Clayton Utz wins pioneering Australian PFI

Clayton Utz is acting on Australia's first major PFI deal.

The firm has won a mandate to advise the Department of Defence on the tender process for a A$450m (£152m) patrol boat project.
The Request for Tender (RFT) issued by defence minister Peter Reith is seeking bids for either a direct purchase by the government, or a PFI. The project is for the full 15-year lifespan of the boats, from construction to maintenance.
Project finance partner Clive Craven said: “This is a new direction for project financing in Australia. We expect the PFI aggregated product and services model to become more prevalent as governments continue to partner with the private sector.”
The work countermands suggestions that Clayton Utz's projects practice could suffer from partner departures. Three high-profile names, Andrew Trahair, Grant Fuzi and Patrick St John, have left the firm this year.
Brian Salter, managing partner of Clayton Utz's financial services department, said the work showed that it was still a leading firm for projects work.