Lanserte den tredje utgaven av Barnas Havarikommisjon: – En solid og viktig rapport
Onsdag 21. januar lanserte Stine Sofies stiftelse Barnas havarikommisjon der Wikborg Rein har bidratt med de juridiske utredningene. Årets tema er digitale seksuelle overgrep mot barn og unge.
The US introduces extensive measures targeting the Russian energy sector and oil revenues
On Friday 10 January 2025, the US introduced extensive measures targeting the Russian energy sector and Russia's oil revenues. The measures include the designation of 183 vessels, many of which are deemed to be part of the Russian shadow fleet, as well as oil traders, oilfield service providers, marine insurance companies and energy officials. The UK also joined the US in sanctioning the two major Russian oil producers Gazprom Neft and Surgutneftegas.
Wikborg Rein on top of Mergermarket 2024
We are truly pleased to share that we are ranked as the leading M&A firm by deal count in Mergermarket's league table for Norway for the full year of 2024.
Updates on latest sanctions developments in the Iranian and Venezuelan sanctions programmes
In this sanctions alert, we seek to summarise some recent developments relating to US and EU sanctions.
The EU's 15th package adopted today and latest developments in the EU, UK and US Russia sanctions programmes
The EU today adopted the 15th package of sanctions against Russia. We include a key summary of these new measures as well as further updates on recent developments relating to Norwegian, EU, UK and US sanctions.
EU MRV: “Offshore ships” now defined and included by the European Commission
Starting 1 January 2025, offshore ships must comply with EU MRV emission reporting rules as the European Commission defines their role in meeting climate targets.
Clash of Recollections: Contemporaneous Documents as Evidence
When two witnesses have conflicting recollections of oral statements made years ago, how does the court determine the truth?
MOK Petro Energy v. Argo (No. 604) Limited – “damage” and breach of warranty under the Insurance Act 2015
Michael Volikas and Leah Rutley of Wikborg Rein’s London office, instructing Benjamin Coffer and Simon Rainey KC of Quadrant Chambers, represented a syndicate of London reinsurers in the High Court in successfully defending claims against them for average loss in respect of a cargo of gasoil under a marine cargo reinsurance contract by the original assured pursuing their claims under a “cut-through” clause.
AUTOSHIPMAN – the first standard form management agreement for autonomous ships
BIMCO’s Documentary Committee has adopted the AUTOSHIPMAN form in response to the growing number of remotely controlled and eventually fully autonomous ships. The form intends to address the specific risks and responsibilities associated with remotely controlled and autonomous ships.
IMO addresses fears that owners and others who comply with the Hong Kong Convention may be in legal jeopardy
BIMCO has, together with the International Chamber of Shipping, Norway, Bangladesh, India and Pakistan, urged the IMO (International Maritime Organisation) to solve 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 as currently shipowners and others may potentially be exposed to severe consequences, including criminal liability, 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. The IMO is looking into it and has asked the Conference of the Parties to the Basel Convention for clarification.
How to future-proof your newbuilding project
The combination of strong cash flow in the shipping market and continued uncertainty related to regulatory requirements, fuel standards, and sustainability means that the focus on future-proofing investments continue to increase.
Shipbrokers’ liability in S&P transactions – reflections from recent case law in Norway
In recent years we have seen several court cases relating to claims against shipbrokers arising out of shipping transactions. In a decision in one of those cases earlier this year, the Norwegian Court of Appeal provided useful guidance on liability of shipbrokers, and the duty of care of shipbrokers in shipping transactions.
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”).
WRECKSTAGE 2024 – new industry standard wreck removal agreement
On 4 June 2024 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 to this new version, the most important being a new optional risk allocation procedure, which is intended to give greater certainty in the allocation of risks. The result is an improved form which will no doubt be warmly welcomed by the industry.
Introducing FuelEU Maritime: Contractual implications
Much has been written about the FuelEU regulations’ impact on the shipping industry, but with just a month to go before regulations fully take effect, there will still be work to be done on contractual arrangements to ensure that they properly address the requirements of this new regime.
Legal 500 China: Wikborg Rein Shipping Firm of the Year
We are delighted to inform that our office in Shanghai has been honored with the Foreign Shipping Firm of the Year Award at the Legal 500 China Awards! Chelsea Chen and Ronin Zong were shortlisted for the Shipping Lawyer of the Year award alongside three other highly reputable professionals from top English shipping firms in China.
Matt new Partner in London
We have the pleasure of announcing that Matt Berry at our London office will become Partner starting from 1 January 2025.
"Penny stocks": call for action
Close to one-tenth of companies listed across the Euronext Oslo Børs' marketplaces are traded below NOK 1 per share, and approximately 100 companies trade at a price below NOK 10 per share. For companies on Oslo Børs and Euronext Expand, an observed share price over time below NOK 1 will require remedies. Also for companies on Euronext Growth Oslo, low share prices may create challenges.
WR Energy Update: Strategic impact assessment for offshore wind
The Norwegian Water Resources and Energy Directorate (NVE) has completed a strategic impact assessment of three of the 20 offshore areas identified as potential sites for offshore wind development in Norway. NVE recommends to increase capacity in the Vestavind F area, to open a new project area in Sørvest F, and to defer any developments in Vestavind B for the time being.
TGH Holdings AS divests its energy market analysis and advisory services business
SKM Market Predictor AS (now TGH Holdings AS) has entered into an agreement to divest its energy markets analysis business to Montel AS.
The application timeline for the EU Deforestation Regulation will be extended
On 14 November 2024, the EU Parliament formally approved the European Commission's proposal to postpone the application of the Deforestation Regulation (Regulation (EU) 2023/1115) until 30 December 2025. With the aim of reducing deforestation, forest degradation, greenhouse gas emissions and global biodiversity loss, the Deforestation Regulation imposes documentation and due diligence requirements on in-scope entities to ensure that relevant commodities and products are deforestation-free and lawfully produced. Companies falling within the scope of the Regulation, should start preparations to ensure that they are prepared to comply once the obligations enter into force.
WR Asset Management: EuVECA – Access to EU marketing passport and retail investors – without a licence
In a previous newsletter, we outlined the differences between licensed and registered AIFMs. One major advantage of a full licence is the ability to market funds across borders within the EU/EEA ("passporting"). However, for small and medium-sized managers, there is an alternative: registering the fund as a qualifying venture capital fund (VCF) under the EuVECA Regulation, provided the planned fund strategy aligns with the investment restrictions. Below, we explore who might benefit from this option.
WR Energy Update – Is Norway equipped for nuclear power?
In the first edition of our newsletter, we will take a closer look at Norway's legal framework for nuclear power, and assess whether the regulations are suitable for the establishment of nuclear power in Norway.
Wikborg Rein Advises on DOF's USD 500 Million Acquisition
We are pleased to have acted as lead counsel for DNB Bank ASA as agent in the financing of DOF Group ASA's acquisition of Maersk Supply Service A/S.
WR ESG Alert: Norway commits to implement CBAM, while the first penalty under the Transparency Act is imposed
In this month's ESG alert, we highlight the first infringement penalty imposed under the Transparency Act, the implementation of the EU CSRD into Norwegian law, the Norwegian government's decision to implement CBAM into Norwegian law, EU restrictions on a sub-group of PFAS chemicals, and the latest decision from the Borgarting Court of Appeal regarding an injunction appeal from two environmental organisations.
Wikborg Rein has assisted with secondary listing of gold securities product on Oslo Børs
We are pleased to announce that Wikborg Rein has assisted Svelland Capital (UK) Ltd and the Edmond de Rothschild Group with the secondary listing on Euronext Oslo Børs of the Euronext Amsterdam listed EdR Certified Origin Physical Gold PLC, which issues gold securities structured as Exchange Traded Certificates (ETCs).
First infringement penalty for failing to comply with the Transparency Act – and it bites!
The Norwegian Consumer Authority has on 25 September 2024 issued what appears to be the first infringement penalty for a failure to comply with the Norwegian Transparency Act. For not responding to two information requests on time, the Authority has imposed a penalty on a retail company of 450,000 NOK.
Our IP Team Highly Ranked by MIP IP STARS 2024
MIP IP STARS has recognised our IP experts as one of Norway's leading IP lawyers.
New EU sanctions framework under the Russia regime and entry into force of UK framework for enforcement of trade, aircraft and shipping sanctions
Yesterday, on 8 October 2024, the EU Council established a new framework under the Russia sanctions regime in response to hybrid threats from Russia. Tomorrow, 10 October 2024, will see the entry into force of the UK's new framework for enforcement of trade, aircraft and shipping sanctions.
Holding top spot in Universum Professional Survey
The results from Universum's survey for professionals are in, and for the second year in a row, Wikborg Rein stands out as the top choice among law firms and continues to climb in the overall rankings.
Expanded Norwegian export controls for critical goods and technologies and updates to the EU Dual-Use List
The Norwegian Ministry of Foreign Affairs recently announced significant amendments to the Export Control Regulations and introduced a new Annex of additional controlled goods. Additionally, several EU Member States have imposed unilateral export controls, and we note that the EU Dual-Use List has recently been updated.
The obligation to register beneficial owners in Norwegian companies comes into effect today, 1 October 2024
Since 1 November 2021, legal entities have been required to identify and maintain documented, up-to-date information about their ultimate beneficial owners (UBOs). As of 1 October 2024, Norwegian entities must also register their UBOs in the Brønnøysund Register pursuant to the Norwegian Act on the Beneficial Owners Registry. This means that entities must report who ultimately controls and/or owns the entity to the authorities. There is a phase-in period of 10 months, with the final registration deadline being 31 July 2025. After this date, companies that fail to register may be subject to coercive fines.
We have assisted Infranode and Lyse with their acquisition of Altifiber
We have assisted Infranode AB and Lyse Fiberinvest AS with entering into an agreement to acquire Altifiber AS, a local fiber infrastructure provider present in Dalane and Agder, Norway. Subject to completion, Infranode will acquire 49% of the shares. The remaining 51% of shares will be owned by Lyse, which is increasing its ownership by 17p.p.
WR ESG Alert: An autumn of public consultations to further sustainability
In this month's ESG alert we describe three recently published public consultations in Norway, relating to (i) a revised CO2 compensation scheme, (ii) amendments to sustainability reporting in auditor and accounting regulations and (iii) the EU's recent Regulation on reduction of methane emissions in the energy sector.
Real estate transactions and national security
The current geopolitical situation leads to concerns in Norway regarding property acquisitions by buyers with associations to foreign states in strategic sensitive areas.
Tier 1 in all IFLR1000 Categories
We are delighted to announce that we have once again been awarded Tier 1 in all five categories in the International Financial Law Review (IFLR1000).
EU Corporate Sustainability Reporting Directive (CSRD) Implemented into Norwegian Law
On 11 June 2024, the Norwegian Parliament amended the Accounting Act to implement the EU Corporate Sustainability Reporting Directive (CSRD) into Norwegian law. The new rules impose new sustainability reporting requirements for Norwegian companies, with the aim of standardising and enhancing the quality of disclosed environmental, social and governance matters.
WR ESG Alert: EU Corporate Sustainability Reporting Directive implemented into Norwegian law, while other EU sustainability acts enter into force
In this month's ESG alert, we highlight the implementation of the EU Corporate Sustainability Reporting Directive into Norwegian law, the entry into force of the EU Nature Restoration Law, the Revised EU Industrial Emissions Directive and the EU hydrogen and gas decarbonisation package, and the adoption of the European Council's position on the Green Claims Directive.
Navigating shipyard insolvency during superyacht builds
Wikborg Rein's Linda Roxburgh discusses safeguarding superyacht owners' interests if their shipyard faces financial instability mid-build. In an article first published for SuperyachtNews, Linda, carefully navigates the best ways to safeguard a superyacht owner’s interests if the shipyard managing their project should become financially unstable mid-build.
Simplified prospectus rules coming – the Listing Act legislative package
The European Commission has put forward a proposed legislative package called the "Listing Act". The purpose of the Listing Act is inter alia to simplify listing on European public markets, and alleviate the requirements for companies once listed. The Listing Act was voted through by the European Parliament in April 2024 and will eventually be implemented in Norway.
Wikborg Rein assisting NORBIT ASA on its NOK 200 million private placement
We have had the pleasure of assisting NORBIT ASA (OSE: "NORBT") on its successfully completed private placement of new ordinary shares, raising gross proceeds of approximately NOK 200 million.
We have assisted Ren Røros AS with their divestment of Ren Røros Aksess AS
We have assisted Ren Røros AS with entering into a definitive agreement to divest Ren Røros Aksess AS to NEAS Konsern AS. Subject to completion, NEAS Konsern AS will acquire 100% of the shares.
New package of sanctions from the EU and US, and other recent developments
In this sanctions alert we provide an update on recent developments in the EU, UK and US sanctions against Russia.
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.