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

Norway bucked the European trend and through 2010 and 2011 saw lots of activity in the capital markets, especially on the equity side. Firms completed a series of large IPOs in late 2010 on the Oslo Stock Exchange, among the most significant being listings of Statoil Fuel & Retail and insurer Gjensidige Forsikring; and IPOs continued into 2011 with the latest coming from Aker Drilling in March 2011.

The debt markets were also busy and saw the highest high-yield bond ever issued in the country (by Golden Close Marine Corp), as well as a stream of bond and convertible bond issuances. Innovation was not far away as firms also handled the country's first ever securitisation under Norwegian law.

"It has been very hectic so far," says one local lawyer, "there have been lots of IPOs and overnight placements." (The national press coined the term "takeover fever" to refer to the activity in the equity markets in late 2010.) "I would have expected the financial crisis to have been harder and longer, it really didn't happen," says one partner. "In the main Norway is not impacted by that cycle [financial crisis], not heavily affected by international trends and stays in its 'cosy little world', the most affected have been M&A and capital markets," says another.

However, the activity was not completely straight forward and one firm notes that "there has been a lot of starting and stopping... [and] there have also been some notable failings in bonds". There were also signs in Spring 2011 that the tide might be turning, with one lawyer noting that the market was "experiencing some sort of a slowdown. The speculation is that a lot of investors have been expanding in oil and drilling rigs and now it is coming to the end of a cycle". According to another, the market has been "very good, especially for the drilling rig sector where there was an open window for about four or five months and we saw numerous IPOs, but now the window has closed and it is awful".

Partners argue that outside shipping and oil it has been much harder for companies to raise capital. "Equity is very energy driven, very high oil prices dragging all prices up," says one.

It is hard to gauge the significance of the lull in the market in mid-2011. Some call it "a little stop", and even the most high profile pulled IPO, that of property company IT Fornebu in May 2011, does not give any clear indications with consensus being that the IPOs failure to launch was because the company "had very high price expectations, didn't really need the money so didn't want to drop the price" and not the conditions.

BA-HR has maintained one of the best capital markets teams in the market. "High level, absolutely top, they have amongst the best partners," says a client. "Extremely good on the law and very well fitted toward being commercial and handling commercial issues."

Finn Myhre is one of the well-established names in the market who, says one competitor, remains at the "forefront in corporate bonds". He kept his name in lights advising Santander Norge on the first ever securitisation under Norwegian law, which involved the €1.4 billion securitisation of a car loan portfolio and had to overcome an untested legal framework to successfully close in March 2011.

Peers highly recommend the "up and coming" and "young but leading" Robin Bakken for equity. Bakken advised ABG Sundal Collier, Bank of America Merrill Lynch and Citibank as joint bookrunners on the IPO and listing on the Oslo Stock Exchange of Statoil Fuel & Retail, which generated €686 million.

Head of finance Richard Sjøqvist is a regular counsel to Norske Tillitsman (the Norwegian loan trustee for bonds listed on the Oslo exchange) and has a strong debt practice. Marking another milestone, Sjøqvist represented Pareto Private Securities, Platou Finance and DnB NOR Bank as managers in the largest ever high-yield bond issuance organised in Norway: the $460 million issuance for Golden Close Marine Corp.

Finance partner Terje Sommer, Arne Tjaum, Rolf Ringdal (for debt) and M&A partner Svein Gerhard Simonnæs all have top market reputations. Tjaum recently acted for Aker Drilling on its IPO, which together with a high-yield bond issuance and a bank loan raised €458 million.

Thommessen is consistently rated as one of the top three firms for capital markets. "In my opinion Thommessen might have the best capital markets team at the moment, they have the three top lawyers; you can't find a better team in Oslo," says a client. "It is probably the firm we see in the most deals," says a competitor.

The three partners who are so widely recommended are Kim Dobrowen, Anders Arnkværn and Hans Cappelen Arnesen, who heads the practice. The firm also recently promoted Lars Eirik Røsås to the partnership and he has been active on a number of high profile deals. Peers and clients also singled out Sverre Tyrhaug.

Arnkværn advised on two large rights issues, a €1.27 billion rights issue for Norsk Hydro working alongside international counsel Latham & Watkins in July 2010, and a €501 million rights issue for Renewable Energy Corporation, where he advised joint global coordinators and bookrunners DnB Nor Markets, Nordea Markets and SEB Enskilda.

Arnesen and Røsås acted on one of the key IPOs of the year, advising a syndicate including Goldman Sachs International, Merrill Lynch International and DnB NOR Markets among others on Gjensidige Forsikring's €1.36 billion IPO on the Oslo Stock Exchange. It was the largest IPO for a number of years.

Dobrowen also assisted on the corporate restructuring of the shipping group Wilh.Wilhelmsen with a listing of its shipping and logistics subsidiary on the Oslo exchange. Rune Solberg also led on a notable transaction advising joint global coordinators and bookrunners, DnB Nor Markets, Nordea Markets, SEB Enskilda, for Dockwise's rights issue (which raised $100 million).

Wiersholm Mellbye & Bech has a very broad team which is especially capable on the equity side. Sverre Sandvik and Tone Østensen lead the practice while Knut Bergo, Erik Thyness, Erling Lind, Eystein Eriksrud and Andreas Mellbye are all able to lead big transactions and are all recognised by peers. The firm has a strong profile especially with domestic clients.

One of the biggest deals of the year saw Thyness, Thomas Svensen and Østensen advise Statoil on its €1.4 billion IPO on the Oslo stock exchange following the seperation of its fuel and retail business.

Lind, who has an energy and shipping focus, advised North Atlantic Drilling on its $425 million private placement of shares and Seawell Leading on its $430 million private placement and subsequent listing in Oslo.

Eriksrud and Østensen were supporting for Pareto Securities on the €462 million pending IPO of Sevan Drilling while Eriksrud worked with Seadrill on its $650 million convertible bond issue in October 2010. Elsewhere, Mellbye and Simen Mejlænder acted for Ocean Rig on a $500 million private placement.

Schjødt has had a very strong year and the perception in the market is that it has grown in stature. One competitor says the firm "has done well in recent years, increased market share and seems to be on a roll". The firm has grown in headcount, hiring Hugo Matre from the University of Bergen in January 2011 and in August 2010 Bjarne Rogdaberg from the legal department of the stock exchange. Both join as partners.

A recent client for securities related work found the firm "very good and very responsive". The client adds that the team "gives useful and sensible answers, is creative and very available for calls".

Viggo Bang-Hansen is the "rising star" of the firm, say competitors. He led deals for managers Arctic Securities, DnB NOR Markets and Pareto Securities on the €458 million IPO of Aker Drilling and, alongside Nils Ludvig Dahl, for managers RS Platou Markets on the €1.4 billion listing of Seawell on the Oslo Stock Exchange.

Thomas Aanmoen, Bang-Hansen and Anne Gro Sundby led the team to assist the issuer the Renewable Energy Corporation on its €509 million right issue and Aanmoen acted as sole lead advising Cyprus based SeaBird Exploration on a €18 million convertible bond issuance in early 2011.

Selmer has a very secure position as one of the top five firms for capital markets. It is well embedded with savings banks and leads the way on their particular type of share issuances and financial instruments. It is also strong on the academic side and has a very close relationship with the Oslo Stock Exchange.

One big domestic client says "I would not hesitate to use Selmer, [Dag Erik] Rasmussen is quite good in the equity markets especially, he knows it very well and has also been at the Stock Exchange a couple of years so has good experience". Another client says the firm "has more specialised lawyers in the field" than some of its competitors and recommends "younger partner" Lars Knem Christie for "equity and stock exchange work".

If there is a slight criticism it is over the depth and consistency in the team, which some peers believe is a bit "uneven", but this seems quite subjective. Aside from the two leading lawyers, M&A partner Are Herrem often appears on deals, as do Sverre Tysland, Jon Fredrik Johansen and Andreas Jarbø.

Rasmussen worked with Davis Polk & Wardwell to advise Citigroup Global Markets, DnB NOR Markets and BNP Paribas on the €1.27 billion rights offering for Norsk Hydro in order to finance its purchase of the Brazilian Vale Aluminium and also acted for Pareto Securities and Carnegie on Panoro Energy's €70 million private placement.

Christie led a team to advise SEB Enskilda and Pareto Securities on Northland Resources' equity offering in Norway and Canada, working alongside a raft of international firms. It was the first global offering in both markets based on duplicate prospectuses. The firm also advised Morpol and OAO Severstal on their buying sprees in late 2010 and in 2011 was counsel to IT Fornebu on its abandoned IPO.

Wikborg Rein & Co moves up in the ratings. Especially in the equity markets the firm continues to land the big ticket deals and high profile IPOs.

The reason for the movement in the rankings has been a perception from peers that the firm has had a "very aggressive international focus, looking more at international shipping and therefore not as established in mainstream corporate as before", and a perception that "people felt they failed to get a new generation". Nevertheless, it is consistently seen as the number four in the country and it has maintained a market share of IPOs of about 25-30% over the last five years.

"One of the best firms in Norway in my opinion, good service and technically very competent lawyers," says a client. The client adds that Wikborg has shown more client care than some of the other leaders and recommends Arne Didrik Kjørnæs. "Very happy with them, very commercially minded," says another, who likes the firm's international practice with "foreign lawyers and offices abroad".

Susanne Munch Thore led a team to advise on the largest IPO on the Oslo stock exchange, acting for Gensidige Forsikring to raise €1.4 billion, while Kjørnæs assisted Stolt-Nielsen on its redomiciliation from Luxembourg to Bermuda and relisting on Oslo Stock Exchange (with €931 million of shares listed).

Kjørnæs also represented Pareto Securities and Carnegie on the IPO of Wilh.Wilhelmsen, which raised €185 million. Ketil Bøe advised Barclays Capital on $2 billion in debt capital market transactions in the form of notes, issued by Statoil and guaranteed by Statoil Petroleum, and STX OSV Holdings and STX Europe of a share sale and IPO of STX OSV Holdings on the Singapore Stock Exchange.

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.

Simonsen joins the ratings for the first time. The capital markets team got accolades for advising the originators in the first ever securitisation under Norwegian law but it also acted for Sparebanken Midt-Norge on a substantial rights issue in early 2010. The security trustee, Deutsche Trustee Company, who was marginally involved, was also assisted by Simonsen.

Vogt & Wiig joins the rankings for the first time due to its experience in the equity markets.

In one significant deal that show this experience, oil and shipping expert Christian Ditlev-Simonsen and Erlend Lous advised Saga Tankers on its listing on the Oslo Stock Exchange in June 2010. As part of the IPO the firm advised its client on a private placement and listing.

Much of CLP's capital markets experience and visibility is in relation to corporate and company work for listed companies and M&A driven transactions with a public angle.

The firm is smaller than some of its competitors but this in itself is often seen as an advantage by clients rather than a limitation, especially as they believe the firm matches the top league in terms of quality. "I think they were excellent, very good attitude... sometimes in continental Europe you get a very academic approach but they were very commercial," says one client.

Another found the firm "hungrier and more commercial" than competitors. "Smaller firm, we get better service from smaller firms, more cost effective," adds the client.

Edvard Cock led on all the main capital markets transactions. Among them he assisted Ferncliff TIH on the €45 million listing of Standard Drilling on the Oslo Stock Exchange, one of the first off shore listings after the financial crisis. He was also advising Standard Drilling on acquisitions with capital market implications and acted for Nordic Health on a demerger and listing, the very first one coming out of the financial crisis.