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Conyers Norway Bulletin 2025: Key Developments Impacting Bermuda-Incorporated Companies in Norway

Strategic Insights

— 2 min read

Throughout 2024, the Euronext Oslo Børs demonstrated resilience and adaptability in the face of geopolitical uncertainty and macroeconomic pressures. Market activity can best be described as cautious, yet stable, with transaction volumes recording a modest increase and overall deal values declining in the absence of landmark transactions seen in previous years. Private equity activity accounted for 18% of Norwegian overall deal-making, with firms remaining well-capitalised and increasingly investing alongside industrial owners.

Key Takeaways:

  • The Euronext Oslo Børs demonstrated resilience and adaptability in 2024, with market activity described as cautious yet stable.
  • Transaction volumes recorded a modest increase, while overall deal values declined in the absence of landmark transactions.
  • Private equity activity accounted for 18% of Norwegian overall deal-making, with firms remaining well-capitalised and increasingly investing alongside industrial owners.
  • IPO activity was subdued, with only 19 listings, largely comprising uplistings from other trading venues or direct listings without public offerings.
  • Public Property Invest ASA's US$272 million IPO in April 2024 was the year's sole public launch.
  • Total transaction volume remained mostly stable at US$490 million, compared to US$499 million in 2023.
  • Private placements remained a preferred method for raising capital, with between 60 and 70 private placements completed, raising more than US$1.45 billion.
  • Foreign investors played a pivotal role in the Norwegian market, accounting for 41% of transaction volume and 67% of total deal value.
  • Acquirers from Sweden, Denmark, and the United States were particularly active, highlighting the international appeal of Norwegian assets, supported by favourable exchange rates and relative valuations.
  • A resilient recovery in both the M&A and IPO arenas is anticipated in 2025, driven by stabilizing markets.
  • Bermuda companies listed on the Euronext Oslo Børs remained active throughout 2024, with robust M&A activity across all quarters.
  • Archer Limited (OB:ARCH) completed multiple acquisitions, including Wellbore Fishing & Rental Tools, LLC, for US$51.5 million.
  • Conyers acted as Bermuda and Cayman Islands counsel to Shelf Drilling, Ltd. on its acquisition of the remaining 40% stake in Shelf Drilling (North Sea), Ltd. for US$549.08 million.
  • Equity and bond offerings provided steady deal flow, with key transactions including Ventura Offshore Holding Ltd.'s follow-on equity offering of senior secured bonds with a face value of US$130 million.

Statistics:

  • Private equity activity accounted for 18% of Norwegian overall deal-making in 2024.
  • Foreign investors accounted for 41% of transaction volume and 67% of total deal value in 2024.
  • Between 60 and 70 private placements were completed, raising more than US$1.45 billion.
  • Total transaction volume remained mostly stable at US$490 million, compared to US$499 million in 2023.
  • Public Property Invest ASA's US$272 million IPO in April 2024 was the year's sole public launch.
  • Cadeler A/S' US$163 million private placement was the largest of the year.
  • Stolt-Nielsen Limited's US$450 million notes offering was recognized in the Marine Money 2024 Deals of the Year Awards.
  • Archer Limited's US$349 million revenue represented a 14% year-over-year increase.
  • Shelf Drilling, Ltd.'s acquisition of Shelf Drilling (North Sea), Ltd. for US$549.08 million enhanced its fleet profile.

Sources:

  • Conyers (2025) - Conyers Norway Bulletin 2025
  • Mondaq (2025) - Conyers Norway Bulletin 2025
  • Marine Money (2024) - Marine Money 2024 Deals of the Year Awards
  • Reelwell AS (2024) - Equity round of funding
  • Odfjell Technology Ltd. (OB:OTL) (2024) - Equity round of funding
  • Norwegian company Reelwell AS (2024) - Equity round of funding
  • Stolt-Nielsen Limited (OB:SNI) (2024) - Share buyback program
  • Cool Company Ltd. (OB:CLCO) (2024) - Share buyback program
  • Paratus Energy Services Ltd. (OB:PLSV) (2024) - Share buyback program
  • Conyers (2024) - Advised on five Marine Money Ship Finance Deals of the Year
  • Viking Holdings (2024) - US$1.77 Billion IPO
  • Carnival Corporation (2024) - EUR[euro]500 million bond issuance
  • Stonepeak (2024) - Acquisition of Textainer Group Holdings Limited (NYSE:TGH)

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