This is the third loan facility to companies within the Stolt Offshore Group to be led by Den Norske Bank in New York, and Stephenson Harwood has advised the syndicate of banks on all three. Sheila Obhrai, a senior assistant in the firm’s five-partner ship financing group, led all three deals – the others completed in early 1999 and early 2000. All three were documented and coordinated out of London, with this being by far the largest in terms of both the size of the syndicate and the size of the f acility. The former transactions were for syndicates of around five banks and for facilities valued in the region of $150m (£100m). This facility is secured by eight ship mortgages registered for vessels in jurisdictions including Liberia and Panama. It will be used by companies within the group to refinance existing commitments and for general working capital and other corporate needs.