Restructuring - Oil & Gas, Offshore & Shipping

The oil industry faces a period of structural changes where illiquidity and financial problems could be a triggering factor for small and midsize businesses. Schjødt's expert team on restructuring within Oil & Gas, Offshore & Shipping connects the core disciplines of the industry with insolvency expertise. Schjødt has since the start of the petroleum activities on the Norwegian shelf had a leading position within oil and gas. We have the country's leading expertise within offshore and shipping, and Legal 500 has ranked Schjødt as Tier 1 in restructuring and corporate recovery. Legal 500 has particularly highlighted our work with restructuring projects in oil and gas related businesses.

Restructuring processes require a fundamental review of financial liabilities, available liquidity, operational parameters and expected cash flow. In addition; authorities, lenders, contractors, competitors, employees and shareholders will all be relevant when the board and management together with key "stakeholders" seek to save the business. Thus, restructuring in oil and gas, oil services and shipping requires particular and specialized industry knowledge.

Schjødt is ranked as leading in oil and gas, and is in Chambers ranked in a separate elite division. We have some of the country's foremost lawyers in the core disciplines of petroleum law, EPC/construction  contracts, rig contracts, transfers of licences, gas sale and petroleum tax. Schjødt has also gained a leading position as transactional advisors to oil companies (transfers of licences, etc.) and M&A within oil service suppliers. Schjødt were the architects behind most of the Gassled transactions, and we have in the past five years assisted on more licence transfers than any other Norwegian law firm. Schjødt has extensive experience in assisting Norwegian and foreign owners, shipyards and financial institutions in ship financing, shipbuilding, ship construction, ship conversion and FPSOs, offshore platforms and maritime law.

Schjødt's lawyers has the market's elect expertise in the area. We work with the client to identify alternative courses of action, whether it is for the business itself or for creditors, and follow the project to a final conclusion - where the situation again becomes manageable in the long term.

Primary contacts

Erling Ueland
Johan Henrik Nossum