Mexico City, August 21, 2008 – Baker & McKenzie advised and represented Oceanografía, S.A. de C.V. (“Oceanografia”) on a US$335 million seven-year Regulation S/ 144 A bond offering with investors spanning the United States, Europe and Asia. Morgan Stanley & Co. Incorporated acted as Sole Bookrunner (“Morgan Stanley”), while Citibank, N.A. acted as Trustee, Registrar, Transfer Agent and Principal Paying Agent, and Dexia Banque Internationale Á Luxembourg, Société Anonyme acted as Luxembourg Paying Agent, Transfer Agent and Luxembourg Listing Agent.

The transaction was successfully priced by Morgan Stanley on July 2, 2008 and was closed on July 10, 2008, secured by a collateral pledge of seven vessels. The transaction allowed the company to service existing debt and continue capitalizing on growth opportunities in the deep-sea oil drilling market.

Oceanografía’s Reg S/ 144 A bond offering was highly commended in the international capital markets, considering that it was executed amidst hostile market conditions and that the company was a first-time entrant into the capital markets. Oceanografia achieved a B+ credit rating by Standard & Poor’s and Fitch Ratings just days prior to the transaction.
 
Headquartered in Ciudad del Carmen, Campeche, Mexico, Oceanografia is a leading provider of a comprehensive range of off-shore marine construction and support services, including pipelay and pipe burial construction, inspection, maintenance and repair services. The company principally services state-owned PEMEX’s Exploration & Production subsidiary, which explores for and produces crude oil and natural gas in the northeastern and southeastern regions of Mexico and offshore in the Gulf of Mexico, mostly in the Bay of Campeche.

Baker & McKenzie’s team in this transaction was led in Mexico City by Gaspar Gutiérrez - Centeno, Carlos R. Grimm and Valeria Chapa Garza, and in Chicago by James P. O’Brien and Andrés Vidal.

Ritch Müeller, S.C. and Davis Polk and Wardwell acted as Mexican and U.S. counsel to Morgan Stanley in this transaction, led by Octavio Olivo and Manuel García Diaz, respectively.