All posts by Margrethe Harboe

Norway Readies First Offshore Wind Tenders to Spur Oil Industry Transition

Business News, Energy

Norway will press ahead with North Sea wind power this year, awarding its first development licences as it spurs the transition of its oil and gas industry and despite its already plentiful renewables supply. The government has earmarked two areas in the North Sea for up to 4.5 gigawatts of floating and bottom-fixed wind turbine capacity, just under half the current installed capacity in Britain, Europe’s offshore wind leader.

Norway does not actually need offshore wind farms for power – nearly all its electricity comes from renewables already – but instead sees the sector as a means of helping its vast oil and gas industry secure a new, low-carbon business model for the future. Oslo will present details of the tender this spring as part of a white paper on the energy sector, and first wind farms could be in operation by the end of the decade. Many details remain unclear but the process should follow oil and gas exploration procedures where typically seabed rent is not charged.

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Norway’s Central Bank Looks Beyond Covid-19

Business News, Financial / Investment

Norway’s central bank has signaled that it plans to take the plunge by making the country the first developed nation to shift from pandemic-era policy and raise interest rates by the end of the year.

The oil-rich country’s central bank, Norges Bank, said Thursday that a faster-than-expected pickup in global economic activity coupled with notable growth in domestic house prices have prompted it to advance plans to boost interest rates from zero.

The Norwegian krone briefly strengthened, rising 0.6% against the euro and 0.7% against the dollar, before falling back as benchmark oil prices tanked on concerns of longer-running energy demand shocks. Investors and analysts are expecting the currency to strengthen further this year. On Tuesday, it depreciated against the dollar.

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Intensifying Negotiations on Transatlantic Data Privacy Flows

Business News, Government, Legal

On March 25, 2021, EU Commissioner for Justice, Didier Reynders, and U.S. Secretary of Commerce, Gina Raimondo, made the following statement regarding the negotiations on transatlantic data privacy flows:

“The U.S. Government and the European Commission have decided to intensify negotiations on an enhanced EU-U.S. Privacy Shield framework to comply with the July 16, 2020 judgment of the Court of Justice of the European Union in the Schrems II case.

These negotiations underscore our shared commitment to privacy, data protection and the rule of law and our mutual recognition of the importance of transatlantic data flows to our respective citizens, economies, and societies.

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AmCham Transatlantic Business Assembly: Pressure & Agility

AmCham News,

AmCham Transatlantic Business Assembly: Pressure & Agility

Immediately following AmCham’s Annual Meeting, members and partners turned to the Transatlantic Business Assembly where Jason Turflinger warmly welcomed guest speakers Richard H. Riley, US Embassy Chargé d’Affaires, and Sissel Lønning Andresen, Pfizer Norway’s Country Manager. On the agenda were two of the most important issues impacting transatlantic businesses: vaccines and the Biden-Harris Administration.

AGM Tile

Speakers

4

Sissel Lønning Andresen

Pfizer Norway – Country Manager

5

Richard H. Riley

US Embassy – Chargé d’Affaires

Collaboration and Resilience

Both presenters submitted messages of collaboration and resilience, outlining the importance of relationship building and a partnership attitude. “In the long run, Norway stands better together than alone,” Lønning Andresen aptly commented.

In the long run, Norway stands better together than alone.

Sissel Lønning Andresen

With over 20 years of experience in the healthcare industry, Andreassen spoke to the immense value of her team’s work and the great impact she has been able to witness. Although recent months have generated incredible pressure on her team to facilitate distribution and communications on the ground-breaking BioNTech-Pfizer vaccine, it has highlighted Pfizer’s exceptional agility, and led to unmatched levels of cooperation with Norwegian authorities.

Priorities in Norway-US Collaboration

Addressing developing transatlantic policies, Riley skillfully tackled a myriad of issues – from reaffirmed US NATO support to outlining administration priorities for fair international trade. A common theme was the importance of the transatlantic relationship, and reinvigoration of ally partnerships.

“The partnership between Europe and the US is and must remain a foundation,” Riley asserted, quoting President Biden. He continued on to outline specific priorities in Norway-US collaboration, including global health, security, economic recovery, green job creation and enforcement of trade rules.

Fielding a difficult question on the potential for future volatility in Norway’s relationship with the US, Riley emphasized the longstanding bond between the countries and the importance of viewing the past four years as an anomaly in this strong and deep relationship that spans well over a century.

AmCham’s 2021 AGM: New Chair & Board Members, Strong Staff Bolster Future-Oriented Footing

AmCham News

AmCham’s 2021 AGM: New Chair & Board Members, Strong Staff Bolster Future-Oriented Footing

Ketil Nordengen, leader of both 3M’s EMEA Sales and Norway operations, was duly appointed as Chair of AmCham’s renewed Board of Directors during last week’s virtual Annual General Meeting. Microsoft’s Kristine Beitland and KPMG’s Charlie Lea were also named as the Board’s First and Second Vice Chairs, respectively.

“Working for a US company for 30-years, I’ve always been intrigued by doing business from both a Norwegian and American perspective. What can we learn from one another? I’m really motivated by interacting with other business leaders to look for opportunities to do things better,” Nordengen explained.

Notable AmCham Board Changes & Additions

Ketil

New Chair

Ketil Nordengen

3M – Sales Operations Leader – EMEA, Country Leader – Norway

Kristine-Beitland

New First Vice Chair

Kristine Beitland

Microsoft Norge – Corporate Affairs Director

Charlie-Lea-167x209

New Second Vice Chair

Charlie Lea

KPMG – Partner

Members also warmly received new Board nominees Muhammed Ali of MSD, Elisabeth Hellemose of AIG and Thomas Vogth-Eriksen of DNV. Ali, a practicing physician, leads MSD’s Norway operations while also caring for his London-based patients digitally. Hellemose, who has led both AIG’s Danish and now Norway operations, has extensive HR credentials and thrives on combining strategy with hands-on execution. Vogth-Eriksen, now serving as Director of Certification, has over 35-years of international expertise from multiple DNV Group management positions, including his eight years as CFO.

New Board Member

Muhammed Ali

MSD Norway – Managing Director

New Board Member

Elisabeth Hellemose

AIG Europe Limited – Branch Manager Norway

New Board Member

Thomas Vogt-Eriksen

DNV – Director of Certification

AmCham’s renewed Board of Directors, modestly put, has ample cross-industry scope, depth and professional experience to propel the association’s key pro-business initiatives to come.

Past and Future Calibrations

Decidedly not to be understated, and during what can only be described as a unique pandemic operating environment for non-profit AmCham, Board Treasurer Michael Klem and Managing Director Jason Turflinger commended both staff and members for their unwavering support and flexibility. “The Chamber shows a strong balance sheet and has solid financial health,” as Klem went on to detail.

In the time remaining, Turflinger presented past and future calibrations in AmCham’s many meeting, member services and advocacy offerings. “Creative, distinctive post-Covid meeting arenas, expanded sustainability-focus, awareness of policy versus industrial ambition gaps, and informed policy makers – on our international members’ contributions and value-generating pursuits – is where we’re headed,” he concluded.

Biden Administration Launches Major Push to Expand Offshore Wind Power

Business News, Energy

The White House on Monday detailed an ambitious plan to expand wind farms along the East Coast and jump-start the country’s nascent offshore wind industry, saying it hoped to trigger a massive clean-energy effort in the fight against climate change.

The plan would generate 30 gigawatts of offshore wind power by the end of the decade — enough to power more than 10 million American homes and cut 78 million metric tons of carbon dioxide emissions. To accomplish that, the Biden administration said, it would speed permitting for projects off the East Coast, invest in research and development, provide low-interest loans to industry and fund changes to U.S. ports.

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Laerdal Million Lives Fund Raises $100M To Target Health Care Access, Education Startups

Business News, Health

The Laerdal Million Lives Fund launched a new $100 million venture capital fund Tuesday that will invest in commercial-stage companies focused on expanding health care access and education.

The fund was established by the Laerdal family and its operating companies, primarily Laerdal Medical and Laerdal Global Health, which has a global impact goal of saving over 1 million lives annually by 2030. The family is most known for inventing CPR training manikins, Jeff Trost, managing partner of the Million Lives Fund, told Crunchbase News.

More than 8 million deaths were attributed to low-quality health care across 137 countries, according to a report on preventable deaths published in The Lancet in 2018.

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KONGSBERG Signs Agreement Worth 1.7 Billion NOK for Deliveries to F-35 Joint Strike Fighter

Business News, Defense / Security

Kongsberg Defence & Aerospace AS (KONGSBERG) has signed a new agreement with Lockheed Martin Aeronautics (LMA) worth 1.750 MNOK for the F-35 Joint Strike Fighter program production lots 15-17.

The agreement includes delivery of the F-35 Rudders, Vertical Leading Edges and Main Landing Gear Closeout panels for more than 500 aircraft. Production of these mission critical parts will continue through 2025 within KONGSBERG’s advanced manufacturing facilities.

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Leading Oil and Gas CEOs Fall in With Biden’s Climate Change Campaign

Business News, Energy

Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy.

The oil industry leaders pledged support for federal regulations explicitly limiting emissions of methane from wells and other oilfield equipment — a declaration that dovetails with President Joe Biden’s vow to clamp down on leaks of the potent greenhouse gas.

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Equinor, Partners Make ‘Significant’ Oil Find in Mature Area Off Norway

Business News, Energy, Shipping & Offshore

Norwegian oil firm Equinor, with its partners Vår Energi, Idemitsu Petroleum, and Neptune Energy, said Wednesday it had made the biggest discovery this year offshore Norway.

Preliminary estimates place the discovery size between 12 and 19 million standard cubic meters of recoverable oil equivalent, corresponding to 75-120 million barrels of recoverable oil equivalent, Equinor said.

Exploration wells 31/2-22 S and 31/2-22 A in the Blasto prospect of production licenses 090, 090 I, and 090 E were drilled using Seadrill’s West Hercules semi-submersible drilling rig, some three kilometers southwest of the Fram field, 11 kilometers northwest of the Troll field and 120 kilometers northwest of Bergen.

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