Banking and finance (including shipping finance) in Norway

Arntzen de Besche

Arntzen de Besche‘s practice fields a ‘highly skilled team with in-depth knowledge of banking and banking products‘. Led by Trond Kildal, the group is well known for advising oil and gas clients on large-scale exploration and production financings, and also has notable expertise in assisting Norwegian and international financial institutions, property funds and investors with real estate financings. Karl Rosén is a key name for financial regulatory work, while Vidar Løhre assists with debt capital matters. Siril Visnes specialises in representing borrowers and lenders in syndicated and bilateral financings across a broad range of industries.

Practice head(s):

Trond Kildal

Other key lawyers:

Karl Rosén; Vidar Løhre; Siril Visnes

Testimonials

‘Siril Visnes has significant experience and knowledge on banking and banking products. She is a strong discussion partner that gives you comfort that your interests as a bank are well taken care of, both for standard transactions and in more complicated and complex cases. Would highly recommend her as a lawyer.’

‘They are all service-minded and deliver above expectations.’

‘Extremely professional and service-minded.’

Key clients

Pareto Securities AS

Bank of America Europe

Nordea Bank Abp

Shearwater Geoservices Holding AS

DNB Markets

Sparebank 1 Markets

Danske Bank A/S

KMC Properties ASA

Scandinavian Airlines System (SAS) in Norway, Denmark and Sweden

Citibank N.A., London Branch

DigiPlex

Kreos Capital VI (UK) Limited

Frende Holding AS

Carneo AB

Work highlights

  • Acted as Norwegian counsel to Citibank N.A., Bank of America Europe, and Wilmington Trust on a cross-border financing, spanning 16 jurisdictions and with an approximate total of €5.2bn.
  • Advised KMC Properties on a Norwegian issuance of NOK1.8bn senior secured bonds.
  • Advised SAS AB on the completion of a SEK14.25bn recapitalisation plan.

BAHR

Restructuring law expert Richard Sjøqvist heads up BAHR‘s banking and finance practice, which is highly regarded for its expertise in representing lenders and borrowers across a range of large, complex transactions. The team provides ongoing assistance to Norwegian Air Shuttle on a range of refinancing and restructuring matters. The department is also singled out by clients for housing ‘the best covered bond team in Norway‘, an area in which Markus Nilssen has extensive experience. Other key practitioners in the group include the highly experienced Rolf Johan Ringdal, finance specialist Audun Nedrelid, financial regulatory expert Peter Hammerich and Magnus Tønseth, who assists shipping, offshore and energy clients.

Practice head(s):

Richard Sjøqvist

Other key lawyers:

Audun Nedrelid; Markus Nilssen; Magnus Tønseth; Peter Hammerich; Rolf Johan Ringdal

Testimonials

‘Outstanding industry knowledge and able to find innovative solutions. The entire team understands the client’s needs. Great to work with.’

‘The team is highly competent and experienced. They are always welcoming and assist in an outstanding way.’

‘Partner Markus Nilssen is young, professional, and has full overview over the covered bond area, including loan programs, derivatives, regulatory issues etc. Delivery is timely and professional. Markus is always available.’

‘Magnus Tønseth and Richard Sjøquist – Fantastic restructuring and finance lawyers.’

‘BAHR has the best covered bond team in Norway, lead by Markus Nilssen.’

Key clients

Nordea Bank Apb

DNB Group

Sparebank 1 Gruppen

Danske Bank A/S

ABN AMRO Bank N.V.

ING Bank N.V.

Norvestor Equity

Aker Group (incl. Aker Solutions, Akastor, Kværner, Aker Pensjonskasse, and Aker Insurance)

HitecVision Advisory

Argentum Asset Management

Advokatfirmaet Schjødt

Advokatfirmaet Schjødt‘s ‘very dynamic and hands-on‘ team stands out for its excellent track record in advising a client base drawn from the real estate, offshore, shipping, energy, infrastructure and private equity industries on a wide spectrum of financial matters. Ship finance is a core strength of the practice, and the group is regularly instructed on project financings, large-scale refinancing mandates, and acquisition finance matters. Peter Bugge Hjorth and Erlend Bakken jointly lead the team, which includes Camilla Skøie Mørkve, who focuses on offshore and shipping finance issues; Anders Gullåsen, who has extensive experience in debt financing work; and Bergen-based Thomas Dale, who regularly handles cross-border financings.

Practice head(s):

Erlend Bakken; Peter Bugge Hjorth

Other key lawyers:

Anders Gullåsen; Camilla Skøie Mørkve; Thomas Dale

Testimonials

‘Very dynamic and hands on team. Very practical.’

‘Peter Bugge Hjorth – brilliant restructuring lawyer.’

Key clients

Lundin Energy

Seadrill

Nordea Bank

Neptune Energy

DNB Bank

Hitec Vision

Wallenius Wilhelmsen ASA

GSO Capital Partners

Ocean Yield

Advokatfirmaet Thommessen AS

Advokatfirmaet Thommessen AS‘ ‘very strong bank financing team‘ has a notable reputation for its strength in advising on large acquisitions, syndicated corporate financings, cross-border financing mandates and project finance matters. The department is also recognised for its expertise in high-profile restructuring matters, and ‘possesses a unique insight in regulatory banking law‘, an area in which Tore Mydske excels. The ‘outstandingEllen Teresa Heyerdahl, who leads the group, ‘knows the law and the business‘, while Hans Haugstad is well versed in acquisition and real estate financing work, and Halvor Mansåker advises private equity houses on leveraged financing transactions. Managing associate Pernille Engstrøm Skaug is ‘hands-on and diligent‘.

Practice head(s):

Ellen Teresa Heyerdahl

Other key lawyers:

Hans Haugstad; Halvor Mansåker; Tore Mydske; Pernille Engstrøm Skaug

Testimonials

‘Thommessen has a very strong position in the bond market and are good at combining bank lending and bond financing, which is important in the Nordic market.’

‘Deep knowledge of regulatory practices by the Norwegian FSA and Ministry of Finance. Very good knowledge of relevant EU law.’

‘Tore Mydske: hands-on and unique overall insight in Norwegian regulatory banking law.’

‘They are very service-minded and knowledgeable, and share their knowledge with their clients.’

‘Ellen Teresa Heyerdahl’s support stood out. She was outstanding.’

‘Ellen Teresa Heyerdahl – partner – she knows the law and the business, making her a very good discussion partner. Pernille Engstrøm Skaug – senior associate – hands-on and diligent.’

Key clients

DNB Bank ASA

Nordea Bank

Danske Bank

Svenska Handelsbanken

Skandinaviska Enskilda Banken

Eksfin(Norwegian ECA)

Pareto Securities AS

ABG Sundal Collier

Nordic Corporate Bank ASA

Euronext Oslo Børs

Pareto Alternative Investments AS

Storebrand ASA

Sparebank1 Gruppen AS

Eksportkreditt Norge AS

Sparebank 1 SR-Bank

Finance Norway

Kommunal Landspensjonskasse (KLP)

Gabler Investments AS

Pareto Bank AS

Work highlights

  • Assisted a syndicate of lenders with the refinancing of Scatec ASA.
  • Advised Storebrand Asset Management on financial regulatory issues regarding the client’s co-investment with two Danish pension funds in a NOK45bn infrastructure fund.
  • Advised a syndicate of lenders with DNB Bank as an agent on the NOK34bn restructuring of Solstad Offshore, involving the conversion of NOK12m debt.

Wiersholm

Wiersholm acts on a broad variety of financing matters, encompassing acquisition and project financings, refinancings, restructurings and asset financings. The client base includes domestic and international banks and financial institutions, and the group is adept at representing borrowers and lenders. The practice is jointly led by ship finance specialist Kristine Hasle, debt finance expert Atle Gabrielsen, and Kaare P Sverdrup, who focuses on insolvency work and project finance matters. Petter Thomren Moltu was promoted to partner in January 2022.

Practice head(s):

Kaare P Sverdrup; Kristine Hasle; Atle Gabrielsen

Other key lawyers:

Petter Thomren Moltu

Testimonials

‘Atle Gabrielsen is one of the market leaders in most fields of financing.’

‘High skills, experience and efficiency on ship finance matters.’

‘Available and accessible, proactive, quick to respond, good knowledge of the energy field.’

‘Positivity, availability, pro-activity. Comes with good suggestions to how we can solve problems. great knowledge in our field. Would highlight Petter Thomren Moltu as a great representative for Wiersholm.’

‘Great availability and commercial thinking. Pleasant to work with.’

‘Provides top service, both in respect of speed and quality of work.’

Key clients

Skandinaviska Enskilda Banken AB

Handelsbanken

SpareBank 1 SR-Bank ASA

DNB Bank ASA

Nordea Bank Abp, Filial i Norge

Maritime & Merchant Bank ASA

ABN AMRO Bank N.V.

Danske Bank A/S

Swedbank AB

Work highlights

  • Advising Visma AS on its ongoing NOK25bn multicurrency term and revolving loan agreement.
  • Assisted DNB Bank ASA with the financing of Nordr Group AS’ acquisition of Veidekke Eiendom from Veidekke ASA.
  • Assisted DNB Bank ASA with bridge financing and bond amendments in connection with the acquisition of all shares in Höegh LNG.

Wikborg Rein

The team at Wikborg Rein is jointly led by financial regulatory specialist Ole Andenæs and Stian Tande Mortensen, who has extensive experience in high-yield bond issuance work. The practice is praised by clients as ‘strong within the entire financial regulatory sphere, including banking, insurance, corporate finance and asset management‘. Other key practitioners to note include Johan Rasmussen, Lars-Erik Østerbø, who is noted for his expertise in ship finance and restructuring matters, and Alexander Owesen, who advises Norwegian and international banks, financial institutions, lenders and private equity houses on a range of financing transactions.

Practice head(s):

Stian Tande Mortensen; Ole Andenæs

Other key lawyers:

Johan Rasmussen; Lars-Erik Østerbø; Alexander Owesen

Testimonials

‘WR is particularly strong on the combination of lending and capital markets products, i.e. combinations of bank and bond financings, bridge to bonds and other capital markets instruments etc. WR has very strong restructuring capabilities.’

‘Johan Rasmussen; very fast and reliable deliveries, pragmatic and effective. Alex Owesen; high quality and high degree of commercial understanding. Lars-Erik Østerbø: very nice to work with and extremely fast and accurate. He is much appreciated on asset based financings, but also on matters with elements of restructuring and insolvency.’

‘Extremely strong competence within financial institutions, funds and regulatory.’

‘Strong within the entire financial regulatory sphere, including banking, insurance, corporate finance and asset management. Particularly strong within corporate finance, asset management and transactions within the regulated sphere.’

‘Ole Andenæs: while always providing excellent in-depth advice within niche areas, Ole is also a regulatory generalist with detailed knowledge of the entire financial regulatory ecosystem. Navigates complex matters in an outstanding way. Excellent availability.’

‘This is our primary go-to team for complicated matters. Their partners, in particular Johan Rasmussen, always make themselves available to us, and they review work done by their associates to ensure that the quality is always good. On the financing side, WR seems to be one step ahead of the rest of the larger firms.’

Key clients

DNB Bank ASA

Nordea Bank Abp

Skandinaviska Enskilda Banken AB

Danske Bank A/S

Svenska Handelsbanken AB

Pareto Securities AS

ABG Sundal Collier ASA

Arctic Securities AS

GIEK

BNP Paribas

Work highlights

  • Acted for Pareto Securities as arranger on the €125m refinancing of Fertiberia.
  • Advised ABG Sundal Collier ASA and IKB Deutsche Industriebank AG on the issuance of a €150m senior secured green bond for private equity owned e-commerce company Momox Holding.
  • Advised DNB Bank ASA, GIEK, Export Credit Norway and Innovation Norway on an ECA-backed financing of an offshore fish farming unit.

Advokatfirmaet Haavind AS

At Advokatfirmaet Haavind AS, the ‘dedicated, responsive and competent‘ team provides ‘pragmatic advice‘ on real estate acquisition financings and bond financing issues, and assists with restructurings and renewable energy project financing work. The group is well known for acting for borrowers, and the client base includes banks, real estate investment funds and renewable energy funds. Hans-Christian Donjem  is ‘experienced and quick on his feet‘. Senior counsel Peter Brechan has extensive expertise in financial regulatory matters, and senior associate Christoffer Baisgård advises Norwegian and international lenders and borrowers on a range of financing matters.

Practice head(s):

Hans-Christian Donjem; Bjørn Olav Torpp

Other key lawyers:

Peter Brechan; Christoffer Baisgård

Testimonials

‘Prompt availability, knowledge of the regulatory framework, service-oriented.’

‘Very strong banking skillset.’

‘Hans-Christian Donjem stands out with exceptional attention to detail while being able to maintain a holistic commercial perspective.’

‘They were able to address and communicate complex legal wording to non-lawyers. Always available and forthcoming.’

‘Hans-Christian is a very likable person who always gets the work done. He is pragmatic and is always looking for a solution.’

Christoffer Baisgård is a true rising star in the market.’

‘A well respected firm.’

‘Peter Brechan really knows his market and is easy to deal with.’

Key clients

BlackRock Investment Management

Alimentation Couche-Tard Inc.

Axactor SE

FSN Capital

ING Bank N.V.

Ferd Private Equity

Priveq Investment

Santander Consumer Bank AS

Jyske Bank A/S

CSAM Health Group AS

Work highlights

  • Advised e-health company CSAM Health Group on its successful NOK300m refinancing via a senior secured bond issuance.
  • Advised a real estate SPV on the successful bond financing of its acquisition of another real estate SPV.

SANDS

The banking and finance practice at SANDS fields expertise in real estate and maritime sector financing work, with syndicated lending issues, high-value bond transactions and investment mandates prominent in the team’s workload. The department is also well known for its niche focus on assisting with investments and projects into Africa. Christian Berg Meland heads up the team, and advises investment banks and financial institutions; senior associate Ole Christian Sandnes Jenssen is another name to note. Ylva Cornelia Axelsen departed to an in-house position in May 2021.

Practice head(s):

Christian Berg Meland

Other key lawyers:

Ole Christian Sandnes Jenssen

Testimonials

‘Very pragmatic and solution oriented, can see a transaction holistically.’

‘Very close to their clients and knowledgeable. Always available.’

Key clients

Helaba

Sparebanken Møre

SpareBank 1 SMN

ING Capital

Macquarie Bank

ABN Amro Capital USA

Intertrust (Norway)

Arctic Securities AS

Work highlights

  • Assisted Arctic Securities, Pareto Securities and Swedbank Norge as managers with Lakers Group’s NOK2bn senior secured sustainability-linked bond issuance.
  • Assisted Arctic Securities as manager for Frigaard Property Group AS’ NOK500mn senior secured bond issuance.
  • Represented Sparebank 1 SMN as facility agent, security agent and lender in a NOK140m senior secured syndicated financing for an infrastructure project in Norway.

Advokatfirmaet Selmer AS

Bernt Olav Steinland heads up Advokatfirmaet Selmer AS‘ banking and finance practice, which has a notable reputation for handling bond and bank restructurings for clients in the shipping and shipbuilding sector, as well as real estate finance matters. Per Morten Christiansen advises on a broad range of transactional work, including domestic and cross-border loans, acquisitions and project financings, and assists banks, securities businesses and financial institutions with regulatory issues. Tor Herdlevær focuses on restructurings, and Christopher Jensen specialises in bank and bond financing matters.

Practice head(s):

Bernt Olav Steinland

Other key lawyers:

Per Morten Christiansen; Tor Herdlevær; Christopher Jensen

Key clients

SpareBank 1 SMN

Sparebanken Vest

Ekornes QM Holding

Arctic Securities

DNB Markets

Pareto Securities

SpareBank 1 Nordmøre

SpareBank 1 Sørøst-Norge

Sparebanken Sør

SpareBank 1 Helgeland

Sparebanken Sogn og Fjordane

Advokatfirmaet Simonsen Vogt Wiig

Advokatfirmaet Simonsen Vogt Wiig ‘has a longstanding ship finance practice and is a market leader when it comes to acting for lenders to the shipping and offshore sectors‘, according to clients, who also praise the department’s ‘strong combination of legal expertise and commercial acumen backed by industry understanding and know-how‘. Renewable energy financing matters have been prominent in the group’s recent workload. The practice is jointly led by the ‘hugely experiencedPeter Aall Simonsen, the ‘extremely dedicated and solution-orientedHalvor Klingenberg and Eivind Eliassen. Christine Rødsæther is a key contact for shipping and offshore transactions, and senior associate Sunniva Kinsella is an ‘outstanding, talented young lawyer‘.

Practice head(s):

Peter Aall Simonsen; Halvor Klingenberg; Eivind Eliassen

Other key lawyers:

Christine Rødsæther; Sunniva Kinsella

Testimonials

‘Halvor Klingenberg is extremely dedicated and solution oriented. He possesses the unique quality of being very thorough but also efficient. He is very pleasant to work with.’

‘Highly skilled team which seeks solutions rather than only pointing out obstacles and difficulties.’

‘SVW has a large and experienced banking and financing team which we have worked with for many years. They are effective and easy to work with and they have also a pragmatic and commercial approach which makes them stand out from some of the other law firms.’

‘Halvor Klingenberg is truly a rising star in this market and is one of the Norwegian lawyers that we prefer to appoint for new financings. He is extremely effective and always focuses on finding workable solutions.’

‘Peter Aall Simonsen – hugely experienced, his knowledge and insight is invaluable for clients at both legal and commercial levels.’

Sunniva Kinsella is an experienced and very effective associate, with a great focus on key issues.’

‘Agile in their approach in solving issues. Sees solutions to problems quickly and has a unique insight in the banking and finance sector.’

Key clients

DNB Bank ASA

Nordea Bank Abp

Skandinaviska Enskilda Banken AB

Swedbank AB

FSN Capital

ING Bank N.V.

Crédit Agricole Corporate and Investment Bank

Export Finance Norway (Eksfin)

ABN AMRO Bank N.V.

Prime Capital AG

NIBC Bank N.V.

Norwegian Air Shuttle ASA

Bank Norwegian ASA

BNP Paribas

Pareto Bank ASA

Maritime & Merchant Bank ASA

SpareBank 1 SR-Bank ASA

DVB Bank

ABN AMRO Bank N.V.

Work highlights

  • Acting as longstanding counsel to Eksfin on multiple financings in relation to offshore wind projects.
  • Assisted a syndicate of banks in connection with multiple financings and refinancings of vessels owned by subsidiaries of Golden Ocean Group and Frontline Ltd.
  • Advised SkandinaviskaEnskilda Banken AB as agent on a €160m senior secured refinancing loan facility to hydropower plant company Småkraft.

CMS Kluge

At CMS Kluge, recent case highlights for the banking and finance team included advising Norwegian seafood company Mowi on the refinancing of its existing bank facility, via a €1.8bn five-year secured revolving credit facility, by a consortium of eight banks. The practice has established strength in acting for borrowers and lenders in the financial, real estate, fishing and construction sectors on project financings, refinancings and restructurings. Dag Thomas Hansson and Snorre Haukali jointly head up the department, in which senior associate Ida Johanne Bohmann is a name to note.

Other key lawyers:

Ida Johanne Bohmann

Testimonials

‘Availability, engagement and competency.’

‘Commercial and to the point.’

‘Very good experience.’

‘Snorre Haukali has an unrivalled knowledge of our business and the details of historical transactions, which are invaluable when undertaking a new transaction or drafting amendments etc. for an existing deal.’

‘Ida Johanne Bohmann is extremely thorough, methodical and reliable in her work, documenting large international transactions and seems to have a very well-organised approach to the task in hand.’

‘Dag Thomas Hansson is very easy to work with, reliable and knowledgeable with a good pragmatic approach to resolving issues with documentation and mediating between parties.’

Advokatfirma DLA Piper Norway DA

Advokatfirma DLA Piper Norway DA counts banking transactional work as a core strength, with expertise spanning project and export finance matters, real estate finance, syndicated and bilateral bank lending work and asset-based lending issues. Practice head Børge A Grøttjord is well known for handling property acquisition and public infrastructure finance work, often with cross-border elements. Erik Ramm is a highly regarded practitioner in the space, and Camilla Wollan ‘has great knowledge and insight into the regulatory framework and a practical understanding of the financial sector‘.

Practice head(s):

Børge A. Grøttjord

Other key lawyers:

Erik Ramm; Camilla Wollan

Testimonials

‘Competent and broadly skilled team with a commercial mindset and an edge towards fintech and innovation.’

‘Customer friendly and collaborative.’

Camilla Wollan has great knowledge and insight into the regulatory framework and a practical understanding of the financial sector. She is highly capable and experienced. She provides swift and accurate advice and is highly recommendable.

Key clients

KLP Kommunal Landspensjonkasse Gjensidig Forsikringsselskap

Danske Bank

BNP Paribas

UniCredit

Credit Suisse

Landesbank Hessen-Thüringen Girozentrale

Telenor

SEB

Bank Norwegian

Handelsbanken

Salmar

AF Gruppen

Nordea

Work highlights

  • Advised a syndicate of banks on the Norwegian aspects of the global restructuring of a senior multicurrency term and revolving facilities agreement.
  • Advising fintech start-up Lendonomy on the development of a digital platform focusing on crowdlending.

Advokatfirmaet Grette AS

Advokatfirmaet Grette AS‘ banking and finance practice has a strong offering for clients in the real estate sector. Other key areas of work include assisting government entities with financing PPP projects, as well as assisting government infrastructure companies with financings and representing financial institutions in regulatory mandates. Andreas Myrstad heads up the team, in which debt financing expert Erik Alsvik Skogsbakken and Johan Christian Kongsli, who advises savings banks, commercial banks and other financial institutions on regulatory issues, are key contacts.

Practice head(s):

Andreas Myrstad

Other key lawyers:

Erik Alsvik Skogsbakken; Johan Christian Kongsli

Testimonials

‘Available, easy to talk to, understandable feedback and good knowledge of the areas where we need their help.’

Key clients

SpareBank 1 Markets AS

ABG Sundal Collier ASA

Avinor AS

Moelven Industrier ASA

Norske tog

Commerzbank

DSV Panalpina A/S

Global Growth Capital S.a.r.l.

Pareto Bank ASA

Caterpillar Financial Services AS

KAM Holding AS

HSBC Bank Plc

Ing Bank N.V.

JOOL Markets AS

BN Bank ASA

Danske Bank

Goldman Sachs International

Gefion Group A/S

Småkraft AS

Patria Investments UK Ltd

Work highlights

  • Acted as legal counsel to Norske tog on entering into a NOK3bn revolving credit facility agreement with four banks as lenders.
  • Advising HSBC Bank and a group of lenders on loans and the refinancing of loans with an aggregate amount of €1bn, structured as senior term and revolving credit facilities for the global funding of a private equity-held company.

Kvale Advokatfirma DA

Insolvency law expert Stine Snertingdalen heads up the practice at Kvale Advokatfirma DA. Recent instructions for the ‘reliable‘ team include representing banks, financial institutions and offshore companies in large refinancing and restructuring mandates, as well as project financing work and financial regulatory issues. Hillevi Myrhe is the key contact for financing transactions, and Christian Stang Våland is well known for representing a solid client base of Norwegian savings banks. Jostein Moen has significant expertise in shipping finance matters.

Practice head(s):

Stine Snertingdalen

Other key lawyers:

Hillevi Myrhe; Christian Stang Våland; Jostein Moen

Testimonials

‘One of the leading firms within distressed banking/special cases, with Stine Snertingdalen considered to be one of the leading individuals within Norwegian insolvency law. She has deep and extensive knowledge in bankruptcy recovery.’

Key clients

DNB Bank

Collector Bank

Danske Bank

Arctic Securities

GIEK

Nordic Trustee

Sparebank 1 SR-bank

SpareBank 1 Østlandet

Skue Sparebank

Romsdal Sparebank

Valdres Sparebank

Indre Sogn Sparebank

Aurland Sparebank

Vik Sparebank

Melhusbanken

Work highlights

  • Acting as longstanding counsel to Collector Bank on all legal matters pertaining to its Norwegian business.
  • Advised offshore services provider Bourbon Offshore Norway AS on the successful restructuring of the international Bourbon group, resulting in a debt reduction of over €1.5bn.