31.08.2018

News

Standard conditions for decommissioning under way

Decommissioning of offshore oil and gas facilities has commenced in large parts of the world and some of the world’s first offshore wind farms have recently been decommissioned.

In the North Sea, the market for decommissioning is estimated at billions of euros over the next decade. Even though a considerable part of this amount relates to oil and gas, it is unlikely that the market for decommissioning will decline, as decommissioning of offshore wind farms and other offshore facilities will more than make up for any decline in the oil and gas markets.

Until now, no standard contract has been available for decommissioning or dismantling services. A modified version of the BIMCO SUPPLYTIME standard contract has seen some use. However, BIMCO is expected to release the DISMANTLECON standard contract within this year. This will terms be one of the first standard contracts for offshore construction, and will include provisions on variation, inspection etc., as well as the more familiar maritime clauses on liability etc.

NJORD Law Firm follows closely the development of the DISMANTLECON and its adoption by the industry.

Latest news

NJORD to coordinate a shareholder action funded by IMF LFS against Danske Bank for losses resulting from the money laundering scandal

IMF LFS (IMF), a wholly owned subsidiary of IMF Bentham Limited (ASX:IMF), has today proposed to fund (through its group investment vehicles) a Danish shareholder action against Danske Bank on behalf of the bank's shareholders. NJORD Law Firm will represent the shareholders in the action, which could become one of the largest claims ever filed with the Danish courts.

NJORD Estonia: Claims can be filed against trade secret violators

If information, above all know-how, concerning the commercial activities of a business falls into unauthorised hands, it may nullify the competitive advantage, provide an unfair advantage to other market participants and result in irreparable harm. Recently, in the middle of December 2018, rules that specify the protection of trade secrets entered into force. These rules also transposed into Estonian law the Directive on the Protection of Trade Secrets in force in the European Union.

Get the latest legal news

We gladly share our knowledge with you. Subscribe to our newsletters.

Subscribe here