Welcome to Conyers’ 2019 Norway Practice Bulletin. Our annual publication underscores the importance of the Norwegian market to our Bermuda corporate practice. This year we are also pleased to highlight some Norway-related transactions carried out by our offices in the British Virgin Islands and the Cayman Islands.

2018 was another challenging year for sourcing equity or new finance in the shipping and offshore sector. Private placements of shares, such as the Odjfell Drilling deal, continued to be the most viable option for raising capital.

The introduction of economic substance legislation in most of the offshore world has been a hot topic over the past few months. In this bulletin, we examine whether entities affected by Norway’s tighter tax residency rules may find that Bermuda’s new substance regime actually offers some benefits.

We remain committed to sustaining our highly valued relationships with Norwegian law firms, defence clubs, corporates and financial institutions through the publication of this bulletin and our regular visits to Norway.

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