling Lui stands out for her deep knowledge in aviation, while Siri Wennevik is recommended for her expertise in ship finance across both the APAC region and Scandinavia.
Practice head(s):
John Forrester
Other key lawyers:
Ling Lui; Siri Wennevik
Testimonials
‘Quick response from the team to provide the support to clients.’
Key clients
Yinson Production
PPL Shipyard Pte Ltd (a Singaporean shipyard belonging to the Sembcorp group of companies)
Yinson Bergenia Consortium and Yinson Production group
Skandinaviska Enskilda Banken AB (publ)
BW Offshore Group
Avolon Aerospace Leasing Limited (Avolon)
KDB Asia Limited
Work highlights
- Advised Yinson Production on its groundbreaking US$1.3 billion project financing related to the pre-and post-delivery financing of the Agogo FPSO.
Watson Farley & Williams LLP
Lauded for its ability to provide ‘pragmatic and sound advice’, the team at Watson Farley & Williams LLP stands out for its extensive expertise in aviation and shipping finance, as well as its significant involvement in ESG and sustainability-linked financings. The team is led by the ‘very commercial and collaborative’ Charles Viggers, who is noted for his focus on the transport sector, with a special emphasis on aviation finance and leasing. A litany of banks, leasing companies and financial institutions turn to Madeline Leong for her assistance on a range of matters across the transportation, natural resources and energy sectors. Andrew Nimmo advises on project and asset financings.
Practice head(s):
Charles Viggers
Other key lawyers:
Madeline Leong; Andrew Nimmo; Lizzie Roe
Testimonials
‘Pragmatic and sound advice.’
‘Lizzie Roe is pragmatic yet provides sound advice.’
‘Reasonable, measured, capable and efficient.’
‘Charles Viggers is very commercial and collaborative.’
Key clients
Crédit Agricole Corporate & Investment Bank
The Korea Development Bank
Standard CharteredBank
Avation PLC
Island Aviation Services Ltd.
BNP Paribas
China Aircraft Leasing Group Holdings Limited
BOC Aviation Limited
Avolon
Airborne Capital
ING Bank N.V., Singapore Branch
Oversea- Chinese Banking Corporation Ltd
Sumitomo Mitsui Banking Corporation
Berge Bulk
BW Group
BNP Paribas
Armada 98/2 Pte. Ltd.
Work highlights
- Advised Standard Chartered Bank on the financing of two A320neo aircraft for TATA SIA Airlines Limited, operating as Vistara, utilising a unique structuring through Gujarat International Finance Tec-City using an entity which is not a wholly owned subsidiary of Vistara.
- Advised a syndicate of seven banks on a US$315m financing for six gas carriers (VLGCs) for Petredec Global Pte Ltd., the world’s leading fully integrated LPG platform.
- Advised Hafnia on a sustainability-linked revolving credit facility of approximately US$303m, extended by a syndicate of eight banks comprising BNP Paribas, Citibank, Danske Bank, DBS Bank, IYO Bank, Nordea Bank, Oversea-Chinese Banking Corporation and Standard Chartered Bank.
Bird & Bird ATMD LLP
Bird & Bird ATMD LLP is noted for its expertise in cross-border aircraft finance and leasing mandates, in addition to restructuring transactions, and counts regional airlines, aircraft lessors and financial institutions among its key roster of clients. Leo Fattorini, whose ‘insights into aviation finance are unparalleled’, leads the team.
Practice head(s):
Leo Fattorini
Other key lawyers:
Christopher Healy
Testimonials
‘The Bird & Bird Singapore team is extremely professional and provides deliverables within the timelines communicated to them. It is always a pleasure to work with them.’
‘Leo Fattorini is a fantastic aviation lawyer and an extremely supportive external counsel. He has always provided a practical perspective on any complex aviation legal issue. Highly recommend him for aviation matters.’
‘Bird & Bird’s ability to provide solutions sets them apart. They remain at the forefront of innovation, supporting clients in rapidly changing environments. Their commitment to excellence is commendable.’
‘Leo Fattorini’s insights into aviation finance are unparalleled. His ability to navigate complex transactions, including engine leasing, is commendable. Leo appreciates the commercial aspects of deals and his succinct advice tailored to each circumstance adds real value to our business.’
‘Christopher Healy brings massive experience in aircraft leasing and financing transactions, together with his deep understanding of the needs of airlines and a high level of commercial awareness to the table at each transaction and can service nearly any requirement.’
‘The Bird & Bird team is highly commendable for its strong experience, high availability and knowledge.’
‘Reliable, commercial and thorough.’
‘Niel Liebenberg is knowledgeable, thorough and proactive.’
K&L Gates Straits Law LLC
Fielding a ‘very knowledgeable team’, K&L Gates Straits Law LLC’s aviation finance practice counts financial institutions, leasing companies,, and airlines among its key roster of clients, assisting them on structuring, documents and negotiating aircraft finance transactions. Co-head Samuel Kolehmainen, who is praised for going ‘above and beyond for clients’, has extensive experience in commercial and Export Credit Agency financings. Fellow co-head Duc Nguyen focuses on corporate and international finance.
Practice head(s):
Samuel Kolehmainen; Duc Nguyen
Testimonials
‘Samuel Kolehmainen goes above and beyond for clients and can always be relied on for up-to-date advice, delivered in a clear and easily digestible manner.’
‘Samuel Kolehmainen has good commercial senses.’
‘Duc Nguyen is very practical and efficient.’
‘A very knowledgeable team, who are always extremely responsive.’
‘Samuel Kolehmainen is highly experienced and is always able to provide solutions to reach an acceptable compromise by all.’
‘Capable, reliable, efficient and knowledgeable.’
‘Duc Nguyen is excellent. Very commercial and proactive.’
‘K&L Gates’ asset finance team is extremely reactive, professional, efficient and dedicated.’
Key clients
AirAsia Berhad
Credit Agricole Corporate and Investment Bank
Credit Industriel et Commercial
AerDragon Aviation Partners Limited
MUFG Bank Ltd
AerCap
BOC Aviation Limited
Falko Regional Aircraft Limited
VietJet Joint Stock Company
Vietnam Airlines Limited
Work highlights
- Advising AerDragon Aviation Partners on the refinancing of eleven mid-life aircraft on lease to six different airlines.
Mishcon de Reya LLP
Mishcon de Reya LLP has steadily expanded its presence in the Singapore’s asset finance market, particularly excelling in financings and matters related to luxury assets. Praised for its ability to provide ‘high-quality, meticulous advice that consistently achieves the best outcomes’, the team also excels in cross-border matters. The practice is jointly steered by Ethan Tan, an aviation expert, and Hong Chong Yi, a maritime services expert.
Practice head(s):
Ethan Tan; Hong Chong Yi
Testimonials
‘Hong Chong Yi is a responsive and sharp lawyer. The best in his class.’
‘The asset finance team is exceptional in its dedication to client service and deep industry knowledge. Unparalleled in handling complex transactions and their efficiency stands out.’
‘This team truly excels in delivering high-quality, meticulous advice that consistently achieves the best outcomes for us, and all for very reasonable fees.’
Key clients
Singapore Airlines Limited
ST Engineering Aerospace Resources Pte. Ltd.
Jackson Square Aviation
Export and Import Bank of China
Total Engine Asset Management Pte. Ltd. (50:50 joint venture between ST Engineering and Marubeni Corporation)
Asia Aviation Capital Limited (100% subsidiary of AirAsia)
Yinson Production Offshore Pte. Ltd.
Morgan, Lewis & Bockius LLP
Fielding a team of ‘highly skilled and adept commercial lawyers’, Morgan, Lewis & Bockius LLP excels in aircraft portfolio sales and purchases, refinancing, leasing and sale and leaseback transactions, regularly acting for a range of lessors, financial institutions, investors and aircrafts. The ‘fantastic’ James Bradley leads the team, and advises on a range of transactions in the transportation and finance sectors. Elsewhere in the team, Wai Ming Yap focuses on corporate transactions, advising major corporations in M&A, takeovers, delistings and restructurings, while Terry Chang’s practice includes aircraft and engine financing, cross-border leading and structured finance transactions.
Practice head(s):
James Bradley
Other key lawyers:
Wai Ming Yap; Terry Chang
Testimonials
‘An absolutely exceptional team. Highly skilled and adept commercial lawyers who make complex transactions a pleasure to work on are a rarity but Morgan Lewis’ team of asset finance lawyers are exactly that team.’
‘James Bradley is a fantastic partner to whom I have turned for advice for almost ten years and who I think is one of the best partners with whom a client can work. He is focused on achieving the best result whilst extremely pleasant to work with.’
‘MLS’ aviation finance team is very responsive and knowledgeable in finding solutions to issues arising. They will go to extra length to ensure that tight timelines are met whilst mitigating all risks.’
‘A professional team with speedy response times and high levels of service.’
‘A great team that is highly commercial in providing not just legal advice, but strategic input into a transaction which is highly valued.’
‘Dialled into the market dynamics with recent and relevant industry knowledge.’
Key clients
Malaysia Airlines Berhad
Nok Airways
Avation PLC
MUFG
KDAC Aircraft Holding
Fly Firefly
Rolls-Royce & Partners Finance
Beautech
Skymark Airlines Inc.
PNG Air Limited
Sky Leasing
Work highlights
- Supported SKY Leasing in the purchase from Mitsui of one Airbus A321-271NX aircraft and a simultaneous lease assignment with Turkish Airlines.
- Represented niche aircraft leasing specialist Veling Ltd. in the refinancing of three Airbus A380 aircraft on lease to Emirates.
- Advised PNG Air Limited involving an extensive restructuring (including restructuring of its existing aircraft leases) of its external debts with the support and cooperation of its major creditors and shareholders.
Reed Smith LLP
Housing an ‘excellent team with top-tier communication and commercial approach’, Reed Smith LLP routinely advises on complex and multi-jurisdictional financings, sales and leasebacks, restructurings, portfolio transfers, and secured lendings, with further specialisms covering engine leasing and financing. At the helm sits head Simon Spells, who is lauded for his ability to handle transactions with ‘efficiency and effectiveness’.
Practice head(s):
Simon Spells
Testimonials
‘We work closely with the Reed Smith team across a number of aviation transactions. We find them to be extremely client responsive and are excellent from a local counsel management perspective in terms of providing clear instructions and pro-active follow-ups.’
‘They are pragmatic when required in order to close the transactions and are very organised.’
‘We have worked with Simon Spells for many years and find him to be an excellent lawyer and commercial adviser to his clients. Simon is calm and manages his team and the transactions extremely well. He is always a pleasure to deal with and manages transactions with efficiency and effectiveness.’
Vedder Price
With a strong focus on Southeast Asia, Japan, South Korea, and India, Vedder Price is recognised for its deep expertise in advising leasing companies and airlines on operating lease transactions. The firm’s commitment to clients is frequently highlighted, with many noting how the team ‘goes above and beyond with their commitment’. Leveraging robust ties with their US offices, the team adeptly manages cross-border financing transactions, English and New York law, and operating lease restructurings for airlines. Ji Woon Kim leads the team in Singapore and regularly handles matters involving commercial aircraft and business aircrafts.
Practice head(s):
Ji Woon Kim
Testimonials
‘The team has broad knowledge and experience in aviation matters. They go above and beyond with their commitment.’
‘Ji Woon Kim is a great team leader and offers a good balance of independence and coaching to his team. As a client, he makes you feel valued and that your concerns are important.’
‘Ji Woon Kim is incredibly experienced and client-focused, commercially minded and a true deal partner.’
‘Extensive experience and knowledge in aviation deals.’
‘Ji Woon Kim’s respectful and long-term approach to each client is an important intangible of his and his team’s success in Asia.’
‘The team provides professional advice to the client in a language that the clients can easily understand. The team is very reliable to work with.’
‘Ji Woon Kim has a client-first mentality, offering legal and commercial approaches that align with our unique objectives.’
‘Dedicated and well-balanced management.’
Key clients
AerDragon Aviation
AV AirFinance
BBAM
BNP Paribas
Castlelake
CDB Aviation
Credit Industrial et Commercial
Export-Import Bank of the United States
Haitong UT Leasing
ING Bank
KEB Hana Bank
Korea Development Bank
MUFG
Natixis
NordLB
Société Generale
ST Engineering Aerospace Resources Pte. Ltd.
VMIC Co., Ltd.
Woori Bank
Work highlights
- Represented BNP Paribas, MUFG Bank and Société Generale in connection with the back-leveraged operating lessor financing for Keystone Holdings (Global) Pte. Ltd. of eleven (11) aircraft on lease to airlines based in the Republic of Korea, Oman and the United States.
- Represented Export-Import Bank of the United States in connection with the ECA-supported financing of two (2) Boeing model 777-F aircraft and one (1) General Electric model GE90-110B spare engine to Silk Way West Airlines.
- Represented Korea Development Bank in connection with the finance lease transaction for Korean Air Lines and Bank of Communications Financial Leasing for two (2) Airbus model A321NEO aircraft and one (1) Boeing model 787-9 aircraft.