Energy and Natural Resources Team of the Year

To be considered for this award firms must demonstrate specific strength in the energy and natural resources sector. Although, we will be accepting submissions covering corporate and finance matters as well as regulatory and contentious work, it is not the size of the deal that counts but the industry knowledge behind it. Winners will have advised on trailblazing transactions that have significantly impacted the market and these can relate to power, oil and gas, mining or alternative energy.

 

Previous Winners


Image

Herbert Smith won EDF as a client two years ago. Barely a year later, the world’s largest nuclear operator instructed the firm on the headline M&A of the year: the £12.5bn purchase of British Energy.

Image

Following the collapse of talks in August 2008, EDF entered into discussions with British Gas owner Centrica, offering £3.1bn for a 25% stake in the bid vehicle post-takeover, and increased its offer by 9p a share to 774p. The transaction also provided shareholders with a choice between cash consideration or nuclear power notes (securities tied to the future performance of British Energy’s power stations).

Finally confirmed in September 2008, EDF’s nail-biting entrance into the British nuclear market represented the largest inward investment ever made into the UK. The deal will give the French group almost all the nuclear power stations in the country, as well as the best future sites, securing an effective stranglehold on the industry. EDF’s ambitions have been widely reported: it hopes to construct at least four new plants, with the first to come on stream around 2017. Herbert Smith’s adept handling of this complex landmark deal puts the firm at the forefront of the UK’s nuclear renaissance and is the harbinger of a dramatic new order for the UK’s electricity sector.

HIGHLY COMMENDED

DEWEY & LEBOEUF
John LaMaster

John LaMaster demonstrated Dewey & LeBoeuf’s energy prowess when he led the cross-border team that advised Finnish energy company Fortum on a landmark investment programme in Russia. The €5bn deal involved the eventual acquisition of a 93.4% stake in Russian electricity company Territorial Generating Company 10 (TGC-10), awarding the firm a significant platform in the world’s fourth-largest energy market.

FRESHFIELDS BRUCKHAUS DERINGER
Christopher Pugh

Freshfields boasts a leading reputation for energy litigation and 2008 was an outstanding year for the firm. In one of the most politically significant arbitrations around, Christopher Pugh continued to impress through his representation of ConocoPhillips against Venezuela in a high-profile ICSID (International Centre for Settlement of Investment Disputes) arbitration relating to the seizure of oil assets.

HOGAN & HARTSON
Garry Pegg

From London, the US-based oil and gas powerhouse secured one of the most enviable mandates of the year: advising the world’s largest gas company, Gazprom, on its proposed $20bn South Stream pipeline project. Hogan & Hartson will be co-ordinating a consortium of European law firms on the transaction, which is one of the largest pipeline projects in the world.

LINKLATERS
Stuart Salt

Linklaters shines in energy finance and garners some of the most innovative deals in the sector. In 2008, acting for the sponsors, the firm successfully closed the $5.3bn Sakhalin II Phase 2 project, which counts Gazprom, Shell, Mitsui and Mitsubishi as its shareholders. The transaction is notable for being the largest-ever project financing in Russia and the world’s largest limited-recourse oil and gas financing.

SULLIVAN & CROMWELL
Stewart Robertson

The Republic of Yemen provided Sullivan & Cromwell with its headline deal of 2008. The firm advised Yemen LNG on a landmark $4.8bn development project. Not only was this the first LNG (liquefied natural gas) project in the country, but also the largest construction project ever undertaken in Yemen. The deal is anticipated to earn around $30bn-50bn of revenues for the government over the next 20 years, providing a major catalyst for modernisation.