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Gowlings deal wins Energy & Services Industry Turnaround Transaction of the Year

Jun. 29, 2012
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On June 27, at the Atlas Turnaround Awards ceremony in Chicago, a Gowlings-negotiated, deal, CNOOC Limited’s acquisition of OPTI Canada Inc., won the award for the Energy & Services Industry Turnaround Transaction of the Year. David Taniguchi, a member of the transaction team, accepted the award on behalf of Gowlings.

 The deal itself was the result of an acquisition of OPTI Canada Inc., a Calgary-based company focused on developing major oil sands projects in Canada, by CNOOC Luxembourg s.à r.l. An indirect wholly-owned subsidiary of CNOOC Limited, CNOOC Luxembourg s.à r.l. is China’s largest producer of offshore crude oil and natural gas, and one of the largest independent oil and gas exploration and production companies in the world. The transaction closed on November 28, 2011 with an aggregate value of approximately US$2.2billion.

“Deals such as these really allow the Firm to flex its interdisciplinary muscle,” said David Lefebvre, a partner in the Firm’s Calgary office and the lead lawyer on this transaction. “It’s all about pooling the right expertise in order to obtain the best possible outcome for the client.”

 Other members of the team included Charlotte Feasby, Christine Yick and Kristina Athanasopoulos(corporate finance/M&A); Thomas Cumming and Jeffrey Oliver (insolvency); Garth Parker, Arnold OlyanandEthan Sinclair(oil sands); Henry Brown, Pierre Pilote, Jacques Shore and Don McCutchan (government relations); Mark Nicholson and Ian Macdonald (Investment Canada and competition law); and Vince Imertiand Greg Lindsey (tax).

 The annual Turnaround Atlas Awards, are part of the "Gold Standard of Performance", M&A Atlas Awards, and exclusively honours top performances from the distressed M&A, restructuring, reorganization and turnaround communities world-wide. Eligibility for the award included a deal size above five million in any sector and in any geographical region. The Atlas awards are presented by the Global M&A Network, a U.S.-based media and information company. The ceremony was well-attended by various investment bankers, lawyers and restructuring/insolvency professionals involved in turnaround deals around the world.

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