Stephenson Harwood Advises CEXIM on Major Restructurings
Deal News | Aug 05, 2025 | Stephenson Harwood LLP
Stephenson Harwood LLP, a prominent law firm, has advised The Export-Import Bank of China (CEXIM) on two high-profile restructurings within the shipping and offshore sectors. The first engagement involved CEXIM as a lender to Prosafe SE, an operator of semi-submersible accommodation vessels, in a comprehensive recapitalisation transaction. This complex cross-border deal required restructuring $193 million out of $343 million in term loans and resulted in a new single $225 million agreement. The English, Norwegian, and Singapore laws were involved in this consensual out-of-court agreement. In a separate deal, Stephenson Harwood assisted CEXIM as a secured bondholder in Bourbon Services Luxembourg's debt restructuring. This was part of Bourbon Offshore Group's broader debt reorganization plan, which involved significant debt reduction and secured new funding, with Davidson Kempner Capital Management and Fortress Investment Group eventually taking control by 2025. Both of these significant transactions were managed by Jonathan Ward, supported by teams in London, Singapore, and Paris.
Sectors
- Legal Services
- Finance
- Shipping & Offshore
Geography
- China – The Export-Import Bank of China (CEXIM) is a central participant, headquartered in China.
- Norway – Prosafe SE, an Oslo-listed company, is one of the companies undergoing restructuring.
- France – Bourbon Services Luxembourg's restructuring is part of a French law conciliation process, with the involvement of the Marseille Commercial Court.
- United Kingdom – Stephenson Harwood LLP, based in London, led the advisory teams.
- Singapore – Involvement of Singapore law and local office participation in cross-border transactions.
Industry
- Legal Services – This industry is relevant because the article discusses the role of a law firm, Stephenson Harwood LLP, in advising on significant legal restructurings.
- Finance – The financial industry is involved due to the major restructuring of loans, debt reductions, and new funding implications in the sector.
- Shipping & Offshore – The transaction pertains specifically to the shipping and offshore sectors, involving companies operating semi-submersible accommodation vessels and offshore services.
Financials
- $193 million – Amount involved in restructuring Prosafe SE's term loans.
- $343 million – Total amount of Prosafe SE's term loans prior to restructuring.
- $225 million – The new loan agreement amount after restructuring Prosafe SE's facilities.
- $75 million – New funding secured for Prosafe SE backed by an ad hoc group of lenders.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Stephenson Harwood LLP | Legal Advisor | Company | An international law firm advising CEXIM on restructuring transactions. |
| The Export-Import Bank of China (CEXIM) | Lender/Bondholder | Company | Chinese state policy bank involved in loan restructuring and bondholding. |
| Prosafe SE | Target Company | Company | Oslo-listed operator of semi-submersible accommodation vessels. |
| Bourbon Services Luxembourg | Target Company | Company | Subsidiary of Bourbon Offshore Group undergoing debt restructuring. |
| Davidson Kempner Capital Management | Investor | Company | Investment firm set to become a controlling shareholder in Bourbon Offshore Group. |
| Fortress Investment Group | Investor | Company | Investment firm involved in the restructuring and future controlling share acquisition. |