{"id":23973,"date":"2026-08-03T12:33:52","date_gmt":"2026-08-03T10:33:52","guid":{"rendered":"https:\/\/wiersholm.no\/en\/?post_type=newsletter&#038;p=23973"},"modified":"2026-08-03T12:34:18","modified_gmt":"2026-08-03T10:34:18","slug":"norway-international-update-q2-2026","status":"publish","type":"newsletter","link":"https:\/\/wiersholm.no\/en\/newsletters\/norway-international-update-q2-2026\/","title":{"rendered":"Norway International Update Q2 2026"},"content":{"rendered":"<h1 class=\"wp-block-post-title\">Norway International Update Q2 2026<\/h1>\n\n<p class=\"t2-ingress t2-ingress wp-block-t2-ingress wp-block-t2-ingress\">This update highlights key trends and legal developments in Norway in the second quarter of 2026 across sectors and practice areas with international relevance, including Tax and Duties, Renewable Energy, ESG and Compliance, Financial Regulatory and M&amp;A\/Corporate. We also share the latest business updates from Wiersholm.<\/p>\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-scaled.jpeg\" alt=\"\" class=\"wp-image-23981\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-scaled.jpeg 2560w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-300x200.jpeg 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-1024x683.jpeg 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-768x512.jpeg 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-1536x1024.jpeg 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-2048x1366.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<div class=\"t2-post-dynamic-part is-source-filter filter-competence_tags competence-tags wp-block-t2-post-dynamic-part\"><div class=\"wp-block-post-terms\"><a href=\"https:\/\/wiersholm.no\/en\/expertise\/financial-regulatory\/\" rel=\"tag\">Financial Regulatory<\/a><a href=\"https:\/\/wiersholm.no\/en\/expertise\/investigations-and-compliance\/\" rel=\"tag\">Investigation and Compliance<\/a><a href=\"https:\/\/wiersholm.no\/en\/expertise\/mergers-and-acquisitions-ma\/\" rel=\"tag\">Mergers and Acquisitions (M&amp;A)<\/a><a href=\"https:\/\/wiersholm.no\/en\/expertise\/renewable-energy-and-infrastructure\/\" rel=\"tag\">Renewable Energy and Infrastructure<\/a><a href=\"https:\/\/wiersholm.no\/en\/expertise\/tax-and-duties\/\" rel=\"tag\">Tax and Duties<\/a><\/div><\/div>\n\n\n<p><em><u>Some highlights include: <\/u><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax and VAT: <\/strong>The Norwegian Tax Commission proposed a new tax reform, with potential implications for businesses and international groups active in Norway.<br><\/li>\n\n\n\n<li><strong>ESG and Compliance:<\/strong> Notable movement across the ESG and compliance landscape in the second quarter in Norway.&nbsp;Proposed changes may significantly reduce the number of companies subject to mandatory sustainability reporting, while the F\u00f8rdefjorden judgment, new Russia sanctions and cybersecurity certification rules highlight continued regulatory focus on environmental, geopolitical and digital risk.<br><\/li>\n\n\n\n<li><strong>Financial Regulatory:<\/strong> Norwegian financial regulation saw several key developments in the past quarter, including new crowdfunding rules, amendments to the Financial Institutions Act, the first Norwegian MiCA authorisations and consultations on insurance guarantees and ownership control.<br><\/li>\n\n\n\n<li><strong>Renewable Energy: <\/strong>Grid access in Norway is becoming stricter, particularly for large consumption projects, while regulatory scrutiny of grid companies remains high. Offshore wind projects also face increased timing and execution risk, including Utsira Nord and S\u00f8rlige Nordsj\u00f8 II.<br><\/li>\n\n\n\n<li><strong>M&amp;A\/Corporate:<\/strong> The Norwegian M&amp;A market remained resilient in H1 2026 despite macroeconomic and geopolitical uncertainty, with continued international interest in high-quality Norwegian assets. While buyers remained selective and price-disciplined, IPO and listings activity showed renewed momentum, with 13 listing events across Euronext Oslo trading venues.<\/li>\n<\/ul>\n\n\n\n<p><em>We hope you find these updates useful and informative. If you have any comments or wish to receive further information on any topic in this update, please feel free to get in touch with one of the contacts displayed.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator aligncenter has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tax-and-vat\">Tax and VAT<\/h2>\n\n\n\n<p><em>Key contacts: <a href=\"https:\/\/wiersholm.no\/en\/people\/niv\/\" type=\"employee\" id=\"291\">Nicolay Vold <\/a>and <a href=\"https:\/\/wiersholm.no\/en\/people\/ese\/\" type=\"employee\" id=\"106\">Egil Stefan Eilertsen<\/a><\/em><\/p>\n\n\n\n<p>In the second quarter of 2026, several tax and VAT developments of relevance to Norwegian business and international groups with activity in Norway were progressed. The most significant development is the publication of the Norwegian Tax Commission&#8217;s report, which proposes several changes to the Norwegian tax system. The proposals are politically sensitive and remain subject to consultation and parliamentary consideration. In addition, the OECD has launched a consultation on revisions to Chapter VII of the OECD Transfer Pricing Guidelines, which may have future relevance for the pricing and documentation of intra-group services.<\/p>\n\n\n\n<p>In the following section, we will give you the latest updates in the tax law area.<\/p>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"read-more\" aria-controls=\"accordion-panel\" aria-expanded=\"false\">\n\t\t\t\t\tRead more\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel\" aria-labelledby=\"read-more\" role=\"region\" hidden>\n\t\t\t\t\n\n<h3 class=\"wp-block-heading\" id=\"h-norwegian-tax-commission-proposes-broad-tax-reform\"><strong>Norwegian Tax Commission proposes broad tax reform<\/strong><\/h3>\n\n\n\n<p>On 24 June 2026, the Norwegian Tax Commission submitted its report with recommendations for changes to the Norwegian tax system. The Commission&#8217;s mandate was to propose a reform that would contribute to a competitive tax level for Norwegian businesses and command broad support in the Storting (the Norwegian Parliament).<\/p>\n\n\n\n<p>The report proposes a broad package of measures. The Commission&#8217;s recommendations include reductions in personal income tax, changes to the net wealth tax, adjustments to the taxation of equity investors, changes to the Norwegian exit tax rules and a broadening of the VAT base.&nbsp;For international companies and investors, the report is relevant for several reasons, some key points are set out below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Norwegian net wealth tax<\/strong>: The Commission does not recommend abolishing the tax, but proposes to reduce the rate and remove certain valuation discounts. The Commission suggests a new rate range of&nbsp;<strong>0.25% to 0.75%<\/strong>, compared with the current&nbsp;<strong>1.0%<\/strong>, while removing the current valuation discounts for shares, housing and other assets. Whether this will imply a substantial reduction of the net wealth tax or not will depend on the rate and the basic allowance applied. There are substantial differences between the political parties on net wealth tax in particular and the fate of this proposal is highly uncertain.<br><\/li>\n\n\n\n<li><strong>Exit tax<\/strong>: The Norwegian exit tax rules have been heavily debated, particularly following recent tightening of the regime. The Commission proposes adjustments to make the rules less restrictive while preserving the Norwegian tax base. Key proposals include reducing the instalment payment triggered by dividend distributions from&nbsp;<strong>70%<\/strong>&nbsp;to approximately the tax rate on share income, currently&nbsp;<strong>37.84%<\/strong>, granting credit for Norwegian withholding tax, and exempting individuals with only temporary residence in Norway. The tax claim would still have to be settled within&nbsp;<strong>12 years<\/strong>&nbsp;after emigration, so the total tax payable over time would remain broadly unchanged.&nbsp;The aim of these changes is to make Norway more attractive for entrepreneurs and investors. The key message is that it should be possible to establish and build up value in Norway without being subject to an unreasonably harsh tax charge if one later chooses to move abroad.<\/li>\n<\/ul>\n\n\n\n<p>The package of proposals reflects concerns about capital flight. The Commission is seeking to strike a balance between protecting the tax base and taking account of mobility and competitiveness.<\/p>\n\n\n\n<p>Although the Commission&#8217;s proposals are extensive, it remains highly uncertain whether they will be implemented. The mandate was to identify a compromise capable of securing broad political support, but developments so far reveal clear political divisions. Two parties in the Storting have already distanced themselves from the process: the Progress Party (FrP) did not participate, while the Red Party&#8217;s (R\u00f8dt) appointed member withdrew in protest shortly before finalisation.<\/p>\n\n\n\n<p>The Commission&#8217;s recommendation therefore remains only a proposal at this stage. The report has been submitted for public consultation, with a deadline of <strong>24 September 2026<\/strong>. This will be followed by political negotiations on the Commission&#8217;s recommendations, and it remains unclear whether the government will be able to secure a majority for this proposal, but there could be that agreement is reached on some of the suggestions.<\/p>\n\n\n\n<p>For businesses and international investors, this means continued uncertainty. The Storting&#8217;s consideration should be monitored closely, as the outcome may affect the framework conditions for investment, ownership and business activities in Norway.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-oecd-consultation-on-chapter-vii-of-the-transfer-pricing-guidelines\"><strong>OECD consultation on Chapter VII of the Transfer Pricing Guidelines<\/strong><\/h3>\n\n\n\n<p>On 1 June, OECD launched a public consultation process on the revision of Chapter VII of its Transfer Pricing Guidelines. This chapter concerns the pricing of intra-group services within multinational enterprise groups. The purpose of the revision is to align the guidance on intra-group services with the fundamental principles set out in Chapters I to III of the OECD Guidelines and to provide greater clarity on practical application through new examples.<\/p>\n\n\n\n<p>The OECD emphasises that the revision is not intended to change the underlying principles of arm\u2019s length pricing, but rather to provide clearer and more practical guidance. The discussion draft contains proposed amendments and raises a number of specific questions on which the OECD invites input from businesses, industry organisations and other stakeholders. The consultation deadline is 22 July 2026, after which the OECD will review and process the feedback received. This is worth noting for international companies, including those with operations in Norway.<\/p>\n\n\n\n<p>For now, the proposals remain at the draft stage, but developments should be monitored closely. The consultation signals that tax authorities globally, including in Norway, are likely to place increased emphasis on the correct pricing of intra-group services, with revised guidelines serving as a key point of reference.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-vat-on-cross-border-intra-group-services\"><strong>VAT on cross-border intra-group services<\/strong><\/h3>\n\n\n\n<p>As previously noted in our <a href=\"https:\/\/wiersholm.no\/nyhetsbrev\/norway-international-update-q1-2026\/#read-more-1\">Norwegian International Update for Q1<\/a>, the new rules on VAT on purchases of remotely deliverable services from abroad will enter into force with effect from 1 July 2026. The amendments mean that VAT must be calculated on remotely deliverable services purchased from abroad, even where the services are supplied between different branches of the same legal entity.<\/p>\n\n\n\n<p>Under the current rules, transfers of services between a foreign head office and a Norwegian branch are regarded as internal transfers within the same legal entity and therefore do not trigger an obligation to calculate VAT under Norwegian VAT rules.<\/p>\n\n\n\n<p>This will change from 1 July. Financial undertakings with an establishment abroad that purchase remotely deliverable services for use by their Norwegian branch will be required to calculate Norwegian VAT under the reverse charge mechanism on the proportion of the services used in Norway. The VAT liability applies to externally purchased services and therefore does not include services produced in-house by the head office.<\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-renewable-energy\">Renewable Energy<\/h2>\n\n\n\n<p><em>Key contacts: <a href=\"https:\/\/wiersholm.no\/en\/people\/ieb\/\" type=\"employee\" id=\"174\">Inge Ekker Bartnes<\/a>, <a href=\"https:\/\/wiersholm.no\/en\/people\/jora\/\" type=\"employee\" id=\"201\">Jon Rabben<\/a>, <a href=\"https:\/\/wiersholm.no\/en\/people\/svve\/\" type=\"employee\" id=\"346\">Svanhild Vesterheim<\/a> and <a href=\"https:\/\/wiersholm.no\/en\/people\/fros\/\" type=\"employee\" id=\"135\">Frode St\u00f8le<\/a><\/em><\/p>\n\n\n\n<p>In the second quarter of 2026, we see stricter gatekeeping of grid capacity, especially for projects requiring 100 MW or more. However, regulatory authorities keep a keen eye on grid companies, and Statnett in particular, to ensure they keep within the limits of laws and regulations while managing the capacity queue and reservations. Furthermore, Norway&#8217;s offshore wind programme faces renewed uncertainty following a decision in the Norwegian parliament (Storting) to ensure external quality assurance of the state aid scheme regarding Utsira Nord. At the same time, the developer of S\u00f8rlige Nordsj\u00f8 II struggles with grid connection, project economics and commercial risk, and the developer has therefore applied for a postponement of the licence application deadline of about one year, until autumn 2027.<\/p>\n\n\n\n<p>In the following section, we will give you the latest updates.<\/p>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"read-more-1\" aria-controls=\"accordion-panel-1\" aria-expanded=\"false\">\n\t\t\t\t\tRead more\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-1\" aria-labelledby=\"read-more-1\" role=\"region\" hidden>\n\t\t\t\t\n\n<h2 class=\"wp-block-heading\" id=\"h-stricter-gatekeeping-of-grid-capacity\">Stricter Gatekeeping of Grid Capacity<\/h2>\n\n\n\n<p>Norway\u2019s grid connection regime is becoming stricter, as grid capacity has become a scarce resource for production and consumption of electricity. Maturity assessment rules in regulations under the Energy Act require grid companies to assess whether projects are sufficiently mature before the projects receive a capacity reservation or a place in the capacity queue. The aim is prioritising projects that are likely to be realised and preventing immature projects from blocking access to scarce grid capacity.<\/p>\n\n\n\n<p><strong>Statnett&#8217;s new maturity criteria<\/strong><\/p>\n\n\n\n<p>The Norwegian TSO, Statnett, has recently adopted stricter maturity requirements and closer follow-up of progress for consumption projects of 100 MW or more. The new requirements affect both new projects and projects that already have a reservation or a place in the capacity queue.<\/p>\n\n\n\n<p>The most important changes include reducing the maximum period from reservation to commissioning from ten years to six years, requiring necessary land-use and zoning plans to be in place, and imposing more detailed documentation requirements for project descriptions, capacity budgets and financing plans. Statnett also proposes clearer thresholds for material deviations in project progress, where delays of more than one year for circumstances directly attributable to the customer, or more than two years for circumstances for which the customer indirectly bears responsibility or risk, may trigger withdrawal of capacity. Statnett justifies the tightening by reference to equal treatment, more realistic projects in the queue and better utilisation of available grid capacity.<\/p>\n\n\n\n<p>The changes will have significant consequences, particularly because some requirements are substantially stricter than current practice and may affect projects already assessed as mature. The most controversial elements are likely to be the requirement that municipal zoning clarification must be in place as a new minimum requirement for maturity , and the use of fixed delay thresholds rather than a case-by-case assessment of project progress. The new maturity criteria were adopted 25 June and enter into force on 1 July 2026. Transitional rules apply for projects that already have a reservation or a place in the capacity queue.<\/p>\n\n\n\n<p><strong>Renewables Norway&#8217;s Best Practice guidance<\/strong><\/p>\n\n\n\n<p>Renewables Norway (Fornybar Norge), an interest organisation for the renewable energy industry, has published a new version of its Best Practice guidance for grid connection and maturity assessments. This updated Best Practice document has been prepared in close cooperation with a number of regional grid companies and Statnett. In the same way as Statnett&#8217;s new maturity criteria, Renewables Norway&#8217;s updated Best Practice applies from 1&nbsp;July 2026.<\/p>\n\n\n\n<p>It is used by local and regional grid companies in their handling of grid connection requests from consumption projects with a power need of less than 100 MW. While it is not quite as strict as Statnett&#8217;s new criteria, the new Best Practice guide does signal stricter gatekeeping also for sub-100 MW projects going forward, <em>inter alia<\/em> with regard to municipal land-use approval.<\/p>\n\n\n\n<p><strong>RME interventions in Statnett capacity reservation cases<\/strong><\/p>\n\n\n\n<p>While Statnett tightens its grid connection process by adopting stricter maturity criteria, the Norwegian Energy Regulatory Authority (RME) has found in favour of the grid customer in two recent decisions in individual dispute cases against Statnett. In one case, RME found that Statnett had applied a maturity criterion on securing land use rights that was too strict when applied on a complex mining project. In the other case, RME has issued a preliminary finding that Statnett unlawfully withdrew a 200&nbsp;MW capacity reservation because the project \u2013 an industrial park \u2013 had not documented agreements with specific end customers and did not show sufficient progress.<\/p>\n\n\n\n<p>RME underlines that Statnett cannot apply its maturity criteria and manage the capacity queue in a way that creates disproportionate barriers for complex industrial projects. RME also stressed that decisions on withdrawal of reservations must be nuanced and take into account matters which the grid customer does not control, such as processing time for necessary public permits.<\/p>\n\n\n\n<p>Together with Statnett and Renewables Norway&#8217;s new and stricter maturity requirements, these cases illustrate that grid access is an increasingly controversial subject in Norway. As grid access is material for new data center and other industrial projects, we expect to see more dispute cases before the regulatory authorities and in the courts going forward.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-offshore-wind-update-norway-s-offshore-wind-programme-faces-renewed-uncertainty\">Offshore Wind Update: Norway\u2019s Offshore Wind Programme Faces Renewed Uncertainty<\/h2>\n\n\n\n<p>Norway\u2019s two flagship offshore wind processes remain active, but both are now facing greater timing and execution risk. For the floating wind project Utsira Nord, the Norwegian Parliament (Stortinget) has asked the Government to ensure external quality assurance of the project and the use of up to NOK 35 billion in state aid. For bottom-fixed S\u00f8rlige Nordsj\u00f8 II, developer Ventyr has asked the Ministry of Energy for a one-year extension of the deadline for submitting its licence application.<\/p>\n\n\n\n<p>Utsira Nord is Norway\u2019s main track for floating offshore wind. In May 2025, the Ministry of Energy launched a competition for three project areas, each with an installed capacity of up to 500 MW. The allocation model is structured in two stages. Project areas are initially awarded based on qualitative criteria, followed by a project development phase and a later competition for state aid. The support competition is based on an investment support model.<\/p>\n\n\n\n<p>The economics of Utsira Nord are particularly sensitive because only one project will ultimately receive support. The maximum support framework is NOK 35 billion. In December 2025, the Ministry announced that project areas would be awarded to two separate groups. Both groups must proceed with project-specific impact assessments and submit licence applications before they can participate in the state aid competition.<\/p>\n\n\n\n<p>The Storting\u2019s request for external quality assurance therefore goes to the core of the Utsira Nord model. The project is important for technology development in floating offshore wind, but it also involves a substantial public financial commitment. External quality assurance may strengthen the decision basis, test cost assumptions and reduce the risk of overcompensation. At the same time, it causes delay and introduces another process layer into a sector already affected by cost pressure, cautious investors and demanding supply chains.<\/p>\n\n\n\n<p>S\u00f8rlige Nordsj\u00f8 II is further advanced but is now also facing a possible delay. Ventyr, the developer of S\u00f8rlige Nordsj\u00f8 II, has applied to extend the licence application deadline from 15 October 2026 to autumn 2027. Ventyr links the need for postponement primarily to landfall and grid connection challenges in Agder County. The company has encountered issues relating to access to properties, permits for field surveys and exemptions in landscape and bird protection areas. Ventyr is now considering an alternative landfall and grid connection solution near Alcoa\u2019s aluminium plant and estimates that a further 12 months may be needed to mature that option. The company also points to challenging project economics and increased commercial risk in the offshore wind sector and has put major supplier contracts on hold to limit running costs. The project is planned with a total capacity of 1,500 MW, approximately 90 turbines and expected completion in 2030.<\/p>\n\n\n\n<p>The overall picture is that the route to realisation of Norway\u2019s offshore wind ambitions has become more demanding, and projects will require stronger documentation, more robust cost assumptions and greater tolerance for delay risk.<\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-esg-and-compliance\">ESG and Compliance<\/h2>\n\n\n\n<p><em>Key contact: <a href=\"https:\/\/wiersholm.no\/en\/people\/gae\/\" type=\"employee\" id=\"136\">Georg Abusdal Engebretsen<\/a><\/em><\/p>\n\n\n\n<p>In the second quarter of 2026, the Ministry of Finance proposed amendments that would significantly narrow the scope of mandatory sustainability reporting. In addition, the Supreme Court ruled against the State in the F\u00f8rdefjorden case. Further, the Norwegian Parliament adopted amendments to facilitate the establishment of a new joint civil-military clearance authority. Lastly, Norway has joined the EU\u2019s 20th sanctions package against Russia, and a new regulation implementing the EU Cybersecurity Act has entered into force.<\/p>\n\n\n\n<p>In the following section, we summarise these key developments.<\/p>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"read-more-2\" aria-controls=\"accordion-panel-2\" aria-expanded=\"false\">\n\t\t\t\t\tRead more\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-2\" aria-labelledby=\"read-more-2\" role=\"region\" hidden>\n\t\t\t\t\n\n<p><strong>The Ministry of Finance proposes that fewer companies should be required to report on sustainability (CSRD)<\/strong><\/p>\n\n\n\n<p>On 19 June 2026, the Norwegian Ministry of Finance submitted <a href=\"https:\/\/www.regjeringen.no\/no\/dokumenter\/prop.-106-l-20252026\/id3166344\/\">Prop.106 L (2025\u20132026)<\/a>, proposing <a href=\"https:\/\/www.regjeringen.no\/no\/aktuelt\/farre-selskaper-ma-rapportere-om-barekraft\/id3166725\/\">amendments to the Norwegian Accounting Act to implement the changes in CSRD<\/a> introduced by the Omnibus I Directive. The proposal would significantly narrow the scope of companies required to prepare sustainability reporting in Norway.<\/p>\n\n\n\n<p>Under the proposal, from 2027, only companies that have both sales revenues exceeding NOK 5 billion and more than 1,000 full-time equivalent employees will be subject to the sustainability reporting requirements. The Ministry estimates that, from the 2027 financial year, the obligations will apply to approximately 120\u2013160 Norwegian companies, compared to more than 1,000 Norwegian companies under the current rules. The Ministry also proposes to exempt approximately 40 Norwegian companies currently subject to sustainability reporting requirements from reporting for the 2026 financial year. The proposal also includes minor amendments to several other acts.<\/p>\n\n\n\n<p>The Norwegian sustainability reporting requirements are supplemented by reporting standards set out in the Regulation on Sustainability Reporting Standards, which correspond to the EU standards (ESRS). On 6 May 2026, the European Commission launched a public consultation on draft amendments to the ESRS. <a href=\"https:\/\/www.regjeringen.no\/no\/aktuelt\/eu-horinger-om-standarder-for-barekraftsrapportering\/id3158745\/\">The Ministry of Finance has stated that it aims to adopt corresponding regulatory amendments in Norway<\/a> following any formal adoption by the Commission, so that Norwegian companies may also apply the revised standards for the 2026 financial year.<\/p>\n\n\n\n<p><strong>The F\u00f8rdefjorden case and changes to the EU Water Framework Directive<\/strong><\/p>\n\n\n\n<p>On 17 June 2026, the Norwegian Supreme Court <a href=\"https:\/\/lovdata.no\/dokument\/HRENG\/avgjorelse\/hr-2026-1360-a-eng\">delivered its judgment in the F\u00f8rdefjorden case<\/a>, and ruled against the State. The proceedings were brought against the State in 2022 by environmental organisations. The case concerned permits granted for deposition of mining waste in F\u00f8rdefjorden, in connection with extraction of rutile and garnet at Engeb\u00f8fjellet.<\/p>\n\n\n\n<p>The Supreme Court concluded that the discharge permit was invalid under the Norwegian Water Regulation, which implements the Water Framework Directive. In the view of the Court, the considerations on which the 2016 discharge permit was based did not satisfy the derogation requirement of imperative reasons of overriding public interest, as interpreted by the EFTA Court. As the discharge permit was invalid, the other decisions challenged in the case were also invalid.<\/p>\n\n\n\n<p>The Supreme Court largely acceded to the EFTA Court\u2019s legal assessment, among other things, stating that economic considerations, whether public or private, may only be relevant insofar as they are a means to achieve other overriding public interests. Further, the Court accepted that several considerations, taken together, could be considered &#8220;overriding public interests&#8221; and indicated that the consideration of supply security for critical raw minerals may be a relevant consideration. The Court did not accept that the permits had been &#8220;repaired&#8221; by the State&#8217;s renewed assessment in 2025.<\/p>\n\n\n\n<p>In parallel, the <a href=\"https:\/\/environment.ec.europa.eu\/news\/stricter-rules-protecting-water-eu-enter-force-2026-05-11_en\">European Commission is assessing possible amendments to the Water Framework Directive<\/a>. The Commission has requested input on a revision of the directive, and the revised directive is expected to be presented in the second quarter of 2026. The Commission also published <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_26_1129\">new guidance on the interpretation of the Water Framework Directive<\/a> in relation to mining activities on 22 May 2026. Further, <a href=\"https:\/\/environment.ec.europa.eu\/news\/stricter-rules-protecting-water-eu-enter-force-2026-05-11_en\">EU Directive 2026\/805 entered into force on 11 May 2026<\/a>, amending the Water Framework Directive, the Environmental Quality Standards Directive and the Groundwater Directive to update the lists of water pollutants, strengthen monitoring requirements and support the EU\u2019s zero-pollution and water-resilience objectives.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.regjeringen.no\/no\/sub\/eos-notatbasen\/notatene\/2026\/mars\/revisjon-av-vanndirektivet\/id3156078\/\">The Norwegian Ministry of Climate and Environment has stated that it will assess<\/a> whether any legislative proposals from the European Commission require amendments to Norwegian rules, in particular the Regulation.<\/p>\n\n\n\n<p><strong>Norway joins the EU\u2019s 20th sanctions package against Russia<\/strong><\/p>\n\n\n\n<p>On 27 March 2026, <a href=\"https:\/\/wiersholm.no\/nyhetsbrev\/nytt-innen-compliance-q1-2026\/#eus-19.-sanksjonspakke-er-gjennomf%C3%B8rt-i-norsk-rett\">Norway introduced further sanctions against Russia<\/a>, mirroring the measures in the EU\u2019s 19th sanctions package. On 15 May 2026, <a href=\"https:\/\/www.regjeringen.no\/no\/aktuelt\/norge-fortsetter-a-legge-press-pa-russland-vil-slutte-opp-om-eus-20.-sanksjonspakke\/id3160006\/\">the Norwegian Government announced that Norway will also align itself with the EU\u2019s 20th sanctions package<\/a>. The Government is currently working to implement these measures into Norwegian law.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2026\/04\/23\/russia-s-war-of-aggression-against-ukraine-20th-round-of-stern-eu-sanctions-hits-energy-military-industrial-complex-trade-and-financial-services-including-crypto\/\">The EU adopted the 20th sanctions package<\/a> on 23 April 2026. The package includes measures targeting, among other things, the Russian energy sector, the shadow fleet and oil exports, the financial sector and crypto services, the Russian defence industry, and exports of several categories of industrial goods. In addition, several individuals involved in the systematic abduction of Ukrainian children from occupied territories are added to the sanctions list.<\/p>\n\n\n\n<p>In summary, the package includes the following sanctions and measures:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>120 new individual listings.<\/li>\n\n\n\n<li>The EU introduces measures against actors in the Russian oil and energy sector, including entities involved in oil exploration, extraction, refining and transport.<\/li>\n\n\n\n<li>An additional 46 vessels are made subject to prohibitions on port access and services related to maritime transport. This brings the total number of listed vessels to 632.<\/li>\n\n\n\n<li>The package includes transaction bans against 20 Russian banks and four financial institutions in third countries.<\/li>\n\n\n\n<li>The EU introduces measures targeting crypto platforms and digital currencies that may be used to circumvent sanctions or carry out international transactions on Russia\u2019s behalf.<\/li>\n\n\n\n<li>The EU lists 58 companies and associated individuals involved in the development and production of military equipment, including drones.<\/li>\n\n\n\n<li>60 new entities are made subject to enhanced export restrictions for goods and technology that could strengthen Russia\u2019s defence sector.<\/li>\n\n\n\n<li>The EU prohibits the export of certain machinery and radio equipment to Kyrgyzstan, where there is considered to be a high risk of re-export to Russia.<\/li>\n\n\n\n<li>The export ban is expanded to include, among other things, laboratory glassware, lubricants, chemicals, steel products, rubber products and industrial tractors. The EU also introduces new import restrictions on goods that could generate significant revenues for Russia.<\/li>\n\n\n\n<li>The EU lists individuals and entities linked to the abduction and forced transfer of Ukrainian children, the seizure of Ukrainian cultural heritage and the dissemination of pro-Russian propaganda.<\/li>\n\n\n\n<li>The package also includes new sanctions relating to Belarus\u2019 role in supporting Russia\u2019s war. The sanctions regime against Belarus has been extended until 28 February 2027.<\/li>\n<\/ul>\n\n\n\n<p><strong>Establishment of a new joint civil-military clearance authority<\/strong><\/p>\n\n\n\n<p>On 15 June 2026, the Norwegian Parliament adopted amendments to the Norwegian National Security Act to facilitate the establishment of a joint civil-military clearance authority and to provide for more flexible regulation of clearance authorities at statutory level.<\/p>\n\n\n\n<p>The new Norwegian Clearance Directorate (Klareringsdirektoratet, KDIR) is expected to be established by 1 January 2027. The Directorate will comprise the current Norwegian Civil Security Clearance Authority (Sivil klareringsmyndighet, SKM), clearance cases currently handled by the Norwegian Defence Security Department (Forsvarets sikkerhetsavdeling, FSA), and certain user-facing clearance-related tasks currently carried out by the Norwegian National Security Authority (Nasjonal sikkerhetsmyndighet, NSM).<\/p>\n\n\n\n<p>The Norwegian Civil Security Clearance Authority has stated that it will provide ongoing information to entities with clearance needs in both the military and civilian sectors.<\/p>\n\n\n\n<p><strong>New regulation on cybersecurity certification<\/strong><\/p>\n\n\n\n<p>A new <a href=\"https:\/\/lovdata.no\/dokument\/SF\/forskrift\/2026-06-23-1250\">regulation on cybersecurity certification<\/a> entered into force in Norway on 23 June 2026. The regulation implements the EU Cybersecurity Act into Norwegian law. The implementation of the framework in Norway aims to raise the overall level of cybersecurity, resilience and trust in digital products and services. It establishes a common European framework for voluntary cybersecurity certification of ICT products, ICT services and ICT processes. The regulation facilitates access for Norwegian businesses to cybersecurity certifications that will be valid throughout the EEA.<\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-financial-regulatory\">Financial Regulatory<\/h2>\n\n\n\n<p><em>Key contacts: <a href=\"https:\/\/wiersholm.no\/en\/tag\/kjersti-trobraten\/\" type=\"post_tag\" id=\"121\">Kjersti T. Tr\u00f8br\u00e5ten<\/a> and <a href=\"https:\/\/wiersholm.no\/en\/people\/saen\/\" type=\"employee\" id=\"341\">Stian A. Endre<\/a><\/em><\/p>\n\n\n\n<p>In the second quarter of 2026, the Norwegian Parliament passed several amendments to Norwegian financial market regulations. The Crowdfunding Regulation will apply from 1 August 2026 and several amendments to the Norwegian Financial Institutions Act will apply from 1 July 2026. In addition, Q2 saw the first batch of Norwegian authorisations for Crypto-Asset Service Providers pursuant to MiCA, and public consultations on amendments to the rules on ownership assessment for financial institutions and the Norwegian guarantee scheme for non-life insurance.<\/p>\n\n\n\n<p>In the following section, we will give you the latest updates in Norwegian financial regulation.<\/p>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"read-more-3\" aria-controls=\"accordion-panel-3\" aria-expanded=\"false\">\n\t\t\t\t\tRead more\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-3\" aria-labelledby=\"read-more-3\" role=\"region\" hidden>\n\t\t\t\t\n\n<p><strong>Entry into force of the Crowdfunding Regulation<\/strong><\/p>\n\n\n\n<p>As discussed in the previous quarterly update, the Norwegian Parliament has adopted a new act on crowdfunding, which implements Regulation (EU) 2020\/1503) (the &#8220;<strong>Crowdfunding Regulation<\/strong>&#8220;) and supplementary provisions. The implementation means that Norwegian crowdfunding service providers will be subject to a fully harmonized and comprehensive framework for loan and investment-based crowdfunding of business activities. The <a href=\"https:\/\/www.regjeringen.no\/no\/aktuelt\/ny-lov-om-folkefinansiering-trer-i-kraft-1.-august\/id3166736\/\">new act will apply from 1 August 2026<\/a>.<\/p>\n\n\n\n<p><strong>Amendments to the Financial Institutions Act<\/strong><\/p>\n\n\n\n<p>A number of <a href=\"https:\/\/www.regjeringen.no\/no\/aktuelt\/flere-endringer-i-finansforetaksloven-trer-i-kraft-1.-juli\/id3166741\/\">amendments to the Norwegian Financial Institutions Act<\/a> will enter into force on 1 July 2026, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Amendments to the rules on confidentiality in the Norwegian Financial Institutions Act section 16-2. The aim of the new rules is to facilitate sharing of confidential information between financial institutions, to the police, and to certain e-ID and trust service providers to prevent and detect fraud and misuse of electronic identities. The new rules will allow information sharing for economic crimes and, in special cases, other serious crime, but with a higher threshold and only where the disclosure is necessary.<\/li>\n\n\n\n<li>Amendments to the exemptions from the licensing requirements for financing activity to allow for the provision of credit to <em>associated companies<\/em>, i.e.,where the creditor has an ownership interest amounting to at least 20 % of the voting rights of the company.<\/li>\n\n\n\n<li>Amendments to the rules in the Financial Institutions Act section 5-1 which clarifies that subsidiaries of EEA financial institutions have the same requirements in relation the number of directors of the board as Norwegian financial institutions.<\/li>\n<\/ul>\n\n\n\n<p>Other amendments presented in the proposal, notably the implementation of CRD VI, have not yet received a date for entry into force.<\/p>\n\n\n\n<p><strong>First batch of CASP authorisations<\/strong><\/p>\n\n\n\n<p>The transitional period under Regulation 2023\/1114 (&#8220;<strong>MiCA<\/strong>&#8220;) applies until 1 July 2026, meaning that <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2026-04\/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf\">unauthorised service providers must wind down their services<\/a>. The first MiCA authorised Crypto-Asset Service providers (&#8220;<strong>CASP<\/strong>&#8220;) incorporated in Norway received their authorisation during the course of Q2 2026. In addition to other regulated financial entities who may provide crypto-asset services pursuant to MiCA art. 60 and CASPs licensed in another EEA member state who have already notified cross-border services into Norway pursuant to MiCA art. 65, this marks the first batch of Norwegian licensed CASPs who have received authorisation from the Norwegian Financial Supervisory Authority.<\/p>\n\n\n\n<p><strong>Guarantee scheme for non-life insurance<\/strong><\/p>\n\n\n\n<p>In December 2025, amendments were adopted to extend the Norwegian guarantee scheme for non-life insurances. The amendments have not yet entered into force. At present, membership of the scheme is limited to Norwegian licensed non-life insurers and Norwegian branches of foreign EEA-insurers.&nbsp;The amendments extend the scheme to cover non-life insurance policies when sold in Norway by EEA insurers on a cross-border on a FoS-basis without a Norwegian branch.&nbsp;This will entail new reporting requirements to the NFSA for foreign insurers operating in Norway on a FoS-basis.&nbsp;<\/p>\n\n\n\n<p>On 18 June 2026, the Ministry of Finance published for consultation a paper addressing certain aspects of the guarantee scheme, such as access to legal proceedings and calls for funds. The consultation paper is available <a href=\"https:\/\/www.regjeringen.no\/no\/dokumenter\/horing-vedr.-utvidelse-av-garantiordningen-for-skadeforsikring-til-a-omfatte-grensekryssende-virksomhet-sporsmal-om-soksmalsadgang-i-norge-mv\/id3166591\/?expand=horingsnotater\">here<\/a> (Norwegian only), and the consultation deadline is 18 September 2026. The draft regulation itself leaves the commencement date open, but assuming the Ministry\u2019s consultation letter governs this point, the changes are intended to enter into force on 1 January 2027.<\/p>\n\n\n\n<p><strong>Public consultation on amended ownership rules for financial institutions<\/strong><\/p>\n\n\n\n<p>In judgment E-24\/24 of last year, the EFTA Court held that it is contrary to EEA law to maintain an administrative practice requiring notification and approval of acquisitions at thresholds other than those set out in the CRD IV Directive and the Solvency II Directive. It is also contrary to EEA law to maintain a practice that restricts the ability of individual owners to own more than 20 to 25 per cent of the ownership interests in banks or insurance companies unless the refusal is based on a specific assessment of whether the owner is suitable. On 24 June 2026 the Norwegian Financial Supervisory Authority published a draft public consultation paper proposing certain amendments to the rules in the Norwegian Financial Institutions Act on (i) ownership assessment in connection with the granting of authorisation, (ii) subsequent acquisitions of qualifying holdings, and (iii) orders and coercive measures that may be used against qualified owners. More information can be found in our newsletter on this matter, available <a href=\"https:\/\/wiersholm.no\/nyhetsbrev\/proposed-amendments-to-the-norwegian-ownership-assessment-rules-for-financial-institutions\/\">here<\/a>.<\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-m-amp-a-corporate\">M&amp;A\/Corporate<\/h2>\n\n\n\n<p><em>Key contact: <a href=\"https:\/\/wiersholm.no\/en\/people\/aleg\/\" type=\"employee\" id=\"59\">Anne Lise E. Gryte<\/a><\/em><\/p>\n\n\n\n<p>In the first half of 2026, the Norwegian M&amp;A market remained resilient despite changing macroeconomic conditions, geopolitical uncertainty and shifts in investor sentiment. Buyers continued to be selective and price-disciplined, but activity levels indicate that high-quality Norwegian assets continue to attract interest, particularly in sectors supported by long-term structural drivers. Public M&amp;A activity was selective and lower by deal value than in recent years, while the IPO and listings market showed renewed momentum across Euronext Oslo trading venues. Financial sponsors also remained active, particularly through buy-and-build strategies in fragmented markets. Overall, the Norwegian M&amp;A market enters the second half of 2026 with a constructive outlook, supported by international interest, active financial sponsors and continued demand for businesses positioned within technology, industrial capacity, energy, infrastructure and other strategically important sectors.<\/p>\n\n\n\n<p>In the following section, we summarise key market observations from the Norwegian M&amp;A, public M&amp;A, private equity and listings markets.<\/p>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"read-more-4\" aria-controls=\"accordion-panel-4\" aria-expanded=\"false\">\n\t\t\t\t\tRead more\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-4\" aria-labelledby=\"read-more-4\" role=\"region\" hidden>\n\t\t\t\t\n\n<p>The Norwegian M&amp;A market remained resilient in H1 2026, despite changing macroeconomic conditions, geopolitical uncertainty and shifts in investor sentiment. Buyers have continued to be selective and price-disciplined, but activity levels indicate that high-quality Norwegian assets still attract interest, particularly in sectors supported by long-term structural drivers.<\/p>\n\n\n\n<p>Interest rate expectations, inflation, currency movements and global uncertainty have all affected market conditions. Even so, investors appear more comfortable operating in this environment than they were in the recent past. Strategic buyers and financial sponsors continue to pursue transactions where the case for growth, consolidation or long-term value creation is clear.<\/p>\n\n\n\n<p>The public markets presented a mixed picture in H1 2026. Public M&amp;A activity was selective and lower by deal value than in recent years, with a limited number of announced transactions driven by clear strategic or financial rationale. By contrast, IPO and listings activity showed renewed momentum, with 13 listing events across Euronext Oslo trading venues, including two IPOs on Oslo B\u00f8rs, several new admissions on Euronext Growth Oslo, uplistings and alternative listing routes such as reverse takeovers and spin-offs.<\/p>\n\n\n\n<p>Overall, the Norwegian M&amp;A market enters the second half of 2026 with a constructive outlook, supported by international interest, active financial sponsors and continued demand for businesses positioned within technology, industrial capacity, energy, infrastructure and other strategically important sectors.<\/p>\n\n\n\n<p><strong>Key market observations:<\/strong><\/p>\n\n\n\n<p><strong>Deal activity:<\/strong> The Norwegian M&amp;A market declined in H1 2026 compared to the same period in 2025, with 442 registered transactions, compared with 537 transactions in H1 2025. The figures are consistent with our observation of a more selective market environment, with investors and strategic buyers placing greater emphasis on transaction quality, industrial logic and long-term value creation.<\/p>\n\n\n\n<p><strong>Sector focus:<\/strong> Sector activity was diversified during the first half of the year. We continue to see high deal volumes in business services and construction, driven by PE-backed buy-and-build plays. Although technology-related M&amp;A continues to play an important role, volumes are lower than in the previous year, partially driven by a drop in software deals. We have also observed strong interest in assets linked to industrial capacity, maritime technology, energy security, infrastructure, defence-adjacent capabilities and seafood-related businesses, supported by heightened geopolitical uncertainty and increased emphasis on robust supply chains.<\/p>\n\n\n\n<p><strong>Cross-border activity:<\/strong>&nbsp; The market continues to be heavily reliant on inbound M&amp;A, with foreign buyers accounting for 43% of registered Norwegian transactions in H1 2026. The figure is up from 38% in 2025 and underlines the continued importance of international capital to the Norwegian market. It is worth noting that the United States was a notable driver of this trend, with both transaction volume and reported deal value increasing significantly, while Sweden maintained its position as the most active foreign investor country by number of transactions.<\/p>\n\n\n\n<p><strong>Private equity and venture capital:<\/strong> Financial sponsors continued to play an important role in the Norwegian M&amp;A market in H1 2026, particularly through PE-backed buy-and-build strategies in fragmented markets. Professional services remained an area of notable activity, while technology continued to attract both PE and VC investment, especially where businesses have recurring revenues, scalable models and clearer paths to profitability. Sponsor-to-sponsor transactions and other private market liquidity solutions also remained relevant in a market where IPO exits are limited and trade buyers remain selective.<\/p>\n\n\n\n<p><strong>IPO and listings market:<\/strong> The IPO and listings market showed renewed momentum in H1 2026, with 13 listing events across Euronext Oslo trading venues. Activity consisted primarily of new admissions on Euronext Growth Oslo and uplistings to Oslo B\u00f8rs, supplemented by reverse takeover and spin-off activity, while traditional main-market IPO activity remained selective with two IPOs completed on Oslo B\u00f8rs. Aggregate transaction value across the recorded listing events amounted to approximately NOK 9.2 billion.<\/p>\n\n\n\n<p><strong>Public M&amp;A:<\/strong> Public M&amp;A activity was selective in H1 2026 and lower by deal value than in recent years, with six public M&amp;A events relating to five targets and announced transaction value of approximately NOK 10 billion. Activity was concentrated around transactions with clear strategic or financial rationale, including Zalaris, Vantage Drilling, MatvareExpressen and Elmera, with the latter becoming a competitive process in late June.<\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<div class=\"wp-block-group alignwide has-gold-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-business-updates-from-wiersholm\">Business Updates from Wiersholm<\/h2>\n\n\n\n<p>In the following section, we will give you the latest business updates from Wiersholm. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"701\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-1024x701.png\" alt=\"\" class=\"wp-image-23198\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-1024x701.png 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-300x205.png 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-768x526.png 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-1536x1052.png 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/03\/Wiersholm-fasade_Spadommer-2048x1403.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n<div class=\"t2-accordion wp-block-t2-accordion\" data-allow-multiple=\"1\" role=\"list\">\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"kurt-weltzien-appointed-as-new-partner\" aria-controls=\"accordion-panel-5\" aria-expanded=\"false\">\n\t\t\t\t\tKurt Weltzien appointed as new partner\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-5\" aria-labelledby=\"kurt-weltzien-appointed-as-new-partner\" role=\"region\" hidden>\n\t\t\t\t\n\n<p>Wiersholm is further strengthening its employment law practice with the appointment of <a href=\"https:\/\/wiersholm.no\/en\/people\/kuwe\/\" type=\"employee\" id=\"234\">Kurt Weltzien<\/a> as partner from 1 August 2026. Weltzien is one of Norway&#8217;s leading employment law experts, with extensive experience in both individual and collective employment law, including more than 100 main hearings and appeal hearings before the courts. His background includes 10 cases before the Norwegian Supreme Court, 23 cases before the Labour Court and one case before the EFTA Court.<\/p>\n\n\n\n<p>Weltzien has particular expertise in collective employment law, collective bargaining agreements and employment disputes, as well as broad experience with business transfers, downsizings, reorganisations and other restructuring processes. He will also continue his academic work as Professor II at BI Norwegian Business School, combining client work with research and teaching. His appointment adds further capacity and specialist expertise to Wiersholm&#8217;s employment law team, particularly in matters where legal, strategic and commercial considerations intersect.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2-1024x683.jpg\" alt=\"\" class=\"wp-image-23979\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2-1024x683.jpg 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2-300x200.jpg 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2-768x512.jpg 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2-1536x1024.jpg 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Image-2.jpg 1776w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"meet-us-at-the-annual-iba-meeting-in-copenhagen\" aria-controls=\"accordion-panel-6\" aria-expanded=\"false\">\n\t\t\t\t\tMeet us at the Annual IBA Meeting in Copenhagen\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-6\" aria-labelledby=\"meet-us-at-the-annual-iba-meeting-in-copenhagen\" role=\"region\" hidden>\n\t\t\t\t\n\n<p>Wiersholm is pleased to attend the International Bar Association (IBA) Annual Conference 2026, one of the leading global meeting places for legal professionals, from 4-9 October in Copenhagen.<\/p>\n\n\n\n<p>We look forward to connecting with colleagues and partners from across the global legal community.<\/p>\n\n\n\n<p>For any practical questions related to our presence at the IBA Annual Conference in Copenhagen, please contact our Marketing Department at&nbsp;<a href=\"mailto:event@wiersholm.no\">event@wiersholm.no<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/wiersholm.no\/en\/about-wiersholm\/a-client-focused-international-approach\/meet-us-at-the-annual-iba-meeting-in-copenhagen\/\" type=\"page\" id=\"23929\">Read more and explore our delegates here. <\/a><\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n\n<div class=\"t2-accordion-item wp-block-t2-accordion-item\" role=\"listitem\">\n\t\t\t<h2 class=\"t2-accordion-title\">\n\t\t\t\t<button type=\"button\" class=\"t2-accordion-trigger\" id=\"save-the-date-nordic-buy-out-forum-2026\" aria-controls=\"accordion-panel-7\" aria-expanded=\"false\">\n\t\t\t\t\tSave the date &#8211; Nordic Buy Out Forum 2026\n\t\t\t\t\t<span class=\"t2-accordion-icon is-closed-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-add\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M12 4V20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t\t<span class=\"t2-accordion-icon is-open-icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" height=\"24\" width=\"24\" class=\"t2-icon t2-icon-remove\" aria-hidden=\"true\" focusable=\"false\"><g stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"1\" style=\"transform: scale(1);vector-effect: non-scaling-stroke;\"><path d=\"M4 12H20\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/><\/g><\/svg><\/span>\n\t\t\t\t<\/button>\n\t\t\t<\/h2>\n\t\t\t<div class=\"t2-accordion-item__inner-container is-layout-flow\" id=\"accordion-panel-7\" aria-labelledby=\"save-the-date-nordic-buy-out-forum-2026\" role=\"region\" hidden>\n\t\t\t\t\n\n<p>Nordic Buy Out Forum is the largest annual M&amp;A conference in the Nordics, bringing together key participants from private equity, venture capital, industry, banking, asset management, advisory and public authorities.<\/p>\n\n\n\n<p>Hosted by Wiersholm, with support from the Norwegian Venture Capital &amp; Private Equity Association (NVCA), the conference provides a key meeting place for the Nordic M&amp;A community.<\/p>\n\n\n\n<p>This year\u2019s conference will be held on Thursday 3 December 2026.<\/p>\n\n\n\n<p>Confirmed speakers include: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li> Jens Stoltenberg (The Norwegian Minister of Finance)<\/li>\n\n\n\n<li> Christian Bamberger Bro (Managing Partner, Axcel)<\/li>\n\n\n\n<li>Magnus Grimeland (Founder and CEO, Antler)<\/li>\n\n\n\n<li>Grete R\u00f8d (Senior Partner, Bain &amp; Company)<\/li>\n\n\n\n<li> Jayne Zecha (Senior Partner, Bain &amp; Company)<\/li>\n\n\n\n<li>Allon Groth (CEO, NVCA)<\/li>\n\n\n\n<li>Anne Lise E. Gryte (Partner and Head of Corporate, Wiersholm<\/li>\n\n\n\n<li>Harald Hellebust (Partner and Chair of the Board, Wiersholm).<\/li>\n<\/ul>\n\n\n\n<p>The full conference programme will be published closer to the conference date.<\/p>\n\n\n\n<p><a href=\"https:\/\/wiersholm.no\/en\/events\/nordic-buy-out-forum-2026-3\/\" type=\"link\" id=\"https:\/\/wiersholm.no\/en\/events\/nordic-buy-out-forum-2026-3\/\">Read more and request an invitation here. <\/a><\/p>\n\n\n\t\t\t<\/div>\n\t\t<\/div>\n<\/div><\/div>\n\n\n<div class=\"t2-post-dynamic-part is-source-filter filter-published_date_group alignwide wp-block-group published-date wp-block-t2-post-dynamic-part\"><div class=\"wp-block-group published-date has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"wp-block-group less-gap is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-2 wp-block-group-is-layout-flex\"><p>Published:&nbsp;<\/p><div class=\"wp-block-post-date\">03.08.2026<\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<h5 class=\"wp-block-heading\" id=\"h-key-contacts\">Key Contacts<\/h5>\n\n\n<div class=\"t2-featured-content-layout alignwide alignwide wp-block-t2-featured-content-layout\" role=\"list\">\n<div class=\"t2-featured-single-post t2-featured-content is-post-type-employee authorisation_tax-advokat competence_area_tax-capital-markets competence_area_tax-company-law-and-corporate-law competence_area_tax-defence-and-security competence_area_tax-ma competence_area_tax-private-equity competence_area_tax-venture-capital-and-growth-financing role_tax-partner wp-block-t2-featured-single-post t2-featured-content-layout-col-3\" role=\"listitem\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/people\/aleg\/\">\n<figure class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img decoding=\"async\" src=\"https:\/\/personapi.wiersholm.no\/ProfilbilderCV\/aleg_cv.jpg\" alt=\"\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\"> Anne Lise Ellingsen Gryte<\/h3>\n\t<p class=\"has-x-small-font-size\">Partner<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n\n<div class=\"t2-featured-single-post t2-featured-content is-post-type-employee authorisation_tax-advokat competence_area_tax-antitrust-and-competition competence_area_tax-commercial-contracts competence_area_tax-dispute-resolution competence_area_tax-eu-and-eea-law competence_area_tax-insurance competence_area_tax-international-commercial-arbitration competence_area_tax-oil-gas-and-ccs competence_area_tax-professional-and-directors-liability competence_area_tax-public-procurement competence_area_tax-renewable-energy-and-infrastructure role_tax-partner wp-block-t2-featured-single-post t2-featured-content-layout-col-3\" role=\"listitem\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/people\/slj\/\">\n<figure class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img decoding=\"async\" src=\"https:\/\/personapi.wiersholm.no\/ProfilbilderCV\/slj_cv.jpg\" alt=\"\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\"> Stephan L. Jervell<\/h3>\n\t<p class=\"has-x-small-font-size\">Managing Partner<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n\n<div class=\"t2-featured-single-post t2-featured-content is-post-type-employee role_tax-business-support wp-block-t2-featured-single-post t2-featured-content-layout-col-3\" role=\"listitem\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/people\/cli\/\">\n<figure class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img decoding=\"async\" src=\"https:\/\/personapi.wiersholm.no\/ProfilbilderCV\/cli_cv.jpg\" alt=\"\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\"> Christine Li\u00e6ker Lindberg<\/h3>\n\t<p class=\"has-x-small-font-size\">Director of Marketing and Communications<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/div><\/div>\n\n\n\n<hr class=\"wp-block-separator alignwide has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading alignwide has-small-font-size\" id=\"h-insight\">Insight<\/h2>\n\n\n\n<div data-wp-router-region=\"query-filter\" class=\"wp-block-query alignwide is-layout-flow wp-block-query-is-layout-flow\"><ul class=\"columns-3 alignwide wp-block-post-template is-layout-grid wp-container-core-post-template-is-layout-6d3fbd8f wp-block-post-template-is-layout-grid\"><li class=\"wp-block-post post-23973 newsletter type-newsletter status-publish has-post-thumbnail hentry competence_area_tax-financial-regulatory competence_area_tax-investigation-and-compliance competence_area_tax-ma competence_area_tax-renewable-energy-and-infrastructure competence_area_tax-tax-and-duties\">\n<div class=\"t2-featured-template-post t2-featured-content is-post-type-newsletter competence_area_tax-financial-regulatory competence_area_tax-investigation-and-compliance competence_area_tax-ma competence_area_tax-renewable-energy-and-infrastructure competence_area_tax-tax-and-duties wp-block-t2-featured-template-post\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/newsletters\/norway-international-update-q2-2026\/\">\n<figure style=\"--t2-focal-point: 50% 50%;\" class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-scaled.jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-scaled.jpeg 2560w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-300x200.jpeg 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-1024x683.jpeg 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-768x512.jpeg 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-1536x1024.jpeg 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/Fyrtarn-kopi-2-2048x1366.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\">Norway International Update Q2 2026<\/h3>\n\t<p class=\"has-x-small-font-size\">Newsletters<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/li><li class=\"wp-block-post post-23988 publication type-publication status-publish has-post-thumbnail hentry tag-capital-markets tag-ma-and-corporate-law competence_area_tax-ma\">\n<div class=\"t2-featured-template-post t2-featured-content is-post-type-publication tag-capital-markets tag-ma-and-corporate-law competence_area_tax-ma wp-block-t2-featured-template-post\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/publications\/mid-year-update-2026-ma-and-ipo-trends-and-insights-in-norway\/\">\n<figure style=\"--t2-focal-point: 50% 50%;\" class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1179\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-scaled.jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-scaled.jpeg 2560w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-300x138.jpeg 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-1024x472.jpeg 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-768x354.jpeg 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-1536x707.jpeg 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/AdobeStock_282261479-fredvang-bro-lofoten-2048x943.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\">Mid-year update 2026: M&amp;A and IPO trends and insights in Norway<\/h3>\n\t<p class=\"has-x-small-font-size\">Publications<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/li><li class=\"wp-block-post post-23982 publication type-publication status-publish has-post-thumbnail hentry\">\n<div class=\"t2-featured-template-post t2-featured-content is-post-type-publication wp-block-t2-featured-template-post\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/publications\/wiersholms-commitment-to-the-un-global-compact-2025-report\/\">\n<figure style=\"--t2-focal-point: 50% 50%;\" class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1709\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-scaled.jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-scaled.jpeg 2560w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-300x200.jpeg 300w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-1024x683.jpeg 1024w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-768x513.jpeg 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-1536x1025.jpeg 1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2026\/07\/solnedgang-2048x1367.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\">Wiersholm\u2019s Commitment to the UN Global Compact \u2013 2025 Report<\/h3>\n\t<p class=\"has-x-small-font-size\">Publications<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/li><\/ul><\/div>\n<\/div>\n","protected":false},"featured_media":23981,"template":"","meta":{"editor_notices":[]},"tags":[],"competence_area_tax":[17,22,35,21,48],"class_list":["post-23973","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","competence_area_tax-financial-regulatory","competence_area_tax-investigation-and-compliance","competence_area_tax-ma","competence_area_tax-renewable-energy-and-infrastructure","competence_area_tax-tax-and-duties"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Norway International Update Q2 2026 - Law firm Wiersholm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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