Aberdeen based CMS Cameron McKenna LLP has completed a lease for the Beatrice oil field and the Nigg Oil Terminal from Talisman Energy to Ithaca Energy, in a legal first for the North Sea.

A combined Aberdeen, London and Edinburgh energy and banking team from CMS Cameron McKenna completed the project. Energy Partner, Stephen Millar and Infrastructure and Project Finance Partner, Nancy Eller led the team, that also included Maria McKenna, Steven Mitchelhill, Paula Leslie and Ashley Smith.

“I am very pleased that we were able to advise Talisman successfully on this important lease arrangement,” said Millar.

“The need for a customised structure and the prevailing economic climate threw up a number of challenges for us, which we were able to meet.”

The customised structure enabled the deal to proceed, allowing Ithaca Energy to go ahead with development of the nearby Jacky discovery whilst providing protection to Talisman Energy in respect of its future obligation to decommission.