As 2024 draws to a close, we would like to thank you for a rewarding collaboration and take a moment to reflect on the past year – one characterised by partnership, innovation, and shared achievements. It has been a privilege to support you on some of your most significant projects, navigating both opportunities and challenges together.
This year has once again been shaped by geopolitical turbulence and uncertainty. Tensions between global powers and ongoing conflicts, such as the war in Ukraine, have had far-reaching impacts. The US presidential election has already influenced global markets and international relations, and its effects are likely to continue into the new year. In Norway, global challenges have underscored the importance of national security and international cooperation. In a changing world, the demands on businesses are increasing, and we are pleased to offer our clients strategic advice in this rapidly evolving area.
2024 has also been a pivotal year for AI, which is transforming the way we work. At Thommessen, we have embraced these advancements to enhance our services and deliver greater value to our clients, while also supporting your own AI initiatives. As we move into 2025, AI will remain a key tool for us – always complemented by the human insight and relationships that lie at the heart of our work.
On behalf of everyone at Thommessen, I wish you happy holidays and a prosperous New Year. Every day, we strive to be your clear first choice, and we look forward to continuing our successful collaboration in 2025.
Warm regards,
Sverre Tyrhaug
MANAGING PARTNER
Highlights from 2024
January
Eviny acquires Guleslettene and Tellenes wind farms
At the beginning of the year, Thommessen assisted Eviny AS in reacquiring Guleslettene and Tellenes wind farms from BlackRock. Thommessen had previously assisted the development of these wind farms, their sale to BlackRock, and the associated project financing, bringing the journey full circle.
For Eviny, this was a strategically significant acquisition, forming the backbone of their future investment in onshore wind energy. This was the first wind energy transaction in several years, with a transaction value of nearly NOK 5.5 billion. It has not only driven further work on Eviny’s wind energy initiatives but also provided support to other Norwegian buyers of wind farms.
February
Thommessen on top in Kapital's Lawyer Survey
In February, Thommessen received the highest score in Kapital's annual lawyer survey, which for the 26th consecutive year highlighted the leading law firms and lawyers across various practice areas.
In addition to achieving the highest overall score, Thommessen also secured the most first-place rankings among the firms.
April
A changing world – ever greater demands on the business community
2024 has been marked by international war, conflict, and geopolitical unrest, bringing new expectations and regulations for businesses. In April, over one hundred business leaders gathered at the Embassy in Oslo for the conference "Business and National Security – What Is Legal and What Is Wise?" organized in collaboration with the Norwegian Business and Security Council (NSR).
National security is becoming increasingly significant for businesses across all sectors, with consequences that are progressively shaping commercial risks. Here, you can learn more about our approach and how we collaborate with the business community.
Listings in April
In April, we advised Public Property Invest (PPI) with its listing on the Oslo Stock Exchange. This did not only mark the successful completion of PPI's initial public offering; it was also the first IPO and listing on the Oslo Stock Exchange in 2024.
In addition, we assisted with the listings of both Hafnia Limited and BW LPG on the New York Stock Exchange (NYSE). Both companies continue to be listed on the Oslo Stock Exchange.
May
Prospera 2024: Best legal expertise
In this year’s Prospera survey, Thommessen was recognised as the business law firm with the best legal expertise – for the tenth consecutive year.
The Prospera survey is an annual study conducted by Kantar, providing in-depth feedback on how over 300 of the country’s largest buyers of legal services evaluate Norwegian business law firms.
Supreme Court ruling: What are banks' responsibilities in processing payment transactions involving fraud?
The Supreme Court's ruling on 31 May 2024 clarifies the extent of banks' liability for compensation when the customer itself has approved payment transactions that turn out to be the result of fraud.
The basis of the case was that the CEO of an energy company had been tricked by fraudsters posing as senior management, into transferring approximately NOK 130 million to accounts in Hong Kong. The defrauded company filed a claim for damages against its bank. The bank was initially found liable for compensating parts of the company's losses in the district court and court of appeal. However, the Supreme Court acquitted the bank.
June
ThommessenTracker Technology: New overview of regulatory developments in technology
To meet the growing demand from businesses for advisory services in technology and privacy, we have launched ThommessenTracker Technology. This allows you to easily stay updated on the dynamic regulatory developments.
In the tracker, you will find the most important news in privacy, information security, artificial intelligence, IT, and technology all in one database.
New premises in Stavanger
In June, we moved into K8 in Stavanger – a brand new building in the heart of the city, that offers an optimal location for both us and our clients.
The project team for the new Stavanger office has benefited from the valuable lessons learned from Thommessen’s VIA project in Oslo in 2021. The result will be familiar to anyone who has visited Thommessen in VIA. In Stavanger, we now have authentic Thommessen offices that facilitate collaboration, knowledge sharing, and a pleasant working environment.
In October, it was finally time to welcome good friends to our opening party. A big thank you to everyone who contributed to making the event a very enjoyable afternoon and evening! We look forward to welcoming both new and familiar contacts in 2025.
Pride: New partnership and celebration of a 50th anniversary
At the beginning of the year, we proudly became a partner of Oslo Pride. The partnership involves providing the organisation with legal pro bono services.
In 1974, the very first Norwegian Pride event was held in Oslo. This June, it was time to celebrate 50 years of love and diversity. Dan Bjørke, the leader of Oslo Pride, gave a lunch talk for us, highlighting LGBTQ+ rights and the ongoing importance of the Pride movement. Additionally, Sverre Tyrhaug, Managing Partner at Thommessen, participated in a panel discussion on diversity during Oslo Pride Business Week.
In June, Thommessen was nominated for “LGBTQ+ Advocacy Firm of the Year, Europe” partly based on the work we are doing together with Oslo Pride.
Ventura Offshore's acquisition of Universal Energy Resources Inc.
In June, we assisted Ventura Offshore in its acquisition of Universal Energy Resources Inc., including a successful private placement of USD 170 million, the issuance of USD 130 million in senior secured bonds and listing on Euronext Growth.
Storebrand acquires its headquarters at Lysaker and K8 in Stavanger
In June, Storebrand Eiendom repurchased its headquarters at Lysaker – the property the company had sold in 2017. Thommessen assisted Storebrand Eiendom with the acquisition.
We also assisted Storebrand in acquiring K8, located in the center of Stavanger. K8 is the largest building constructed in the city center in decades. The transaction valued the property at just under NOK 1.1 billion. Among the tenants, in addition to Thommessen, are companies such as Deloitte, DNB, and SLB.
July
The Competition Authority's investigation in the pharmacy market
From 2021 to 2024, Thommessen assisted a client in the pharmacy market in connection with the Norwegian Competition Authority's investigation into suspected violations of competition law related to the exchange of competitively sensitive information. The Competition Authority closed the case in the summer of 2024.
The pharmacy case is one of several investigations in recent years concerning the boundaries of permissible information exchange. Thommessen has advised clients in all of these cases and has gained extensive experience in identifying the key factual issues and legal considerations central to such matters.
August
Arendalsuka 2024
A big thank you to everyone who joined our events in Arendal this August.
Throughout the week, we participated in fifteen events covering topics such as hydropower, financing strategies for green projects, personnel security, maritime geopolitics, and how Norway can take the lead in the green transition.
We look forward to seeing both new and familiar faces in 2025!
September
ThommessenTracker Tax: New overview of regulatory developments in taxation
To meet the growing demand from businesses for tax advisory services, we have launched ThommessenTracker Tax. This allows you to easily stay updated on the developments in tax law.
In the tracker, you can stay updated on relevant tax law sources, including new legislation, regulations, court rulings, and statements from tax authorities.
Ruling in compensation case
Thommessen represented the State, acting through the Ministry of Trade, Industry and Fisheries via the Norwegian Coastal Administration (Kystverket), in a compensation lawsuit brought by the construction company Consto Anlegg Nord AS. The case arose following a tender competition for the "Hammerfest Clean Harbor" project.
In the case, Consto Anlegg Nord AS argued that the Coastal Administration should have rejected NCC Norge AS's bid due to:
- significant deviations in NCC's bid from the tender requirements;
- failure to meet qualification criteria for a subcontractor; and
- exceeding the permissible scope of clarifications after the bid deadline.
The company claimed compensation for positive contract interest amounting to approximately NOK 52 million. The Coastal Administration prevailed in both the District Court and the Court of Appeal. The case has been appealed to the Supreme Court.
Sparebanken Sør and Sparebanken Vest merger
In August, Sparebanken Sør and Sparebanken vest merged, becoming Norway's leading savings bank, with 67 branches. The merger is planned to be completed by the end of the first half of 2025.
Thommessen acted as legal advisor to Sparebanken Sør.
October
New Partner: Hedvig Moe
In October, we strengthened our team with Hedvig Moe as a new Partner. Hedvig joined Thommessen as Specialist Counsel in May 2023, after coming from the position of Deputy Chief of the Norwegian Police Security Service (PST). Her appointment as Partner marks an important step in the further development of our focus on business and national security.
DNB acquires Carnegie
In October, DNB ASA entered into an agreement to purchase all the shares in Carnegie Holding AS from Altor and the minority shareholders for a total consideration of approximately SEK 12 billion. The transaction is expected to be completed during the first half of 2025.
Thommessen assisted DNB in the transaction.
Newly established Malling fund acquires a major property portfolio from Selmer Capital
In October, Thommessen assisted a newly established Malling fund with the acquisition of 15 properties in the Greater Oslo region, several of which have significant development potential.
The portfolio comprises approximately 60,000 square meters of commercial property and includes residential and commercial development opportunities, properties with long-term lease agreements, and warehouse and industrial buildings. The portfolio generates a total annual rental income of approximately NOK 125 million.
November
New Supreme Court ruling clarifies the requirement of “sudden physical damage” in property insurance
In a ruling from November, the Supreme Court clarified the meaning of a widely used term in property insurance, namely the requirement for "sudden [...] physical damage." This is a coverage condition that must be met to claim insurance payouts. Due to the extensive use of this term, the decision will have significant practical implications for a wide range of insurance matters across various land-based industries.
Green Week Vol. IV: Watch recordings from webinars on sustainability
For the fourth consecutive year, we invited you to a week dedicated to sustainability. Over 400 participants joined webinars on CSRD, carbon credits, and how to ensure credible sustainability communication.
Did you miss the webinars? The recordings are available until the end of December.
Complete victory in pharmaceutical patent dispute: Bristol-Myers Squibb’s (BMS) patent upheld as valid
In November, the Supreme Court delivered its final ruling in the so-called Apixaban Case. The case concerned the validity of BMS’ patent for the active ingredient apixaban, which is used in the blood-thinning medication Eliquis. The pharmaceutical company Teva had filed a lawsuit against BMS, claiming that the patent was invalid.
The Appeals Selection Committee unanimously concluded that there was insufficient basis to bring the case before the Supreme Court, and Teva's appeal was dismissed. The Court of Appeal's June ruling, which upheld the validity of our client BMS's patent, thus remains in effect.
Thommessen awarded "Law Firm of the Year: Northern Europe 2024" by The Lawyer
At this year's The Lawyer European Awards, a leading publication in the legal industry, Thommessen was recognised as "Law Firm of the Year: Northern Europe 2024."
The jury highlighted Thommessen's achievements, stating:
"The winning firm was praised for embracing innovation and being able to clearly demonstrate this through its actions. Added to this is an impressive volume of international work and deals, and a clear and compelling strategy."
Thommessen is involved in hydropower development
Hydropower accounts for most of Norway's electricity production, and Thommessen plays a key role in the development of both large and small hydropower plants.
Notably, companies such as Cadre and Småkraft, with Thommessen on their team, have been active over the past year, with developments and acquisitions of several small-scale hydropower plants.
At the same time, Østfold Energi is investing NOK 500 million in the Gravdalen power plant within the Borgund system. This is Østfold Energi's largest single investment since 2010, and Thommessen has been involved in all phases of the project.
Additionally, Lyse Kraft plans to invest NOK 5–6 billion in expanding the Røldal-Suldal facilities to meet the demands of the evolving energy market, with Thommessen tightly integrated into the project team.
December
New Partners in 2025
In December, we welcomed six of our own lawyers to the partnership. As of January 1, 2025, these are the new Thommessen Partners:
- Camilla Bergby // Tax and Duties
- Simon Ulleland // Real Estate
- Morten Emil Bergan // Finance Regulation
- Markus Kjelløkken // Finance Regulation
- Katinka Ranberg // M&A and Corporate Law
- Henrik Fabian Torgrimsby // Renewable Energy
Season's Greetings and Happy New Year!
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Bergen
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Stavanger
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London
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