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18.06.2024

New reporting obligation to Oslo Børs related to share issuance

With effect from 4 July 2024, a new reporting obligation related to compliance with prospectus requirements is imposed on companies listed on Oslo Børs' regulated markets (Euronext Oslo Børs and Euronext Expand). Furthermore, Oslo Børs guides on the practical handling of the obligation to prevent trading in new shares before any conditions for trading are met.

12.06.2024

Wikborg Rein assisting with Nel ASA's spin-off and listing of Cavendish Hydrogen ASA on Oslo Børs

We have had the pleasure of assisting Nel ASA and Cavendish Hydrogen ASA in the spin-off of Nel's hydrogen fueling division and listing of Cavendish's shares on Oslo Børs.

11.06.2024

Verdipapirisering kommer til Norge

Regler om verdipapirisering innlemmes i EØS-avtalen 12. juni. Det er sannsynlig at reglene raskt vil bli gjennomført i norsk rett og at de kan tre i kraft 1. januar 2025.

11.06.2024

New Lloyd's Open Form 2024

Lloyd's Salvage Arbitration Branch has released a new Lloyd's Open Form of Salvage Agreement ("LOF 2024"), as well as a new Lloyd’s Salvage Arbitration Clause ("LSAC 2024").

10.06.2024

Direct lending coming to Norway

Direct lending has so far been largely absent in the Norwegian market due to regulatory constraints. However, the regulatory landscape is about to change which will present new possibilities for non-bank lending.

10.06.2024

Defence procurements at Norwegian yards – new rules on ownership control

Norway’s new long term defence plan will most likely lead to several new defence contracts. Contractors entering into such contracts may have to comply with additional contractual and regulatory requirements. This includes the Norwegian Security Act, and its recently revised rules on ownership control.

10.06.2024

Equipment leasing in the shipbuilding industry – inherent risks and how to mitigate them

In aviation and other sectors, equipment leasing has long been a recognised tool for companies looking to finance expensive items of equipment. Whilst to date equipment leasing has been less visible in the shipping industry, we are now seeing an increased interest in this type of financing from both shipowners and equipment lessors. However, leasing arrangements do include some inherent risks which the parties should seek to mitigate.

10.06.2024

The Electronic Trade Documents Act 2023 – the framework we’ve been missing?

The Electronic Trade Documents Act, which came into force in September 2023, enables a “trade document” in electronic form to be used in the same way as its paper equivalent provided that certain criteria are met.

10.06.2024

“Ever Given” – Court of Appeal upholds that no salvage contract was concluded

The English Court of Appeal has recently rendered judgment in the dispute between salvors and the shipowners as to whether a salvage contract on commercial terms had been made in connection with the re-floating of the “Ever Given” in the Suez Canal in March 2021 (SMIT Salvage & Ors v. Luster Maritime SA & Anr (The Ever Given) [2024] EWCA Civ 260). The judgment illustrates the importance of the parties making clear during negotiations whether they intend to be bound.

10.06.2024

BIMCO publishes first standard-form quiet enjoyment letters for ship financing

Charterers are increasingly requesting to receive quiet enjoyment letters (“QELs”) from the mortgagees of chartered vessels. As there has not been any standard format for QELs, owners have often found themselves caught in the middle of protracted negotiations between the charterers and the mortgagees when QELs are requested. To meet the longstanding need for a standard format acceptable to charterers, mortgagees and owners, BIMCO published two standard form QELs on 21 February 2024.

10.06.2024

SHIPMAN 2024 – a welcome, gentle revision

Since its original introduction in 1988, the BIMCO standard ship management agreement SHIPMAN (revised in 1998 and 2009) has established itself as the global standard ship management agreement. Adopted on 22 March 2024, the new SHIPMAN 2024 represents a light touch revision of the standard form, incorporating established standalone clauses and new provisions reflecting these developments.

10.06.2024

Carbon capture – building a new ­value chain from a ­contractual perspective

With its history and extensive experience with CO2 management as an oil and gas nation, Norway is a leading country in building a new CCS value chain in the fight against climate change.

10.06.2024

Transportation of CO2 – an emerging market

Following the Paris Agreement, Carbon Capture and Storage (CCS) has emerged as a promising tool to substantially reduce carbon emissions. Whilst CCS’s potential is considerable, it is still a developing industry that needs efficient means of transportation.

10.06.2024

Integrating emissions trading schemes in ship management agreements – BIMCO’s new ETS clause and mandate letter

In advance of the recent inclusion, as from January 2024, of the shipping industry in the European Union Emissions Trading System (EU ETS), BIMCO introduced a new ETS clause tailored specifically for ship management agreements.

10.06.2024

Calls on IMO to solve ­legal inconsistencies on ship recycling

BIMCO has, together with the International Chamber of Shipping, Norway, Bangladesh, India and Pakistan, urged the International Maritime Organisation (IMO) to solve possible conflicting requirements between the Hong Kong Convention and the Basel Convention ahead of the entry into force of the Hong Kong Convention on 26 June 2025. The potential conflicts may expose shipowners and others to severe consequences, particularly when recycling ships in the major ship recycling countries in South Asia such as Bangladesh, India and Pakistan, even if the ships and facilities comply with the Hong Kong Convention.

07.06.2024

WR ESG Alert: Final approval of EU Corporate Sustainability Due Diligence Directive and Net-Zero Industry Act

In this month's ESG alert we note that the EU has adopted the Corporate Sustainability Due Diligence Directive (CSDDD) and the Net-Zero Industry Act and that the EU's Critical Raw Materials Act has entered into force. In Norway, the Ministry of Children and Families has commenced an evaluation of the Transparency Act one year after the first reporting deadline while various government authorities have issued public consultations relating to different areas of climate legislation.

06.06.2024

WR Kapitalforvaltning: Når er et selskap et alternativt investeringsfond? Særlig om prosjektfinansiering

Mange typer selskaper kan kvalifisere som alternative investeringsfond (AIF). Dette har stor praktisk betydning ettersom forvaltningen av et AIF er underlagt et omfattende og straffesanksjonert regelverk. Finanstilsynet følger aktivt opp på dette området, og hadde blant annet tematilsyn våren 2023 hos aktører som driver med prosjektfinansiering. Finanstilsynets årsrapport for 2023 viser også en skarp økning i antall norske alternative investeringsfond.

04.06.2024

WRECKSTAGE 2024 – new industry standard wreck removal agreement

Yesterday, BIMCO released a new version of WRECKSTAGE, which has long been the industry standard agreement for maritime wreck removal projects where the contractor is remunerated on a lump sum basis. Several changes have been made, the most important being a new optional risk allocation procedure, often referred to as QRA (quantitative risk assessment), which is intended to give greater certainty in the allocation of risks. The result is an improved form which will be warmly welcomed by the industry.

31.05.2024

Nytt bygningsenergidirektiv er vedtatt av EU-kommisjonen

The European Green Deal er et ledd i EUs overordnede klima- og miljøpolitikk, hvor målene er minst 55 % reduksjon av klimagassutslipp innen 2030 samt klimanøytralitet i 2050. En sentral faktor for å nå målet er energieffektivisering av bygningsmassen. Som et ledd i dette arbeidet, har EU-kommisjonen nylig vedtatt et revidert bygningsenergidirektiv (Energy Performance of Buildings Directive, «EPBD»).

28.05.2024

Forberedelsene til rapportering etter CSRD (bærekraftsdirektivet) bør starte nå!

Vi er nå inne i tiden for sluttspurten av skriving av årsberetninger og ulike rapporteringer. Til neste år vil denne øvelsen utvides betraktelig. Våre bærekraftspesialister Elise Johansen og Tonje Hagen Geiran oppsummer hva du bør foreta deg nå.

23.05.2024

Wikborg Rein til topps blant studentene - igjen

For ellevte år på rad kårer jusstudentene Wikborg Rein til den mest attraktive arbeidsgiveren i advokatbransjen.

16.05.2024

EU ETS: New Standard Template from BIMCO and Key Considerations

Following the inclusion of shipping in the EU's emissions trading system on 1 January 2024, the focus is now shifting to the practical aspects of compliance with the regulations, including monitoring, reporting, and surrendering of allowances.

14.05.2024

Skattenyheter i revidert nasjonalbudsjett 2024

Regjeringen fremmet i dag revidert nasjonalbudsjett ved Meld. St. 2 (2023–2024) og Prop. 103 LS (2023–2024). Den største nyheten på skattefronten er at det ikke foreslås noen større endringer.

10.05.2024

Norway has signed agreement which ensures international cooperation on the operation of autonomous ships

Norway has signed an agreement with the United Kingdom, Belgium, Denmark and the Netherlands to facilitate cooperation on the international operation of autonomous ships. The agreement is particularly aimed at the operation of autonomous ships in the North Sea basin, including ships for inspection and maintenance of existing and future offshore wind installations.

07.05.2024

Velkommen til oss i Wikborg Rein-huset i Bergen!

Fra og med denne uken har vi gleden av å endelig åpne dørene til våre nye, flotte lokaler i Baneveien 16.

07.05.2024

WR Kapitalforvaltning: Etablering av fond – sentral dokumentasjon

Fondsetablering krever nøye forberedelse og utarbeidelse av relevant dokumentasjon. Omfanget av dokumentasjonen varierer betydelig og avhenger blant annet av tiltenkt fondsstruktur, jurisdiksjon, aktivaklasse, type investorer fondet retter seg mot og ikke minst de regulatoriske forutsetningene fondet og forvalter opererer under.

03.05.2024

WR ESG Alert: Another landmark ruling on climate change and human rights, and rules to protect against forced labour and abusive court proceedings

In this month's ESG alert, we highlight the recent landmark climate judgment from the European Court of Human Rights, as well as legislative developments in the EU, including new rules on free allocation of emission allowances, protection of persons who engage in public participation, a revision of the Industrial Emissions Directive, and the approval by the European Parliament of the Forced Labour Regulation.

01.05.2024

Siste nytt innenfor arbeidsrett: Nye krav til arbeidsavtaler fra 1. Juli 2024

Det skjer stadig noe nytt innenfor arbeidsretten. I dette nyhetsbrevet ser vi nærmere på de siste oppdateringene og hvilke endringer som er i vente. Arbeidsgivere bør være særlig oppmerksomme på at det innføres nye regler fra 1. juli 2024, hvor det blant annet stilles strengere krav til arbeidsavtaler. Arbeidsgivere bør derfor sørge for å oppdatere sine arbeidsavtaler slik at de er i samsvar med de nye lovkravene.

25.04.2024

We have assisted Infranode and Lyse with their acquisition of Sandefjord Bredbånd

We have assisted Infranode and Lyse with entering into a definitive agreement to acquire Sandefjord Bredbånd AS for an enterprise value of NOK 1,012 million. Subject to completion, Lyse will acquire 10% of the shares, and Infranode, the remaining 90%, from Sandefjord municipality.

18.04.2024

Recent developments, including new US sanctions restricting imports of aluminium, copper and nickel and wind-down of General License on Venezuela

In this sanctions alert we seek to summarise recent developments relating to Norwegian, EU, UK and US sanctions, including US and UK prohibitions on import of certain Russian-origin metals, wind-down of transactions related to oil and gas sector operations in Venezuela, EU's minimum rules for prosecution of and penalties for violating EU sanctions, and the implementation of the EU's 12th and 13th package of sanctions against Russia into the Norwegian Ukraine Regulation.

05.04.2024

WR ESG Alert: Shell appeals landmark climate ruling while EU members agree on Corporate Sustainability Due Diligence Directive

In this month's ESG alert, we describe Shell's appeal against a landmark climate ruling, the approval by EU members of a revised version of the Corporate Sustainability Due Diligence Directive as well as recent EU climate initiatives and proposals to align Norwegian climate regulations with EU standards

27.03.2024

Wikborg Rein again top ranked across all 20 practice areas in Legal 500

We are particularly excited to note that as many as 79 of our lawyers have been commended for their outstanding contributions within their respective fields.

22.03.2024

Wikborg Rein only Norwegian law firm in the GAR 100 survey

Global Arbitration Review has unveiled its annual ranking of the world’s leading international arbitration practices, with Wikborg Rein exclusively listed.

19.03.2024

EU Council and Legal Affairs Committee of the European Parliament approves amended draft of the Corporate Sustainability Due Diligence Directive

On 15 March 2024, the Committee of Permanent Representatives (COREPER) of the Council of the European Union (the "Council") surprisingly approved an amended draft of the Corporate Sustainability Due Diligence Directive (the "CS3D"). On 19 March, the amended draft of the CS3D was approved by the Legal Affairs Committee (JURI) of the European Parliament.

14.03.2024

Last ned vår krisehåndteringsapp

Wikborg Reins Krisehåndteringsverktøy er nå klart for nedlasting. Verktøyet gir praktisk, umiddelbar og trinnvis veiledning i tilfelle ulike typer kriser oppstår som følge av uanmeldte inspeksjoner og kontroller fra politiet eller andre offentlige myndigheter.

14.03.2024

Wikborg Rein Exclusive in All Chambers Europe Categories

We are delighted to announce that we have once again achieved top rankings in Chambers Europe. Wikborg Rein is the only Norwegian law firm ranked in all 19 categories.

13.03.2024

Sanctions issued following the two-year anniversary of the invasion

In this sanctions alert, we include updates on recent developments following the two-year anniversary of the Russian invasion of Ukraine.

13.03.2024

Styringsmekanisme for bedre forsyningssikkerhet

Stortinget har vedtatt en ny styringsmekanisme for forsyningssikkerhet, men hvordan gir regelendringene bedre styring på kraftressursene våre?

11.03.2024

PRIIPs proposal and likely timing of entry into force in Norway

Long overdue, the PRIIPs Regulation is proposed implemented into Norwegian law. In this newsletter, we have set out the details on how and when PRIIPs is expected to be implemented in Norway.

04.03.2024

WR Kapitalforvaltning: AIF-forvalter – konsesjon eller kun registrering?

Når må du ha konsesjon for å forvalte alternative investeringsfond? Når holder det å kun være «registrert»? Hva er forskjellene?

04.03.2024

Wikborg Rein assisting Summa Equity with investment in Stim AS

We have assisted Summa Equity AB with an acquisition of a controlling stake in Stim AS. The investment sees Summa Equity partnering with Stim AS' founder and owner, Jim Roger Nordly.

01.03.2024

WR ESG Alert: The EU Council fails to endorse the Corporate Sustainability Due Diligence Directive, leaving the future of the Directive hanging in the balance

In this month's ESG alert, we highlight the EU Council's failure to endorse the Corporate Sustainability Due Diligence Directive and the European Parliament's efforts to combat gender-based violence, and provide an update on various environmental developments at the EU and Norwegian levels.

29.02.2024

Til topps i Finansavisens advokatundersøkelse

Wikborg Rein er nok en gang blant advokatfirmaene med flest topplasseringer, og har i år større poengvekst enn noe annet firma i kåringen.

27.02.2024

Norwegian Chapter in the Chambers Life Sciences & Pharma IP Litigation 2024

Lars Erik Steinkjer, Nora Bratheim and Guro S. Kyrkjebø Nybø have contributed to the Norwegian chapter in the Chambers and Partners Life Sciences & Pharma IP Litigation 2024 Global Practice Guide.