Wikborg Rein appoints new shipping and energy partners in London

LEADING international law firm Wikborg Rein has appointed two new partners and a senior lawyer to its Shipping, Trade, Energy & Infrastructure team in London.

Renaud Barbier-Emery, who joins Wikborg Rein as a partner from Ince & Co, is a specialist in the energy, maritime and international trade sectors on both transactional and contentious matters. His practice focuses on the development and financing of offshore energy projects, most frequently for the publicly listed owners of large fleets of drilling units, FPSOs and LNG vessels.

Renaud also acts for shipowners, shipbuilders, financiers and investors on a range of transactions involving the construction, conversion, repair, sale & purchase, leasing, chartering, management and financing of vessels, as well as advising on joint ventures. In addition, he advises on a wide range of transactional trade finance matters.

Renaud recently participated as part of the Wikborg Rein team which advised Belgian gas carrier operator Exmar on its agreement with Argentina’s YPF for the long-term deployment at Bahia Blanca of the Caribbean FLNG unit, now renamed Tango FLNG, to produce and export LNG from Argentina.

Jonathan Goldfarb, who also joins as a partner from Ince & Co, specialises in energy and trading projects across the oil and gas and renewables sectors. He advises on project tendering, vessel construction and conversion, and financing, sale and purchase and leasing arrangements for FPSOs, FSOs, FSRUs, LNGCs, FLNG, drilling units and drillships.

Jonathan also acts for international traders in relation to structured trade finance transactions and trading projects. He represents some of the world’s largest contractors and energy traders, as well as financing banks, and handles a wide variety of projects in the energy and trading sector. He has been particularly active on Floating Storage and Regasification (FSRU) projects in the LNG sector.

Meanwhile, senior lawyer Ina Lutchmiah has also joined Wikborg Rein from Ince & Co. Ina has particular expertise in LNG projects and other offshore energy transactions, and her experience includes advising on the decommissioning and recycling of offshore assets and long-term charters for FSRU projects.

Chris Grieveson, manager partner of Wikborg Rein’s London office, says, “We are delighted to welcome Renaud, Jonathan and Ina to our team. Their appointments continue Wikborg Rein’s policy of recruiting experienced and respected industry professionals who will strengthen still further the firm’s reputation as a leading specialist in the shipping and energy sectors.”


Wikborg Rein's London office was established in 1987. The office specialises in shipping, energy, construction, international arbitration and all other forms of dispute resolution. In addition, it handles financing, corporate and cross-border transactions. The London office has both English and Norwegian lawyers who all possess broad expertise within Wikborg Rein's specialist areas. The London office is also the hub of the firm’s international English law practice focusing on shipping, energy and construction matters worldwide. www.wr.no

Wikborg Rein strengthens London team with three key appointments

International law firm Wikborg Rein has further strengthened its leading presence in the shipping and offshore and onshore construction sectors with the appointment of three key senior hires to its London offices.

 

Nick Shepherd has joined as a partner from Ince & Co, where he was most recently the head of that firm’s office in Piraeus, Greece. Nick has a market-leading reputation as an 'owner's lawyer' for the Greek shipping market, where he is the first-choice lawyer for a number of the largest shipping groups, including TMS / Dryships / Ocean Rig (Mr George Economou); the Navios Group (MAngeliki Frangou); Alpha Bulkers / Pantheon Tankers (Mrs Anna Angelicoussi); and Marmaras Navigation / Delta Tankers (Mr Diamantis Diamantides). 

 

Nick's practice spans a wide range of contentious and non-contentious work, including charter parties, drilling contracts, logistics, casualties, marine insurance, sale & purchase, shipbuilding and ship arrest.  Nick regularly acts as lead counsel for groups of owners on key industry issues; most recently he spearheaded the owners' response to the OW Bunker collapse, taking the industry test case from arbitration through to the UK Supreme Court within only 15 months.

 

Mike Stewart, meanwhile, has joined as a partner from K&L Gates in London, where he was a key member of that firm’s Energy, Infrastructure and Resources group. Mike specialises in complex, high-value disputes arising out of major energy and infrastructure projects in emerging markets, and has developed particular expertise in relation to FIDIC contracts, having advised on FIDIC-based projects in Turkey, Oman, Jordan, India and Ethiopia.  He has advised on construction and energy disputes throughout the Middle East, acted on international arbitrations arising out of major projects in Saudi Arabia, Qatar, Yemen, Azerbaijan, Ukraine, India and Sri Lanka, and on disputes arising from FPSOs in Malaysia, Indonesia and Brazil.

 

Also joining Wikborg Rein from K&L Gates, as a senior lawyer, is Mary Lindsay. Mary’s practice concentrates on international arbitration. She is primarily concerned with disputes arising out of complex construction, infrastructure and energy projects, having acted on international arbitrations in India, Yemen, Oman, Azerbaijan and Russia.  Mary also provides ongoing advice in respect of live projects in the Middle East and has a particular focus on electrical engineering and process plants.

 

Clare Calnan, head of Wikborg Rein's London office and a partner in its shipping offshore practice, says, “We are delighted to welcome Nick, Mike and Mary to the firm. Together, and individually, they have the experience, knowledge and reputation that we always look for as we seek to expand still further the expertise of our London team. All three will form an essential part of our practice offering global shipping and offshore and construction expertise, as well as English law capability.”

 

 

Wikborg Rein & Co is a pre-eminent law firm in the shipping and offshore sector, and a major player on the international scene. Services to the maritime industry include ship, project and lease finance, corporate, contract negotiation, offshore and construction projects, sale and purchase, ship registration, insurance, casualty response, carriage of goods, ship arrest and international dispute resolution. The firm is also a leading player in the onshore construction sector. More information on the firm and its partners can be found at

www.wr.no

Good opportunities for offshore investors to acquire distressed assets

Shipping and offshore specialist law firm Wikborg Rein says current low oil prices could mean there are bargains to be had for investors in the offshore sector who follow recommended procedures for assessing and acquiring distressed companies.

Birgitte Karlsen, a partner in the London offices of Wikborg Rein, says, “The prolonged period of low oil prices, combined with reduced investment and contract awards, is taking its toll on oil service companies in the North Sea and elsewhere. For some, this may be a time of opportunity when bargains can be had, generating attractive rewards for cash-rich investors. But it is important to be aware of the risks involved in trying to acquire distressed businesses.

“These days, oil service companies may be in varying stages of distress, ranging from a negative cashflow situation through to default, with a formal court-appointed debt restructuring or bankruptcy process in place. Time is of the essence as the distressed business either has an immediate need for assistance and funding or has already defaulted on its obligations.”

Finn Bjørnstad, a partner in Wikborg Rein’s Oslo offices, adds, “If the target company is not listed, the buyer will have significant flexibility as to how to approach and structure an acquisition. The acquisition may include both debt and equity, and new equity may be used to buy back debt at a discount. Good planning and an understanding of the stakeholders’ position, as well as the dynamics of the market, are essential.

“Some companies may already be subject to Chapter 11-type proceedings, in one or more jurisdictions, and it is essential to understand the legal implications of such proceedings with regard to approval by creditors, potential subsequent annulment of the transaction, and timing aspects. Experience shows that the legal implications in many jurisdictions are less predictable and more complicated than expected. Buyers should seek expert legal advice in preparing an effective acquisition strategy with as few surprises as possible.”

“A listed company will in most cases be subject to either government or stock- exchange takeover regulations. On the Oslo Stock Exchange, for instance, a voluntary takeover offer usually takes between four to six weeks to complete, and can take longer if the desired acceptance level is not reached at the expiry of the offer period. In the event that the listed company has a concentrated shareholder structure, a straight and quick block trade acquisition of the majority of the shares in the target company may be possible in certain cases. Such majority acquisition will in most instances trigger a mandatory takeover offer to the remaining shareholders.”

Birgitte Karlsen concludes, “There is currently a definite upside to buying distressed businesses in the offshore sector which the right buyers may be able to exploit, provided they are fully aware of the risks involved before entering into negotiations.”

Wikborg Rein is a pre-eminent law firm in the shipping and offshore sector, and a major player on the international scene. Services to the maritime industry include ship, project and lease finance, corporate, contract negotiation, offshore and construction projects, sale and purchase, ship registration, insurance, casualty response, carriage of goods, ship arrest and international dispute resolution. More information on the firm and its partners can be found at www.wr.no

Oil price collapse should not impact on dual-fuel LNG carriers

Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and operators.

McGladdery notes, “As a result of the oil price collapse, energy companies are reducing capital budgets to protect against falling revenues. Given the investment levels needed to sustain an LNG production project, the final decision to proceed with a number of projects has been put on hold. This uncertainty over the progress of production projects has exerted further downward pressure on an already static charter market for LNG carriers, and the prospects are not looking favourable as the number of open ships grows and anticipated new cargoes fail to materialise.

“The economics of slow-speed diesel engines works when there is a marked differential between the relative prices of oil and LNG, but the recent collapse in the price of oil has been accompanied by a fall in the price of LNG as well. This has led to some doubt about the viability of dual-fuel gas-injection technology in the current market.

“The fact remains that converting an LNG carrier's engines so that it is capable of burning LNG as a low-sulphur fuel allows owners and operators to comply with the new requirements for ships operating in Emission Control Areas (ECAs). It also provides them with the flexibility to burn two types of fuel which other technologies, such as exhaust gas cleaning systems, or scrubbers, do not. So the application of dual-fuel, gas-injection technology to newbuildings and the conversion of slow-speed diesel engines on existing ships still make sense, despite the recent fall in the price of oil.”

Wikborg Rein is a pre-eminent law firm in the shipping and offshore sector, and a major player on the international scene. Services to the maritime industry include ship, project and lease finance, corporate, contract negotiation, offshore and construction projects, sale and purchase, ship registration, insurance, casualty response, carriage of goods, ship arrest and international dispute resolution. More information on the firm and its partners can be found at www.wr.no

Wikborg Rein recruits LNG specialist as new partner for London office

LEADING international law firm Wikborg Rein has recruited Joe McGladdery as a partner in its London office. McGladdery joins from Qatar Gas Transport Company Limited (Nakilat) where he acted as the company's General Counsel and as a board member for a number of its subsidiary companies and joint ventures. He was responsible for developing Nakilat’s legal and insurance department and formed part of the senior management team which oversaw the expansion of the company into the world’s leading operator of LNG ships.

Before joining Nakilat, McGladdery worked as a shipbroker for H Clarkson & Co in London and Hong Kong before practising law at Simmons & Simmons and thereafter at Curtis Davis Garrard. He specialises in non-contentious shipping matters, and companies which he has successfully represented include Kuwait Oil Tanker Company, Novorossiysk Shipping Company, Marathon Oil, and Sovcomflot.

McGladdery says he relishes the opportunity to develop his practice as a shipping projects lawyer, with particular emphasis on the LNG market, where he foresees an expansion in seaborne trade. He says, “I hope that my practical shipping industry experience will be of great value to the firm’s clients.”

Finn Bjornstad, who was recently appointed senior partner of Wikborg Rein’s London office, says, “We are delighted to have recruited a person of Joe’s experience, reputation and ability. He will form an important part of the team we are continuing to develop in London offering global English law capability in the maritime sector. Joe’s experience as a shipbroker and as part of the management team of a leading ship owner and operator will greatly supplement the knowledge base within the firm.”


Wikborg Rein is a pre-eminent law firm in the shipping and offshore sector, and a major player on the international scene. Services to the maritime industry include ship, project and lease finance, corporate, contract negotiation, offshore and construction projects, sale and purchase, ship registration, insurance, casualty response, carriage of goods, ship arrest and international dispute resolution. More information on the firm and its partners can be found at www.wr.no

Wikborg Rein expands capabilities with Brazil alliance

LEADING international law firm Wikborg Rein has concluded an alliance with one of Brazil’s leading law firms, Vieira, Rezende, Barbosa e Guerreiro Advogados (VRBG), which will have significant benefits for the international clients of both firms.

The best friend alliance agreement between the two firms will include co-operation on client referrals and joint assignments, and will also involve the exchange of lawyers and competence building.

Wikborg Rein Global Managing Partner, Susanne Munch Thore, says, “Brazil has developed into a high-priority market for many of our clients, and it is important that, as a leading provider of international legal services, we have the capacity to support our clients wherever business takes them.

“This is the first time one of the top international shipping and offshore oil & gas firms has made a commitment like this. It demonstrates our understanding of the commercial realities of the market, and where growth will come from for our clients.”

Partner Finn Bjørnstad, who will shortly be taking up the role of managing partner in Wikborg Rein's London office, has considerable experience in supporting clients in Brazil. He says, “VRBG is internationally recognised as one of Brazil’s leading law firms, with an excellent track record in the offshore oil and gas sector. It is ideally placed to work with international clients looking to develop opportunities in a market with such great potential.”

For a number of years, Wikborg Rein has supported its clients as they have developed their Brazilian business interests, specifically in the offshore oil & gas sector. However, with an increase in offshore oil & gas investment in Brazil, it recognised that there was a need to provide high-quality ‘on the ground’ legal support.

From June 2011, Wikborg Rein will have one senior lawyer working out of the VRBG office in Rio de Janeiro, and VRBG will have one lawyer working out of the Wikborg Rein office in Shanghai.

The alliance will have major benefits for the international clients of both firms. Geir Sviggum, the partner who heads up Wikborg Rein’s Shanghai office, sees significant advantages in this relationship as links between China and Brazil develop. He says, “The transfer of skills, knowledge, and people will provide both firms’ clients with access to advisers who have extensive offshore oil and gas experience, and who really understand the key issues in two of the world’s most significant developing markets - China and Brazil.

"Our Shanghai office already provides support to Chinese clients looking to develop their interests in Brazil. This agreement cements our position as global leaders in this area.”

Chris Grieveson, a partner in Wikborg Rein’s Singapore office, meanwhile notes, “I believe we are now in a position to provide an unrivalled service. If you are based in wider Asia and are looking to develop your business in Brazil, come and discuss it with us. We have a Brazilian expert sitting in our offices.”

This agreement secures Wikborg Rein’s clients access to the best legal resources in Brazil, and will be a platform for Wikborg Rein to continue to add value to its clients’ business interests.

Read more about Wikborg Rein's Brazil team at http://www.wr.no/ and about VRBG at http://www.vrbg.com.br/

About Wikborg Rein

Established in 1923 with large offices in Oslo and Bergen, and employing 215 lawyers worldwide, Wikborg Rein is one of Norway’s leading full service commercial law firms. It is a pre-eminent law firm in the shipping and offshore sector, and a major player on the international scene. Services to the maritime industry include ship, project and lease finance, corporate, contract negotiation, offshore and construction projects, sale and purchase, ship registration, insurance, casualty response, carriage of goods, ship arrest and international dispute resolution. More information on the firm and its partners can be found at www.wr.no

For further information:

Susanne Munch Thore
Managing Partner, Wikborg Rein (Norway)
Tel: (+47) 22 82 76 18
Mobile: (+47) 911 36 899 Email: smt@wr.no

Geir Sviggum
Partner (Shanghai)
Tel: (+86) 21 6339
Mobile: (+86) 13 9186 13473 Email: gsv@wrco.com.cn

Chris Grieveson
Partner (Singapore)
Tel: (+65) 6438 4498Mobile: (+65) 9112 8445 Email: cjg@wr.com.sg