Penningtons appoints marine finance specialist

Gary Walsh joins Penningtons Manches Cooper from Watson Farley & Williams, bringing with him over two decades of expertise in advising financial institutions, export credit agencies, owners, lessors and investors on intricate asset-backed financing transactions in the maritime, offshore and container sectors. His wide-ranging practice includes cross-border financings, structured transactions, portfolio management and distressed situations, covering the entire lifecycle of transactions from acquisitions to restructurings.

The addition of Gary to the firm solidifies its established marine finance offering. This service leverages the synergies of the banking and finance, shipping, marine, corporate, and disputes teams, enabling them to deliver comprehensive advice to lenders, operators, and investors in the maritime industry. As John Chater, head of the banking and finance team at Penningtons, noted, "Gary is an outstanding addition to our partnership. He is highly respected in the market, brings exceptional technical expertise and has developed strong relationships across the banking and marine finance sectors throughout his career."

Gary's track record encompasses impressive highlights, such as advising an international syndicate of lenders on a US$1.5 billion ECA-backed container financing for a major shipping company, and navigating the financing of offshore drilling rigs valued at US$1.4 billion. In addition, he played a critical role in advising international lenders on the unwinding of secured shipping loans following sanctions introduced in 2022. His recent initiatives include collaborating with a leading European financial services provider to establish its UK marine finance offering, further showcasing his capability in cross-border maritime finance transactions.

Operating from Penningtons Manches Cooper's London office, Gary will collaborate closely with the firm's reputable banking, finance, and marine teams both in the UK and through its international network. Grant Eldred, a partner and head of the financial services group, expressed his enthusiasm about Gary's arrival, stating, "His extensive experience advising on complex marine and asset finance transactions complements our existing strengths across marine, trade and commodity finance."

Gary commented on his new role, expressing his excitement: "I am delighted to be joining Penningtons Manches Cooper. The firm has an outstanding reputation in the maritime sector, a strong and growing banking and finance practice, and a genuinely collaborative culture that aligns closely with the way I work with clients and colleagues. The opportunity to work alongside highly regarded specialists across a range of complementary disciplines and international offices was particularly compelling." He looks forward to supporting clients through complex transactions and enabling the continued growth of the firm’s practice.