Wikborg Global Offshore Projects DEC15

7232019 Wikborg Global Offshore Projects DEC15

httpslidepdfcomreaderfullwikborg-global-offshore-projects-dec15 113

1

Global Offshore Projects

December 2015



2

2015 will go down in history as a difficult one or the offshore industry As the year

closes it remains uncertain what next year will bring but ew expect it to be good

news The challenges being aced in the oil and gas industry are perhaps illustrated

by the ailure o OPEC to make any real decisions at their meeting on 4 December and

little by way o urther action will be taken by OPEC until they meet again in June

2016 Faced with such a grim short term outlook most will need to remind themselvesthat a recovery is expected in the long term The difficult question is o course when

that recovery will start and what can be done in the meantime

In this newsletter we have given the task of crystal ball-gazing to Gavin Strachan of

Firth Petroleum He has made some interesting observations but not much positive news for

2016 We thank him for his informed contribution and interesting insights on the market

There is no doubt that the challenges in the offshore market are taking a particular

toll on oil service companies Many have tripped covenants in their loan agreements

and seen their share price all well below underlying asset values making implemen-

tation o a revised capital structure a much needed but difficult task The industry is

in survival mode where some will pull thorough and some inevitably will ail As in

previous downturns there will also be those players who are able to find opportunities

or growth through consolidations and acquisition o distressed assets and companies

To survive may require a search or opportunities and investments in new markets

In this newsletter we look at some o these potential markets whilst at the same

time addressing the risks that may be met along the way Iran may prove to be an

important market or the offshore industry but even i the sanctions are loosening

there are still knots to deal with Owners looking towards Nigeria will need to take

into account the increased ocus on local content requirements ndash the implications o

which are seen only too clearly by oreign contractors in Brazil these days Mexico

remains a region where there is substantial potential The implementation o the new

ramework is under development as the third licensing round commences this month

In their search or new markets some owners have been looking to the renewables

industry and or some this may provide some interesting opportunities However the

industry also aces its own challenges which cannot be overlooked

Chinese shipyards are continuing to take the brunt o the speculation in offshore

construction between 2012 and 2014 As owners o existing units are competing or work

new units continue to be delivered Cancellations are on the increase as are the list o

deaulting buyers who are unable to find the financing and employment needed to take

delivery It remains unclear how the additional capacity represented by these new units

is going to be absorbed Much hope has been placed at the door o Chinese financing

institutions but they are now taking a more cautious approach than previously

Although the short term remains a serious challenge ull o uncertainty it is to be

hoped that this may also be a period o opportunity or the companies able to take new

market position and weather the storm Inormed decisions about risks and opportuni-

ties will be imperative to ensure success

We hope that you will find our newsletter interesting and inormative

Dear friends and readers

Publisher WIKBORG REIN

Editor ANDREAS FJAEligRVOLL LARSEN

Cover photo ISTOCKPHOTO

Layout HELENE S LILLEBYE

Global Offshore Projects December 2015

This newsletter is produced by Wikborg Rein It provides a summary of the legal issues but is not

intended to give specific legal advice The situations described may not apply to your circumstances

If you require legal advice or have questions or comments please contact your usual contact person

at Wikborg Rein or any of the contact persons mentioned herein The information in this newsletter

may not be reproduced without the written permission of Wikborg Rein

Those hoping or some clear direction romOPEC were disappointed and the immediate effect o the

inaction was a urther all in the oil price

GLOBAL OFFSHORE PROJECTS DECEMBER 2015

4 When will the oil price rise

6 A time o opportunity

10 Brazil ndash troubled waters seem set to continue

12 Mexico ndash slow but steady opportunities

14 Iran ndash uncharted waters demanding care

16 Nigeria ndash an overdue dose o clarity required

18 China ndash a more cautious approach to financing

20 Offshore construction in China ndash a step too ar

22 Prospects or the European offshore wind industry ndash no good news

23 Wikborg Reinacutes Global Offshore Projects team

P H O T O 983098

E r

i k B u r 983269

s

P H O T O 983098

N i n 983137

R 983137 n g oslash y

Clare CalnanFinn Bjoslashrnstad



4 5

trust between (two major OPEC countires) Shia Iran and Sunni

Saudi Arabia where a new regime is in place is non-existent

and the two are fighting a de acto war in Yemen

DIFFICULTIES IN GAUGING OIL SUPPLY

For a number o reasons there are difficulties in assessing

uture oil supply

bull the advent o US shale oil has resulted in a large completely

new sources o oil production - but one which will decline by

5 a month without constant investment 2016 production

will be well down as a result

bull OPEC is pumping 315m barrels a day compared with its

agreed output o 30m barrels a day

bull OPEC has internal disagreement as to how to proceed

although the Saudi action is winning the day at the momentbull how are the activities o Islamic State going to affect

production in Libya and Iraq

bull by how much and how quickly will Iranrsquos increase in

production come about afer the possible lifing o sanctions

bull 45m barrels o new production have been delayed as a

result o low oil prices How quickly will that become

important

OIL DEMAND IS IN FACT INCREASING FIRMLY

Cheap petroleum-based products resulting rom the oil price all

is leading to low inflation and a reduction in the cost o running

businesses Lower crude prices are also limiting increases in

interest rates This is all good or the world economy which is

the undamental driver o energy demand

Although some analysts suggest that demand is slipping

given Chinarsquos slowing economy the countryrsquos consumption

this year has increased by 6 according to China Oil Gas amp

Petrochemicals The EIA reports that oil demand worldwide is

up 13m barrels a day Others put global demand increases

even higher at 19m barrels a day

EXCESS OIL PRODUCTION CAPACITY

DOES NOT HAVE TO FALL FAR

The downturn is set to remain in place for some time But for how

long What few analysts currently take into consideration is the

amount of excess production capacity When it is reduced to some-

thing like 25 a strong market will result as was the case between

the late-1990s and mid-2000s Reservoir depletion running at

about 3m barrels of daily production each year and the increasing

demand for oil will bring about a sharp upturn in the oil price

Opinions vary as to when this will happen Many industry

experts eel that the worst is yet to come Goldman Sachs

predicts that the persisting supply glut is set to get even worse

and oil prices could all as low as $20 a barrel in coming months

On the other hand Barclays predicts the oil price will increase

to $60 a barrel by 2016 based on a demand growth rom 21m

barrels a day to almost 4m barrels The Bank o England model

suggests oil prices could rally quite substantially and probably

in the second hal o 2016

WESTERN OIL COMPANIESrsquo DILEMMA

There is one major problem that remains difficult or the industry

to resolve Western oil companies have in recent years beenorced to compete in high cost production rom rontier areas

and deepwater Although deepwater fields are economic at lower

levels than some imagine (analysis by Rystad o Oslo in late-2014

indicates that deepwater oilfields have a breakeven level between

$35 and $75 a barrel with an overall average breakeven price

o $53) and while deepwater costs have diminished in recent

months they still remain high cost environments Oil companies

will be slow to resume their activity in these high costs areas and

this could delay the recovery in deepwater drilling

THE SHORT TERM OUTLOOK IS BLEAK BUT

IT IS TIME TO LOOK TO THE FUTURE

Worldwide activity is much reduced Western oil companies

are in survival mode and many o the national oil companies

such as Pemex Saudi Aramco and Petrobras are cutting back

on activity the corruption scandal in Brazil contributing to

Petrobrasrsquo woes Oil companies and service companies alike

are reducing costs wherever they can Termination clauses in

contracts between oil companies and service companies have

always been important but are now particularly under ocus

The market will not pick up in 2016 Even though oil prices

might rise in the second hal o next year oil company budgets

are being agreed based on a low oil price environment and

surviving throughout the year Operators are looking at their

ree cash flow and will not start spending until they are assured

that the oil price will remain at good levels longer term

Those companies with liquidity will survive The oil

companiesrsquo priority will be to pay dividends as otherwise Wall

Street will take its money to those industries which do This

means that oil company MampA activity may be muted compared

with the 1990s but or the brave and well-heeled contractors

the time is coming to buy distressed assets

I 983090983088983089983093 there was some hope that the oilfield

market might pick up in time or a reasonable 2016 However

afer the summer break it was evident to all even the wishul

thinkers that it would not and that oil companies and service

companies alike would be severely affected by poor cash flow

and high financing costs Share prices and asset values have

tumbled and the utilisation o assets day rates and contract

terms agreed have substantially altered as reality hit home

This is the result o that ever-present problem o the

balance between oil supply and demand However this time

around there is one big difference market dynamics are much

more complex than in previous downturns making it harder to

orecast the uture

In the first Global Offshore Projects newsletter I looked at the

all in the oil price and its impact on drilling and showed that

bull as a result o having to pursue costly projects many western

oil companies were already in trouble even beore the oil price

began its all rom the June 2014 year-high o $115 a barrel

bull in 2014 Saudi Arabia believed that it was time or others

to shoulder the problems o world oversupply ndash learning

rom its mistake when it cut production at the expense o

its market share between 1981 and 1984 rom 96m barrels

a day to just 3m barrels

bull earlier this year the majority o producing fields were

surprisingly resilient to the low oil prices o the time Brent

was trading at about $55-$60 a barrel It is now around

$36-37 its lowest point since early 2009

bull at $60 a barrel costs in early-2015 needed cutting by $170

billion or 37 to maintain debt at 2014 levels Recent

price alls have exacerbated these figures

bull but longer term we need to start drilling again ndash and on

a big scale The global decline rom existing production

is 5 a year so by 2030 over hal o the worldrsquos existing

production will need replacing

RECENT OPEC MEETING DECIDED NOTHING

The OPEC meeting on 4 December 2015 ended in what can only

be called disarray Nothing was agreed by the member states

except to reconvene at the June 2016 meeting Expectations o

higher exports rom Iran in 2016 when sanctions are set to be

lifed was one reason why the organisation could not agree on

an output target

Those hoping or some clear direction rom OPEC were

disappointed and the immediate effect o the inaction was a

urther all in the oil price By deault or design the cartel has

remained on a course that pursues market share and restricts

an ultra-high oil price This is in spite o the act that Saudi

Arabia and other OPEC members need oil prices at $100 a barrel to

balance fiscal budgets However OPECrsquos biggest crude exporter

believes that the low price will knock out the threat rom shale

oil and in the longer term preserve its market share

OPEC TENSION

There is certainly disagreement between OPEC members They

are a disparate lot with varied capabilities and aspirations

There are three actions within the organisation

1 Saudi and its allies including UAE and Kuwait They have

low production costs and sizeable reserves and although

there is distinct cost-cutting going on the countries are

financially strong

2 Iran and Iraq which have their separate political problems

but have the potential to produce considerably more than

they are currently

3 The remainder who are struggling with the low oil price

and making ends meet particularly Venezuela and Nigeria

This is all against a background o increasing geo-political risk

in and around OPEC countries Not only is the Islamic State

encamped in parts o Libya and Iraq (both OPEC members)

WHEN WILL THEOIL PRICE RISE

BY GAVIN STRACHAN 9830801983081

Market dynamics are muchmore complex than in previousdownturns making it harder to

orecast the uture

(1) Gavin Strachan is an independent consultant providing market

intelligence Expert Witness opinion and due diligence expertise on the

offshore energy business in jurisdictions around the world

Contact email gavinfirthpetroleumcom



6 7

P H O T O 983098

I s t o c

k p

h o

t o

A TIME OFOPPORTUNITY

T

combined with reduced investments and

contract awards is taking its toll on oil

service companies in the North Sea and

elsewhere For some though this may be a

time o opportunity when bargains may be

had This can generate attractive rewards

to the cash rich investor but there can be

risks and pitalls in acquiring a company

when it is on the ropes

These days oil service companies can

be in varying stages o distress rom a

negative cash flow situation that sooner

or later is bound to hurt the company

through to being in deault right up to

the point when a ormal court appointed

debt restructuring or bankruptcy process

is in place Time is o the essence as the

distressed business either has an imme-

diate need or assistance or has already

deaulted on its obligations

Beore approaching the target a poten-

tial buyer should take steps to address

certain issues I the acquisition is suc-

cessul and the target is acquired it may

trigger the cross deault provisions o the

buyerrsquos existing financing arrangements

So the buyer needs to ensure that its bal-

ance sheet and credit acilities are able to

absorb a distressed entity without a cross

deault or breach o its own financial cove-

nants on a consolidated basis A temporary

waiver rom the target companyrsquos banks

or bondholders in respect o on-going

deaults may be a necessary closing condi-

tion or the acquisition

I the target company is not listed the

buyer will have significant flexibility as

to how and when it will approach the

selling shareholder(s) and a bilateral

negotiation with the seller(s) can be

concluded as quickly as the parties are

able to reach an agreement Some com-

panies will already have been subject to

court-appointed processes in which case

the proceedings or selling the company

andor its assets may be fixed by law

which may add to the timeline

A listed company will in most cases

be subject to take-over regulations

imposed by the home state or stock

exchange On the Oslo Stock Exchange

a voluntary take-over offer usually takes

between our to six weeks to complete

(rom preparation o the offer document

until completion) and i the desired

acceptance level is not reached at the

expiry o the offer period it may take

additional time In the event the listed

company has a concentrated shareholder

structure a straight and quick block

trade acquisition o the majority o the

shares in the target company may be

possible in certain cases Such majority

acquisition will in most cases trigger a

mandatory take-over offer to the remain-

ing o the shareholders

The protection a buyer will be able

to obtain through a negotiated transac-

tion agreement may be less than one

would normally expect The seller o a

distressed company or o assets may be

unable to offer substantial warranties

I warranties are offered they are usu-

ally backed by the sellerrsquos balance sheet

which may have been inadequate to save

the distressed business in the first place

It is essential or potential buyers to be

prepared to undertake a thorough inves-

tigation o the target as any meaningul

recourse may prove difficult to obtain

In addition a seller will usually require

cash payment and the target may need

immediate unding through bridge loans

or other measures The buyer however

will usually not be able to get security

or its acquisition risk which may impact

its ability to raise urther financing

A buyer may need to enter into nego-

tiations with several interested parties

other than a seller For example holders

o secured debt may preer the opportu-

nity particularly in asset-backed cases

to enorce their security and take over

the asset ndash rather than contemplate

the sale o the asset to a third party

Otherwise a buyer may need to preserve

relationships with key customers and

suppliers and gauge whether they are

supportive o the potential acquisition

or whether the buyer risks that change

o control clauses are triggered and used

by such third parties to close or leverage

the relationship

Whilst there clearly are risks when

looking at distressed businesses there

is also an upside which the right buyer

may find opportunities to exploit



8 9

P H O T O 983098

I s t o c

k p

h o

t o



10 11

BRAZILndash troubled waters seem

set to continue

983090983088983089983093 or oil

service providers and particularly so or

those working in the Brazilian market

The Car Wash Probe continues and the

end o this corruption scandal which has

had severe implications or Petrobras

and the industry is still some way off

That aside Petrobras has also taken the

opportunity in the prevailing market

conditions to clean-up and optimise both

its rig portolio and the offshore support

fleets through the re-negotiation or can-

cellation o contracts

Although the outcome o these renego-

tiations have not generally been made

public the view is that at least nine rigs

have been taken out o the Brazilian

market over the last ew months either

as a result o a cancellations use o

avourable stand-by provisions or by

Petrobras not exercising options that

had previously been ldquobankedrdquo by the rig

owners Outright terminations have also

occurred usually on grounds that there

has been a ldquobreach o contractrdquo but

normally without urther explanation

Some o these terminations may have

links to the Car Wash Probe but this has

not been officially confirmed

Another 13 rigs currently employed

by Petrobras will come off contract in

2016 and it is not expected that any

o these contracts will be extended or

renewed In addition many contractors in

the Brazilian rig market appear to have

accepted amended terms in their existing contracts generally

by agreeing to reducing charter hire against an extension o

the contract period This exercise will result in substantial

short term savings or Petrobras but hopeully will also give

rig owners in Brazil some relie (and increased predictability)

going orward

At the same time Petrobras have increased their ocus

on their periodic assessment o the offshore support fleet in

accordance with the ANTAQ rules Petrobras is under an obli-

gation under the ANTAQ rules to regularly (and normally on

an annual basis) assess whether any oreign vessel chartered

or operations in Brazil can be replaced by a Brazilian owned

flagged vessel Under the rules Brazilian tonnage is to be given

priority This has resulted in increased prioritisation being

given by Petrobras to Brazilian owners and vessels and the ter-

mination o charters entered into with oreign owned vessels

Over the last ew months the need to secure annual renewal

o the ANTAQ license which previously had been viewed as a

mere ormality has created substantial uncertainty or a num-

ber o oreign OSV owners including those who have been long

term players in the Brazilian market and who have substantial

OSV fleets operating in Brazil Similar regulations apply in other

jurisdictions or example in Mexico but oreign owners may have

previously viewed this as a ldquosleepingrdquo provision This is no longer

the case and a number o oreign OSV owners in Brazil who are

hard pressed to find alternative employment or their vessels are

looking at possibilities or converting into a more Brazilian

fleet through either arranging bareboat charters to a Brazilian

entity and suspension o the current flagdual registration

However not all ship registries accept dual registration and

restructuring ofen raises adverse tax and other consequences

that need to be careully assessed It remains to be seen how

much o an impact the application o ANTAQ rules may have

on the total OSV fleet in Brazil and whether Petrobras will

continue to prioritise its ocus on this during 2016 P H O T O 983098

I s t o c

k p

h o

t o

It remains to be seen howmuch o an impact the

application o ANTAQ rulesmay have on the total OSV

fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

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W in the oil and

gas sector has created a challenging

environment or all including Pemex

the Mexican Energy reorm programme

is expected to create new opportunities

or those oil service providers who have

the will and capabilities to navigate

their way through the developing stages

o an emerging Mexican EampP industry

These opportunities arise as a result o

the Mexican Governmentrsquos decision to

invite oreign and private oil companies

to compete or blocks and licences off-

shore Mexico thus providing important

sources o new investment or the indus-

try Hopeully this will in the medium

term reduce the effects o Pemexrsquo

tightening liquidity recently leading

to a credit downgrade by Moodyrsquos and

expected to urther reduce investments

RECENT AUCTION PROCESSES

IN ROUND ONE

Following the implementation of the Energy

Reform in December 2014 the Mexican

Government announced the initial stages of

Round One of the public licence auctions

in which private entities were also able to

bid for the opportunity to perform explora-

tion and extraction activities in Mexico The

total investment including Pemexrsquos farm-

outs for Round One has been estimated

by the Mexican Government to be US$505

billion for the period 2015 - 2018

The blocks offered in the first and sec-

ond auctions launched by the National

Hydrocarbons Commission (ldquoNHCrdquo)

were presented under a Production

Sharing model and all o them presented

low geological risk with easy access to

the existing transport inrastructure

However since the offer came with strict

contractual requirements and a rather

high ldquogovernment take rdquo there was a poor

turnout at the auction Out o 14 possi-

ble blocks only two were awarded to a

consortium ormed by Sierra Oil amp Gas

Talos Energy and Premier Oil

In an attempt to attract more inter-

est the government altered the terms

o the second auction by reducing

the amount o the upront invest-

ment required by companies to bid and

increasing the size o the blocks availa-

ble This led to an increased interest and

in September 2015 the NHC awarded

three o five blocks orming part o the

auction to Eni SpA a consortium ormed

by Pan American Energy and EampP

Hidrocarburos y Servicios and a consor-

tium o Fieldwood Energy and Petrobal

The third auction is scheduled or 15

December 2015 and consists o 26 fields

which are to be awarded under a more

avourable licence model Considering

the characteristics o the fields and the

local content requirements (that are

slightly higher than or the two previous

auctions) there is reason to believe that

this bid presents good opportunities or

smaller and local participants to gain a

oothold in the process

Oil companies that are awarded blocks

during these auctions and enter into con-

tracts with the Mexican Government will

need to make firm commitments and will

be subject to firm deadlines by which they

need to meet their investments obliga-

tions Thus they will not have the opportu-

nity to postpone their obligations pending

an increase in the oil price With these

new entrants to the sector there should

be ample scope or oil service providers

to take advantage o increasing opportuni-

ties in a market that has been somewhat

passive or over 20 years The Mexican

market is opening up and this is expected

to continue to develop over the next ew

years notwithstanding the continuation o

a low oil price

I you are interested in obtaining additional

inormation on this matter please do not

hesitate to contact Santiago Sepuacutelveda

Yturbe ( santiagosepulvedacreelmx ) at

Creel Garciacutea-Cueacutellar Aiza y Enriacutequez

MEXICOndash slow but steady opportunities



14 15

T in connection with Russia and

Iran differ in many ways The ormer are recent targeted andfixed or the oreseeable uture the latter long-standing broad

and likely soon to change With regard to Iran Adoption Day

under the 14 July Joint Comprehensive Plan o Action (ldquoJCPOArdquo)

arrived as expected on 18 October 2015 Now the International

Atomic Energy Agencyrsquos (ldquoIAEArdquo) verdict is awaited on the

nuclear inrastructure changes to which Iran has agreed That

might come in the second quarter o 2016 and IAEA approval

will bring with it Implementation Day - the lifing o nuclear-

related sanctions against Iran

The opportunities created by the lifing o sanctions against

Iran are obvious The country sits high on listings o proven oil

gas and mineral reserves and its economy craves oreign invest-

ment However the risks are considerable and the circumstances

unique ndash acres o sanction text and decades o trade embargo will

vanish at the same moment as part o an agreement centred on

preventing an ideologically different unpredictable and ofen hos-

tile regime rom developing nuclear weapons

In this highly complex environment great care will need to

be taken once sanctions against Iran are lifed First Iran ranks

130189 in the World Bankrsquos Ease o Doing Business Report

and 136175 on Transparency Internationalrsquos Corruption

Perceptions Index Compliance awareness procedures written

instructions contract terms verification audit enorcement

and remedy will all need to match the likely difficulties The

first task will be to explain and then to apply amiliar concepts

Thorough screening must continue to support anti-corruption

and to detect individuals and entities that remain proscribed

perhaps on account o human rights or even terrorism as it is

only the nuclear-related restrictions that will be lifed

Second what can be removed can be reinstated This is the

ldquosnap-backrdquo mechanism a core part o the reassurance under-

pinning the JCPOA This is a procedure not an instant fix Any

party alleging ault could start the dispute resolution process

and i a serious breach was made out against Iran then sanc-

tions would be re-imposed Perhaps then additional sanctions

would ollow but at the very least the neo-lawul would again

become unlawul This would not be retrospective so con-

tracts pre-dating ldquosnap-backrdquo could still be perormed but it

is easy to oresee difficulties or example with suppliers or

IRANndash uncharted waters demanding care

with intended subcontracts While not

actually expecting such developmentsparties should prepare Much might be

gained rom analysis o what would or

might happen on any ldquosnap-backrdquo and

ensuring that there are adequate provi-

sions in contracts to cover such an even-

tuality just in case

Third the US has only lifed sanc-

tions ldquodirected towards non-US per-

sonsrdquo Save where there is a specific

OFAC licence the sanctions will still

apply in ull to ldquoUS personsrdquo as defined

This means that any such persons must

be sealed rom any involvement in Iran

issues whether they are individuals or

companies owned or controlled in the

relevant ways The structure o a com-

pany should not present difficulty but

individual nationality status - or all

rom directors and other key decision-

makers through to clerical and ancillary

staff - might prove harder to establish

and ready assumption must not replace

proper enquiry The recent Schlumberger

and Deutsche Bank cases illustrate the

costly and other adverse consequences

o impermissible involvement o US

persons A provable system or finding

who they are and keeping them away

rom Iran-related matters needs to be in

place

Lifing nuclear-related sanctions

against Iran will undoubtedly create

great opportunities but the danger

areas offer serious challenges that will

require great care to be taken In all

aspects o any emerging trade with Iran

awareness must be heightened issues

identified due diligence perormed and

caution exercised P H O T O 983098

I s t o c

k p

h o

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In this highly complexenvironment great care

will need to be takenonce sanctions against

Iran are lifed



16 17

area Where granted the license also has

a liespan o one year

The second requirement arises under

the Nigerian Oil and Gas Industry Content

Development Act o 2010 This Act

requires operators in the Nigerian oil and

gas industry to demonstrate that certain

minimum levels o Nigerian content is

used in their exploration and production

activities By way o example 65 o

the spend must be on Nigerian offshore

support vessels 55 on hire or drilling

rigs and 50 o the spend on production

units Even though the Act was passed

in 2010 the Nigerian authorities only

started to enorce these requirements in

2013 These requirements may similarly

be difficult to satisy or the operators

but in practice the main requirement

rom the supervisory Nigerian Content

Development Management Board (the

ldquoNCDMBrdquo) has been that the opera-

tors present a plan showing how they

plan to increase the Nigerian content in

their operations to the statutory mini-

mum requirements However NCMB

has also separately been pursuing a

marine vessel utilisation scheme which

seeks to achieve at least 60 ownership

o marine assets by Nigerian companies

by 2015 Owners o marine assets able to

demonstrate a higher level o Nigerian

content will accordingly have a competi-

tive advantage when tendering or con-

tracts in Nigeria

FUTURE DEVELOPMENTS

Following his election the new Nigerian

president Muhammadu Buhari has

introduced significant changes to the

Nigerian petroleum industry Mr Buhari

has assumed office as Nigeriarsquos new

oil minister he has replaced the entire

board o the state-run Nigerian National

Petroleum Corporation (ldquoNNPCrdquo) and

split the NNPC into two entities These

actions were taken as part o the new

presidentrsquos laudable aim to tackle the

substantial problems o corruption and

oil thefs within the oil industry

However in addition to these chal-

lenges there is also an urgent need or

the new administration to bring greater

clarity to the legal ramework applicable

to the Nigerian petroleum industry It is

anticipated that this task will be tackled

although it is expected that the changes

will be more conservative than progres-

sive Thus it is unlikely that any change

will see an end or serious reduction in the

local content requirements For some time

to come thereore owners o marine assets

will have to continue to take account o

the rather complex local content require-

ments when assessing business opportu-

nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o

NIGERIA ndash an overdue doseo clarity required

I N authori-

ties have paid a great deal o attention

to compliance with the requirements or

local content relating to marine vessels

drilling units equipment and services

utilised in Nigeriarsquos oil and gas industry

However in order to attract international

investment and service providers there

is an urgent need or the recently elected

administration in Nigeria to create a

stable regulatory ramework through

which such investments and activities

can be carried out

CURRENT REGULATORY

FRAMEWORK

Owners wishing to utilise marine assets

in the offshore industry in Nigeria need

to take into account two main require-

ments regarding local content

The first is the Nigerian Coastal and

Inland Shipping (Cabotage) Act o 2003

This Act requires all vessels trading

between Nigerian ports or in Nigerian

waters (including in connection with

the exploration exploitation or trans-

portation o petroleum resources) to

be built by a Nigerian yard registered

in the name o a Nigerian company

owned by Nigerian shareholders to fly

the Nigerian flag and be manned only by

Nigerians These requirements apply to

vessels (including FPSOs) but there are

on-going cases in the Nigerian courts

regarding whether the Act applies to

drilling rigs and their operations I it

does then owners would need to obtain

waivers rom the three main require-

ments o the Act that they do not satisy

The ownership requirement may be

satisfied through a bareboat chartering

structure where a Nigerian company

bareboat charters a oreign vessel or a

minimum period o five years during

which period the vessel will be regis-

tered in the Nigerian Ship Register and

fly the Nigerian flag with simultaneous

suspension o the primary registration

o the oreign vessel The Cabotage Act

also provides or a system o waivers

whereby any o the three main Nigerian

content requirements may be waived

where no Nigerian capacity is available

or suitable However waivers relating to

ownership and manning requirements

are increasingly difficult to obtain due to

the increase in the number o Nigerian

owned vessels and Nigerian seaar-

ers On the other hand the waiver rom

the Nigerian build requirement is still

relatively easy to obtain due to the act

that there are very ew Nigerian ship-

yards with capability to construct the

type o vessels required Where waivers

are given they are valid or one year ndash

although they may be r enewed Foreign

vessels operating in the cabotage area

also require a licence in addition to the

waivers to operate within the cabotage



18 19

CHINA ndash a more cautious approach to fnancing

I C financial institutions have proved

to be an increasingly important source o capital or shipping

and offshore assets However difficult market conditions have

created challenges or the over-developed Chinese shipbuild-

ing industry and have dampened the enthusiasm o the Chinesefinancial markets Most Chinese banks and financial leasing

companies have become more cautious in their approach to the

financing o international shipping and offshore assets Despite

this China will continue to play an important role in financing

shipping and offshore transactions

INTERNATIONALISATION OF ldquoCHINESE SHIP FINANCErdquo

Traditionally Chinese banks supported Chinese owners and

yards but afer 2008 more and more financial institutions also

engaged with international owners This development ollowed

policy decisions by Chinese authorities encouraging amongst

other things the promotion o Shanghai as a global shipping

centre control o resources required or growth in the domestic

economy (including the fleet o vessels owned by Chinese state

owned entities) strategic links with resource rich countries and

general support or the Chinese shipbuilding industry

An important instrument in this development has been the

availability o Chinese export credit guarantees Export credit

arrangements have played a significant role as an instrument

which enables governments o many countries to support export-

ers and the importance o the Chinese export credit instructions is

a reflection o the growth o Chinese shipyards Various financing

products such as buyersrsquo or sellersrsquo credits and export credit insur-

ances have enriched the financing sources or Chinese ship or off-

shore unit exports and to a certain extent it has also contributed

to the prosperity o the Chinese shipyards

Another important development in the Chinese financing

arena has been the growth o Chinese leasing companies and

more than 1000 leasing companies have emerged during the

last ten years These companies provide unding through

ownership by way o ldquosale and leasebackrdquo ldquolease and purchaserdquo

or other similar arrangements with or without a purchase

option or the lessee Such arrangements may be attractive off-

balance-sheet alternatives to international owners by providing

more flexibility in deal structures and financing costs

THE NEXT STEPS

Chinese financing is no different rom financing or leasing arrange-

ments in other jurisdictions There are as in any jurisdiction

cultural aspects to be taken into account but the documentation

is similar to international transactions and industrial standards

(such as the LMA orms) and is ofen governed by English law

Chinese financing and leasing institutions were once

considered to be rather over eager to participate in financ-ing certain types o projects or assets but a clear trend in

todayrsquos market is that ownersrsquo backgrounds the economics

markets o assets and documentation underpinning projects

are required to undergo a detailed and thorough review beore

unds are committed This is particularly true within the

offshore segment where gloomy market conditions are casting

shadows onto the financing opportunities China Exim Bank has

on several occasions emphasised that they will give priority

to higher technology and higher value asset classes such as

LNG large containerships and eco-ships On the other hand

the Chinese unds are still available and rom many sources

but the competition between the Chinese financing institutions

to secure the good projects is fierce

The challenging conditions at Chinese shipyards are also

an important actor impacting the way orward or the Chinese

financing community The backlog o orders at the shipyards

includes a significant number o units that are to be delivered

into a market where employment rates are low This is an

environment where traditional shipping banks (and the capital

markets as a whole) may be reluctant to provide financing and

where the Chinese export credit agencies once again will need

to provide significant parts o the unding required The Chinese

export credit agencies have also expressed the need to guide

the shipping and shipbuilding sectors out o the current down-

turn but to what extent support is available may ultimately

turn on the political will o relevant authorities in respect o

the industry and asset class in question

The multiple aspects affecting Chinese ship and offshore

finance makes it difficult to predict how matters will develop

but Chinese financing institutions will continue to play an

important role in providing uture take-out financing or

refinancing o assets which in turn will have a significant

impact on the Chinese construction markets The expectation

is that such financing arrangements will become increasingly

complex and will involve elements o traditional bank unding

export credit leasing arrangements and other instruments The

question is thereore not so much whether Chinese financing

is still relevant but rather how to match the correct source o

unding with the right project through the best ramework P H O T O 983098

I l j 983137

H e n

d e

l



20 21

OFFSHORECONSTRUCTION

IN CHINAndash a step too ar

O Chinese shipyards have moved

inexorably into the offshore construction market and in

particular into the jack up market Progressing rom the

construction o smaller units a number o Chinese yards are

now heavily involved in the construction o larger and more

sophisticated jack ups At the start o 2015 60 jack up units

were scheduled to be delivered rom Chinese yards in 2015-

2016 This figure represents about 60 o all jack ups to be

delivered in 2015-2016 worldwide

To secure such dominance in the market the Chinese yards

have provided attractive payment packages to prospective

owners or example in some cases requiring a small down

payment o only 5 at the start o the construction process

with the remaining 95 being payable on delivery Given

that larger jack ups commanded a price tag o around US$230

million such payment terms enabled more buyers to enter the

market many o them on a speculative basis It is estimated

that over hal o the jack ups contracted or at Chinese yards

were contracted or at a time when the prospective owners did

not have the security o a drilling contract ndash which is typically

required in order to secure take out financing

This business model worked well or the Chinese yards in the

good years but with the alling oil price and the reduction in capi-

tal EampP budgets o oil companies the demand or such drilling rigs

has allen significantly and this has caused major problems or the

Chinese yards The oversupply in the market has led to contracts

being cancelled where the prospective owners no longer consider

the project to be economically viable Even established drilling

contractors are looking to delay delivery o uncommitted rigs into

2016 and 2017 in the hope that market conditions will improve

Faced with cancellations by companies against whom ofen the

Chinese yards have limited rights o recourse the situation that

the Chinese yards find themselves in is becoming increasingly

desperate Where requests or extensions in delivery dates are

being made Chinese yards appear to be prepared to accommodate

such requests However it remains to be seen whether the parties

can agree upon urther delays beyond the already extended deliv -

ery dates should market conditions remain bleak

At the same time the value o the rigs under construction

has allen significantly and where cancellations occur the

Chinese yards are lef with assets on their hands that are

continuing to decrease in value It is unlikely that the yards

will want to operate these rigs and consequently their uture

remains uncertain Such circumstances may create oppor-

tunities or other prospective purchasers who look to secure

high specification drilling rigs at a knock down price At present

though there is little evidence to suggest that Chinese yards

most affected by rig cancellations are willing to part with the

units or a price significantly below the contract price agreed

or the construction o the unit

In part this can be explained by the custom o Chinese

yards to take out insurance with companies such as Sinosure

to protect themselves against buyerrsquos deault which sees them

made whole even i a buyer walks away rom an uneconomic

project However there also appears to be a general reluctance

on the part o the yards to sell such assets at a significant

discount Other options being explored are joint ventures with

the yard to operate the rig (at least until such time as the yard

has earned back its construction costs) andor initially leasing

the rig rom the yard with a subsequent purchase option Time

will tell as to how successul these inventive solutions are in

enabling the Chinese yards to overcome their problems but it

is clear that even the most optimistic amongst them consider

there are some very hard times still to be endured

At the start o 2015 60 jackup units were scheduled to bedelivered rom Chinese yards

in 2015-2016 This figurerepresents about 60 o all jack ups to be delivered in

2015-2016 worldwide



22 23

WIKBORG REINrsquoS GLOBAL OFFSHORE PROJECTS TEAM

OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72

Oddbjoslashrn Slinning

Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71

Geir Ove Roslashberg

Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner

clcwrcocouk+44 75 9560 7958

+44 20 7367 0304

Christian James-Olsen

Partner

colwrno+47 928 33 919

+47 55 21 52 70

Cecilie K Haltebrekke

Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner

siwwrcomsg+65 9674 4906

+65 6496 8219

Robert Joiner

Partner

rajwrcomsg+65 8518 6239

+65 6496 8359

Ole Henrik Wille

Partner

owiwrcocouk+44 78 0351 4071

+44 20 7367 0326

Andreas Fjaeligrvoll-Larsen

Senior Lawyer

aflwrcocouk+44 77 1130 4251

+44 20 7367 0321

Rob Jardine-Brown

Partner

rjbwrcocouk+44 77 8572 2147

+44 20 7367 0305

Birgitte Karlsen

Partner

bkawrcocouk+44 75 2507 1742

+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner

rlzwrcocomcn+86 138 1665 0656

+86 21 6339 0101

Chelsea Chen

Senior Lawyer

cchwrcocomcn+86 138 1687 8480

+86 210 6339 0101

Tormod Ludvik Nilsen

Partner

tlnwrcocomcn+86 216 3390 0101

+86 186 2194 4892

Jonathan C Page

Partner

jpawrcocouk+44 20 7367 0303

+44 71 3112 103

O one o the key

sources o renewable energy adopted

by European governments to meet

their commitments to mitigate climate

change and to decrease reliance on os-

sil uels in the coming years Despite

the offshore wind industry having flour-

ished in recent years the short-term

outlook or 2016 is set to see a sharp

decline in new grid connected offshore

wind capacity as compared to 2015 This

decline will affect all levels o the off-

shore wind supply chain

The sofening o the European offshore

wind market has also been compounded

by the recent slump in global oil prices

which has orced many North Sea oil

and gas companies to cut budgets and to

reeze all non-essential expenditure As

a result many maintenance brown field

enhancement and lie extension projects

in the North Sea oil and gas sector

originally scheduled or 2015 have been

temporarily halted and will likely only

now be sanctioned when the oil price

begins to stabilise at a realistic level

This has led to an oversupply o

vessels across both sectors resulting

in highly competitive rates in the off-

shore wind industry particularly on

less technically challenging projects

such as accommodation support WTG

commissioning and substation hook-up

and commissioning

The short term outlook is thereore

challenging and owners will need to

tighten their belts

The mid- to long-term outlook

however is more positive with demand

being expected to pick up in the

European offshore wind sector in late

2016 or early 2017 with approximately

20 GW o capacity expected to be added

between now and 2020 It is to be hoped

that this will bolster demand or vessels

in the European sector and hopeully

restore some equilibrium to vessel

rates

That said the extreme pressure both

rom governments and the industry itsel

to cut the capital costs o offshore wind

arm installation has resulted in devel-

opers increasingly seeking efficiencies

o scale and as a result many planned

projects will seek to utilise the new gen-

eration o larger 6-8MW turbines with

correspondingly larger oundations

The scale o these new projects will

thereore rule out many o the multi-

purpose vessels in the existing fleet o

offshore wind support vessels which

are ofen designed to perorm both oil

and gas maintenance and offshore wind

installation work A new generation

o purpose-build offshore wind arm

installation vessels will thereore be

required to meet demand

The newly delivered SEAJACKS

SCYLLA delivered rom Samsung

Heavy Industries Co Ltd to Seajacks

Group in November 2015 is one such

example and with a lif capacity o over

1500 tonnes SEAJACKS SCYLLA is

perectly placed to install the new larger

turbines and oundations

Whether other vessel owners will

ollow suit and place orders or vessels

with a similar lif capacity is yet to be

seen but with the worldrsquos shipyards

being desperate to increase their con-

tract backlog there may not be a better

time to place an order

PROSPECTS FOR THEEUROPEAN OFFSHORE

WIND INDUSTRY

991251 no good news

Despite the offshore windindustry having flourishedin recent years the short-

term outlook or 2016 is setto see a sharp decline in newgrid connected offshore wind

capacity as compared to 2015



Joe McGladdery

Partner

jmgwrcocouk+44 77 1311 3115

+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno

SingaporeTel +65 6438 4498

Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



2

2015 will go down in history as a difficult one or the offshore industry As the year

closes it remains uncertain what next year will bring but ew expect it to be good

news The challenges being aced in the oil and gas industry are perhaps illustrated

by the ailure o OPEC to make any real decisions at their meeting on 4 December and

little by way o urther action will be taken by OPEC until they meet again in June

2016 Faced with such a grim short term outlook most will need to remind themselvesthat a recovery is expected in the long term The difficult question is o course when

that recovery will start and what can be done in the meantime

In this newsletter we have given the task of crystal ball-gazing to Gavin Strachan of

Firth Petroleum He has made some interesting observations but not much positive news for

2016 We thank him for his informed contribution and interesting insights on the market

There is no doubt that the challenges in the offshore market are taking a particular

toll on oil service companies Many have tripped covenants in their loan agreements

and seen their share price all well below underlying asset values making implemen-

tation o a revised capital structure a much needed but difficult task The industry is

in survival mode where some will pull thorough and some inevitably will ail As in

previous downturns there will also be those players who are able to find opportunities

or growth through consolidations and acquisition o distressed assets and companies

To survive may require a search or opportunities and investments in new markets

In this newsletter we look at some o these potential markets whilst at the same

time addressing the risks that may be met along the way Iran may prove to be an

important market or the offshore industry but even i the sanctions are loosening

there are still knots to deal with Owners looking towards Nigeria will need to take

into account the increased ocus on local content requirements ndash the implications o

which are seen only too clearly by oreign contractors in Brazil these days Mexico

remains a region where there is substantial potential The implementation o the new

ramework is under development as the third licensing round commences this month

In their search or new markets some owners have been looking to the renewables

industry and or some this may provide some interesting opportunities However the

industry also aces its own challenges which cannot be overlooked

Chinese shipyards are continuing to take the brunt o the speculation in offshore

construction between 2012 and 2014 As owners o existing units are competing or work

new units continue to be delivered Cancellations are on the increase as are the list o

deaulting buyers who are unable to find the financing and employment needed to take

delivery It remains unclear how the additional capacity represented by these new units

is going to be absorbed Much hope has been placed at the door o Chinese financing

institutions but they are now taking a more cautious approach than previously

Although the short term remains a serious challenge ull o uncertainty it is to be

hoped that this may also be a period o opportunity or the companies able to take new

market position and weather the storm Inormed decisions about risks and opportuni-

ties will be imperative to ensure success

We hope that you will find our newsletter interesting and inormative

Dear friends and readers

Publisher WIKBORG REIN

Editor ANDREAS FJAEligRVOLL LARSEN

Cover photo ISTOCKPHOTO

Layout HELENE S LILLEBYE

Global Offshore Projects December 2015

This newsletter is produced by Wikborg Rein It provides a summary of the legal issues but is not

intended to give specific legal advice The situations described may not apply to your circumstances

If you require legal advice or have questions or comments please contact your usual contact person

at Wikborg Rein or any of the contact persons mentioned herein The information in this newsletter

may not be reproduced without the written permission of Wikborg Rein

Those hoping or some clear direction romOPEC were disappointed and the immediate effect o the

inaction was a urther all in the oil price

GLOBAL OFFSHORE PROJECTS DECEMBER 2015

4 When will the oil price rise

6 A time o opportunity

10 Brazil ndash troubled waters seem set to continue

12 Mexico ndash slow but steady opportunities

14 Iran ndash uncharted waters demanding care

16 Nigeria ndash an overdue dose o clarity required

18 China ndash a more cautious approach to financing

20 Offshore construction in China ndash a step too ar

22 Prospects or the European offshore wind industry ndash no good news

23 Wikborg Reinacutes Global Offshore Projects team

P H O T O 983098

E r

i k B u r 983269

s

P H O T O 983098

N i n 983137

R 983137 n g oslash y

Clare CalnanFinn Bjoslashrnstad



4 5






uture oil supply














important












































































orecast the uture




























an output target










OPEC TENSION







financially strong



they are currently









orecast the uture







6 7

P H O T O 983098

I s t o c

k p

h o

t o


T







































































































the relationship







8 9

P H O T O 983098

I s t o c

k p

h o

t o



10 11


set to continue

983090983088983089983093 or oil








































going orward






























I s t o c

k p

h o

t o



fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



4 5






uture oil supply














important












































































orecast the uture




























an output target










OPEC TENSION







financially strong



they are currently









orecast the uture







6 7

P H O T O 983098

I s t o c

k p

h o

t o


T







































































































the relationship







8 9

P H O T O 983098

I s t o c

k p

h o

t o



10 11


set to continue

983090983088983089983093 or oil








































going orward






























I s t o c

k p

h o

t o



fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



6 7

P H O T O 983098

I s t o c

k p

h o

t o


T







































































































the relationship







8 9

P H O T O 983098

I s t o c

k p

h o

t o



10 11


set to continue

983090983088983089983093 or oil








































going orward






























I s t o c

k p

h o

t o



fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



8 9

P H O T O 983098

I s t o c

k p

h o

t o



10 11


set to continue

983090983088983089983093 or oil








































going orward






























I s t o c

k p

h o

t o



fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



10 11


set to continue

983090983088983089983093 or oil








































going orward






























I s t o c

k p

h o

t o



fleet in Brazil



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



12 13

P H O T O 983098

i s t o c

k p

h o

t o

W in the oil and





















IN ROUND ONE



































































a low oil price









14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



14 15








































































place










I s t o c

k p

h o

t o



Iran are lifed



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



16 17



































tracts in Nigeria

FUTURE DEVELOPMENTS





























nities in Nigeria

P H O T O 983098

I s t o c

k p

h o

t o


I N authori-












can be carried out

CURRENT REGULATORY

FRAMEWORK
























































18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



18 19








































THE NEXT STEPS














































I l j 983137

H e n

d e

l



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



20 21





































































2015-2016 worldwide



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



22 23


OSLO

Trond Eilertsen

Partner

teiwrno+47 901 99 186

+47 22 82 76 12

Are Zachariassen

Partner

azawrno+47 909 18 308

+47 22 82 76 72


Partner

oslwrno+47 481 21 650

+47 22 82 75 14

Guy C Leonard

Senior Lawyer

gclwrno+47 977 35 003

+47 22 82 76 37

LONDON

Tormod Kloslashve

Senior Associate

tklwrno+81 90 3160 7668

+81 78 2721 777

BERGEN

Oslashystein Meland

Partner

omewrno+47 901 42 033

+47 55 21 52 75

Finn Bjoslashrnstad

Partner

fbjwrno+47 415 04 481

+47 22 82 76 11

Gaute Gjelsten

Partner

ggjwrno+47 995 23 535

+47 22 82 76 31

Oslashyvind Axe

Partner

axewrno+47 970 55 558

+47 55 21 52 71


Partner

gorwrno+47 900 35 045

+47 55 21 52 65

Clare Calnan

Partner


+44 20 7367 0304


Partner

colwrno+47 928 33 919

+47 55 21 52 70


Senior Lawyer

ckhwrno+47 416 49 158

+47 55 21 52 81

Jon Heimset

Partner

jhewrno+47 908 55 702

+47 55 21 52 72

SINGAPORE KOBE

Siri Wennevik

Partner


+65 6496 8219

Robert Joiner

Partner


+65 6496 8359

Ole Henrik Wille

Partner


+44 20 7367 0326


Senior Lawyer


+44 20 7367 0321

Rob Jardine-Brown

Partner


+44 20 7367 0305

Birgitte Karlsen

Partner


+44 20 7367 0309

SHANGHAI

Ronin Zong

Partner


+86 21 6339 0101

Chelsea Chen

Senior Lawyer


+86 210 6339 0101


Partner


+86 186 2194 4892

Jonathan C Page

Partner


+44 71 3112 103

O one o the key

































and commissioning



tighten their belts











rates




































WIND INDUSTRY

991251 no good news






Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno



Joe McGladdery

Partner


+44 20 7367 0302

OsloTel +47 22 82 75 00

Fax +47 22 82 75 01

oslowrno

BergenTel +47 55 21 52 00

Fax +47 55 21 52 01

bergenwrno

LondonTel +44 20 7367 0300

Fax +44 20 7367 0301

londonwrno


Fax +65 6438 4496

singaporewrno

ShanghaiTel +86 21 6339 010 1

Fax +86 21 6339 0606

shanghaiwrno

KobeTel +81 78 272 1777

Fax +81 78 272 1788

kobewrno

wwwwrno

Wikborg Global Offshore Projects DEC15

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Transcript of Wikborg Global Offshore Projects DEC15