Shearman & Sterling LLP > Singapore, Singapore > Firm Profile

Shearman & Sterling LLP
6 BATTERY ROAD #25-03
SINGAPORE 049909
Singapore

Singapore > Energy: foreign firms Tier 1

Shearman & Sterling LLP fields a sizeable team of specialists committed to the energy sector, spanning M&A, capital markets, project development and finance, and dispute resolution. It is at the forefront of oil and gas through to renewables and is noted for its expertise in emerging areas such as hydrogen. During the Covid pandemic, the team has experienced growth in disputes and pre-dispute engagements, along with oil and gas divestments in Indonesia and Malaysia; it is also active in acquisitions by regional NOCs in Europe and elsewhere. Despite the departure of LNG specialist Anthony Patten and Lachlan Clancy to King & Spalding LLP, the Singapore team has grown its senior ranks with the hire of energy M&A and projects specialist David Clinch from Herbert Smith Freehills LLP, the promotion of Jean-Louis Neves Mandelli to partner and the relocation of counsel Angela Heywood Bible from Houston to Singapore. Bill McCormack is one of the leading figures in energy project development and finance in Southeast Asia and Asia project development. Finance head Ben Shorten also has an outstanding reputation.

Practice head(s):

Ben Shorten

Testimonials

‘Jean-Louis Neves Mandelli (Partner) – Extremely responsive and provides innovative solutions to challenging commercial situations – Able to explain challenging legal concepts and distil them into key issues for the client.’

Key clients

PT Indonesia Asahan Aluminium/MIND ID

Deutsche Bank, Mandiri Securities

Standard Chartered Bank

Deutsche Bank AG, Singapore Branch

Work highlights

  • Advised Indonesia’s state-owned mining company MIND ID in connection with a share purchase agreement to acquire a minority stake of PT Vale Indonesia from Vale Canada and Sumitomo Metal Mining for approximately $370m.
  • Represented the initial purchasers in connection with Indika Energy Capital IV Pte’s offering of $450m  8.25% senior notes due 2025, and the tap offering of $225m 8.25% senior notes due 2025, by PT Indika Energy TBK.
  • Advised the sponsors in connection with the development of the 145MW Cirata floating PV project in Indonesia valued at $127.24m.

Singapore > Projects: foreign firms Tier 1

Team consolidation has characterised the recent period at Shearman & Sterling LLP; 2020 saw the promotions of Jean-Louis Neves Mandelli and Joe Freeman to partner and counsel, respectively, as well as the internal relocation of counsel Angela Heywood Bible from Houston to Singapore; this was then followed by the arrival of recognised practitioner David Clinch from Herbert Smith Freehills LLP and specialist counsel Neil Kingsbury from INPEX in June 2021. The group, thus strengthened, continues to offer deep industry expertise and innovative advice to a notable client roster of lenders, sponsors and other project participants. Highly respected practitioner Bill McCormack, who has a particular focus on work in the renewables space, leads the offering. Well regarded specialist Ben Shorten has now relocated to the London office.

Practice head(s):

Testimonials

‘Innovative and solutions driven.’

Key clients

A consortium of Chinese lenders including Sinosure, Chinese commercial banks and ECAs

Abu Dhabi Future Energy Company PJSC (Masdar)

China Development Bank

China Telecom Corporation

Clifford Capital

International Finance Corporation

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advising the International Finance Corporation on the $450m financing of six wind power projects, also known as Super Six, which will be built in the Jhimpir wind corridor in Sindh province, Pakistan.
  • Instructed as lenders’ counsel to Sinosure and a group of PRC lenders in connection with the financing to the 2 x 554.7MW coal-fired power project to be built and located in Hai Hau District, Nam Dinh Province, Vietnam.
  • Advising Masdar and PT PJB on the development of the 145MW Cirata floating PV project in Indonesia, valued at $127.24m.

Singapore > Capital markets: equity and debt: foreign firms Tier 2

Shearman & Sterling LLP has a strong presence in the high-yield bond space, leveraging a presence across the Asia Pacific region. The group is also able to handle equity work, and is often called upon for IPOs, reorganisations and private placements. Andrew Schleider heads the department, assisting a wide variety of financial institutions with their transactions. In July 2021, counsel Terrence O’Donnell left to join Milbank.

Practice head(s):

Andrew Schleider

Other key lawyers:

Valerie Ching

Key clients

Citigroup

Credit Suisse

Deutsche Bank

GLP Pte

GMR Hyderabad International Airport Limited

Goldman Sachs

Greenko Dutch B.V. and Greenko Energy Holdings Limited

Mandiri Securities

Morgan Stanley

Standard Chartered Bank

UBS

Work highlights

  • Advised Citigroup Global Markets Limited and Credit Suisse (Singapore) Limited as the initial purchasers in connection with the issuance and sale by Nickel Mines Limited of US$175m aggregate principal amount of its 6.50% Notes due 2024 (the “Notes”). The Notes are listed on the Singapore Exchange Securities Trading Limited.
  • Advised Greenko Dutch B.V. and Greenko Energy Holdings Limited in connection with the offering of US$940m aggregate principal amount of 3.85% Senior Notes due 2026 guaranteed by Greenko Energy Holdings on a senior basis.
  • Advised GMR Hyderabad International Airport Limited in connection with its US$300m Rule 144A/Regulation S offering of high yield US dollar bonds. This is the third Reg S/ 144A transaction on which S&S has advised the issuer.

Singapore > International arbitration Tier 3

Shearman & Sterling LLP‘s ‘global approach‘ to international arbitration sees it handle a range of disputes including those relating to power, oil and gas, cross-border investment and large infrastructure projects.  Emmanuel Jacomy splits his time between Singapore and Beijing and is particularly active in China-related matters as well as, increasingly, those relating to Pakistan and African jurisdictions. Daryl Chew and Shaun Pereira departed to Three Crowns LLP in February 2o22.

Practice head(s):

Emmanuel Jacomy

Key clients

Electricité de France

The People’s Republic of China

Kot Addu Power Company Limited

Work highlights

  • Representing the People’s Republic of China in an ICSID arbitration brought by German company Hela Schwarz GmbH under the China-Germany bilateral investment treaty.
  • Representing a North American subsidiary of Electricité de France in an ICC arbitration in New York initiated by a North American energy company in relation to the implementation of a put agreement.
  • Representing Kot Addu Power Company Limited in an ICC arbitration in Singapore against the Pakistan Water Power and Development Authority (WAPDA) in relation to Power Purchase Agreements.

Singapore > Banking and finance: foreign firms Tier 4

Shearman & Sterling LLP advises creditors, sponsors and corporate borrowers on a wide range of transactions, with a particularly strong recent track record in project-related financings. The group is able to harness the firm’s corporate, funds and capital markets lawyers in a variety of financing structures, often involving leveraged deals, investment-grade financing and asset-based lending. Ben Shorten heads the Asia project development and finance team alongside Bill McCormack . David Clinch joined from Herbert Smith Freehills LLP in June 2021, adding further expertise in projects and energy finance.

Practice head(s):

Ben Shorten; Bill McCormack

Other key lawyers:

David Clinch; Jean-Louis Neves Mandelli

Key clients

A consortium of Chinese lenders including Sinosure, Chinese commercial banks and ECAs

Abu Dhabi Future Energy Company PJSC (Masdar)

China Development Bank

Clifford Capital

International Finance Corporation

Investcorp Asia Financial Services

Sumitomo Mitsui Banking Corporation

Work highlights

  • Advising Masdar and PJBI in connection with the financing of the 145MW Cirata floating PV project in Indonesia valued at $127.24m.
  • Advising Clifford Capital and SMBC on the permanent financing of a 300 MW HFO IPP developed by the Summit group in Kodda, Gazipur.
  • Advising Investcorp in connection with: (i) the refinancing of Viz Branz’s existing facilities with a S$180m term loan and revolving credit senior facilities agreement and other debt financing related aspects of the Viz Branz acquisition described further below and (ii) a co-investment structure at the fund level.

India > Foreign firms Tier 2

Shearman & Sterling LLP has built a substantial global team across Asia and Europe in conjunction with its US base, which is dedicated to India-based or India-related transactions. It provides broad expertise in M&A, capital markets, project finance, international arbitration, real estate and fund formations. It has a specialist private equity team based in Singapore for India work and includes infrastructure funds, sovereign wealth and and pension funds among its clients. Andrew Schleider heads the capital markets group in Singapore, and represents both underwriters and issuers in a wide range of corporate finance transactions including some 20 years’ experience of US raisings, high yield and investment grade debt securities, and convertible bonds. Kyungwon (Won) Lee represents both issuers and underwriters on corporate transactions and his experience includes public and private, international and US offerings of common and preferred stock, high yield and investment grade securities. Partner Sanjeev Dhuna joined from Allen & Overy in July 2021; he has extensive experience advising both lenders and borrowers on complex cross-border banking and finance transactions, and is especially known for advising on leveraged finance. Sidharth Bhasin and James Cayton-Payne left in August 2021 to join Latham & Watkins LLP.

Practice head(s):

Sidharth Bhasin

Key clients

Citigroup Global Markets India Private Limited

DSP Merrill Lynch Limited

Work highlights

  • Advised DSP Merrill Lynch in relation to Motherson Sumi Systems Limited’s Group Restructuring and demerger of its Domestic Wiring Harness Business.
  • Represented Citigroup Global Markets India Private Limited, the financial advisor to Retail Ventures Limited, a subsidiary of Reliance Industries Limited in its proposed acquisition of the retail and wholesale business and the logistics and warehousing business of the Future Group for a consideration of INR 24,713 crore ($3.3 billion), pursuant to a composite scheme of arrangement.
  • Advised Greenko Dutch B.V. and Greenko Energy Holdings Limited in connection with the offering of US$940m aggregate principal amount of 3.85% Senior Notes due 2026 guaranteed by Greenko Energy Holdings on a senior basis.

Indonesia > Foreign firms Tier 2

Shearman & Sterling LLP showcases in-depth knowledge of the local regulatory framework in Indonesia and has a strong presence in the projects and energy infrastructure space. The projects team handles high profile project development and financings of renewable power projects, including solar and hydropower. Ben Shorten heads the Asia project development and finance practice and has extensive experience advising sponsors in the power, oil and gas sectors. Shorten is supported by Bill McCormack and David Clinch, who joined from Herbert Smith Freehills LLP in 2021. Andrew Schleider heads the capital markets offering and Sidharth Bhasin is the lead partner of the M&A team. International arbitration partner Daryl Chew is also noted.

Practice head(s):

Ben Shorten; Sidharth Bhasin; Andrew Schleider

Other key lawyers:

Testimonials

‘Extremely impressed with the depth of knowledge of Asian energy M&A market. Persuasive and calm in negotiations. Excellent representation of client’s interests. Balanced and fair views. Documentation, advice and management of local counsel were all exceptional. Trusted advisers always going above and beyond duty for the client.’

Key clients

PT Indonesia Asahan Aluminium/MIND ID

BNP Paribas

Barclays Bank

Australia and New Zealand Banking Group Limited

Crédit Agricole Corporate and Investment Bank

Credit Suisse

DBS Bank Ltd

Deutsche Bank

Mizuho Securities Asia Limited

MUFG Securities Asia Limited Singapore Branch

Nomura International (Hong Kong) Limited

Oversea-Chinese Banking Corporation Limited

Standard Chartered Bank

The Hongkong and Shanghai Banking Corporation Limited

UBS

United Overseas Bank Limited

Mandiri Securities Pte. Ltd.

Work highlights

  • Advised Indonesia’s state-owned mining company PT Indonesia Asahan Aluminium in connection with a share purchase agreement to acquire a minority stake of PT Vale Indonesia from Vale Canada and Sumitomo Metal Mining for approximately $370m.
  • Advised the sponsors, Masdar and PJBI, on the development of the 145MW Cirata floating PV project in Indonesia valued at $127.24m.
  • Acted for (Deutsche Bank, Mandiri Securities and Standard Chartered Bank on Indika Energy Capital IV Pte’s offering of $450m 8.25% senior notes due 2025, and the tap offering of $225m 8.25% senior notes due 2025, by PT Indika Energy TBK.

Philippines > Foreign firms Tier 2

Focussing on project finance, M&A and capital markets, Shearman & Sterling LLP advises a wide range of major conglomerates such as Ayala Corporation and Metro Pacific, as well as infrastructure giants such as Macquarie Infrastructure and Real Assets. Anna Chung heads the Seoul office and is noted in the Philippines for her involvement in advising the DITO $5bn telecommunication project to construct 4G/5G -ready networks. David Clinch joined the firm in May 2021 from Herbert Smith Freehills, bringing with him his expertise in energy, natural resources and infrastructure projects and transactions. The firm has also worked alongside local counsel in some high-profile arbitration matters in the construction sector.

Practice head(s):

Key clients

China Telecom Corporation

DITO Telecommunity Corporation

Frontier Tower Associates Philippines

Work highlights

  • Advised the owners of Frontier Tower Associated Philippines on its joint venture arrangements with KKR & Co., acting through its Asia Infrastructure fund.
  • Advising China Telecom Corporation on its joint venture with Udenna Corporation with respect to the joint venture’s telecommunications project in the Philippines. Also advising the project company on the EPC and the financing.
  • Advising DITO Telecommunity on the financing, engineering, procurement, construction and other consultancy arrangements in connection with the Philippine-wide 4G/5G-ready networks for a total project cost of around $5bn.

Malaysia > Foreign firms Tier 3

Shearman & Sterling LLP has a track record on a range of projects in the oil, gas and renewables sectors. Coordinated from Singapore by Ben Shorten and Daryl Chew, the team has successfully served clients such as The Government of Malaysia, Genting, Malakoff, Khazanah and Bumi Armada.

Practice head(s):

Other key lawyers:

Work highlights

    Myanmar > Foreign desks Tier 3

    Shearman & Sterling LLP has a track record advising international clients on transactional energy and project development matters in Myanmar, particularly LNG sector work and hydropower plants. David Clinch has bolstered the energy team at the firm after joining from Herbert Smith Freehills LLP, and handles project financing and acquisition work across emerging markets. The group has a presence in Seoul and Singapore, and advises lenders on sponsors on large power projects. Head of the Asia group Ben Shorten is a key name as is Bill McCormack . Anna Chung heads the Seoul office.

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    Key clients

    International Finance Corporation

    Investcorp Asia Financial Services Pte. Ltd.

    Work highlights

    • Advising the lenders in connection with the development and financing of the greenfield run-of-river 60 MW Deedoke hydropower project located on the Myitnge River in Myanmar.
    • Advised Investcorp in connection with its acquisition of a majority interest in Viz Branz Holdings Pte. Ltd. (Viz Branz) from Pluto Rising Pte. Ltd.

    Vietnam > Foreign desks Tier 3

    Shearman & Sterling LLP leverages its wide Asian network to advise clients on all subsets of the energy industry in Vietnam, including oil and gas, renewable energy, electricity and LNG. Reflective of its breadth and depth of resources, the firm is able to advise on project development and finance, M&A and private equity, as well as capital markets transactions. In addition, the firm is instructed in disputes that result in arbitration proceedings. Singapore-based partner Ben Shorten, who is the head of the project development and finance practice in Asia. jointly spearheads the firm's Vietnam offering with Asia capital markets head Kyungwon (Won) Lee , who is based in Hong Kong. Bill McCormack, who is also based in Singapore, is another name to note, as is Anna Chung in Seoul. Jean-Louis Neves Mandelli made partner in 2020. In a more recent development, David Clinch was hired from Herbert Smith Freehills LLP.

    Key clients

    ACWA Power

    BIM Land Joint Stock Company

    China Development Bank

    Korean Export-Import Bank (KEXIM)

    The AES Corporation

    Work highlights

    • Advised BIM Land Joint Stock Company as issuer on its high yield bond offering of $200m.
    • Advising KEXIM in relation to the feasibility study for the extension of a metro rail line in Ho Chi Minh City, Vietnam.  
    • Advising Sinosure and a group of PRC lenders in connection with the financing a coal-fired power project.

    South Korea > Projects and energy: foreign firms

    Shearman & Sterling LLP advises clients on the full range of project development work across a wide range of sectors, including oil & gas, transportation, thermal, nuclear and renewable. The team regularly represents Korean corporates and financial and government institutions in overseas transactions and has seen a continued increase in projects in emerging Asian economies and the Middle East region. Anna Chung heads up the Seoul office and has extensive experience in complex power, petrochemicals and infrastructure projects. Chung is supported by counsel Scott Baggett. The firm’s international network of offices allows the team to support clients globally; Ben Shorten and Bill McCormack are based in Singapore and have strong relationships with Asian-based lenders and sponsors such as K-Sure.

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    Testimonials

    ‘Shearman & Sterling has strong networks with other foreign and local law firms. I am willing to choose a global law firm that could make qualified consulting services under a difficult situation and limited time frame by using their business networks. And my answer would be Shearman & Sterling.’

    ‘Shearman & Sterling’s best point is their localization strategy. Although there are a few more global law firms in Korea, S&S has been providing legal services beyond their working hours. As for me, I could contact in the evening and night time as well, whenever I faced difficult situations.’

    Key clients

    The Export–Import Bank of Korea (KEXIM)

    Korea Trade Insurance Corporation (K-Sure)

    Korea Development Bank (KDB)

    Korea Overseas Infrastructure & Urban Development (KIND)

    Work highlights

    • Advising the Lenders in connection with its financing of the proposed 216MW Upper Trishuli-1 Hydropower Project to be located in the Central Development Region of Nepal.
    • Advising K-EXIM and other lenders in connection with the financing for Ghubrah III IWP and Barka V IWP in Oman.
    • Advising the project company on the EPC and the financing of the $5.4bn third national telecommunications project in the Philippines.

    Asia Pacific: Regional International Arbitration > Leading firms

    Shearman & Sterling’s international arbitration practice counts energy, infrastructure and telecoms disputes among its areas of specialism. China disputes experts Nils Eliasson in Hong Kong and Emmanuel Jacomy (who splits his time between Singapore and Beijing), and Singapore-based Daryl Chew are the key names to note.

    Practice head(s):

    Nils Eliasson

    Other key lawyers:

    Brunei > Leading firms

    David Clinch has joined Shearman & Sterling LLP from Herbert Smith Freehills LLP and brings with him a wealth of experience in energy, natural resources and infrastructure projects and transactions.

    The firm: Shearman & Sterling’s Singapore office has been advising and delivering value to clients throughout the Asia Pacific region since 1995. The firm meets its clients’ needs by leveraging its unique experience across jurisdictions, industries and practice areas, and by working seamlessly across its global network, including Beijing, Hong Kong, Seoul, Shanghai and Tokyo in Asia, as well as Abu Dhabi, New York, Paris, Frankfurt, London, Rome, Toronto and Washington D.C., as well as other offices.

    The firm has worked successfully with clients on some of the region’s largest landmark projects, financings, cross-border M&A transactions, IPOs, innovative debt offerings, privatisations and complex international arbitration matters.

    Shearman & Sterling has represented many of the world’s leading corporations, financial institutions, emerging growth companies, state- owned enterprises, governments and governmental organisations for more than 146 years. It is committed to providing legal advice that is insightful and valuable to clients. The firm distinguishes itself by harnessing the intellectual strength and deep experience of its lawyers across its extensive global footprint. It has the capability to mobilise resources throughout its 23 offices worldwide to provide clients with professional legal advice and support. The firm’s lawyers are fluent in more than 60 languages and they practice Hong Kong, US, English, French, German, Italian, EU, OHADA and Saudi law, as well as Dubai International Financial Centre law and Abu Dhabi Global Market law. The firm is organised as a single, integrated partnership with approximately 850 attorneys in 23 offices located throughout Asia, the Americas, Europe and the Middle East. For more information, please visit Shearman & Sterling’s website at www.shearman.com.

    Areas of practice: Shearman & Sterling’s main practice areas include: anti-corruption and Foreign Corrupt Practices Act (FCPA), antitrust, appellate litigation, capital markets, compensation, governance and ERISA, corporate governance, criminal law, regulation and enforcement, derivatives and structured products, emerging growth, environmental, European bank recovery and resolution, finance, financial institutions advisory and financial regulatory, financial institutions investigations and enforcement, financial restructuring and insolvency, intellectual property litigation, intellectual property transactions, international arbitration, international trade and investment, investment funds, Islamic finance, leveraged finance, litigation, mergers and acquisitions, privacy and data protection, private client, private equity and hedge funds, privatisation, pro bono, project development and finance, public international law, real estate, state controlled companies/sovereign wealth funds, structured finance, and tax.

    DepartmentNameEmailTelephone
    Banking and finance Bill McCormack
    Banking and finance Ben Shorten
    Capital markets Andrew Schleider
    Corporate and M&A/private equity Richard Porter
    Indonesia Andrew Schleider
    Indonesia Bill McCormack
    Philippines Bill McCormack
    South/Southeast Asia Bill McCormack
    Indonesia Ben Shorten
    Thailand Ben Shorten
    South/Southeast Asia Ben Shorten
    Vietnam Ben Shorten
    International arbitration Daryl Chew
    International arbitration Emmanuel Jacomy
    Oil and gas David Clinch
    Projects and energy Bill McCormack
    Projects and energy Ben Shorten
    Projects and energy David Clinch
    Number of lawyers : 850 approx
    At this office : 25 approx
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