Shipping Offshore
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2019
Norwegian Court of Appeal strikes another blow against forum shopping in direct action case
In a recent decision, the Court of Appeal held that Norwegian courts do not have jurisdiction under the Lugano Convention in a direct action concerning a ship collision in the Singapore Strait. The decision follows the Supreme Court's decision last year which set aside the Court of Appeal's previous decision which had found that there was jurisdiction.
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2019
Poseidon Principles – Global framework for responsible ship finance
Major international shipping banks have recently launched a collaboration for integration of climate considerations into their lending decisions. The "Poseidon Principles" establish a common, global baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with adopted climate goals.
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2019
Britiske Høyesteretts avgjørelse “Renos”-saken om kondemnasjon og reguleringen under den nordiske sjøforsikringsplanen
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2019
The UK Supreme Court’s decision in the “Renos” on CTL and the position under the Nordic Plan
The UK Supreme Court’s recent decision in the “Renos” (Sveriges Angfartygs Assurans Forening (The Swedish Club) and others v Connect Shipping Inc and another, [2019] UKSC 29) will be a landmark case on marine insurance under the English Institute Time Clauses Hulls (1/10/83) ("ITCH") conditions. It clarifies that when determining whether a vessel is a constructive total loss (“CTL”) under the ITCH conditions, regard should be had to (a) the costs incurred prior to the owners’ notice of abandonment, but not (b) remuneration payable under the SCOPIC clause. The decision will have significant importance in the insurance market because of the financial and practical implications. But what would be the position under the Nordic Marine Insurance Plan of 2013 version 2019 (“Nordic Plan”)?
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2019
Shipbuilding Portal – digital building contracts
The Shipbuilding Portal is a user-friendly online solution for the drafting of shipbuilding contacts based on the Standard Form Norwegian Shipbuilding Contract 2000, often referred to as "Ship 2000". It simplifies the drafting process and provides access to relevant practical information.
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2019
Skipsbyggingsportal - digitale byggekontrakter
Wikborg Rein lanserer en ny digital tjeneste som retter seg mot shipping-industrien. Skipsbyggingsportalen gir enkel tilgang til praktisk informasjon om skipsbyggingskontrakter og gjør det enklere å opprette byggekontrakter. Portalen er en nettbasert og brukervennlig løsning for opprettelsen av standard byggekontrakt «Skip 2000».
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2019
Shipbuilding Portal – digital building contracts
Wikborg Rein is launching a new digital service aimed at the shipping industry. The Shipbuilding Portal is a user-friendly online solution for the drafting of shipbuilding contacts based on the Standard Form Norwegian Shipbuilding Contract 2000, often referred to as "Ship 2000". It will simplify the drafting process and provide access to relevant practical information.
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2019
Quiet enjoyment letters – benefit to lenders?
Quiet enjoyment letters ("QEL"s) are often used where a ship, rig or other unit being financed is subject to a long-term charterparty to govern the inter-relationship between the owner, its financiers and the charterer. But what is a QEL and do they have any benefit for the lenders?
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2019
Finance and operating leases in the Chinese market – key differences
Chinese sale and leaseback deals are now a well established financing option in the shipping sector. Whilst Chinese leasing companies have traditionally opted to go down the finance lease route, they are increasingly assuming more risk and opting for either a full operating lease arrangement or a hybrid structure adopting elements of both finance and operating leases.
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2019
Worldwide freezing orders upheld in multi-national shipping fraud case
In a recent decision by the English High Court (Manchester Shipping Ltd v Balfour Worldwide Ltd & Anor [2019] EWHC 194 (Comm).) two worldwide freezing orders in a multi-national shipping fraud case were upheld, rejecting the defendant's allegations of breaches of full and frank disclosure and provided useful confirmation of the standing of an intermediary charterer to claim for the full value of the hire.
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2019
Court underlines charterers’ obligation to maintain class under bareboat charter
A recent decision of the High Court in London means that shipowners will have a decisive right in remedy against bareboat charterers who fail to maintain the class status of a vessel. It will also serve as a reminder to charterers of the importance of documentary obligations under such charters.
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2019
Insolvency in China – how to minimise risk when a customer is facing bankruptcy
Ever since China strengthened its legal framework for bankruptcy proceedings in 2007, the number of Chinese bankruptcies has increased significantly. For the seller in a supply contract, protection against bankruptcies should be considered when drafting the contract and suitable protections built in, to the extent possible.
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2019
Improving arbitration in Norway
There are a number of ways to make arbitration more attractive and efficient and the inherent flexibility of arbitration provides practitioners with the necessary tools to achieve just this aim without resorting to the development and adoption of further written "guidelines" or "best practices".
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2019
Oslo – an efficient market for capital raisings
The Norwegian capital markets offers a flexible, time- and cost efficient process for equity issues (private placements). A key consideration for investors is, however, tradeable securities. The N-OTC can offer instant low threshold listings of shares with a minimum of reporting requirements.
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2019
Norway prepares for ratification of the Nairobi Wreck Removal Convention
The Norwegian Parliament has recently decided that Norway shall ratify the Nairobi Wreck Removal Convention and that the Convention shall be given effect not only in Norway's exclusive economic zone, but also in its territorial waters. The Norwegian Parliament has also adopted legislation to implement the Wreck Removal Convention into Norwegian law once ratified.
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2019
The bunker balance – owners consider LNG in advance of 2020
Using LNG rather than fuel oil is one of a range of options available to owners seeking to comply with IMO 2020. Given that shipbrokers have long predicted the emergence of a two-tier shipping market with 'greener' ships commanding a premium over older less eco-friendly vessels, what then is the future for LNG bunkering and what challenges does it present?
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2019
Readiness for the global sulphur cap - BIMCO's new IMO 2020 clauses
Most of those involved in the shipping industry will by now have a clear picture of the requirements under the IMO 2020 global sulphur cap on marine fuels. Attention has therefore turned to the steps that need to be taken to put those requirements into practice. Two clauses recently introduced by BIMCO are aimed at addressing certain contractual aspects of the IMO 2020 requirements as they apply to time charterparties.
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2019
Autonomous ships in unchartered waters
Unmanned ships are sailing onto the horizon and the Norwegian maritime cluster is uniquely positioned to take a leading role internationally in the development and commercialisation of this new technology. But is the legal framework keeping pace?
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2019
Charter terminated for want of class
This decision will provide comfort for Owners, and serve as a reminder to Charterers of the importance of documentary obligations within a bareboat charter.
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2018
New version of Nordic Marine Insurance Plan braces for Brexit – bolstering Nordic arbitration
The 2019 version of the Nordic Marine Insurance Plan of 2013 (the ‘’Plan’’) has been approved by the Plan’s Standing Revision Committee and will formally enter into force on 1 January 2019. The revisions include a clearer borderline between war and marine risks, an automatic reinstatement clause for loss of hire and several other amendments. It also introduces an arbitration clause.
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2018
Nordic Offshore and Maritime Arbitration
NOMA – the Nordic Offshore and Maritime Arbitration Association – was launched earlier this year with the aim at providing high-quality, cost-effective and quick dispute resolution as an alternative to the ordinary courts, ad hoc arbitrations as well as London arbitration.
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2018
Legal digital innovation: The future is here
One of the benefits of the digital innovation revolution is the potential to implement solutions that eliminate labour intensive tasks e.g. large volumes of documents in due diligence or disclosure exercises can now increasingly be analysed and categorized far more efficiently by AI-driven systems. The new eDiscovery system is one of these solutions, and has recently been used by Wikborg Rein in a number of cases.
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2018
Guidance on drafting and interpreting contractual sanctions clauses
In this article, we discuss the first UK case dealing with the scope of a sanctions exclusion clause in the context of the re-imposed US sanctions on Iran and the EU Blocking Regulation. We also provide some pointers for in-house counsel drafting sanctions exclusion clauses.
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2018
When are the owners obliged to commence the approach voyage to the loading port?
CSSA Chartering and Shipping Services SA v Mitsui OSK Lines Ltd [2018] EWCA Civ 2413 (The Pacific Voyager) In this important decision the Court of Appeal (England and Wales) held that where a voyage charterparty contains no provision as to the vessel's expected time of arrival or readiness to load in the loading port, the inclusion of the expected time of arrival at the last discharge port under the previous charterparty provides the basis for an absolute obligation on the owners to commence the approach voyage to the loading port.
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2018
Norwegian Supreme Court clarifies distribution of interest component in global limitation fund
In a recent judgment in the “Full City” limitation fund proceedings, the Norwegian Supreme Court clarified how a global limitation fund established pursuant to the Norwegian Maritime Code is to be distributed. The Supreme Court held that the interest component in the limitation fund should only be distributed on the claims for interest and not on the other claims filed in the fund because the owners’ limitation of liability should remain the same regardless of whether a limitation fund is established or not.
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2018
Unit limitation for bulk and liquid cargoes
A recent Court of Appeal decision confirms that Article IV(5) of Hague Rules does not apply to bulk and liquid cargoes
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2018
Ship and rig recycling
International conventions and local regulations combine to create a complex regime, which is often overlooked. The sale of a ship or rig to an intermediate buyer, who then sells the asset on to a shipbreaking facility, will not necessarily insulate the original owner from future liability or reputational damage.
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2018
Legal digital innovation: The future is here
For Wikborg Rein, digital innovation means implementing solutions that eliminates labour intensive tasks to the clients benefit. Multiple documents can be analysed and categorized far more efficiently by AI-driven systems.
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2018
Wikborg Rein appoints two new partners in London
We have appointed two new partners to our Shipping, Trade, Energy & Infrastructure team in London.
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2018
Who’s liable anyway? – Allocation of liability in Maritime Environmental Law
Regulation of environmental liability in a maritime context first received international attention in the aftermath of the Torrey Canyon and Exxon Valdez incidents.
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Shipping Offshore, Ship and rig recycling
2018
Recycling – where ships go to die
A ship’s life cycle ends with it being dismantled and recycled. Up to 95 % of a ship’s weight is made up of steel, which can be sold and reused. A modern recycling process, which also includes the recycling of other materials, can be very efficient and is a positive step towards a greener shipping industry.
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2018
Retrofits – the approach to innovative technology and new equipment
A ship’s life cycle ends with it being dismantled and recycled. Up to 95 % of a ship’s weight is made up of steel, which can be sold and reused. A modern recycling process, which also includes the recycling of other materials, can be very efficient and is a positive step towards a greener shipping industry.
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2018
Support schemes for green and sustainable shipping in Norway
The Norwegian government has on several occasions reiterated how green solutions within shipping and the maritime industry are of high importance and its ambition that Norway should be front-runner in developments of green technology and low-emission solutions.
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2018
Green funding for shipping in the Norwegian Capital Markets
The Norwegian capital markets have been and continue to be attractive and a widely used sources of equity and debt funding for shipping and offshore companies from around the globe.
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2018
Ballast water – managing risks of zoological pollution
Zoological pollution is becoming an increasing concern for commercial shipping worldwide. The threat of invasive species spreading through the intake and discharge of ballast water has resulted in the IMO adopting the International Convention for the Control and Management of Ships’ Ballast Water and Sediments in force as of 8th of September 2017 (the “Convention”).
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2018
New emission regulations in shipping
The push for the international shipping industry to reduce its role in global air emissions has resulted in new environmental rules and regulation being introduced at an accelerated pace.
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2018
Who bears the risk of concurrent delay?
The English Court of Appeal has now spoken.
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2018
ESA has closed its assessment of the Norwegian International Ship Register
In 2014, ESA commenced an audit of the Norwegian International Ship Register. Subsequently, the EFTA Surveillance Authority (the “ESA”) opened a case against Norway for a possible breach of the EEA Agreement. The case concerned a geographical trade limitation applicable to ships flying the flag of the Norwegian International Ship Register.
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2018
Chinese financial leasing – an increasingly viable alternative to bank debt for a capital intensive industry
Shipowners require vast amounts of liquidity in order to fund the CAPEX costs of acquiring new and second-hand tonnage as well as to fund their operations on a day to day basis and Chinese lease finance offers an increasingly viable alternative to the more traditional bank finance that shipowners have traditionally relied on.
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2018
Chinese financial leasing – an increasingly viable alternative to bank debt for a capital intensive industry
Shipowners require vast amounts of liquidity in order to fund the CAPEX costs of acquiring new and second-hand tonnage as well as to fund their operations on a day to day basis and Chinese lease finance offers an increasingly viable alternative to the more traditional bank finance that shipowners have traditionally relied on.
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2018
The Inter-Club Agreement – A "NO FAULT" REGIME?
In Transgrain Shipping (Singapore) Pte Ltd v Yangtze Navigation (Hong Kong) Ltd [2017] EWCA Civ 2107 the Court of Appeal recently provided important clarification in relation to the apportionment of liability for cargo claims as between shipowners and charterers under the Inter-Club Agreement ("the ICA").
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2018
"Kvitnos" – when is a commercial agreement entered into for towage assistance to a distressed vessel?
A recent judgment from Agder Court of Appeal in Norway regarding remuneration for towage of the vessel “Kvitnos” underscores that in circumstances where commercial terms have been discussed a party wishing to claim a salvage award should expressly reserve their rights to do so.
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2018
New FIDIC Yellow Book
In December 2017, FIDIC launched the second editions of its Red, Yellow and Silver Books to reflect legal and practical developments since the first editions were issued in 1999. In this article we will look at the key changes introduced to the FIDIC Yellow Book, which is widely used in offshore projects.
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2018
Letters of indemnity for delivery of cargo without production of a bill of lading
In the SONGA WINDS [2018] EWHC 397, The High Court, London decides that LOIs requesting delivery without production of bills of lading to an intermediate trader of the cargo are still triggered even though delivery was to the trader's buyer.
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2018
High chairs and high stakes: Limitation of liability clauses in Norwegian law offshore contracts
Disputes are expensive, particularly those involving large construction projects where there may have been changes to the scope of work and cost overruns. Contractors therefore face a difficult choice when trying to close the final account, either negotiating a resolution on any terms available or funding litigation which they may not be able to afford.
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2018
US withdrawal from the Iran Nuclear Deal – what now for shipping and maritime trade with Iran?
On 8 May 2018, President Trump announced that he was withdrawing the US from the Iran Nuclear Deal, otherwise known as the Joint Comprehensive Plan of Action ("JCPOA"). The US sanctions regime is now likely to return to the state it was in before the JCPOA, with clear ramifications for shipping and maritime trade with Iran.
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2018
New Proposed Program for Offshore Drilling in the US
On January 4, 2018, the Trump administration unveiled a draft program for increased development of U.S. offshore oil and gas resources. The 2019-2024 National Outer Continental Shelf Oil and Gas Leasing Draft Proposed Program (the "DPP") calls for the Bureau of Ocean Energy Management to offer leases for offshore acreage in 25 regions along America's coast. If instituted, the DPP would open up almost the entirety of the U.S. continental shelf to drilling (see map below):
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2018
BARECON 2017 – a broad brush revision of a widely used form
BIMCO has today, 13 December, released the new BARECON 2017 – a revision of its 16 year old predecessor BARECON 2001. This represents an important update to one of the most commonly used maritime contracts – regularly applied for all types of maritime assets across all sectors in the shipping and offshore industries.
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2018
Bareboat registration in and out of Norwegian Ship Registries
On 5 December 2017 the Norwegian Ministry of Trade, Industry and Fisheries issued a consultation paper with proposed changes to the legislation for registrations of vessels in the Norwegian International Ship Registry (NIS) and the Norwegian Ordinary Ship Registry (NOR). The two Norwegian Ship Registries does not currently allow bareboat registration of vessels, but the proposal suggests to open up for such registration both into and out of NIS and NOR. The proposal is intended to meet the practical needs of the maritime industry and make the rules for vessel registration in Norway more flexible and internationally competitive.
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2018
This is how Nina is sailing to the top in shipping
Nina M. Hanevold-Sandvik(35) originally wanted to follow in her father's footsteps and become a diplomat. But after studying admiralty during studies abroad, she chose a career in maritime law instead. At Wikborg Rein she works in the cross-section between shipping and law – two traditionally male-dominated industries, and last year she was listed as one of "10 Women to Watch" by YoungShip. In this article, Nina shares her best tips on how to succeed.
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2018
BAREBOAT CHARTERS – charterer’s maintenance and redelivery obligations
Difficult market conditions motivate cost savings wherever possible and this includes expenditure relating to the general maintenance of vessels. There has been an increase in disputes concerning the condition of vessels at the time of redelivery under a bareboat charter. Questions arise as to what is the charterers’ duty of maintenance under a bareboat charter and how can the parties best position themselves to avoid disputes?
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2018
ESA godkjenner den justert rederiskatteordning
ESA har nå godkjent regjeringens forslag til rederiskatteordning for de neste 10 årene, regnet fra 1. januar 2018. De faktiske lovendringene vil Finansdepartementet foreslå i løpet av våren 2018.
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2018
Who bears the risk of concurrent delay?
A recent decision of the English Court has endorsed a decision by parties to “contract out” of responsibility for concurrent delay. This decision is important because, where parties agree to “contract out” of this responsibility, contractors may not be able to rely on the prevention principle as grounds for obtaining an extension of time for delay in construction contracts.
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2018
An overview of the health, safety and environmental regime in Nigeria’s offshore oil and gas sector
As a result of tightening up of the health, safety and environment (HSE) standards applicable to Nigeria’s offshore oil and gas sector, operating companies embarking on new projects in Nigerian waters need to carefully assess the risk and financial burden of these new requirements before committing themselves or their assets to these projects.
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2018
Third party funding of disputes
Disputes are expensive particularly when involve large construction projects where there have been changes to the scope of work and cost overruns. Contractors face a difficult choice when trying to close the final account of either negotiating a resolution on any terms available or funding litigation which they cannot afford.
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2018
Autonomous vessels and the digital future
With reports that the first fully automated cargo ship will be launched in 2018 and, after a period of manned operation, will begin operating fully autonomously by 2020, the unmanned future for vessels appears to be just over the horizon. The success of such a technological leap will depend on public perception being able to adapt and accept unmanned vessels. It will also require applicable laws and regulations to be rewritten.
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2018
Management of foreign owned ships in the NIS
In some transactions a non-Norwegian company may wish to register its ship in the Norwegian International Ship Register (“NIS”). This can only be done if the ship is managed by a shipping company who has its head office in Norway. This requirement has a bearing on the contractual structures and financing schemes that can be put in place and also raises issues concerning enforcement.
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2018
CARGO CONSIDERATIONS - owners’ lien on cargo
In another cargo-related development, the English High Court has confirmed when it will order the sale of liened cargo which is the subject of arbitration proceedings.
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2018
“Export financing” for non-export shipbuilding
In its recent National Budget Proposal for 2018, the Government has proposed a NOK 10 billion state loan and guarantee program for the construction of vessels at Norwegian shipyards intended for use in Norway.
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2018
A choice with consequences – progressive title transfer versus refund guarantees
Irrespective of how the construction of a vessel is financed, the yard and its financiers will require that the buyer prepays a percentage of the contract price prior to delivery. This prepayment may be lost to the buyer if proper security for that prepayment is not put in place. Provision of refund guarantees is the most common way this is achieved, but progressive title transfer may in some cases be an alternative method for securing the buyer’s position.
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2018
Update on Independent Guarantees under Chinese law
In China, independent guarantees are widely used. However, until recently there has been little or no guidance under Chinese law as to how these guarantees are to be interpreted.
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2018
Jurisdiction clauses and choice of law in direct actions
In significant decisions by the European Court of Justice (ECJ C-368/16) and the Danish Supreme Court (dated 9 October 2017) in a direct action brought in Denmark against a marine liability insurer, the validity of jurisdiction clauses and choice of law in such actions has been considered.
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2018
The New Flamenco – the Supreme Court dances in a different direction
In the Court of Appeal ([2016] 1 LLR 383), time-charterers of the New Flamenco successfully overturned the High Court judgment against them, reinstating the arbitration award in their favour. The question was whether charterers liability for loss of profit should be extinguished by the profit that owners were able to make in selling the vessel earlier than would have been the case because of charterers’ repudiation.
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2017
Innovation within marine renewables
Marine renewables is still a relatively young industry and provides a setting where innovative thinking and entrepreneurship can and does flourish.
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2017
BIMCO windtime
The installation and maintenance of offshore wind farms require personnel and equipment which has to be transported to and from offshore sites. Specialised vessels, typically small monohulls or catamaran vessels that carry up to 12 passengers, offer such services.
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2017
FIDIC – the potential pitfalls moving from onshore to offshore
There is no standard contract in use in offshore construction projects.
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2017
Contracting in the marine renewables industry
Contracts within the marine renewables industry often offer interesting opportunities for owners of offshore and installation vessels traditionally operating within the offshore oil and gas space.
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2017
NORWAY: Future hub for funding of green projects?
Norwegian financial institutions, investment banks and governmental funding institutions have played a significant role in the growth of the shipping and offshore industry, developing a tradition of close partnerships with Norwegian industrial entrepreneurs.
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2017
China: Opportunities in an emerging wind jurisdiction
China’s demand for electricity continues to grow voraciously and whilst China’s energy supply continues to be dominated by coal fired power stations, more recently the Chinese government has shown a stronger commitment towards using renewable sources of energy.
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2017
Policy framework for the offshore wind industry
The policy framework for the offshore wind industry has to a large extent been linked to available government support schemes. The industry is however evolving quickly and growing larger by the day and the level of subsidies is dropping. A current trend seen in all major markets is an ongoing shift from feed-in-tariff and certificate based systems, to more competitive auctions often involving Contracts for Difference (CFDs). The main reason for this shift is cost reductions made possible due to factors such as industry maturity, rapid technology advancement, economies of scale and political cycle.
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2018
Commercial Arbitration in Africa
Historically, most commercial arbitrations involving African parties have been resolved by non-African tribunals in places far from the African continent. As commercial disputes involving African parties have become more frequent, a new generation of arbitration institutes may result in an increase of arbitrations in Africa.
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2018
New realities for LNG carrier time charters
In keeping pace with the changing sentiment and nature of the LNG sector, the traditional long term LNG time charter market is evolving and charter periods are becoming shorter. This trend has a number of commercial, financial and legal implications which we consider in this article.
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2018
Risks of deliberately delaying discharge
A recent Commercial Court decision in Transgrain Shipping (Singapore) Pte Ltd -v- Yangtze Navigation (Hong Kong) Co Ltd [2016] EWHC 3132 (Comm), has held that a charterer is 100% responsible under the Inter-Club Agreement for damage to cargo arising from an order to the vessel to delay discharge until the receivers were able to pay for the cargo.
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2018
Getting ready for the recovery
It has been a brutal few years in the shipping and offshore markets with over-capacity, declining demand and the dramatic fall in the oil price, all contributing to historically low charter rates and plummeting asset values. It is no wonder that owners and operators in these markets have adopted defensive strategies in recent years.
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2018
Dismantling of offshore units
The number of offshore drilling and production units due to retire has grown substantially as a result of the reduction in drilling activity and the challenge of dismantling offshore units has become increasingly relevant for owners and operators. Cost, liability, selection of a recycling or scrapping yard, as well as corporate social responsibility, are just some of the considerations an owner needs to bear in mind when considering scrapping offshore units.
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2018
Wreck removal in China
When a ship has reached the end of its life, the owners are inevitably faced with the decision of how to dispose of it in a manner that is both commercially viable and environmentally sustainable. The controversial practice of beaching vessels in low cost countries has spurred initiatives to tighten regulations on the recycling of ships. In the following pages we look at the current legal framework as well as what is to come.
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2018
Recycling of ships – what is the legal status?
When a ship has reached the end of its life, the owners are inevitably faced with the decision of how to dispose of it in a manner that is both commercially viable and environmentally sustainable. The controversial practice of beaching vessels in low cost countries has spurred initiatives to tighten regulations on the recycling of ships. In the following pages we look at the current legal framework as well as what is to come.
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2018
“Server” – landmark judgment of the Supreme Court on wreck removal
The Norwegian Supreme Court has in a recent judgment in the “Server” case clarified a number of unsettled issues that will have an impact on other wreck removal cases, including whether the owners can use their right to limit liability as a defence against a wreck removal order. Wikborg Rein acts for the vessel’s owners, managers and P&I insurers.
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2016
When charterers fail to pay hire: owners’ dilemma finally resolved, but still be careful!
The downturn in the shipping and offshore sector has spurred a significant number of financial workout and insolvency proceedings over the last years. Wikborg Rein is involved in a significant number of the on-going restructurings within the OSV segment in Norway and also several international companies in the UK, US, Brazil, China and Mexico. The international nature of the shipping and offshore industry may complicate the financial workout when a company goes into distress, however, the global presence of a company may also present opportunities as the rules of statutory debt reorganisations vary.
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2016
Singapore Shipping and Offshore – Restructuring and Reflection
The downturn in the shipping and offshore sector has spurred a significant number of financial workout and insolvency proceedings over the last years. Wikborg Rein is involved in a significant number of the on-going restructurings within the OSV segment in Norway and also several international companies in the UK, US, Brazil, China and Mexico. The international nature of the shipping and offshore industry may complicate the financial workout when a company goes into distress, however, the global presence of a company may also present opportunities as the rules of statutory debt reorganisations vary.
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2016
Recognition of foreign insolvency proceedings in Norway
The downturn in the shipping and offshore sector has spurred a significant number of financial workout and insolvency proceedings over the last years. Wikborg Rein is involved in a significant number of the on-going restructurings within the OSV segment in Norway and also several international companies in the UK, US, Brazil, China and Mexico. The international nature of the shipping and offshore industry may complicate the financial workout when a company goes into distress, however, the global presence of a company may also present opportunities as the rules of statutory debt reorganisations vary.
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2016
Forum shopping when restructuring
The downturn in the shipping and offshore sector has spurred a significant number of financial workout and insolvency proceedings over the last years. Wikborg Rein is involved in a significant number of the on-going restructurings within the OSV segment in Norway and also several international companies in the UK, US, Brazil, China and Mexico. The international nature of the shipping and offshore industry may complicate the financial workout when a company goes into distress, however, the global presence of a company may also present opportunities as the rules of statutory debt reorganisations vary.
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2016
Norway considers ratification of the Nairobi Wreck Removal Convention
Claims against or from third parties to an agreement containing an arbitration clause often give rise to the question of whether such third parties are bound by, or whether they can invoke, the arbitration clause.
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2016
Arbitration clauses and third parties
Claims against or from third parties to an agreement containing an arbitration clause often give rise to the question of whether such third parties are bound by, or whether they can invoke, the arbitration clause.
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2016
How not to start an arbitration
Two recent London decisions have highlighted problems that can be encountered in starting an arbitration.
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2016
In the spotlight – public investigations in the Norwegian petroleum industry
The continued market downturn has led to a concern that cost cutting by the offshore industry may lead to a corresponding decline in safety standards. In response to this concern, the Norwegian Petroleum Safety Agency (the “PSA”) have announced that they will increase their audit and investigation activities to ensure that the very high standards of safety expected of companies operating in the Norwegian sector of the North Sea will continue to be adhered to.
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2018
Mediating complex disputes
Resolving disputes through litigation and arbitration comes at a high cost. Written submissions and preparations, sometimes over several years, lengthy hearings, expert witnesses and arbitrators’ fees, are just a few examples of the many contributors increasing the final bill. And in the end, many complex disputes will end up without any party being awarded costs – if the relevant jurisdiction has limited scope to make such an order. There is however an alternative with increasing popularity; mediation. How do you get the most out of mediation in a complex dispute?
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2016
Shipping Offshore seminar 2018
Welcome to the annual Shipping Offshore Seminar in Oslo 20 September.
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2016
International arbitration rules – differences matter
Commercial agreements require careful consideration of the proposed treatment of disputes before they arise. Both the forum for dispute resolution and the rules to be applied should be agreed as part of the contractual negotiation.
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2016
Laying up the lay up agreement
The first reported London arbitration decision in 2016 raises a number of interesting points in connection with lay up agreements and how much can be claimed for continuing to provide services after the original contract has been terminated.
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2016
THE NEW FLAMENCO – keeping in step with damages and mitigation
The Court of Appeal’s decision in The New Flamenco acknowledges the difficulties of laying down general principles of law in connection with an innocent party’s obligation to mitigate its loss following a repudiatory breach of contract. The case arose in the context of assessing damages for early redelivery where there was no available market at the time of the breach against which to measure the loss.
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2016
A penalty shoot out
One of the significant differences between civil and common law jurisdictions is that whereas the former generally see no objection to fixed sums being paid in the event of a breach that may not reflect a loss that is incurred, common law jurisdictions will strike down such clauses where they amount to a penalty rather an a genuine pre-estimate of a loss likely to flow from a breach.
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2016
NYPE 2015 – a major revision
On 15 October 2015, the Association of Ship Brokers and Agents, Baltic and International Maritime Council (“BIMCO”) and the Singapore Maritime Foundation jointly published a revised New York Produce Exchange (“NYPE”) 2015 form.
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2016
SUPERMAN – a new BIMCO contract is born
January 2016 saw the publication of the new SUPERMAN agreement published by BIMCO which governs the contractual relationship between third party ship managers and shipowners for the provision of technical supervisory services during construction, repair and conversion projects.
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2016
All change in the London insurance market
The insurance landscape in England is about to change fundamentally with the biggest shake-up for over a century. On 12 August 2016 the Insurance Act 2015 will come into force and will amend the Marine Insurance Act 1906 in areas such as warranties and disclosure. Furthermore, the Enterprise Act 2016 will come into force on 4 May 2017, and will, among other things, impose an obligation on insurers to pay claims promptly.
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2016
NORWAY – BRAZIL: maritime transport cooperation
The bilateral cooperation between Norway and Brazil is extensive within several industry sectors as well as in connection with matters relating to the environment and education. New areas of cooperation are constantly being developed and the most recent step forward is the signing of a memorandum of understanding on maritime transport.
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2016
IRANIAN SANCTIONS – a six month review
On 2 June 2016 the governments of the US, EU, UK, France and Germany issued a joint statement confirming that there are now extensive economic opportunities for companies and financial institutions to do business in Iran. The EU is actively exploring areas of cooperation with Iran, including the use of export credits to facilitate trade, project financing and investment.
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2016
Some relief for offshore contractors
There was some relief for offshore contractors when the Court of Appeal recently handed down its judgment on the construction of a consequential loss exclusion clause in a drilling contract on an amended LOGIC form between Transocean Drilling UK Limited and Providence Resources Plc.¹
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2016
OW Bunkers – the final say
On 11 May 2016, the Supreme Court handed down judgment in the long running OW Bunkers case. The decision is unlikely to be welcomed by owners who now face the prospect of having to pay twice for bunkers: once to their immediate supplier, who, as in the OW Bunkers case may be insolvent, and again to the physical supplier of the bunkers.
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2016
The ballast water convention
Having now achieved the required number of signatories, the new International Maritime Organisation (IMO) International Convention for the Control and Management of Ships’ Ballast Water and Sediments (the “Convention”) originally adopted in 2004 will enter into force on 8 September 2017. The Convention is expected to have a significant impact on ships engaged in international trade by requiring them to manage their ballast water and sediments to certain minimum standards, and eventually to install onboard ballast water management systems.
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2015
New opportunities in Iran following sanctions relief
Following the Joint Comprehensive Plan of Action (JCPOA) signed in Vienna on 14 July, Iran might be able to resume supplying oil to western markets. This will add even more pressure to an already depressed oil price, but perhaps also open up new opportunities.
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2015
The OW Bunker bankruptcy – bunker supply contract is not a contract for the sale of goods
The shipowners’ bid to avoid the risk of having to pay twice for bunkers supplied has been thwarted by the English High Court which held that a contract for the supply of bunkers is not a sale contract falling within the English Sale of Goods Act. (PST Energy 7 Shipping LLC v OW Bunker Malta Ltd [2015] (“Res Cogitans”) EWHC 2022 (Comm))
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2015
The Hague Convention on Choice of Court Agreements 2005
A global enforcement regime for judgments handed down under exclusive choice of court agreements
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2015
WELL BOAT CHARTERPARTIES – liability for cargo damage
As the Norwegian fish farming industry continues to grow, so does the demand for well boats. These sophisticated vessels transport fish, but also undertake complex tasks such as delousing and sorting fish. Damage to or loss of the fish handled by these vessels can result in substantial losses. Therefore, owners and charterers of well boats are advised to regulate the risks associated with such services in their charterparties.
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2015
LIENING CARGO – which lien clause applies to the bill of lading?
In a dry bulk market where some charterers are not paying freight or hire, their counterparties are often left to consider if they can lien the cargo on board the chartered vessel to obtain payment voluntarily, or by court sale if necessary.
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2015
NTK MOD 2015 – what is new and will it be used?
After three years of negotiations, the Norwegian Oil and Gas Association and the Federation of Norwegian Industries have agreed on a new revision to the Norwegian Total Contract for modification work. A primary objective has been to produce a standard which will be used more widely by the industry.
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2015
Inconsistent contractual provisions and erroneous industry standards – WHO IS TO BLAME?
A recent English case MT Højgaard A/S v E.ON Climate and Renewables UK ([2015] EWCA Civ 407) has highlighted the significant risk contractors can be exposed to when taking on complex offshore construction projects under contracts containing inconsistent provisions.
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2015
FORCE MAJEURE – a comparison of the English and the Norwegian approach
Force majeure refers to exceptional events which prevent or hinder the performance of an obligation. Generally, these are events beyond the parties’ control, which could not have been foreseen at the time the contract was entered into, and which could not have been prevented by the affected party. In this article we will look at force majeure clauses and the legal position under English and Norwegian law.
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2015
English Commercial Court remains a strong choice despite introduction of new fees
The cost of commencing proceedings in the English Commercial Court has recently increased. Despite of this, there are still real advantages of having the Commercial Court as forum for commercial disputes.
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