Trident Energy’s $851 Million Acquisition of Pampo and Enchova clusters


Herbert Smith Freehills, Machado Meyer, Pinheiro Neto, White & Case and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised on the deal

Trident had placed the best final bid for the Pampo and Enchova clusters.

The transaction amount is $851 million, to be paid in two installments: $53.2 million upon signing of the contract; and $797.8 million, before adjustments, on the closing date.

The contract also provides for the additional payment of contingent amounts of up to $200 million, depending on future oil prices.

The so-called Pampo and Enchova Hubs are located in the Campos Basin, off the coast of Rio de Janeiro, and include the Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado and Badejo fields. Current total oil and gas production from these fields is about 25.5 thousand barrels per day through the PPM-1, PCE-1, P-8 and P-65 platforms.

With this transaction, Trident will be the operator of these concessions with 100% stake. The closing of the transaction is expected to happen during the first half of 2020.

The transaction was financed with $665 million loan from Sumitomo Mitsui Banking Corporation, ING Bank N.V. and Crédit Agricole Corporate and Investment Bank.

Herbert Smith Freehills advised Trident Energy L.P. with Laura Hulett, Rakhee Patel, Kate Newman, Charlotte Whight, Thomas Bethel, Pedro Rufino Carvalho, Rakhee Patel, Kate Newman and Charlotte Whight.

In Brazil, Pinheiro Neto advised Trident Energy L.P. with Francisco Werneck de Albuquerque Maranhão, Raphael Moraes Paciello, André da Costa Santa Ritta, Felipe Bernardelli, Anna Carolina Guimarães, Guillermo Zuma Hoorn, Beatriz Costa de Melo, Maria Eugenia Cirillo and Carlos Tomaz Assunção Ribeiro.

Machado Meyer advised Petróleo Brasileiro S.A. with Daniel Szyfman (Picture), Diana Pacifico Henne, Arthur Bardawil Penteado, Fernando Fernandes Xavier and Raphael Barboza Correia.

White & Case advised Sumitomo Mitsui Banking Corporation, ING Bank N.V. and Crédit Agricole Corporate and Investment Bank with Mukund Dhar, Tom Bartlett, John Anderson, Ingrid York, Meredith Campanale, Radhika Wason, Nathaniel Crowley, Bruna Beloso, Ana Louise O’Sullivan and Fern Han.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised Sumitomo Mitsui Banking Corporation, ING Bank N.V. and Crédit Agricole Corporate and Investment Bank with Giovani Loss, Pablo Sorj, Nilton Gomes de Mattos Neto, Gabriela Velloso Tavares, Antônio Oliveira and Lucca Rizzo.

Involved fees earner: Thomas Bethel – Herbert Smith Freehills; Laura Hulett – Herbert Smith Freehills; Kate Newman – Herbert Smith Freehills; Rakhee Patel – Herbert Smith Freehills; Pedro Rufino Carvalho – Herbert Smith Freehills; Charlotte Whight – Herbert Smith Freehills; Raphael Barboza Correia – Machado Meyer Advogados; Arthur Bardawil Penteado – Machado Meyer Advogados; Diana Henne – Machado Meyer Advogados; Daniel Szyfman – Machado Meyer Advogados; Fernando Xavier – Machado Meyer Advogados; Nilton Gomes de Mattos Neto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Giovani Loss – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Lucca Rizzo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Antonio Soares de Oliveira Filho – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pablo Sorj – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Gabriela Velloso Tavares – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Felipe Bernardelli de Azevedo Marinho – Pinheiro Neto; André da Costa Santa Ritta – Pinheiro Neto; Raphael Moraes Paciello – Pinheiro Neto; Francisco Werneck de Albuquerque Maranhão – Pinheiro Neto; John Anderson – White & Case; Tom Bartlett – White & Case; Meredith Campanale – White & Case; Nathaniel Crowley – White & Case; Mukund Dhar – White & Case; Fern Han – White & Case; Radhika Wason – White & Case; Ingrid York – White & Case;

Law Firms: Herbert Smith Freehills; Machado Meyer Advogados; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pinheiro Neto; White & Case;

Clients: Crédit Agricole Corporate and Investment Bank; ING Bank; Petrobras; Sumitomo Mitsui Banking Corporation; Trident Energy Ltd;

Author: Ambrogio Visconti.