Seminar: Changing Risks in Shipping and Offshore Markets (Bergen, 7 September 2011)

In these volatile times the challenge facing the shipping and offshore communities remains the same whether in existing or emerging markets. This challenge is risk and how to assess, price and control it. Our seminar this year is designed to look at changing risks in shipping and offshore markets in three different contexts.

Brazil is an important emerging market and has created enormous opportunities for both Norwegian and international contractors. Understanding the risk exposure under Brazilian law is not straightforward but is key to making successful decisions. Our intention in the first part of the seminar is to provide a better understanding of the potential exposure by comparing the risk in Brazilian projects with the better known risks present in Norwegian and International projects.

Irrespective of where a particular project is based, and whether it is shipping or offshore related, issues relating to the financing of such projects are critical. We are delighted that Christian Løken of Pareto Project Finance AS will talk about equity finance and the challenges in making projects bankable. We will also look at creating tax efficient structures and some legal issues that typically arise in international projects.

In the final part of the seminar we will look at two risks which are of particular concern to the shipping community. The first is piracy where despite extensive counter measures being taken, the risk of ship seizure remains a real and continuing threat. The Norwegian Government's authorization of the use of armed guards is generally considered to be a positive move but will it raise more problems than it solves? Sanctions too are an increasing part of commercial life in shipping and the first ship owner has been blacklisted by the US Government. The myriad of sanctions legislation poses its own problems and our intention is to provide a better understanding of both the ambit of sanctions and the practical steps that can be taken to comply with them.

PROGRAMME: 13:00   Opening speech Øystein Meland – Partner, Wikborg Rein Bergen Part I: Assessing Risk in Emerging Markets: A Comparative Review of Norwegian, International and Brazilian Offshore Contracts 13:10   Pricing the Risk: Contract and Remuneration Structures Finn Bjørnstad - Partner, Wikborg Rein London 13:30   Performance Risk: Indemnities, Penalties and Termination Clare Calnan - Partner, Wikborg Rein London 13:50   Environmental Risk: Where does Brazil Stand? Felipe Jacobsen Junqueira - Associate, VRBG Brazil 14:10   Break Part II: International Projects: Legal, Financial and Tax Considerations 14:25   Project Financing - Challenges towards Equity and Bankability Christian Løken - Pareto Project Finance AS 14:45   Creation of Tax Efficient Ownership and Operational Structures Are Zachariassen - Partner, Wikborg Rein Oslo 15:05   Legal Perspectives of International Projects Geir Ove Røberg - Partner, Wikborg Rein Bergen 15:25   Break Part III: Shipping Risks – Piracy and Sanctions 15:40   Piracy and Armed Guards – The Norwegian Approach Trond Eilertsen - Partner, Wikborg Rein Oslo 16:10   Sanctions – Legal Foundation and Practical Implications Anders W. Færden - Partner, Wikborg Rein Oslo 16:40   Closing comments Øystein Meland – Partner, Wikborg Rein Bergen 16:50   Tapas/Drinks