Repositioning a stalled midstream JV into a bankable partnership.
A three-party joint venture had spent eighteen months negotiating in circles. We rebuilt the commercial architecture and closed a revised HoT in eleven weeks.
A pipeline of previously agreed terms had collapsed under changing offtake economics. Two of three partners were preparing to walk. Our client — the operator — needed a path that preserved the asset without ceding governance.
Three moves.
Diagnostic in ten days
We mapped every commercial term, every open dispute and every unstated interest across the three parties. The output was a single-page tension chart the CEO could act on.
Re-architected the deal
Rebuilt tolling economics around a floor-plus-share structure that gave partners downside protection without giving up upside. Introduced a governance carve-out for operational decisions.
Ran final-round talks
Sat on the client's side of the table through six negotiation sessions. Signed heads of terms within eleven weeks of engagement.
The revised JV reached financial close nine months later. Both previously-departing partners remained in the structure. The operator retained sole-operator status and secured a $310M capital commitment.
"The deal you signed is the deal you actually run — or it isn't a deal."