IFLR 1000
The Guide to the World's Leading Financial Law Firms

Arntzen de Besche is a very solid firm known as the leading outfit in oil and gas. "Very happy with their services, strong in oil and gas and quite strong on finance and capital markets," says a client. According to another it has "young, good, service-minded intelligent people, though not full service". While the firm is not international, "they are good at following us out of Norway," adds the client.

Erlend Bakken and Geir Evenshaug, who often appear on capital markets deals, are recommended by clients: "We have worked with them for years, we are very happy with them and they know us very well. Communication is one of their strong points, they always call right back."

Practice head Trond Vernegg advised Gensidige Forsikring on substantial company structure matters in the run up to its IPO on the Oslo Stock Exchange, the biggest of the year in Norway. The advice included changing the company from a BA to an ASA (from a mutual to public company).

Bakken was the most active of the partners in the capital markets, advising First Securities and Pareto Securities on the issue and IPO of Bermuda registered company Floatel International, First Securities as manager on the substantial IPO of Standard Drilling and ElectroMagnetic GeoServices on the issue of a $20 million bond issue with Fugro Norge as sole bondholder.

The firm is a favourite of some international investment banks and global law firms.

Erlen Bakkend and Rune Haglund led on most of the debt and banking deals for Arntzen de Besche. The firm, known as a leading oil and gas firm, also made a couple of notable hires to its finance team in 2011, recruiting senior lawyer Atle Gabrielsen from Wiersholm to a partnership position and senior lawyer Kjersti Aksnes Gjesdahl from the Financial Services Authority.

Gabrielsen in particular seems a smart recruitment. He is well regarded by peers for loan transactions and ship finance and says one, "it will be exciting to see how that will pan out".

Clients describe the team as "young", "service minded" and "intelligent". "We are very happy with them, they are strong in oil and gas and quite strong in finance," says one, "their strong point is communication, they will always call right back."

In one of its banking deals, Bakken and Atle Stensrud advised Investec Bank, Macquarie Bank and Standard Bank along with Watson Farley & Williams (for UK law) on an $84 million loan to the Oslo listed Sevan Marine.

Meanwhile Haglund was regularly engaged by SpareBank 1. Three mandates saw him advise on a €66 million construction facility to Bergen Group Fosen to build an OCV vessel, a €70 million facility to fish farming company Norway Royal Salmon, and a €153 million syndicated construction facility again to Bergen Group Fosen, in March 2011, to build two Ropax night ferries for Fjord Line.

Arntzen de Besche is known as the leading oil and gas firm, however its portfolio of transactions shows a much more versatile operation. "They do a lot of things for us and we are very happy with their service," says a client, "we think they are good, young, service minded, intelligent people, not full service... they know us very well, they are a natural first call and they are very good at managing projects." Trond Vernegg, Erlend Bakken and Per Dagslet are the main lawyers for M&A.

Bakken and Dagslet advised a foreign company in all aspects of its bid for Orkla's sale of Elkem, which finally went to China National Bluestar for $2 billion. Vernegg acted for Panalpina Group, one of the world's leading suppliers of forwarding and logistics services, in its acquisition of Norway based Grieg Logistic and Dagslet led a large team to act alongside Baker & McKenzie for Veolia Transport's sale of its Norwegian operations (with a turnover of €228 million) in 2011. The client is the subsidiary of NYSE and Paris listed Veolia.

Dagslet also acted for Cooper Industries in its acquisition of the Norwegian company Hernis Scan Systems from LSE listed Vislink.