Photo of Robert J. Stefani

Bob Stefani practices in the areas of marine finance and other financial, corporate transactions and maritime and commercial litigation and government regulation.

Middelgrunden Wind Plant (HC Sorensen, Middelgrunden Wind Turbine Cooperative, NREL/Pix 17855

On May 14, 2012, the Bureau of Ocean Energy Management (BOEM) announced a finding of “no competitive interest” with regard to a proposed right-of-way grant area off the Mid-Atlantic coast for construction of an offshore wind energy transmission line.

When seeking construction financing for a proposed newbuilding, shipowners should understand and be prepared to address the particular concerns that lenders have in assessing risk and documenting vessel construction projects.

When deciding whether to approve a construction financing loan, lenders focus on certain key factors:

  • Does the shipyard have the requisite experience, manpower and financial

In an action that may signal future changes to vessel documentation requirements for publicly traded companies, the U.S. Coast Guard published a Notice in the Federal Register November 3 seeking comments on mechanisms currently employed by such companies in order to assure compliance with U.S. citizenship requirements.

At least 75% of the stock or other

Rep. Jeff Landry (R-LA) has added a provision to the Coast Guard and Maritime Transportation Act of 2011, currently under consideration in Congress, which would require the owner/operator of any offshore rig or vessel engaged in drilling, plugging and abandoning or workover operations to maintain a standby rescue vessels within 3 nautical miles.

The provision