Banking, Finance & Capital Markets: Norway

This “bright and creative” team of 11 acts for a mix of borrowers and lenders on a wide range of transactional and regulatory matters, such as the implementation of MiFID. Clients include major players in the Scandinavian market as well as an ever-increasing number of international names. Refinancings and restructurings have featured heavily of late and clients have appreciated the group’s “ability to be very flexible and adjust to the realities of the current environment.” Wilhelm Damm has copious experience within this sector and remains a trusted adviser to a number of key clients. Jo Stokke “can be relied upon to handle far more than standard loan agreements,” according to clients. Anne Gro Sundby impresses clients with her "tremendously practical and efficient working method.” Jarl Dybvik maintains a wide practice including banking and finance, maritime and contentious matters. On the capital markets side, the team advised the managers of ABG Sundal Collier and SEB Enskilda on the IPO of Polarcus, which is only one example from an impressive list of mandates. Erling Christiansen is praised as “experienced and knowledgeable.” Thomas Aanmoen has built strong relationships with clients who come to him time and time again for his consistently good service. Viggo Bang-Hansen is noted for his experience on a wide range of transactions and is praised for being “extremely proactive.” Jakob Villum “stands out" as "a hard worker and a good lawyer,” say observers. Einar Irgens continues to act as the firm’s main regulatory adviser.

This noteworthy domestic outfit advises both local and international banks on transactional and regulatory issues. “The service is very quick and we get the answers we need from this hard-working team,” say clients. The group is regularly engaged as adviser to Kommunalbanken and Landisbanki Íslands, among others. Per Morten Christiansen is appreciated by clients for his thoroughness and hands-on approach to transactions. Ian Kenworthy has impressed with his extensive knowledge of the banking sector. Ingar Solheim is highly regarded for capital markets work.

This 17-strong group wins enthusiastic praise from clients. The main facets of its practice include corporate lending, acquisition finance, debt capital markets, bond issues and asset finance. In addition to its position as a clear leader in transactional mandates, the team is also noted for its skill in regulatory matters. It acts for a number of leading local banks, including Nordea, DnB NOR, SEB and Fokus Bank, as well as international financial institutions such as RBS. Recent successes include acting for Storebrand in relation to its acquisition of SPP, including raising a EUR600 million bridge facility and the subsequent issue of NOK3.5 billion in bonds. Hans Haugstad is recommended for his consistent service levels and high degree of skill. Berit Stokke impresses clients with her “pragmatic, knowledgeable and solution-oriented approach,” as well as her international experience. Kim Dobrowen also receives consistent recommendation from sources. He wins high praise for his “simply outstanding” work on some of the most eye-catching deals in Norway. Clients are extremely satisfied with the service delivered by Hans Cappelen Arnesen and Anders Arnkværn. “They both have a great theoretical grasp and understand the practical aspects.” Sverre Tyrhaug is recommended as “experienced, bright and good to have on board.”

Clients consistently praise this group for its high service levels: “We always get the right people for the job; they know the issues well and provide a speedy turnaround.” The group acts for both borrowers and lenders, and clients include international as well as local financial institutions. Aviation finance is a notable feature of its transactional practice; however, it has also been engaged in significant regulatory matters. Members of the team recently assisted Q Cell with the cross-border refinancing of its EUR750 million credit facility agreement. Paul Sveinsson receives praise for his knowledge and responsiveness. Trond Vernegg is noted for his extensive experience of advising listed and private companies on capital markets and M&A work.

This prestigious local outfit maintains a practice of outstanding scope and continues to demonstrate its skill in a wide range of areas. The team is recommended for both cross-border and domestic work, and has received praise from clients for its response to difficult market conditions: “Although the financial climate is tougher, our lawyers are certainly matching up to the challenge.” Key mandates from the past year include assisting JPMorgan and UBS as arrangers on a NOK13.6 billion bond issue, and acting for Ship Finance Ltd on several high-value sale and leaseback transactions. Finn Myhre has recently advised on a number of noteworthy financing transactions, securitisations and covered bonds. Clients appreciate his in-house experience, describing him as “a tremendous and exceptionally hard-working practitioner.” Richard Sjøqvist heads the department and maintains a broad practice. “He has outstanding knowledge of financing transactions so we know we can rely on him to handle complex matters,” say clients. Rolf Johan Ringdal has a wide range of clients, but is recommended for ship finance in particular. Terje Sommer is highly experienced with a well-established practice in this area. His main areas of focus are debt capital markets, securitisation, structured products and regulatory work. Robin Bakken is “experienced, intelligent and great to work with.” He heads the equity capital markets and investment banking team following Øyvind Eriksen’s departure for Aker. Svein Gerhard Simonnæs is admired for his “truly enormous capacity for work.” He continues to shine in the media and technology sectors, as demonstrated by his work on the recent Schibsted rights issue. Regulatory work is handled by Peter Hammerich, who is praised for his wide expertise on domestic and international regulatory issues.

In addition to its strong international links, this ten-strong team has expanded in the past year. It maintains a full-service banking and finance practice and is appreciated by clients for its straightforward, high-quality service: “The team consistently delivers on time, on budget and with a proactive attitude.” The group has acted on several high-value financings and restructurings, and regularly acts for key financial institutions within the Scandinavian market. Clients include Barclays, Eurohypo, GE Capital Solutions France and Kaupthing. Karl-Fredrik Lindblom is particularly strong in regulatory matters. Fredrik Lykke is highly regarded for capital markets work. “He is a pleasure to work with and makes commercially sound judgements,” said one satisfied client.

This compact yet high-quality team may not have the resources to handle the most sizeable mandates; it does however maintain a broad practice advising domestic and international banks and financial institutions as well as corporates. Recent instructions have related to export, aviation, maritime and real estate financing in particular. Significant mandates have included advising Nordea on a number of ship financing and restructuring deals. The firm acted as local counsel to Bank of China on its USD1.5 billion financing of COSL’s acquisition of Awilco Offshore. Sverre André Holm is lauded by clients for his market knowledge and “understanding of commercial necessities.”

Noted for its expertise in debt financing and regulatory matters in particular, Selmer’s banking and finance team continues to be a notable player in the Norwegian market. Distressed loans, defaults and restructuring have also been major work streams of late. Its Moscow outpost also makes it a strong choice for certain cross-border mandates. Key instructions include assisting the Norwegian Banks' Guarantee Fund, the Norwegian Ministry of Finance and the administration board of Kaupthing with issues relating to the liquidation of Kaupthing’s assets. The team also assisted Think Global and Think Technology with the financing relating to debt settlement proceedings of both companies. Einar Grette leads Selmer’s debt financing team and is particularly recommended for transactions in the real estate sector. Dag Erik Rasmussen brings great expertise to the team from his time as legal director of the Oslo stock exchange. “He is very professional and experienced enough to see the whole picture, not just the problem at hand,” said one source. Lars Knem Christie receives glowing praise from clients: “He is very level-headed, sensible and down to earth.” Knut Endre offers regulatory advice to a variety of clients, including DnB NOR, Storebrand Livsforsikring and JPMorgan.

While this group is best known for its niche in ship and aircraft finance, it has acted on a broad range of matters over the past year. Clients benefit from its close co-operation with firms abroad and it has attracted the custom of a number of international lending institutions. It is an almost entirely lender-based practice. Recent instructions include assisting Sparebankgruppen with a number of high-value acquisitions. Sindre Walderhaug comes especially highly recommended for ship financing.

This team includes specialists in maritime, real estate and corporate finance. Shipping and offshore finance transactions are a cornerstone of the practice. However, the work stream has recently been dominated by breaches of covenant and other defaults, which have in turn led to restructurings, cancellations, bankruptcies and disputes. Clients have been pleased with the firm's cross-border service, noting its co-operation with overseas outfits. Key clients include Nordea, which the team has recently assisted with a number of loan agreements. Members of the team have also acted for Bank Norwegian, Fokus Bank and DnB NOR. Anders Monrad is proficient in financing and restructuring. Siri Bjørn is recommended for her “efficient and service-minded approach."

This high-calibre group comes recommended for its “innovative and commercially oriented approach,” and strong cross-border capability through co-operation with overseas outfits. The team of 16 serves a large base of both domestic and international clients. Its skills span loan agreements, capital markets, derivatives, acquisition, project and structured finance, as well as regulatory matters and restructuring and insolvency work. Members of the team recently represented a syndicate of lenders including RBS, Lloyds TSB and others in relation to the public takeover of Expo International Group. The firm also assisted Norske Skogindustrier with its disposal of Norske Skog Korea to Morgan Stanley PE and others. Erik Ramm is recommended for the most challenging mandates. “He is always my first choice for anything exceptionally difficult or very new,” reported one client. Kaare Sverdrup impresses clients with his “hard-working, pragmatic and detail-oriented approach.” Leif Moltke-Hansen maintains a broad practice but is especially proficient on acquisition financing, as well as restructuring and insolvency. “If I want something done efficiently with a good atmosphere in the room, he’s a top choice,” reported an interviewee. Erik Thyness is “simply excellent” for capital markets work. He recently closed the EUR300 million takeover of Roxar by Emerson Electric. Sources also highlight Sverre Sandvik's wealth of experience. Knut Bergo focuses on regulatory matters and is praised for his bonds and derivatives work. “Articulate and experienced,” Kjersti Trøbråten is also commended for her regulatory expertise. Rainmaker Ståle Gjengset was in charge of one of the first Norwegian refinancings to be carried out under US Chapter 11 regulations. Tone Østensen is “technically highly skilled and a pleasure to work with.” Sources are extremely satisfied with Andreas Mellbye's commercial acumen. “He doesn't just give theoretical answers – he provides practical, real-life advice,” said one client. 

Widely recognised as a local market leader, Wikborg Rein provides outstanding resources and is consistently recommended for the most complex and challenging mandates. Clients appreciate the team’s “skill, efficiency and professionalism,” as well as the firm’s strength on multi-jurisdictional matters due to its overseas outposts and informal networks. It is also noted for its strength in the maritime sector. The team recently acted for DnB NOR, Nordea, SEB, Handelsbanken and Fokus Bank in relation to the refinancing of local media conglomerate Schibsted. It also representing DnB NOR on the financing of the Ocean Rig group. Bernhard Haukali is at the pinnacle of his profession and continues to receive warm praise from clients for his commercial sense. Johan Rasmussen is recommended for his extensive knowledge of loan agreements as well as his “tough negotiation skills.” Ketil Bøe is highly active in capital markets and has assisted clients such as Barclays Capital in bond offerings. The “high-powered and skilled" Arne Didrik Kjørnæs is "always available and responsive," said clients. Susanne Munch Thore assisted First Reserve with an USD830 million tender offer acquisition by DOF. Cecilie Kvalheim provides advice on regulatory issues to a wide range of international clients.