ANNUAL 51 • 2008/2009 find new business partners in

The Official Norwegian Trade Portal investing in norway At www.nortrade.com you will find up-to-date information on more than 4,000 Norwegian manufacturers and exporters within 35 different industries. There you will find a search tool which allows you to perform searches for companies, products or services in the Norwegian Export Directory.

www.norway.info

“Norway – the official site” provides extensive Innovation Norway promotes nationwide industrial background information on Norway, as well as news and development profitable to both the business economy details of Norwegian-related events abroad. The large and Norway’s national economy, and helps realize the number of articles on politics, travel, culture, business, potential of different districts and regions by contributing education, research and history are presented by the to innovation, internationalization and promotion. Norwegian Ministry of Foreign Affairs and its partners. The company has approximately 700 employees. “Norway – the official site” has been established in 90 Headquartered in Oslo, Innovation Norway has offices in countries and in 18 languages. over 30 countries worldwide, along with all of the counties across Norway.

English-language information about Innovation Norway is available at www.innovationnorway.no/english.

Produced in cooperation with: norway abroad Vol. 2008 No. 15 ISSN 0029-3628 Published September 2008 by Findexa Forlag AS facts: in cooperation with Innovation Norway, the Confederation of Norwegian Enterprise, the Norway in Brief mexico Madrid – Innovation Norway Mexico D.F. – Embassy – Embassy/Innovation Norway Real Embajada de Noruega – Consulate General Norwegian Ministry of Foreign Affairs, the Size: 385,155 sq. km Avenida Virreyes 1460; Col Lomas Virreyes, 11000 Mexico D.F. Ulitsa Povarskaya 7, RUS-131940 Moscow Paseo de la Castellana, 31-planta baja, 28046 Madrid 86 George Street, GB-Edinburgh EH2 3BU Research Council of Norway and the Norwegian (including the islands of Svalbard and Jan Mayen) Tel: +52 55 5540220-21, Fax: +52 55 52023019 Tel: +74 95 933 1410, Fax: +74 95 933 14 11/12 Tel: +34 91 344 09 87, Fax: +34 91 344 09 47 Tel: +44 131 226 5701, Fax: +44 131 220 4976 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Ministry of Trade and Industry. E-mail: [email protected] Website: www.innovasjonnorge.no/spania Population 4.8 million Website: www.innovasjonnorge.no/russland London – Embassy morocco 25 Belgrave Square, London SW1X 8QD Main Cities Population (incl. suburbs) Rabat – Embassy Murmansk – Consulate General/ Innovation Norway sri lanka Tel: +44 20 7591 5500, Fax: +44 20 7245 6993 9, rue de Khenifra, Rabat Ulitsa Sofji Perovskoj 5, RUS-183038 Murmansk Colombo – Embassy E-mail: [email protected] Oslo 811,688 Tel: +212 3 7764084-6, Fax: +212 3 7764088 Tel: +7 815 2 400 600 34 Ward Place, Colombo 7 213,585 E-mail: [email protected] Fax: +7 815 2 457 451/+7 815 2 456 871 Tel: +94 11 2469 611-12, 2469 609, Fax: +94 11 2695 009 London – Innovation Norway E-mail: [email protected] E-mail: [email protected] Trade and Technology Office Gjerdrums vei 19, NO-0484 Oslo, Norway Stavanger/Sandnes 173,132 mozambique E-mail: [email protected] Charles House 5 Lower Regent Street, SW1Y 4LR Tel: +47 21 50 80 00 Trondheim 147,139 Maputo – Embassy Website: www.innovasjonnorge.no/russland sudan Tel: +44 207 389 8800, Fax: +44 207 9730 189 Ave. Julius Nyerere 1162, Maputo Khartoum – Embassy E-mail: [email protected] Fax: +47 21 50 80 01 St. Petersburg – Consulate General Website: www.innovasjonnorge.no/storbritannia Exchange Rate: Tel: + 258 21 480 100/+ 258 21 485 072 to 75 House no. 63, Street 49, Khartoum II E-mail: [email protected] Fax: +258 21 480 107/+ 258 21 485 076 Nevsky Prospekt 25, RUS-191186 St. Petersburg Tel: +249 183 578336, 578343, 578345, 576788, NOK/USD 5.86 (average 2007) E-mail: [email protected] Tel: + 7 812 336 64 20, Fax: + 7 812 336 64 21 Fax: +249 183 577180 Website: www.findexaforlag.no E-mail: [email protected] usa NOK/EUR 8.01 (average 2001) E-mail: [email protected] Boston – Innovation Norway 133 Federal Street, Suite 901, Boston, MA 02110 Product Manager nepal St.Petersburg – Innovation Norway Exports and Imports 2007 Katmandu – Embassy Kaluzhskij per.3, RUS-193015 St. Petersburg Tel: +1 617 369 7870, Mobile: +1 617 818 3900 Jørgen Fodstad Surya Court, Pulchowk, Lalitpur Tel: +7812 326 9037, Fax: +7812 326 9038 – Embassy Fax: +1 617 369 7820 NOK bill. USD bill. Amount of GDP Tel: +977 1 5545307-8, Fax: +977 1 5545226 E-mail: [email protected] Skarpögatan 4, S-115 27 Stockholm E-mail: [email protected] Total Exports 795,4 135,7 34,9% E-mail: [email protected] Website: www.innovasjonnorge.no/russland Tel: +46 8 665 6340, Fax: +46 8 782 9899 website: www.innovasjonnorge.no/usa Editor-in-Chief E-mail: [email protected] David John Smith Total Imports 468,3 80 20,6% – Consulate General/Innovation Norway the saudi arabia Stockholm – Innovation Norway 2777 Allen Parkway; Suite 1185, Houston, TX 77019-2136 Main Export Commodities The Hague – Embassy/Innovation Norway Riyadh – Embassy Sveavägen 64, SE-111 34 Stockholm Tel: +1 713 521 2900, Fax: +1 713 521 9648 Project Manager Lange Vijverberg 11, NL-2513 AC The Hague Diplomatic Quarter, Riyadh Tel: +46 8 791 83 00, Fax: +46 8 24 98 00 IN, Tel: +1 713 526 1300, Fax: +1 713 521 9473 Linn Tvenge Oil & gas, metals, machinery, chemical products, fish & fish products, Tel: +31 70 311 7611, Fax: +31 70 365 9630 Tel: +966 1 488 1904, Fax: +966 1 488 0854 E-mail: [email protected] E-mail: [email protected] IN, Tel: +31 70 346 7348; Fax: +31 70 360 7428 E-mail: [email protected] Website: www.innovasjonnorge.no/sverige E-mail: [email protected] pulp & paper and ferro alloys E-mail: [email protected] Website: www.innovasjonnorge.no/usa Editor Main Import Commodities serbia Minneapolis – Consulate General Robert Moses nicaragua Beograd – Embassy Transport equipment, machinery, chemicals, textiles and metal products Bern – Embassy 800 Foshay Tower; 821 Marquette Avenue, Minneapolis Managua – Embassy Uzicka 43, YU-11040 Beograd Bubenbergplatz 10, CH-3011 Bern MN 55402 Plaza España, 100 mtr. al Oeste, Managua Tel: +381 11 367 0404-05, Fax: +381 11 369 0158 Copy Editor Tel: +41 31 310 5555, Fax: +41 31 310 5550 Tel: +1 612 332 3338, Fax: +1 612 332 1386 Tel: +505 2 665197-9, Fax: +505 2 663303 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Ed Milsom E-mail: [email protected] New York – Consulate General syria nigeria Singapore – Embassy/Innovation Norway 825 Third Avenue; 38th floor, New York, NY 10022-7584 Contributing Journalists Damascus – Embassy Tel: +1 212 421 7333, Fax: +1 212 754 0583 Abuja – Embassy 16 Raffles Quay; No 44-01 Hong Leong Bldg. Valeria Criscione, Ed Milsom and David John Smith Shaheen Bldg., 1st floor, Ahmad Shawki Street, Jahez Garden, E-mail: [email protected] Plot 1529, T.Y. Danjuma Street, Asokoro, Abuja Singapore 048581 Malki, Damascus Tel: +234 9 3149127, Tel. satellite: +882 165 420 7489/ Tel: +65 6220 7122, Fax: +65 6220 2191 Tel: +963 11 611 5053 / +963 11 611 5185 New York – Innovation Norway (Tourism) +882 165 420 7515, Fax: +234 9 3149309 IN, Tel:+65 – 6 222 1316, Fax: +65 – 6 224 7079 Layout Fax: +963 11 613 1159 655 Third Avenue, Room 1810, New York, NY 10017-9111 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Bjørnulf Jensen E-mail: [email protected] Tel: +1 212 885 9700, Fax: +1 212 885 9710 Website: www.innovasjonnorge.no/singapore E-mail: [email protected] pakistan Website: www.innovasjonnorge.no/usa Profile Reservation tanzania Islamabad – Embassy Dar es Salaam – Embassy Joakim Bjørnebye, Bård Eriksen, Milaim Tafaj, H 25, Str. 19, F 6/2, Islamabad slovakia 160; Mirambo Street, Dar es Salaam San Francisco – Consulate General/Innovation Norway 20 California Street; 6th floor, San Francisco, CA 94111-4803 Henrik Lae, Eric Björklund Tel: +92 51 227 9720-23, Fax: +92 51 227 9729 Bratislava – Embassy Tel: +255 22 211 3366, Fax: +255 22 211 6564 E-mail: [email protected] Palisády 29, 811 06 Bratislava E-mail: [email protected] Tel: +1 415 986 0766-8, Fax: +1 415 986 3318 Tel: +421 2 59 10 01 00, Fax: +421 2 59 10 01 15 IN, Tel: +1 415 986 0770, Fax: +1 415 986 7875 Production & Distribution Manager E-mail: [email protected] E-mail: [email protected] palestinian territory E-mail: [email protected] Frode Gulestøl Al Ram – Representative Office to the Palestinian authorities Bangkok – Embassy Website: www.innovasjonnorge.no/usa (West Bank/Gaza) slovenia UBC II Building, 18th floor, 591 Sukhumvit Road, Soi 33, World Bank Building (c/o Rosary Sisters Convent) Ljubljana - Embassy Printing Bangkok 10110 Washington DC – Embassy/Innovation Norway Dahiat Al-Bareed, Al Ram, West Bank Adjovscina 4/8, 1000 Ljubljana Tel: +66 2 302 6415, Fax: +66 2 262 0218 2720 34th Street N.W., Washington DC 20008-2714 Merkur-Trykk AS Tel: +972 2 234 5050, Fax: +972 2 234 5079 Tel: +386 1 300 2140, Fax: +386 1 300 2150 E-mail: [email protected] Tel: +1 202 333 6000, Fax: +1 202 337 0870 E-mail: [email protected] E-mail: [email protected] IN, Tel: +1 212 421 9210, Fax: +1 202 337 0870 E-mail: [email protected] turkey south E-mail: [email protected] philippines Ankara – Embassy Website: www.innovasjonnorge.no/usa Manila – Embassy Johannesburg – Innovation Norway Kirkpinar Sokak No. 18; 06540 Cankaya, Ankara Petron Mega Plaza Bldg., 21st floor 14th Floor, Sandton City Office Tower The NORWAY EXPORTS series provides timely, Tel: +90 312 405 8010, Fax: +90 312 443 0544 358 Senator Gil Puyat Avenue, Makati City, Metro Manila PO Box 785436, Sandton 2146 E-mail: [email protected] venezuela in-depth information on a selection of Norwegian Distribution Tel: +63 2 886 3245-49, Fax: +63 2 886 3384 Tel: +2711784 8150, Fax: +2711784 8153 Caracas – Embassy E-mail: [email protected] E-mail: [email protected] companies, products and services in over 15 industrial Norway Exports – Investing in Norway is distributed through the following channels: Istanbul – Innovation Norway Centro Lido, Torre A, Piso 9, Oficina 92-A; Avenida Fransisco Website: www.innovasjonnorge.no/sorafrika Aytar Cad., Aydin Sokak, Aydin is Merkezi de Miranda, El Rosal, Caracas sectors. • Norwegian embassies and consulates abroad A Blok No: 2, D:7,1 Levent, TR-80620 Tel: +58 212 953 0671 / 0269 / 1973, Fax: + 58 212 953 6877 poland Pretoria – Embassy E-mail: [email protected] • Innovation Norway’s offices Warsaw – Embassy Tel: +90 212 2844 362 / 63 / 65 1 Parioli Building A2, 1166 Park Street, Hatfield 0083 Fax: +90 212 2844 364 • The Norwegian Ministry of Foreign Affairs’ offices abroad ul. Fr. Chopina 2A, PL-00-559 Warsaw Tel: +27 12 342 6100, Fax: +27 12 342 6099 NORWAY EXPORTS is distributed free of charge Tel: + 48 22 696 4030, Fax: +48 22 628 0938 E-mail: [email protected] • The Norwegian Ministry of Trade and Industry E-mail: [email protected] Website: www.innovasjonnorge.no/tyrkia vietnam through the Innovation Norway offices and Norwegian E-mail: [email protected] Hanoi – Embassy/Innovation Norway • The Research Council of Norway’s contacts and networks foreign service missions (see inside back cover), 10th Floor, Block B, Vincom City Tower1, • The Association of Norwegian Students Abroad’s (ANSA) contacts and networks Warsaw – Innovation Norway south korea uganda 191 Ba Trieu Street, Hanoi industrial partners and at major conferences and trade c/o Royal Norwegian Embassy Seoul – Embassy Kampala – Embassy IN, Tel: +84 4 3974 2930, Fax: +84 4 3974 3303 • The Confederation of Norwegian Enterprise’s (NHO) contacts and network Warta Tower, ul. Chmielna 85/87 258-8 Itaewon-Dong, Yongsan-Ku, Seoul 140-200 E-mail: [email protected] fairs around the world. 8 Acacia Avenue, Kololo, Kampala • Norwegian Chambers of Commerce worldwide PL-00-805 Warsaw Tel: + 82 2 795 6850, Fax: +82 2 798 6072 Tel: +256 41 343621, Fax: +256 41 343936 E-mail: [email protected] • Official state delegations in Norway and abroad Tel: +48 22 581 0 581, Fax: +48 22 581 0 981 E-mail: [email protected] E-mail: [email protected] Website: www.innovasjonnorge.no/vietnam E-mail: [email protected] For participation in or more information about Website: www.innovasjonnorge.no/polen Seoul – Innovation Norway zambia NORWAY EXPORTS, please contact Recipients of Norway Exports – Investing in Norway will include: co/ Royal Norwegian Embassy, Commercial Section ukraine 22F S-Tower, 116 Shinmunno 1-ga, Jongno-gu, Kiev – Embassy Lusaka – Embassy Findexa Forlag AS, tel: +47 21 50 80 00 • Relevant industry contacts in both the public and private sectors in Norway and abroad portugal Seoul 110-061, KOREA Vul. Striletska 15, 252034 Kiev Corner Birdage Walk / Haile Selassie Avenue, Lusaka • Relevant departments, politicians, and county and township offices in Norway Lisbon – Embassy/Innovation Norway Tel: +82 2 767 2650, Fax: +82 2 767 2701 Tel: +380 44 590 04 70, Fax: +380 44 234 0655 Tel: +260 1 252188, 252626, 252637, Fax: +260 1 253915 or send an enquiry to [email protected] Avenida D. Vasco da Gama 1, P-1400-127 Lisbon • Attendees of international events, meetings and trade shows where Innovation Norway E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Tel: +3512 1301 5344, Fax: +3512 1301 6158 Website: www.innovasjonnorge.no/korea zimbabwe or Norwegian embassies are represented E-mail: [email protected] All NORWAY EXPORTS publications can be E-mail: [email protected] united arab emirates Harare – Embassy downloaded at www.nortrade.com Website: www.invnovasjonnorge.no/portugal Abu Dhabi – Embassy Madrid – Embassy Hamdan Street, Al Masoud Tower; 10th floor, Abu Dhabi 5 Lanark Road; Belgravia, Harare Edificio “La Piramide”, Paseo de la Castellana 31, 9 piso, Tel: + 971 2 621 1221, Fax: +971 2 621 3313 Tel: +263 4 252426, Fax: +263 4 252430 The graphic design of this publication, including the romania 28046 Madrid E-mail: [email protected] E-mail: [email protected] Bucharest – Embassy/ Innovation Norway Tel: +34 91 310 3116, Fax: +34 91 310 4326/319 0969 font “Aeroportal”, is used with the permission of the Strada Dumbrava Rosie 4; 020463 Bucharest E-mail: [email protected] – Innovation Norway Norwegian Ministry of Foreign Affairs. It is not to be Tel: +40 21 2121 22 023/028, Fax: +40 21 21 22 038 co/ Det Norske Veritas E-mail: [email protected] P.O. Box 11539 used without the Ministry’s prior consent. Website: [email protected] 14th floor, Burjuman Office Tower Dubai U.A.E Tel: +971 4 352 20 21 Copyright © 2008 Findexa Forlag AS E-mail: [email protected] NORWAY EXPORTS is printed on chlorine-free paper. Website: www.innovasjonnorge.no/uae

Cover photo: Oslo Børs table of contents

3: Message from the Norwegian Minister of Finance Kristin Halvorsen 4-7: Presentation of Cooperative Partners 8-24: Investing in Norway Articles

8: Invest in Norway – A Wealthy & Opening Economy

10: London Calling

14: Private Equity – Nothing Ventured, Nothing Gained

16: Board Room Revolution

18: A Watchful Eye

20: DnB NOR – A Door Opener to Norway

22: Model Behaviour 26-33: Alphabetical List of Participating Companies

alphabetical list of participating companies

DnB NOR Bank ASA – International Banking Services ...... 26 Bull & Co Advokatfirma AS – Law Firm Specialized in Business Law ...... 28 Nord Pool Group – Power Exchange...... 29 Norges Bank – Central Bank ...... 30 Odin Fund Management – Active Management Company...... 31 Onsagers AS – Intellectual Property Protection...... 32 Wiersholm, Mellbye & Bech, Advokatfirma AS – Business Law...... 33

SPECIAL THANKS TO: Minister of Finance Kristin Halvorsen, The Norwegian Ministry of Finance, Oslo Børs VPS, Norges Bank, The Confederation of Norwegian Enterprise

investing in norway 1 2 message from the norwegian minister of finance © Rune Kongsro

Norway has the maritime industry, chemicals, fertilizers internationally and domestically. In the a stable and solar technology – just to name but management of the Pension Fund, there economy with a long-standing record of a few. Our highly-educated population is a high degree of transparency, and political stability and fiscal responsibility, fits well with the country’s open and this pertains to all aspects of the Fund’s and boasts a sizeable petroleum surplus, a knowledge-based economy, where purpose and operation. sound banking system and a healthy stock international trade is of utmost importance. exchange. Although facing challenges in The Norwegian Government is committed the current economic environment, the Norway’s trade policies and international to transparency, ethics and ongoing social country, the Government and the people cooperative network support this goal of responsibility in regards to such important of Norway are confidently prepared to active global trade. We are a member of issues as climate change. Through policy continue the positive economic progress the European Economic Area (EEA) and as and a consistent course of strategic of the past years. such, a participant in the European Internal action, the Ministry of Finance with the rest Market. The EEA Agreement is focused of the Norwegian Government is working In the last four years Norway has on four fundamental market pillars – the to promote environmental responsibility experienced its strongest expansion freedom of movement of goods, persons, with a Norwegian financial policy that since the 1950s thanks to its vast wealth services and capital. This is a fundamental includes the environmental challenge as of petroleum resources as the world’s aspect of the Norwegian economic an integral part of its activities. third largest gas exporting nation and structure. Beyond the EAA, Norway works fifth largest oil exporter. With a relatively through its global network to facilitate This issue of Norway Exports – Investing low unemployment rate compared to its transparent, fair and competitive trade and in Norway – provides an insight into the international peers, the country ranks economic policy. Norwegian financial sector, and I hope second in the world on the United Nation’s that it encourages potential investors and human development index as the best Norway is a country with a strong companies to seriously look at the financial place to live. economy and Oil Fund (Pension Fund), possibilities that Norwegian cooperation and it is our belief that the Norwegian can provide. Norway has forged ahead in global terms, fund has a potential to positively influence continuing to gain in its reputation as a international financial markets through world-class market leader in a variety of enhancing market liquidity and financial sectors that include offshore technology, resource allocation. Transparency renewable energy, hydropower, shipping, is essential - it builds trust – both

kristin halvorsen Minister of Finance

investing in norway 3

the gateway to world-class investment opportunities

Oslo Børs VPS is an essential part of the Telenor, Yara International, Renewable cap companies in Norway, the Far East, financial infrastructure in Norway and Energy Corporation, Norsk Hydro, the Middle East, Europe and the Americas. offers: DnB NOR, Orkla and many more. • Three modern and effective The Norwegian securities market marketplaces for securities, bringing Investor access is provided by the is regulated in accordance with EU domestic and international investors brokerage firms that are members of any directives. All companies within the Oslo together with world-class issuers of our three marketplaces. The majority Børs VPS group that offer listing, trading, • Clearing and settlement of listed and of these are international firms, and this clearing, settlement and registration unlisted securities is one explanation for the high degree of services are licensed and supervised by • Registration of ownership in listed and international capital invested in the Oslo the Norwegian authorities. unlisted securities market. • Central Counterparty for derivatives Marketplaces • On-line solutions for trading in securities The energy, shipping and seafood sectors The group operates three marketplaces. and real-time presentation of market are well represented both in Norwegian Oslo Børs is a fully regulated exchange data business and in the securities listed and market where shares, bonds, exchange traded in our markets. In these clusters traded funds, derivatives on individual The Oslo market is the gateway for we offer investment opportunities in stocks and the OBX index (25 most liquid investors who want exposure to Norway’s companies ranging from the largest shares) are listed and traded. Oslo Axess leading companies such as StatoilHydro, Norwegian businesses to small and mid- is a fully regulated market for shares, while Oslo ABM is an alternative bond market.

The Scan-REF conference brought together the world’s experts within energy. Here pictured are Oslo Børs employees in dialogue with Scandinavian Renewable Energy Forum attendees. © Oslo Børs VPS

4

Securities are listed and traded in Oslo Clearing offers clearing and The services offered by VPS make it accordance with requirements similar settlement for derivatives and acts as a easier and more efficient for issuers to those found in leading financial central counterparty for standardized and to raise capital and manage their markets. Emphasis is placed on tailor-made derivatives. They also offer securities registers, and give investors corporate governance, investor relations, clearing of bilateral borrowing and lending the reassurance that they will be able transparent reporting and real-time market contracts for securities quoted on Oslo to exercise their rights as owners of surveillance. Trading rules and trading Børs. securities. systems are identical across the different securities, irrespective of marketplace. Both VPS and Oslo Clearing are integrated Information solutions with the Norwegian banking system for Oslo Market Solutions supplies brokerage Information and price data from all three fully automated money transactions. firms and banks with solutions offering marketplaces are distributed in real-time their customers the possibility to through Norwegian and international Registration of ownership trade securities on-line. Solutions that newswires. VPS develops and markets services that collect, process, distribute and present provide investors and companies with information on financial instruments and Clearing and settlement updated information on their securities markets are sold to financial institutions, VPS (The Norwegian Central Securities accounts and registers. VPS offers media and listed companies. Depository) offers clearing and settlement securities accounts for individual investors for shares, bonds, exchange traded funds held in their own name as well as accounts and mutual funds. Securities may be listed for financial institutions operating as or unlisted, and settlement is conducted in nominees on behalf of non-Norwegian accordance with international standards. investors. The Norwegian market enjoys a high settlement rate. Box 460 Sentrum • NO-0105 Oslo Tel: +47 22 34 17 00 Website: www.osloborsvps.no

Listing of the Bergen Group on the Oslo Børs in June 2008. Pictured third from left is President and CEO of Oslo Børs Bente A. Landsnes. Magnus Stangeland, chairman, main shareholder and founder of the Bergen Group, had the honor of “ringing the bell”. © Oslo Børs VPS

investing in norway 5 ADD OSLO TO YOUR PORTFOLIO Photo: PA Resources AB Photo: PA Photo: Wilh Wilhelmsen ASA Wilh Photo:

Energy Shipping

Seafood Industry Photo: Norsk Hydro ASA Photo: Norsk Hydro Photo: Marine Harvest ASA Photo: Marine Harvest

The safe way to access the Norwegian market Listing – Trading – Clearing and Settlement – Information Services

6 www.oslobors.no – We give local ideas global opportunities

Innovation Norway offers products and services to increase innovation in industry throughout Norway, to help develop the regions and promote Norwegian industry and export, and to market Norway as a tourist destination.

With offi ces in more than 30 countries Our Services Our results worldwide and in all Norwegian counties, Innovation Norway assists the entirety of Innovation Norway supports the profi table Innovation Norway is easy to reach. Norwegian industry, but has particular development of industry in both individual responsibility for aiding entrepreneurs companies and in society at large. Our staff has knowledge of local and and assisting small and medium-sized international factors that will help turn companies with an ambition and potential • Innovation Norway contributes to the our customers’ ideas into successful for growth. creation and securing of 8,000 jobs business ventures. annually. Our programmes and services are based on fi ve types of services: fi nancing • Customer surveys show that almost services, advisory services, network 80 percent of projects funded by services, competence services and Innovation Norway would not have profi ling services. been feasible without our contribution.

Innovation Norway’s main goal is to make Norwegian businesses become competitive, both locally and globally.

Through our offi ces in Norway and abroad, our clients also gain access to services from other public Norwegian agencies. Innovation Norway P.O Box 448 Sentrum NO-0104 Oslo, Norway Tel: +47 22 00 25 00 Fax: +47 22 00 25 01

[email protected] www.innovationnorway.no

Innovation Norway took over the tasks of the Norwegian Trade Council, the Norwegian Industrial and Regional Development Fund, the Govt. Consultative Offi ce for Inventors and the Norwegian Tourist Board on January 1, 2004.

investing in norway 7 invest in norway – a wealthy & open economy

By Valeria Criscione

In the last four years, Norway has experienced its strongest expansion since the 1950s thanks to its vast wealth of petroleum resources as the world’s third largest gas exporting nation and fifth largest oil exporter. It ranks as the second best place to live in the world on the latest United Nation’s human development index. And while other nations struggle with ballooning budget deficits, the country has channelled its oil surplus into the NOK 2.1 trillion Government Pension Fund – Global, the second largest sovereign wealth fund in the world.

It’s Very Much about the Oil high ownership distribution in listed about one-third in fertilizer producer Yara Norway’s oil adventure began in 1969 companies on the Oslo Stock Exchange and banking group DnBNOR, as much as with the discovery of the Ekofisk field in (Oslo Børs). Foreign investors have held 44% in aluminium company Norsk Hydro, the . Over the course of four the leading ownership position since 54% in telecom Telenor and two-thirds of decades, the petroleum industry has October 2005, according the Norwegian StatoilHydro. generated more than NOK 6 trillion in Central Securities Depository (VPS). The value creation. Norwegian central and local government Attractive Place for Investors recently reclaimed the top spot in October Norway is politically stable, has a well- Today, oil and gas exploration continues 2008 with a 39% holding in shares and educated population, and is known for its to dominate as the main industry in primary capital certificates, followed by good management, drive and initiative, Norway and draws the biggest amount foreign investors with 34%. This is perhaps and knowledge base in areas such as oil of direct foreign investment capital in not surprising given that the government service. The country also has a regulatory Norway, according to Statistics Norway. is the single largest shareholder in environment that is conducive to business. A foreign direct investment is defined as Norway’s biggest companies, owning It scored in the top ten among 181 a shareholding of more than 20% in a economies in the World Bank Group’s company, either public (ASA) or private Doing Business 2009 report on ease limited (AS), including debt. Sweden tops of doing business, registering property, the list as the largest investing country in trading across borders, enforcing

Norway, followed by the , © Guri Dahl/SMK contracts and closing a business. , the Netherland and the United Kingdom. The underlying trend has “Norway has a legal system that you can been a steady increase in foreign direct trust,” said Tor Steig, senior economist investments in Norway from NOK 195 at the Confederation of Norwegian billion in 1998 to NOK 583 billion in 2006, Enterprises (NHO), Norway’s main according to Statistics Norway. These business and employer organization. “We numbers exclude foreign companies’ have better regulation in general, such portfolio investments in stocks below 20%. as in the banking sector, and we have competent people on an egalitarian wage Another measure of foreigner investors’ scale.” appetite in Norway can be seen in the

Jens Stoltenberg, Prime Minister of Norway. 8 The country is also competitive on “Norway is in a unique position to use therefore dramatic,” said Steig. “Norway an international scale. The IMD World its fiscal muscle,” said Bruun. “With a has experienced only one other recession Competitiveness Yearbook ranked general election next autumn (2009), the since the 1930s, in 1988/99.” Norway 11th out of 55 countries in 2008 government has both the means and the ahead of Ireland, Taiwan, Austria, Finland incentive.” However, “Norway is still in a better and based on economic position than most countries,” said performance, government efficiency, This is not to say that Norway will not be Svein Gjedrem, Norway Central Bank business efficiency and infrastructure. affected. The Nordic nation is an open, Governor, in connection with the release Another study by The World Economic raw materials based economy as an oil, of its monetary policy report in October Forum listed Norway as the 15th most metals, fertilizer and seafood producer. 2008. “The current account balances competitive economy among 131 NHO has recently forecasted Norway will and government finances are solid. The countries in the 2008-2009 edition of be in recession in 2009 for the first time Norwegian banking system is not large, the Global Competitiveness Index. Here since the 1989 bank crisis. The contrast and the financial position of Norwegian the country scored high on areas such with the five years of economic upturn is banks is sound.” as protection of minority shareholders’ interests, public trust of politicians, ethical Facts About Norway behaviour of firms, government surplus, Capital city: Oslo ease of access to loans, venture capital Government: Three-party coalition (Labour, Socialist Left and availability, technological readiness, higher Centre) led by Prime Minister Jens Stoltenberg. education and training, cooperation in Next general election set for September 2009. labour-employer relations, and reliance on Population: 4.7 million inhabitants professional management. Area: 385,199 square kilometres International borders: Sweden, Finland, Russia Going Forward Languages: Norwegian (two forms: Bokmål and Nynorsk) and It is thanks in part to this vast oil wealth Sami (equal status with Norwegian in parts of Troms that the country should weather the and Finnmark counties) current global economic downturn better Current Account Balance 2007: NOK 350 billion than some. Stein Bruun, Chief Economist Current Account 2007 (% of GDP): 15.4 Norway at SEB Enskilda, points out the GDP 2007: NOK 2.277 trillion country still has a high level of investments GDP per capita 2007 : NOK 483,725 in offshore activities (i.e. the petroleum sector); the Government’s proposed fiscal budget for 2009 is expansionary and may Norway Economic Forecast (% change) include more spending; and lower short- 2007 2008 2009 term interest rates tend to have more of an Gross Domestic Product: 3.7 1.5 0.25 immediate effect in Norway because of the Mainland GDP: 6.2 2.0 -0.5 exceptionally high amount of floating rate Gross fixed investment 9.3 3.5 -6.0

mortgages (only 7% of Norwegian take out Fixed investment, mainland 9.4 1.75 -9.5 © NHO half-year report 2008, fixed-rate home loans). Petroleum investment 5.5 7.5 7.5

Consumer Price Index: 0.8 4.0 3.0 Macroeconomic projections (Nov. 2008) Unemployment Rate: 2.5 2.5 3.5 Current Account (% of GDP) 15.4 18.75 15.0

investing in norway 9 london calling

By Valeria Criscione & David John Smith

The Norwegian stock exchange, Oslo Børs, is rapidly changing to meet the needs of its local and international clients and an increasingly competitive financial market. The exchange just announced a preliminary agreement for a strategic partnership with the London Stock Exchange Group and plans to launch a new trading system by 2010. Earlier this year, Oslo Børs’ merger with the Norwegian Central Securities Depository (VPS) became operationally complete.

New realities banking group DnB, helping quadruple the To counter these challenging times, Oslo The Oslo Børs has experienced total market value of all listed companies Børs is working with measures to improve tremendous growth in the last years to NOK 2.2 trillion from 1998-2007. its efficiency and is committed more than following an unprecedented wave of initial ever to its role as the Norwegian exchange public offerings and rising stock market But there are new realities ahead. Stock and the exchange for energy, shipping and values. The Norwegian government exchanges are faced with declining global seafood. sold shares in its largest companies, oil stock markets, lower oil prices, economic giant Statoil, telecom group Telenor and slowdown, and tighter lending conditions The exchange has a good vantage point. world-wide. As of November 2008, the Norway remains an attractive place for value of listed companies had more than investors with foreigners still accounting halved to NOK 985 billion from last year. for about one-third of all equity ownership. Oslo Børs. © Oslo Børs/Stein Henningsen

10 The country has a stable government, Italian exchange, Borsa Italiana, and is This partnership will gradually replace the high government ownership in stocks – a active in the provision of derivatives, fixed current one with the Nordic exchanges stabilizing factor for the markets these income and post trade services. LSEG’s (Stockholm, , Helsinki and days – and an oil-fuelled current account trading system TradElect is used by the Reykjavik) and the Baltic exchanges surplus of NOK 362 billion. The IMD World Johannesburg Securities Exchange, as (Tallinn, Riga and Vilnius) through NASDAQ Competitiveness Yearbook ranked Norway well as by LSE and Borsa Italiana. OMX, once the transfer to the new trading 11th out of 55 countries in 2008 based system with LSE is in place. The existing on economic performance, government “London is the financial centre of Europe. Nordic partnership dates back to 2001 efficiency, business efficiency and We are therefore very pleased that we when Oslo first joined together with the infrastructure. both see opportunities through a strategic Stockholm Exchange (OM Gruppen). The partnership,” said Bente A. Landsnes, agreement at that time was important London Stock Exchange Oslo Børs chief executive. “Recent in setting up a common trading system, Partnership years have seen very strong growth rules, and methods to attract more The exchange’s recently announced in investment interest in Norwegian broker members to Oslo Børs and getting strategic partnership with London Stock companies by the international markets, more international participation. The Exchange Group (LSEG), Europe’s leading and in particular by the UK market. The new agreement will help broaden Oslo’s exchange business, should be a strong LSE has a sizeable network of member distribution network even further through positioning point going forward. Under a firms in this market, made up of about LSE’s wider member network. Oslo Børs letter of intent signed December 2008, 240 investment firms with a broad currently has 35 foreign members and Oslo Børs and LSEG will cooperate on geographical spread, and we believe 23 Norwegian. Foreign investors own market and product development and that this network will play a positive role about one-third of the market value of a deepening of ties between the two in creating greater investor interest in listed stocks, but account for around markets. LSEG also encompasses the Norwegian companies and the Norwegian 70% of average daily trading volume. market.” © Oslo Børs/Christian Hatt

Bente A. Landsnes, Oslo Børs chief executive. investing in norway 11 That is due to the fact that the Norwegian “In today’s markets, you need to be cost This is natural, given that the country is government, which also owns about effective not only on trading, but also a major oil and gas producer, ranking as one-third of listed companies, is a more on the whole value chain, including post the world’s third largest gas exporting passive investor. trading services,” said Lisbeth Lindberg, nation and fifth largest oil exporter. But Oslo Børs sales and marketing director. the exchange is also heavy represented Oslo Børs VPS “By joining forces, we can deliver more by shipping companies, which represent Another competitive advantage has cost efficient services to participants. an important component of the industrial been the recent merger between the The clearing and settlement procedures sector comprising 13% of all listed Oslo Børs and the Norwegian Central are currently being examined and we companies. Its other significant industry Securities Depository (VPS), which are currently working to see how we can is seafood, part of the consumer staples became operationally complete in June streamline our offer.” sector (see graph). 2008. The new group, Oslo Børs VPS, contributes to value creation in Norway by Energy, shipping & seafood “We have been marketing ourselves simplifying and developing the country’s Oslo Børs aims to be competitive on a towards international companies infrastructure. It offers services and broad range of sectors. The energy sector operating within energy, shipping and products that range from listed companies currently dominates the stock exchange seafood because we can offer a cluster raising capital through to efficient trading, with some 50% of market capitalization that comprises industrial knowledge, settlement and registration for various of listed companies on the Oslo Børs, financial know-how, experienced analysts, types of financial instruments, as well as comprising everything from integrated oil financial advisors, lawyers and investment Internet-based information solutions. Oslo and gas to exploration and production, audience, combined with a good Børs VPS includes subsidiaries Oslo Børs, drilling, equipment and services, to distribution capacity,” said Lindberg. “By VPS, Oslo Clearing (formerly VPS Clearing) storage and transportation companies. listing in Norway, companies attract global and Oslo Market Solutions (formerly Manamind).

Oslo Børs – Market Capitalisation by Sector © Oslo Børs

12 capital. There are 35 foreign brokerage Oslo Børs stipulates that companies The exchange also emphasizes market houses here. US and UK investors are listed must publish an annual statement surveillance and has dedicated a the dominant foreign investors and 49 of on the company’s principles for large team to conducting real-time the 263 companies listed are domiciled corporate governance in accordance surveillance (see separate article). Oslo outside Norway.” with the Norwegian Code of Conduct Børs is committed to providing investors, for Corporate Governance. A provisional companies and brokerage firms with well Investor confidence version of the code was first published functioning marketplaces where listing, The exchange believes that transparent in December 2003 but was later revised capital raising, as well as long-term and reporting, good investor relations and in November 2007 by the Norwegian short-term trading, take place on well- good corporate governance play key roles Corporate Governance Board. The board regulated and transparent conditions. in creating shareholder value and building was established by nine organizations Its wide distribution capacity safeguards investor confidence, and therefore helps that support the code of practice: a liquid market with access to both to ensure an optimal cost of capital. Its Norwegian Shareholders Association, Norwegian and international capital. corporate government standard is in line Norwegian Institute of Public Accountants, Through Oslo, investors worldwide are with Europe. Even though Norway is not Institutional Investor Forum, Norwegian exposed to an investment universe ranging an EU member, all the European Union Financial Services Association, from the largest Norwegian enterprises regulations regarding financial markets Norwegian Society of Financial Analysts, to domestic and international companies have been implemented into Norwegian Confederation of Norwegian Enterprises, operating within energy, shipping and law because of compliance with the Norwegian Association of Private Pension seafood. The future partnership with the European Economic Area (EEA). Funds, Oslo Børs, and Norwegian Mutual London Stock Exchange is expected to Fund Association. further enhance the attractiveness of the Oslo market.

Trading Volumes on Oslo Børs © Oslo Børs

investing in norway 13 private equity – nothing ventured, nothing gained

By Valeria Criscione

Norway’s private equity market dates back to the mid 1980s when venture capitalists such as Birger Nergaard moved back home to Norway from California – the centre of the private equity revolution – to found Four Seasons Venture, now known as Verdane Capital Advisors. More than 20 years later, Norway has grown to become the second largest venture capital player in the Nordic region after Sweden.

The largest growth spurt came in 2006, The bulk of new portfolio companies Herkules is typical of the Norwegian when the Norwegian private equity making up the Norwegian private equity private equity industry in that it targets industry raised around EUR 1.7 (USD market are information, communication, companies located in the Nordic region, 2.2) billion in new capital, according to and technology (ICT) companies, a primarily Norway. Herkules I owns the Norwegian Venture Capital & Private trend that dominates internationally as Pronova BioPharma, Noratel, Handicare, Equity Association (NVCA). In the first half well. However, the country is heavily European Beds, and D&F Group; Herkules of 2008, seven new funds raised another represented by the oil and energy sector II holds Nille, Micro Matic Norge, Nordic EUR 1.5 billion to reach EUR 6.7 billion as the world’s fifth largest oil exporting Interior Group, Hatteland Display, EFG in total capital under management. The nation. Energy and environment received European Furniture Group, Aibel, Network industry has invested less than half that more than half of all investments in the first Electronics and Maarud/Estrella and amount, leaving the potential to unleash half of 2008. Herkules III holds Gothia. EUR 3.7 billion in seed, venture and buyout investments over the coming years. Herkules Leads the Pack Foreigners at the Gate The current industry leader in Norway At first glance, it would look as if all the “The Norwegian Private Equity funds have is Herkules Capital (previously known activity is taking place within the country. really gained spending power in the past as Ferd Equity Partners), which was Norwegian private equity funds have couple of years,” said Knut T. Traaseth, established as a separate external fund invested in 431 Norwegian companies Secretary General of the NVCA. “The by tobacco billionaire Johan H. Andresen industry has matured and they can now and managing partner Gert W. Munthe in

compete on international deals.” 2003 under a limited partnership © NVCA agreement. The Norwegian private equity industry has typically spent the greatest amount Herkules recently raised NOK 6 billion in venture capital, i.e. investments made (USD 870 million) in the largest fund ever for the launch, early development, or by a Norwegian private equity company expansion of a business, whereas the (Herkules III) and paid NOK 5.7 billion for international private equity industry oil service company Aibel in 2007 in the traditionally has leaned towards buyout largest ever Norwegian private equity investments. However, there has been a buyout. Herkules currently has NOK recent shift in Norway towards buyouts, 12.3 billion under management in its according to the NVCA. The buyout three funds. Andresen’s company Ferd segment is now almost equal in size holds about 50% in the first two funds, but with venture, representing nearly 40% of only 7% of the last. investments. Knut Traaseth, Secretary General of the Norwegian Venture Capital & Private Equity Association (www.nvca.no). 14 versus 185 foreign. In 2007, 80% of the “In general there will be more international current financial turmoil has led to a re- money came from Norwegian investors. capital flowing into the market,” she pricing of Norwegian companies, thus Foreign funds, on the other hand, have added. opening up for buying opportunities for invested in 35 Norwegian companies. international investors. And as it become In the first half of 2008, foreign funds Norway presents itself as an interesting more expensive with the credit crunch invested EUR 92 million in Norway, which investment case going forward. The to borrow money from banks, more means that every sixth Euro invested in country boasts a higher number of firms companies will become open to private Norway was made by a foreign fund. with EBITDA margin over 20% than equity and financial partners Sweden (6,768 versus 5,773), according But, there are clear signs of a more to Gjermund Grimsby, a senior economist “This market opens up for great international approach to capital raising at Norwegian consulting group Menon opportunities for private equity activities among Norwegian funds. Business Economics. Moreover, the companies,” said Traaseth. Kathryn Baker, NVCA chairwoman and partner at Norwegian private equity company Reiten & Co, has seen this trend. International investors did not invest in Reiten’s funds until 2004, and the level was 34%. In 2007 that figure doubled to 70% when it raised EUR 260 million in its seventh and largest fund to date.

“For many years the Norwegian (private Source: MENON Business Economics/ NVCA equity) market was viewed as small and insignificant, so people didn’t bother,” said Baker. “What is the market opportunity for Norwegian deals they asked? And in 2005, it was hard to prove. A lot of investors were saying ‘I would just like to watch and wait a little’. ”

“Our advice (to investors) is that it is a very wealthy country and also has a good infrastructure geared towards education, good healthcare and good underlying values. So we have a good starting point.” Source: MENON Business Economics/ NVCA

1. Establishment of new funds in Norway.

2. Capital under management (million Euro) by phase. investing in norway 15 board room revolution

By Valeria Criscione

As of January 2008, the Norwegian Government required all listed companies on the Oslo stock exchange to fill 40% of their board seats with women or face dissolution. By doing so, the country became the first in the world to demand gender balance on the boards of public limited companies, thus blazing a trail for business women worldwide. When the law was first proposed in 2002, women accounted for only 6% of Norwegian board seats. Now they command 44% – the highest level in Europe – and have inspired Spain to follow with a similar 40% quota.

But it was not without a fight. Some require at least 40% female representation In the end, no companies were dissolved. companies balked at the idea of a quota in all public committees. That provided the But the threat was an important means to when it was first brought up, saying it would springboard for applying this quota from the the Government’s end: a fairer society, a make Norway stand out as an odd country. public to the private sector. more even distribution of power, and the Some critics even feared share dumping creation of wealth in society. The quota by sceptical investors to a Government Progress at first was slow, but companies ensured that women would have more imposed gender mandate. Even the eventually complied. Some had to influence in decision making processes that Confederation of Norwegian Enterprises, scramble at the eleventh hour with rushed affect the economy in society. Norway’s main business and employers’ extraordinary general meetings over the organization, opposed the idea of a quota. Christmas period to meet the January Diversity Pays It left women wondering: why am I being 1, 2008 deadline. And then there were Studies have also shown that diversity on picked? those who chose to avoid it altogether and the board positively affects the bottom line. changed the company from an “ASA” to an A study of the US fortune 500 companies “The level of hostility and negative “AS”, or private limited liability company, to in 2007 by the US non-profit organization statements were staggering…nobody circumvent the quota. Catalyst proved having three or more wanted it,” said Elin Hurvenes, founder and Director of Norway’s Professional Boards Forum. “The outrage was not only about opening boardroom doors to women – it was about pushing men out the same doors. What they proposed really entailed was the single largest transfer of power since women won the right to vote in 1913.”

Steady Progress The revolution began in Norway’s public sector. In 1981, the country elected Gro Source: European Professional Women’s Network Board

Harlem Brundtland as its first female prime Women Monitor 2004, 2006, 2008 (www.europeanpwn.net) minister. In 1986, 40% of her cabinet ministers were female. Two years later, the equal status act was strengthened to

% Women board members by Country. 16 women on the board produced above have been offered board positions. Another challenge has been to avoid using average return on shareholder equity, sales the same woman on too many boards, and invested capital. The report found this “It gets them more visible and makes them according to Olaug Svarva, Managing to be the trend across most industries, more eager for these roles,” said Solli. “It’s Director of Folketrygdfondet (and its first from consumer discretionary to information not that they need the (board competence) female one). She said the quota has made technology. certificate. They are already well qualified. nomination committees work harder, but This gives them more confidence in that it has led to finding more names that “Clearly, financial measures excel where themselves.” were not well known. Folketrygdfondet most women serve on corporate boards,” manages the Government Pension Fund said Ilene Lang, Catalyst President, in Hurvenes practices a different approach – Norway and sits on nine nomination connection with the release of “The Bottom through her Professional Board Forum. She committees out of its NOK 113 billion Line Report”. “We know that diversity, screens out women on an invite-only basis portfolio (as of June 30, 2008) of Nordic well managed, produces better results. to meet with chairman and chief executive stock and bond investments. And smart companies appreciate that officers at her mock board exercises. She diversifying their boards with women can runs about four events per year and has “(Committees) have to look broader earlier… lead to more independence, innovation, invited close to 1,000 handpicked women do more research and interviews,” Svarva and good governance and maximize their since the forum’s inception in 2003. After said. “But we view the process as positive. company’s performance.” the first few events, about half of the women It has been for the better for the boards.” were offered board positions. Finding the Best Talent Milestones in Norwegian The next challenge was to find these Women’s History women. The Confederation of Norwegian 1907 Women granted limited right, on the Enterprises was in favour of more women in basis of income, to vote in general elections board and management, but opposed to a 1913 All women allowed the right to vote in forced quota. It responded by creating the general elections Female Future project in 2003 as means of 1921 Karen Platou becomes first woman changing attitudes. “We believe the owner elected to Parliament should decide,” said Nina Solli, Female 1978 The Gender Equality Act is passed Future Project Director. “And you don’t 1981 Gro Harlem Brundtland becomes first

change attitude by law.” © Source: Folketrygdfondet (www.ftf.no) woman prime minister 1986 Women make up 44% of cabinet The programme works by recruiting minister posts companies to find the female talent within 1988 Equal Status Act is strengthened, their own organizations. These women go ensuring 40% representation of both sexes on to attend a one-year course focusing on in all public committees board competence and management and 1993 Kirsti Kolle Grøndahl becomes first network training. Approximately half of the woman to serve as President of Parliament women who participated from 2005–2008 2006 Public Limited Company Act is amended to require at least 40% of each Olaug Svarva, current and first female sex in the boardrooms of publicly traded Managing Director of Folketrygdfondet companies within 2-year deadline (Manager of the Government Pension Fund – Norway). Source: The Equality and Anti- Discrimination Ombud (www.ldo.no) investing in norway 17 a watchful eye

By David John Smith and Valeria Criscione

When investors consider where to place their money, the safety and professionalism of the marketplace in question is vital. Knowing this, the Oslo Børs takes every precaution to ensure that investors and companies are able to undertake their business in an environment that is transparent and fair – done on a level playing field – using the most modern technology and highest level of professional expertise.

In the early nineties, Oslo Børs risked include enhanced collaboration on market necessary action and because it has a being labelled as an insiders’ market. surveillance through use of the same transparent regime to explain this complex But for the past decade, the exchange surveillance system. role of balancing the interests of market has built up one of the most professional participants. surveillance operations in Europe. The Oslo is miles away from its future London Supreme Court of Norway has handled partner, as well as other international Intelligent Use of Technology two insider trading cases recently and financial centres. Distance and cultural Oslo Børs’ surveillance team is a mix will handle the country’s first price differences can influence investors’ of experienced professionals with legal manipulation case early 2009. confidence and old rumors can live and financial background. The team has for decades. To bridge this distance, focused on a strong cooperation with its IT The Financial Supervisory Authority of Oslo Børs has been proactive in its department given that the exchange – and Norway (Kredittilsynet), the Norwegian approach, interfering if there are market in particular its surveillance function – are National Authority for Investigation irregularities, publishing statements to increasingly dependent upon complex and and Prosecution of Economic and market participants, and explaining the advanced IT infrastructure and software Environmental Crime (Økokrim) as well reason for its interference. The active solutions. as the court system work actively to approach protects market participants handle potential security crime violations. from breach of rules, and minimizes the An important part of creating a well Most cases have been detected by Oslo effects of illegal activity. The exchange regulated market with strong investor Børs’ market surveillance. In this way, the has inspired confidence in its market confidence is to recognize the importance exchange has contributed to exposing surveillance because it takes swift and of a system portfolio that supports all suspected breach of the rules in the market. Today, Oslo Børs is well regulated and can withstand any comparison with International Investors Ownership and Trading its international peers, with whom Oslo cooperates closely. © Oslo Børs International Cooperation Both Oslo Børs and the London Stock Exchange Group (LSEG) are among the exchanges that use the internationally recognized market surveillance system SMARTS to ensure the quality of their markets. Oslo Børs recently signed a letter of intent with LSEG to establish a strategic partnership, including provision of new trading systems. An agreement between Oslo Børs and LSEG would also 18 the main functions in the regulatory International investors are active in the SMARTS workflow. Oslo Børs has prioritized this for market with around one-third of invested The SMARTS Market Integrity Platform several years and achieved international capital and around 70% of total trading. comprises a suite of interconnected recognition for its advanced use of a International participation is a strong sign applications which provides the tools real-time surveillance system. The of investor confidence.” required to: exchange continuously maintains its portfolio of systems and has over the past Monitor markets: Process extremely years delivered systems and operational high and sustained volumes of trading services to all eight exchanges in the activity. Nordic and Baltic regions. Generate benchmarks: Continually Alert Factory determine what is ‘normal’ for any market The SMARTS’ Alert Factory provides a at any time, so ‘abnormal’ events above full range of knowledge based services defined thresholds can then be used to and has led to a valuable cooperation with trigger alerts.

the Nordic and Baltic exchanges that has © Stavanger Aftenblad/Kenneth Bjerga created a state of the art portfolio. Several Generate alerts: Analyze trades in of the criminal cases brought to court real-time to detect anomalies which may over the last years started with alerts. This be suggestive of insider trading, market proves that the investment taken by the abuse or other irregular issues needing exchange in regulatory systems, combined further attention. with its competent team of analysts, has given results. Facilitate analysis: Graphically show trading activity in a wide range of “Investments in advanced systems Thomas Borchgrevink, head of trading visualizations, depending on the type of and highly skilled staff have moved the surveillance at Oslo Børs. activity involved. exchange forward in terms of regulation and maintaining a fair and orderly market,” Market share international members according to Thomas Borchgrevink, head of trading surveillance at Oslo Børs. “As a result of the investments in systems, combined with our strategy of being an © Oslo Børs active exchange, the exchange has come far in its objective to run a professional market with a level of confidence comparable with the best and largest markets in the world.”

“The increased focus on market surveillance has paid off,” he added. “Since the turn of the century, Oslo Børs has attracted 35 international brokerage firms to be part of the marketplace. investing in norway 19 a door opener to norway

By Valeria Criscione

Norway’s banking sector is dominated by its “national champion”, DnB NOR. The nickname was given in the late nineties during the hectic wave of consolidation in the Nordic banking sector.

DnB NOR has been involved in a number DnB NOR’s strong position and presence financial services to seafood companies of consolidations since that period. But in its home market, as well as the Group’s and the energy industry in South America, it has remained Norwegian. After the last industry expertise within the typical opened in the summer of 2008. In total, the big merger in 2003 between DnB and Norwegian industries, have made Group has 14 international branches and Gjensidige NOR, the Group now has DnB NOR a natural door opener for representative offices. NOK 2,000 billion in total combined assets, international companies and investors much of which is managed on behalf of needing a financial partner in Norway. "Shipping, energy and seafood are households, companies, public institutions industries where Norway has an inherent and private organizations. DnB NOR is one of the world’s largest comparative advantage and long traditions, providers of finance within shipping, and it is primarily within these sectors "DnB NOR has a unique platform in the offshore and logistics, serving both that DnB NOR has built up unsurpassed Norwegian market, with a more than Norwegian and international clients. Its expertise in the financial sector," said 30% market share in all segments and a Houston office brings the Group closer to Bjerke. nationwide distribution network which no its energy clients. During close to 40 years, competitor comes close to matching," said the bank's branches in Singapore and Record of Success Rune Bjerke, DnB NOR chief executive. London have met the local requirements of "We have a long record of success in their international clients. In Luxembourg, helping companies expand into new parts Shipping, Offshore & Logistics the Group manages extensive funds on of the world based on long-term customer The bank is the market leader within behalf of its high net-worth clients. The relations, competitive products and local lending to and deposits from both retail and office in Santiago, specialized in providing presence. As part of our international corporate customers, providing its services strategy, we also assist companies seeking through a variety of channels, including 200 to expand into the Nordic region, drawing branches, 800 in-store banking outlets, on our solid understanding of the Nordic

telephone and Internet banking. The Group © DnB NOR region's economies, infrastructures and tax also owns Vital Forsikring, Norway's largest policies, while benefiting from our role as insurance company, which has a 33% Norway’s leading foreign exchange bank. market share in the life insurance market. At our FX desks, we can literally follow In total, around half of all Norwegians and more than half of Norway's foreign trade.” Norwegian companies are customers of DnB NOR.

CEO of DnB NOR Rune Bjerke. 20 DnB NOR employs about 15,000 people This entails that DnB NOR must continually 1857 Den norske Creditbank (DnC) worldwide, one-third of whom are stationed adapt to changing customer needs and established outside Norway. DnB NOR is investing behaviour, and this is only possible through 1928 Bergens Kreditbank established in training measures to promote mobility, flexible, adaptable and mobile employees.” 1975 Bergen Bank established through the adaptability and internationalization. merger between Bergens Privatbank and The Group's management development History Bergens Kreditbank programmes emphasize the importance of DnB NOR represents more than 180 years 1990 Den norske Bank (DnB) established a common corporate culture and the value of financial history, from the establishment through the merger between Den norske of network building. During 2008, there of Christiania Sparebank in 1822 to the Creditbank (DnC) and Bergen Bank were more than 20,000 participants, both formation of DnB NOR as the leading 1996 DnB acquired Vital Forsikring managers and other employees, in various Norwegian financial services group in 1999 Merger between DnB and competence initiatives. In 2007, the Group 2003. Postbanken became the first financial institution to put 2002 DnB acquired Skandia Asset together a tailor-made Master’s Programme 1822 Christiania Sparebank established Management for its employees to improve competence in 1847 Christiania almindelige gjensidige 2003 DnB acquired Nordlandsbanken the areas of international trade and cultural forsørgelsesanstalt established (Gjensidige 2003 DnB Holding ASA and Gjensidige differences. Livsforsikring – life insurance) NOR ASA completed the merger and 1855 Bergens Privatbank established established DnB NOR "DnB NOR's most important resource is the Group's competent employees, and no other organization in Norway has such a concentration of expertise within finance. One of the Group's most valuable assets and an important competitive advantage is our knowledge and understanding of our © DnB NOR customers' needs," said Bjerke.

“To ensure our customers optimal service, we require employees with the correct skills and competence throughout the Group.

DnB NOR is one of the world’s largest providers of finance within shipping, offshore and logistics. investing in norway 21 model behaviour

By Valeria Criscione

On January 20, 1998, the Norwegian Government Pension Fund – then known as the Norwegian Petroleum Fund – purchased its first shares on behalf of the country’s future pensioners. Ten years later, the fund has grown to NOK 2.1 trillion making it the second largest sovereign wealth fund after the United Arab Emirates and ahead of Singapore, Saudi Arabia and Kuwait, with an average 1% stake in all European stocks. But it has gained further international reputation in the market by blacklisting large international companies such as US retailer Wal-Mart for labour violations, while setting a model for transparency among sovereign wealth fund worldwide.

Ethical Investment Strategy polluting miners to defence contractors. ministry whether an investment poses The Government Pension Fund has Twenty of the 29 companies dropped a possible violation of the fund’s ethical based its ethical investment strategy on from the investment list were negatively guidelines. Rio Tinto, for example, three points: exercising its ownership screened out because of weapons was recently tossed out of the fund's rights; negative screening of companies production, such as EADS. But the investment universe because of severe that produce weapons; and exclusion of other nine were excluded based on their environmental damage at its mining companies that may pose a risk of human activities in relation to human rights and operations in Indonesia. rights violations, such as child labour, environmental standards. violations of individuals’ rights in war or Companies do have the ability to get conflicts, severe environmental damages, All exclusions are made on the advice of back into good graces with the fund. In gross corruption, and other serious the Council on Ethics, the governmental 2006, the Ministry of Finance reversed violations of fundamental ethical norms. advisory body that recommends to the its decision to exclude US oil company Kerr McGee from the fund’s investment “We think we can have a better economy portfolio for its oil activities offshore if we can get those kids to school,” said Western Sahara. Another example was Yngve Slagstad, CEO of Norges Bank the ministry’s decision in September 2008 Investment Management (NBIM), the to continue to pursue active ownership in manager of the fund, regarding child © Nancy Bundt/NBIM Monsanto, rather than blacklist it, because labour. it felt that contributed more significantly to reducing the use of the child labour in the The most visible strategy has been to company’s cotton seed production in India screen and exclude companies. The than simply excluding it from the list. exclusion list includes everyone from

Yngve Slagstad, CEO of Norges Bank Investment Management. 22 Active Ownership Strategy “We own about 1% of all companies on “The worry is that there is a political The other strategy, active ownership, has average in Europe, so we are a minority,” agenda,’ said Kvam. “There needs to be been run by Norges Bank Investment said Anne Kvam, NBIM head of corporate a clear division of roles and its important Management’s corporate governance governance. “Our main thing is that to show that there is no mixing. Norway team since 2006. The team works on a shareholders should be treated equally… sets a golden standard because of its 5-10 year time perspective to develop whether it is a family, a sovereign wealth transparency.” market sustainability among the 7,000 fund, a state-owned company that, as a companies where it invests. It does so by big shareholder, abuses its power at the The work does not end there. The Ministry exercising its shareholder right to vote. In cost of shareholders.” of Finance is also looking at revising its the first half of 2008, it proxy voted 90% ethical guidelines based on comments to of the time and disclosed each and every Transparency & Accountability a white paper proposed in October, the one on its website. This concern for transparency and results of which should be made public accountability has been the focus by April 2009. One of the issues that may The team works closest on 75 companies for an international working group of be addressed is the possible expansion in particular which are based on a sector sovereign wealth funds spearheaded of negative screening to include tobacco approach and six focus areas: the right by the International Monetary Fund. The companies and the introduction of positive to vote, the right to participate in board group adopted in October 2008, with screening. No matter what it does, it is elections, the right to sell, the right to the backing of Norway, a common set sure to attract international interest once information, child labour, and lobbying and of principles for the organization and again. the environment. On these companies, management of sovereign wealth funds. it is more active through annual general Known as the Santiago Principles, this meeting proposals, legal action and voluntary code guides on issues such as investment decisions. In the US for the purpose and asset allocation of the example it has been in discussions with fund, rather than ethical investing issues. the Securities and Exchange Commission about the rules governing the election of board members. Other concerns are poison pills among Japanese companies and the shareholders’ right to vote in . © Norway Central Bank

The Government Petroleum Fund – key figures. investing in norway 23 History: 2000: Five emerging market countries 2008: Plan to invest over time up to 5% The Petroleum Fund was established in added to the equity benchmark in real estate (at the expense of bond 1990 as a fiscal policy tool to support a 2002: Non-government bonds added to allocation), all emerging countries included long-term management of the petroleum the fixed income benchmark in equity benchmark revenues. Renaming the fund to the 2004: New ethical guidelines Source: Norwegian Ministry of Finance Pension Fund – Global in 2006 was part of 2006: The Government Petroleum Fund (www.regjeringen.no) a broader pension reform, highlighting also renamed the Government Pension Fund – the fund’s role in facilitating government Global savings necessary to meet the rapid rise 2007: Strategic equity allocation in public pension fund expenditures in the increased to 60%, small-cap stocks coming years. included in benchmark

1969: Petroleum discovered in the North Sea 1990: Parliament passed the Government Petroleum Fund law 1996: First net transfer to the Fund (invested like Central Bank currency reserves) 1998: Investment in equities introduced in

the benchmark (40% allocation) © International Monetary Fund

International ranking of sovereign wealth funds. 24

find new business partners in norway

At www.nortrade.com you will find up-to-date information on more than 4,000 Norwegian manufacturers and exporters within 35 different industries. There you will find a search tool which allows you to perform searches for companies, products or persons in the Norwegian Export Directory.

Thirty Industry Portals Send Online Trade Requests Subscribe to News Articles Nortrade also has 30 different industry You can send inquiries directly to one You can subscribe to news from relevant portals containing information about or more companies following a product industry sectors and companies free of companies, products and news of current search. You will receive a reply directly charge. interest. from the company.

Find Relevant Suppliers Nortrade has a comprehensive presentation of Norwegian seafood, fishing & aquaculture companies, complete with company profile pages, product pages, industry codes and news articles, along with e-mail and website links.

investing in norway 25 international financial services

DnB NOR ASA NO-0021 Oslo, Norway Tel: +47 915 03000 Website: www.dnbnor.com

DnB NOR is a leading Norwegian and Nordic banking group with over 2.3 million retail and 200,000 corporate customers. With a history stretching back nearly 200 years, the bank has played a key role in many of ’s most significant financial projects. Globally, the bank is involved in a wide range of financial activities, using its solid Nordic base to help its customers achieve success.

Thinking Together Local Presence & • Renewable Energy DnB NOR has a long record of success International Network • Seafood & Aquaculture in helping companies expand into new DnB NOR has a wide-reaching network, a • Maritime parts of the world based on long-term comprehensive range of financial services • Healthcare customer relations, competitive products and extensive expertise. The Group has • Telecommunication and Media and local presence. As part of the Group’s an international network of branches and international strategy, DnB NOR also representative offices. See map on the DnB NOR offers businesses the financial assists companies seeking to expand opposite page. tools they need to succeed in the into the Nordic region, drawing on a solid international arena. understanding of the Nordic region’s Business Know-how economies, infrastructures and tax & Expertise DnB NOR’s Internet banking service policies, while benefiting from its role as In addition to being one of the world’s for corporate customers is rated as the Norway’s leading foreign exchange bank. foremost shipping banks and a major best in Scandinavia by the institutional player in the energy sector and seafood financial service consultants Greenwich industry, DnB NOR has special expertise Associates. In addition, one unique in a number of other industries. DnB NOR international cash pool solution is an provides expert financial support in a invaluable tool for international companies, range of business sectors that include: connecting accounts in different countries • Oil & Gas in a joint cash management system. • Offshore & Logistics

Technology Healthcare Oil & Gas 26 Every Step of the Way in building long-term customer At the Leading Edge Financial expertise is the most important relationships. We believe that banking is • Norway’s leading domestic and added value we provide to our customers. people. international banking group with over 2.3 million retail and 200,000 We have in-depth knowledge of banking DnB NOR. There for you every step of corporate customers. and customer needs and are experienced the way. • More than 180 years of financial history. • Norway’s largest Internet bank, with more than 1.4 million users. • Plays a key role in many of Scandinavia’s most important financial projects

Shipping & Maritime Renewable Energy Seafood investing in norway 27 law firm specialized in business law

BULL & CO ADVOKATFIRMA AS PO Box 2583 Solli • NO-0203 Oslo, Norway Tel: +47 23 01 01 01 • Fax: +47 23 01 01 11 E-mail: [email protected] • Website: www.bullco.no

Bull & Co provides a unique combination of the very best expertise in the field of intellectual property rights with some of the best and most widely experienced Norwegian corporate lawyers. This unique combination is implemented into the service profile of the firm to ensure that its clients get the full benefit of a streamlined and practical corporate approach as well as a complete understanding of the intricacies and values of IPR.

Full-range Supplier importance of getting to know every Corporate Law of Legal Services client as well as the client’s business • Establishing a business or branch office Bull & Co has been a legal partner of environment. In a global economy, • Shareholder’s documentation business in Norway since 1864 and is clients draw advantage from Bull & Co’s • Equity holding structures a full-range supplier of legal services to widespread network of contacts outside • Corporate governance business clients. Added to substantial of Norway, covering more than 50 • Corporate secretariat expertise within company law, labour law, jurisdictions on all continents, as well as • Joint ventures tax and real property comes special from the international experience of their • Equity Finance and refinancing qualifications within the fields of intellectual attorneys. property, marketing law and competition Securities & Stock Exchange Law law. The firm has a top-tier IP-department, Services • MiFID compliance one of the largest in Norway. Bull & Co Bull & Co assists clients with: • Listing and de-listing cooperates closely with its clients to find solutions that prevent conflict and Mergers & Acquisitions Competition law create a secure framework for its client’s • Sale and purchase of enterprises • Notification to national and European generation of value. • Mergers and demergers Authorities • Restructuring • Compliance verification International Network • Financing and refinancing • Dawn raid preparedness of Contacts Bull & Co works for a wide variety of business sectors, and benefits from connections and synergies between the different sectors. The firm emphasizes the need for industry knowledge and the

28 power exchange

NORD POOL GROUP PO Box 373 • NO-1326 Lysaker, Norway Tel: +47 6752 8000 • Fax: +47 6752 8001 E-mail: [email protected] Website: www.nordpool.com

The Nord Pool group provides marketplaces for trading in physical and financial contracts comprising the Nordic countries, Germany and the Netherlands, operating the world’s largest power derivatives market and one of Europe’s largest carbon marketplaces. Nord Pool ASA has been a true pioneer in the emission markets, being the first to offer standardized contracts for emission allowances.

Nord Pool ASA recently sold its international Nord Pool’s physical market accounts for Clearing – Nord Pool Clearing ASA products, clearing, and consulting business almost 70% of the Nordic region’s power Nord Pool Clearing, a wholly-owned to NASDAQ OMX with the common objective consumption. subsidiary by NASDAQ OMX Commodities, to create a global leader in energy related enters into financial contracts as a contractual derivatives, leaving the Nordic derivatives The Financial Market – Nord Pool ASA & counterparty. Nord Pool assumes liability left in the ownership of Nord Pool. In this NASDAQ OMX Commodities AS for covering the future clearing of financial partnership, Nord Pool ASA is responsible for Nord Pool provides a marketplace where contracts in order to reduce the risk of the the exchange operations and trading activities. the exchange members can trade derivative contracts for buyers and sellers. Nord Pool NASDAQ OMX Commodities owns the contracts in the financial market. Nord Pool Clearing provides clearing for financial, international derivative and carbon products offers contracts of up to six years' duration, standardised electricity contracts traded on offering, and also operates the clearing with contracts for days, weeks, months, and off the exchange (OTC). business and offers consulting services to quarters and years. The annual traded commodities markets globally. Nordic derivatives volumes is on average Consulting – Nord Pool Consulting AS six times higher than the physical market, Nord Pool Consulting, a wholly-owned Nord Pool Services in the range of 2,200–2,600 TWh. No other subsidiary by NASDAQ OMX Commodities, The Physical Market - Nord Pool power exchange in the world can display specializes in services in the fields of Spot AS such figures. The Nordic derivate products consulting, operations and development of Nord Pool has been operating a day-ahead are owned by Nord Pool. All international international deregulated power markets. market for power since 1991 and forms the contracts are owned by NASDAQ OMX basis for all electricity trading in the Nordic Commodities, as the carbon products In total, the Nord Pool companies and market, and provides the reference price European Union emission allowances (EUAs) NASDAQ OMX Commodities have more for financial-settled power contracts. Nord and global certified emission reductions than 420 members from 22 countries across Pool Spot organizes the marketplace which (CERs) and the international German and a wide range of energy producers and comprises the Elspot and Elbas products. Dutch power derivatives. consumers, as well as financial institutions. Elspot is the common Nordic market for Nord Pool Nordic Power Volumes This secures a vital and liquid marketplace for trading physical electricity contracts with 2004–2008 November power and emission trading. next-day supply. Elbas is a physical balance adjustment market for Sweden, Finland and For more information, Denmark. The annual traded volumes on Nord please visit www.nordpool.com. Pool Spot is around 300 TWh, exceeding all other European power exchanges. investing in norway 29 central bank © Norges Bank

NORGES BANK PO Box 1179 Sentrum • NO-0107 Oslo, Norway Tel: +47 22 31 60 00 • Fax: +47 22 41 31 05 E-mail: [email protected] Website: www.norges-bank.no

1

Norges Bank, Norway’s central bank, dates back to 1816. The bank’s main job is to promote economic stability in Norway. Norges Bank has executive and advisory responsibilities in the area of monetary policy and is responsible for promoting robust and efficient payment systems and financial markets. Norges Bank also manages Norway’s foreign exchange reserves and the Government Pension Fund – Global, the world’s second largest sovereign wealth fund, currently worth NOK 2.1 trillion.

Mandate Financial Help foreign exchange reserves, and The Norges Bank Act of 1985 regulates the Norges Bank has been proactive during Government Petroleum Insurance Fund) bank’s activities. The act stipulates that the the fall of 2008 in helping stabilize • Quarterly Norges Bank’s Survey of Bank bank shall be an executive and advisory markets during the recent global financial Lending (credit supply and demand) body for monetary, credit and foreign crisis, increasing liquidity for Norwegian exchange policy. The bank issues banknotes commercial and savings banks and Facts about Norges Bank and coin, promotes an efficient payment branches of foreign banks, and cutting the • Norges Bank is a separate legal entity system domestically as well as vis-à-vis other bank’s key lending rate. Norges Bank has owned by the state countries, and monitors developments in the also included monetary support to Iceland. • The bank’s activities are regulated in money, credit and foreign exchange markets. the Norges Bank Act The act authorises the bank to implement Published Reports • Norges Bank has 540 employees (per any measures customarily or ordinarily taken • Biannual Financial Stability report (credit, 31.12.2007) by a central bank. liquidity and market risk) • The executive board is the bank’s • Tertial Monetary Policy Report (interest executive and advisory body and Objectives rate outlook, economic projections) comprises seven members, all The objectives of the bank’s core activities • Quarterly and annual NBIM Reports appointed by the King of Norway are price stability, financial stability and (Government Pension Fund – Global, • The central bank governor is chairman added value in investment management. (currently Svein Gjedrem) and the The bank can implement any measures deputy central bank governor is deputy customarily or ordinarily taken by a central chairman of the executive board bank. To carry out its purposes the bank (currently Jan F. Qvigstad) may engage in any and all types of banking • The governor is responsible for the day- business and banking services. The to-day management of the bank, and © Norges Bank/Nancy Bundt government has defined an inflation 2.5% represents the bank externally target for monetary policy in a regulation • The supervisory council ensures that pursuant to the Norges Bank Act. the rules governing the bank’s activities are observed, and adopts the bank’s 1. Norges Bank Headquarters in Oslo. budget 2. Svein Gjedrem, Norges Bank central • The council comprises 15 members, all bank governor. 2 elected by the Storting 30 active management company

ODIN FUND MANAGEMENT PO Box 1771 Vika • NO-0122 Oslo, Norway Tel: +47 22 01 02 03 E-mail: [email protected] Website: www.odinfundmanagement.com www.odinfond.no

CEO Leif Ola Rød

ODIN is an active manager that is free to invest in companies independent of size or weight in market indexes. ODIN offers Norwegian, European and global mutual funds, as well as sector related mutual funds within energy and maritime transport.

ODIN has followed the same value- in order to improve the added value and value is unpleasant, but that this is part of oriented and index-independent highlight the values in the companies in the investment experience that makes it investment philosophy since its start-up which the funds are invested. possible to receive extra financial rewards in 1990. This philosophy, combined with over time as compared to simply placing good management, has given unit holders Experienced Money Managers money in a bank. Every fall in value has in ODIN’s equity funds high returns for ODIN’s investment philosophy is solidly one thing in common: it is followed by a a number of years. ODIN is convinced backed by experienced and professional turn for the better and historically financial that this philosophy is the best point of investment teams that work together with gains in the market have exceeded the departure for creating good results in individual and group responsibility for losses. equity funds over time. ODIN has received different financial and industrial business positive recognition – both nationally sectors. The result is that ODIN not only “In the wake of the sharp fall in share and internationally – for the results it has follows developments within individual prices, we are finding more and more achieved. countries, but also understands how companies that meet our value investment global trends, policies, technology and criteria,” says ODIN CEO Leif Ola Rød. Focus on Value other factors affect business results. “These are quality companies whose ODIN’s focus is on investment shares are being traded at far below what opportunities in companies that have An important part of the ODIN success we believe to be their real value. All our solid values, transparent financial history, story has been the ability of its fund equity funds are priced at a huge discount and good financial prognosis – a strategy managers to gain professional on-site compared to their underlying assets.” that will bring customers benefits over understanding by travelling to the markets a long period of time. The company’s and companies where investments are ODIN’s Mutual Funds investments are made only after detailed made. In this way, ODIN gains direct • ODIN Norden analysis is made on companies within understanding and contact on behalf of • ODIN Finland branches and markets ODIN knows and its clients. • ODIN Norge understands what it takes to achieve • ODIN Sverige positive financial results. Patience is Rewarded • ODIN Maritim Mutual funds are designed for long- • ODIN Offshore Corporate governance is also a key part term savings and build-up of capital, not • ODIN Eiendom of ODIN’s investment strategy. On behalf for short-term speculation. Everyone • ODIN Europa of its unit holders, ODIN spends time who has invested in mutual funds has • ODIN Europa SMB exercising shareholder rights and authority experienced a rise and fall in value. This • ODIN Global is a part of investment dynamics. ODIN • ODIN Global SMB and its clients understand that any fall in investing in norway 31 intellectual property protection

ONSAGERS AS PO Box 6963 St. Olavs plass • NO-0130 Oslo, Norway Tel. +47 23 32 77 00 • Fax: +47 23 32 77 01 E-mail: [email protected] • Website: www.onsagers.no

ONSAGERS AS ONSAGERS VEST ONSAGERS NORD ONSAGERS Ltd.

Onsagers is a private consultancy which assists Norwegian and international companies in handling and protecting intellectual properties in their innovation and development process. Its main focus is on Norwegian businesses which want to make their mark in national and international markets. The company is based in Oslo, has regional offices in Bergen and Tromsø, as well as a subsidiary in London.

History The company has Norway’s only registered • Evaluate patents as preparation for Onsagers is a private consultancy in the US patent attorney, offering the opportunity collaboration or lawsuits field of intellectual property protection. to handle cases directly with the US Patent • Assist in connection with transfer and The company was started in 1945 by Per and Trademark Office (USPTO). It has 14 licensing of a patent, trademark and Onsager, brother of Lars Onsager who registered European Patent Attorneys in design received the Nobel Prize in chemistry in Onsagers AS and in its London subsidiary • Handle the patent, trademark and design 1968. company Onsagers Ltd., assisting clients portfolio with regard to the patent, with respect to intellectual property rights in trademark and design authorities in Onsagers has grown to become one of Europe. respective countries Norway’s leading consultancies in this field, handling handles clients’ rights with Services Legal regard to patent and trademark authorities Patent, Trademark & Design • Advise in connection with infringement of in Norway, Europe, the UK and the US. In • Review existing rights in order to patent, design and trademark rights with other parts of the world, it has an extensive determine whether others have patents, regard to Patent Offices and the courts collaboration with local experts in intellectual trademarks, or registered designs related • Draw up licence agreements and other property rights. Norway has acceded to the to a product , evaluating whether a agreements associated with legal European Patent Convention recently. Most product can be patented, registered as a protection of Onsagers’ patent attorneys are registered three dimension trademark or a design • Provide technical and legal advice in European Patent Attorneys. • Provide strategic business evaluation connection with lawsuits concerning legal of what can and should be patented, protection Norway’s only Registered evaluation of choice and use of • Provide strategic advice in connection US Patent Attorney trademarks and design rights with conflict handling in cases concerning Onsager’s legal advisors help with • Draw up patent applications for filing and legal protection registration of trademarks and designs, registering trademarks and designs in • Advise on the situation within the as well as entering into agreements and in Norway, Europe, UK and US, as well as context of copyright legislation, business conflict situations in the field of intellectual other countries through its international enterprise legislation, marketing legislation property protection. The company’s patent contact network and employee invention legislation attorneys assist development departments, • Assist with oppositions regarding patents, managers and private inventors in trademarks and designs connection with patenting and assessment • Assess whether a product infringes a of risk and handling of conflicts. patent 32 business law

WIERSHOLM, MELLBYE & BECH, ADVOKATFIRMA AS PO Box 1400 Vika • NO-0115 Oslo, Norway Tel: +47 21 02 10 00 • Fax: 47 21 02 10 01 E-mail: [email protected] Website: www.wiersholm.no

Wiersholm is one of Norway’s leading corporate law firms with 128 lawyers and 180 employees based in Oslo. Wiersholm is an internationally oriented law firm dedicated to covering the needs of the business community for strategic advice on business law, operational legal assistance and legal proceedings. Its clients are primarily companies and organisations in the private sector, but it also assists the public sector, non-profit organisations and private individuals.

The company’s philosophy includes Leadership Practice Areas a strong understanding of business Erik Thyness is Wiersholm’s managing Wiersholm has extensive experience within principles combined with solid strategic partner and a Supreme Court attorney. all business areas: legal expertise. Constructive co-operation The chairman of the board, Helge Morten • Banking and finance with clients is based on traditional Svarva, is often appointed as a member • Construction principles of independence, integrity, of Arbritation at the Supreme Court. Both • Corporate and commercial quality and personal engagement. An have extensive experience within their • Dispute resolutions implicit aim is that Wiersholm contributes fields. • Energy towards the growth of companies it • EU and competition assists. International Work • Insurance Wiersholm is ranked as a leading law • Intellectual property History firm in Norway in all Norwegian and • IT & electronic communication Wiersholm is a modern business international rankings. The company • Labour law and pensions legislation law firm dating back to 1875. advises on major cross-border merger • Mergers and acquisitions The firm was established by a merger of and acquisition transactions and securities • Public regulations three law firms in 1990 and carries on a offerings, and on the establishment of • Real estate solid tradition of independence, integrity foreign companies in Norway. More than • Securities and quality in all our work. Wiersholm half of the firm’s work is international. • Shipping and transport currently comprises a total of 42 partners • Tax law and 85 lawyers. Nineteen lawyers are Wiersholm’s lawyers have extensive • Trade and industry admitted to the Supreme Court and nine international experience and several of lawyers have a doctorate. them have legal training from the US, UK and other EU countries. The company has close cooperation with well known law firms in Scandinavia and cooperation partners in Europe, US, South America, Asia and Australia.

investing in norway 33 the research council of norway

The Research Council of Norway offers project support to companies that invest in innovation through research and development. Facilitating the development of knowledge and technology that supports sustainable development is an important target for the Research Council. All industry projects that are financed through the Research Council are measured on the basis of how they help improve environmental challenges.

Examples of Research Council sector, financing projects that accelerate SkatteFUNN programmes that fund environmental the uptake of new technology by SkatteFUNN offers tax deductions of technology: bridging the gap between research and up to 20% for a company’s expenses development and implementation in the in connection with R&D activities for CLIMIT petroleum sector. approved projects. www.skattefunn.no CLIMIT is the programme for the www.rcn.no/demo2000 development of environmentally friendly The Research Council of Norway is a natural gas, supporting sustainable natural GASSMAKS strategic body for Norwegian research gas power technologies and solutions for This programme aims to increase run under the auspices of the Ministry of

capture and storage of CO2. value in the natural gas supply chain Education and Research. The Research www.rcn.no/climit by strengthening expertise, industrial Council develops research policy based development and international on guidelines from the Norwegian RENERGI competitiveness. government and the Norwegian This is the future clean energy system www.rcn.no/gassmaks Parliament. Activities in the Research programme that finances projects which Council span financing basic research to develop knowledge and solutions as VERDIKT applied research and innovation related the basis for environment-friendly and VERDIKT focuses on core competence activities. In 2008, the Research Council efficient management of the country's and added value in ICT, financing projects administrates nearly NOK 6,000 million. energy resources with security of supply that generate and apply new technology For more information, and internationally competitive economic and knowledge in the area of ICT- visit www.rcn.no/industry development related to the sector. based innovation and interaction in the www.rcn.no/renergi networked community. www.rcn.no/verdikt PETROMAKS This is a programme for petroleum- User-driven Research oriented research, emphasizing basic Innovation (BIA) research and technological development, User-driven Research-based Innovation Stensberggata 26 especially within the supply and service (BIA) - BIA funds industry-oriented PO Box 2700 St. Hanshaugen industry. www.petromaks.no research and has no thematic restrictions, NO-0131 Oslo, Norway supporting high-quality R&D projects Tel: +47 22 03 70 00 DEMO 2000 with good business and socioeconomic Fax: +47 22 03 70 01 DEMO 2000 is a project related to potential. www.forskningsradet.no/bia Website: www.rcn.no technology development in the petroleum

34 ansa (association of norwegian students abroad)

ANSA – the Association of Norwegian Students Abroad – is a non-profit, independent organization voicing the interests of Norwegian students who study abroad. Currently 22,000 Norwegian students are studying abroad in over 60 countries at over 1,200 educational institutions worldwide.

ANSA was founded by Norwegian Members also run professional After Studies students in 1956, and through the years committees in a variety of subjects. ANSA Alumni is a career network set ANSA has worked to improve and change These committees arrange meetings for up to help former students gain access the rules and regulations governing grants professional development and networking, to the Norwegian job market. ANSA and loans for students abroad. ANSA often in close collaboration with Alumni arranges seminars, cooperates believes that all students should have the Norwegian organizations such as Tekna with ANSA’s professional committees right to study any subject in any country (science and engineering), Siviløkonomene and offers an extensive network for job they wish. (business administration) and Den norske recruitment. lægeforening (medicine). ANSA provides a broad range of services ANSA also maintains close connections to students before, during, and after their In cases of international crises, ANSA with both public and private Norwegian studies abroad: cooperates closely with the Ministry of employers, and with the Confederation of Foreign Affairs to secure the safety of Norwegian Enterprise (NHO). Employers Before Studies Norwegian students abroad. ANSA also regularly advertise for candidates in ANSA is the national Information Centre works with the Norwegian Church Abroad ANSA’s magazine ANSAnytt and through for higher education abroad. The (Sjømannskirken) and the Student Health ANSA’s mailing list. Every year ANSA Information Centre is funded by the Services at the University of Oslo in giving organizes a Symposium where employers Ministry of Education and Research individual aid to students in difficulty. and students meet to discuss job and gives unbiased advice on higher opportunities. education abroad. Its five full-time In cooperation with Norwegian service educational advisers visit schools and providers, ANSA offers high-quality and student recruitment fairs, give individual cost-effective banking and insurance counselling, and publish information both solutions tailored to the needs of students in print and on the Internet. abroad.

During Studies On the political front, ANSA acts as an As the welfare organization of Norwegian advocate for students and studying students abroad, ANSA offers services abroad through its relations with the and funds social events for its members Ministry of Education and Research, the during their studies. Members are Norwegian State Educational Loan Fund organized locally in 21 groups spread (Lånekassen) and other players in the field all over the world, and more than 500 of higher education. Six hundred yearly Storgata 19 volunteers arrange various events and quotations in the media make ANSA’s NO-0184 Oslo, Norway represent ANSA where they study. views known both to politicians and the Tel: +47 22 47 76 00 general public. Website: www.ansa.no

ANSA attends to the professional, economic, social, and cultural interests of Norwegian students abroad, and strives to strengthen the appreciation of the resources these students represent because of their international experience and qualifications.

investing in norway 35 The following list provides an overview of the Norwegian embassies, Consulate Generals and Innovation Norway offices located internationally. For more information on Norwegian embassy and Consulate General activities, please visit norway abroad www.norway.info

afghanistan Toronto – Innovation Norway finland israel Kabul – Embassy 2 Bloor Street West Suite 2120, Toronto Helsinki – Embassy Tel Aviv – Embassy Tel: +870 762 596 925, Fax satellite: +870 6000 61156 Ontario M4W 3E2 Rehbindervägen 17, FIN-00150 Helsinki 40 Einstein Street, Canion Ramat Aviv, 13. Etg., 69101 Tel Aviv E-mail: [email protected] Tel: +1 416 920 0434, Fax: +1 416 920 5982 Tel: +358 9 686 0180, Fax: +358 9 657 807 Tel: +972 3 744 1490, Fax: +972 3 744 1498 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] albania Website: www.innovasjonnorge.no/ Tirana – Embassy Helsinki – Innovation Norway italy Rr “Dëshmorët e 4 shkurtit”, nr 5, Tirana chile Mannerheimintie 5C, FIN-00100 Helsinki Rome – Embassy Tel: +355 4 256923, +355 4 221666, Fax: +355 4 221507 Santiago de Chile – Embassy Tel: +358 20 755 1210, Fax: +358 964 0053 Via delle Terme Deciane 7, I-00 153 Rome E-mail: [email protected] San Sebastián 2839; Of. 509, Las Condes, Santiago E-mail: [email protected] Tel: +39 06 571 7031, Fax: +39 06 571 70326 Tel: +56 2 234 2888 / 89, Fax: +56 2 234 2201 Website: www.innovasjonnorge.no/finland E-mail: [email protected] algeria E-mail: [email protected] Alger – Embassy france Milan – Innovation Norway Chez Chikiken, Lotissement No 04, Val d’Hydra china – Innovation Norway Reale Ambasciata di Norvegia 16035 Alger Beijing – Embassy 22 rue de Marignan, F-75008 Paris Ufficio Commerciale e del Tourismo Tel: +213 215 91 41014, Fax: +213 215 91 415 1, Dong Yi Jie; San Li Tun, CN-Beijing 100600 Tel: +33 1 56 59 20 40, Fax: +33 1 56 59 20 41 Via G. Puccini, 5, I-20121 Milan E-mail: [email protected] Tel: +86 10 6532 2261 / 1329 / 4176, Fax: +86 10 6532 2392 IN, Tel: +33 1 5659 2040 Tel: +39 02 854 514 11, Fax: +39 02 854 514 30 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] angola Website: www.innovasjonnorge/frankrike Website: www.innovasjonnorge.no/italia Luanda – Embassy Beijing – Innovation Norway Paris – Embassy Rua de Benguela 17, Bairro Patrice Lumumba, Luanda Suite 2205, The Space international Center ivory coast 28 Rue Bayard, F-75008 Paris Tel: +224 222 447522/222 447922/ 222 449936 No.8 Dong Da Qiao Street, Chaoyang District Abidjan – Embassy Tel: +33 1 53 67 04 00, Fax: +33 1 53 67 04 40 Fax: +244 222 446248 Beijing 100020 Immeuble N’Zarama, Boulevard Lagunaire, 5th floor, Abidjan E-mail: [email protected] Tel. satellite: 871 761 964840, Fax satellite: 871 682 421256 Tel:+86 10 6532 2398, Fax: +86 10 5870 1902 Tel: +225 20 222534 / 212166, Fax: +225 20 219 199 Website: www.norvege.no E-mail: [email protected] E-post: [email protected] E-mail: [email protected] Website: www.innovasjonnorge.no/kina argentina germany japan Shanghai – Consulate General/Innovation Norway – Embassy Buenos Aires – Embassy Tokyo – Embassy/Innovation Norway 12 Zhongshan Dong Yi Road, CN-Shanghai 200002 Rauchstr. 1, D-10787 Berlin Esmeralda 909, 3B, 1007 Buenos Aires Minami Azabu 5-12-2; Minato-Ku, J-Tokyo 106-0047 Tel: +86 21 6323 9988, Fax: +86 21 6323 3938 Tel: +49 30 505050, Fax: +49 30 505055 Tel: +54 11 4312 2204, Fax: +54 11 4315 2831 IN,Tel: +81 3 3440 2611, Fax: +81 3 3440 2689 IN, Tel: +86 21 6323 9988 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] – Innovation Norway Website: www.innovasjonnorge.no/japan Website: www.innovasjonnorge.no/kina ABC-Strasse 19, DE-20354 Hamburg Baku – Embassy Postfach 11 3317, DE-20433 Hamburg jordan 6-10 Vagif Mustafa-zade kucesi, 370004 Baku colombia Tel: +49 40 22 94 15 0, Fax: +49 40 22 94 15 88 Tel: +994 12 4974325 / 4974326 / 4974327 Amman – Embassy Bogota – Embassy E-mail: [email protected] Fax: +994 12 4973798 25 Damascus Street, Abdoun, Amman Edificio Fuducafe, Piso 8 #801, Carrera 9 no 73-44, Bogota Website: www.innovasjonnorge.no/tyskland E-mail: [email protected] Tel: +962 6 593 1646-48, Fax: +962 6 593 1650 Tel: +57 1 317 7851-54, Fax: +57 1 317 7858 E-mail: [email protected] E-mail: [email protected] austria Athens – Embassy kenya Vienna – Embassy croatia 23, Vas Sofias avenue, GR-106 74 Athens Reisner Str. 55, A-1030 Vienna Nairobi – Embassy Zagreb – Embassy Tel: +30 210 7246173, Fax: +30 210 7244989, Tel: +43 1 715 6692, Fax: +43 1 712 6552 Lion Place, Waiyaki Way, Nairobi Petrinjska 9, HR-10 000 Zagreb E-mail: [email protected] E-mail: [email protected] Tel: +254 20 4451510/1/2/3/4/5/6, Fax: +254 20 4451517 Tel: +385 1 492 2831, Fax: +385 1 492 2832 E-mail: [email protected] E-mail: [email protected] guatemala australia Guatemala – Embassy latvia Canberra – Embassy 14 Calle 3-51, Zona 10, Edificio Murano Center, Nivel 15, cuba Riga – Embassy 17 Hunter Street; Yarralumla, Canberra ACT 2600 Ca-Guatemala 01010 Havana – Embassy 14 Zirgu iela, LV-1050 Riga Tel: +61 2 6273 3444, Fax: +61 2 6273 3669 Tel: +502 2366 5908, Fax: +502 2366 5928 Calle 30 #315, betw. 3rd and 5th Avenue, Miramar, Playa. Tel: +371 7814100, Fax: +371 7814108 E-mail: [email protected] E-mail: [email protected] La Habana E-mail: [email protected] Tel +53 7 204 0696 / +53 7 204 4411, Fax: +53 7 204 0699 bangladesh Tel satellite: +47 22 24 03 10, Fax satellite: +874 600059661 hungary Riga – Innovation Norway Dhaka – Embassy E-mail: [email protected] Budapest – Embassy/Innovation Norway Raina blvd. 3–12a, LV-1050 Riga Road 111, House 9, Gulshan, Dhaka 1212 Ostrom u. 13 , H- 1015 Budapest Tel: +371 722 42 33, Fax: +371 722 40 54 Tel: +880 2 881 6276, Fax: +880 2 882 3661 czech republic Tel: +36 1 212 9400, Fax: +36 1 212 9410 E-mail: [email protected] E-mail: [email protected] Prague – Embassy E-mail: [email protected] Website: www.invanor.no/riga Hellichova 1, CZ-11800 Prague 1 Malá Strana E-mail: [email protected] Tel: +4202 5732 3737, 5732 1768/69, Fax: +4202 5732 6827 Website: www.innovasjonnorge.no/ungarn – Embassy lebanon E-mail: [email protected] Beirut – Embassy Rue Archimede 17, B-1000 Brussels iceland Bliss Street, Dimashki Bldg, Beirut Tel: +32 2 646 0780, Fax: +32 2 646 2882 Prague – Innovation Norway Reykjavik – Embassy Tel: +961 1 365 704 / +961 1 372 977/+961 1 372 978 E-mail: [email protected] Royal Norwegian Embassy, Commercial Section Fjólugt. 17, IS-101 Reykjavik Fax: +961 1 372 979 Na Prikope 21, PO Box 102, CZ-11001 Prague 1 Tel: +354 520 0700, Fax: +354 552 9553 E-mail: [email protected] bosnia-hercegovina Tel: +4202 2481 0923, Fax: +4202 2481 0002 E-mail: [email protected] Sarajevo – Embassy E-mail: [email protected] lithuania Ferhadija 20; 2nd floor, 71000 Sarajevo Website: www.innovasjonnorge.no/tsjekkia india Vilnius – Embassy Tel: + 387 33 254 000, Fax: +387 33 666505 New Delhi – Embassy/Innovation Norway Mesiniu g. 5/2, 01015 Vilnius E-mail: [email protected] denmark Bungalow no 8 Tel: +370 5 2610000, Fax: +370 5 2610100 Copenhagen – Embassy/Innovation Norway 50 C Shantipath; Chanakyapuri, IND-110 021 New Delhi E-mail: [email protected] Amaliegade 39, 1256 Copenhagen K Tel: +91 11 51 77 92 00, Fax: +91 11 51 68 01 45 Brasilia – Embassy Tel: +45 33 140124, Fax: +45 33 140624 IN, Tel: +91 11 51779200, Fax: +91 11 51680145 macedonia SES 807 Avenida das Nacões; Lote 28, CEP 70, BR-418-900 E-mail: [email protected] E-mail: [email protected] Skopje – Embassy Brasilia - DF E-mail: [email protected] E-mail: [email protected] Palata Unija, Teodosie Gologanov 59-2A, 91000 Skopje Tel: +55 61 3443 8722, +55 61 3443 8720, E-mail: [email protected] Website: www.innovasjonnorge.no/india Tel: +389 2 3129 165, Fax: +389 2 3111 038 Fax: +55 61 3443 2942 E-mail: [email protected] E-mail: [email protected] egypt indonesia Cairo – Embassy Jakarta – Embassy madagascar – Consulate General 8, El Gezirah Street; Zamalek, ET-Cairo Menara Rajawali Building, 25th floor Antananarivo – Embassy Praia do Flamengo, 344/9, BR-22210-030 Rio de Janeiro Tel: +20 2 735 3340, Fax: +20 2 737 0709 Jl Mega Kuningan Lot no 5.1, Explorer Business Park, bâtiment D2, Ankorandrano Tel: +55 21 2553 5505, Fax: +55 21 2553 1925 E-mail: [email protected] Kawasan Mega Kuningan, Jakarta 12950 101 Antananarivo E-mail: [email protected] Tel: +62 21 576 1523, Fax: +62 21 576 1537 Tel: +261 20 22 305 07, Fax: +261 20 22 377 99 eritrea E-mail: [email protected] Rio de Janeiro – Innovation Norway E-mail: [email protected] Asmara – Embassy Rua Lauro Muller, 116-Suite 2206 Street 173-1 # 11, PO Box 5801, Asmara Torre do Rio Sul/Botafogo-RJ, BR-22290-160 iran malawi Tel: + 291 1 12 21 38/12 21 48, Fax: +291 1 12 21 80 Teheran – Embassy Tel: +55 21 2541 7732, Fax:+ 55 21 2275 0161 Lilongwe – Embassy E-mail: [email protected] No 201 Dr. Lavasani St. (Ex-Farmanieh), Corner of Sonbol E-mail: [email protected] Arwa House, City Centre, P/Bag B 323, Lilongwe 3 Teheran Website: www.innovasjonnorge.no/brasil Tel: +265 1 774211 / 771212, Fax: +265 1 772845 Tel: +98 21 2229 1333, Fax: +98 21 2229 2776 estonia E-mail: [email protected] E-mail: [email protected] bulgaria Tallinn – Embassy/ Innovation Norway Harju 6, EE-15054 Tallinn Sofia – Embassy/ Innovation Norway malaysia Tel: +372 62 71000, Fax: +372 62 71001 54 B, Dondukov Blvd., Sofia 1000 ireland Kuala Lumpur – Embassy/Innovation Norway IN, Tel:+372 6313 466, Fax: +372 6313 468 Dublin – Embassy Tel: +359 2 92 11 95, Fax: +359 2 981 90 10 Suite CD, 53rd floor Empire Tower, Jalan Tun Razak E-mail: [email protected] 34 Molesworth Street, IRL-Dublin 2 E-mail: [email protected] 50400 Kuala Lumpur E-mail: [email protected] Tel: +353 1 662 1800, Fax: +353 1 662 1890 E-mail: [email protected] Tel: +603 2175 0300, Fax: +603 2175 0308 Website: www.innovajsonnorge.no/estland E-mail: [email protected] Website: www.innovasjonnorge.no/bulgaria IN, Tel: +603 2162 1200, Fax: +603 2162 2200 E-mail: [email protected] Dublin – Innovation Norway canada ethiopia E-mail: [email protected] Addis Abeba – Embassy 27 Auburn Avenue, Donnybrook, Dublin 4 Ottawa – Embassy Website: www.innovasjonnorge.no/malaysia Buna Road, Mekanissa, Addis Abeba Tel: +353 1 2815993 , Fax: +356 1 1528992 Royal Bank Centre; Suite 532; 90 Sparks Street, Ottawa, Ont. Tel: +251 137 107 99, Fax: +251 1 711255 E-mail: [email protected] K1P 5B4 E-mail: [email protected] Website: www.innovasjonnorge.no/storbritannia Tel: +1 613 238 6571, Fax: +1 613 238 2765 E-mail: [email protected] 36 norway abroad Vol. 2008 No. 15 ISSN 0029-3628 Published September 2008 by Findexa Forlag AS facts: in cooperation with Innovation Norway, the Confederation of Norwegian Enterprise, the Norway in Brief mexico russia Madrid – Innovation Norway united kingdom Mexico D.F. – Embassy Moscow – Embassy/Innovation Norway Real Embajada de Noruega Edinburgh – Consulate General Norwegian Ministry of Foreign Affairs, the Size: 385,155 sq. km Avenida Virreyes 1460; Col Lomas Virreyes, 11000 Mexico D.F. Ulitsa Povarskaya 7, RUS-131940 Moscow Paseo de la Castellana, 31-planta baja, 28046 Madrid 86 George Street, GB-Edinburgh EH2 3BU Research Council of Norway and the Norwegian (including the islands of Svalbard and Jan Mayen) Tel: +52 55 5540220-21, Fax: +52 55 52023019 Tel: +74 95 933 1410, Fax: +74 95 933 14 11/12 Tel: +34 91 344 09 87, Fax: +34 91 344 09 47 Tel: +44 131 226 5701, Fax: +44 131 220 4976 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Ministry of Trade and Industry. E-mail: [email protected] Website: www.innovasjonnorge.no/spania Population 4.8 million Website: www.innovasjonnorge.no/russland London – Embassy morocco 25 Belgrave Square, London SW1X 8QD Main Cities Population (incl. suburbs) Rabat – Embassy Murmansk – Consulate General/ Innovation Norway sri lanka Tel: +44 20 7591 5500, Fax: +44 20 7245 6993 9, rue de Khenifra, Rabat Ulitsa Sofji Perovskoj 5, RUS-183038 Murmansk Colombo – Embassy E-mail: [email protected] Oslo 811,688 Tel: +212 3 7764084-6, Fax: +212 3 7764088 Tel: +7 815 2 400 600 34 Ward Place, Colombo 7 Bergen 213,585 E-mail: [email protected] Fax: +7 815 2 457 451/+7 815 2 456 871 Tel: +94 11 2469 611-12, 2469 609, Fax: +94 11 2695 009 London – Innovation Norway E-mail: [email protected] E-mail: [email protected] Trade and Technology Office Gjerdrums vei 19, NO-0484 Oslo, Norway Stavanger/Sandnes 173,132 mozambique E-mail: [email protected] Charles House 5 Lower Regent Street, SW1Y 4LR Tel: +47 21 50 80 00 Trondheim 147,139 Maputo – Embassy Website: www.innovasjonnorge.no/russland sudan Tel: +44 207 389 8800, Fax: +44 207 9730 189 Ave. Julius Nyerere 1162, Maputo Khartoum – Embassy E-mail: [email protected] Fax: +47 21 50 80 01 St. Petersburg – Consulate General Website: www.innovasjonnorge.no/storbritannia Exchange Rate: Tel: + 258 21 480 100/+ 258 21 485 072 to 75 House no. 63, Street 49, Khartoum II E-mail: [email protected] Fax: +258 21 480 107/+ 258 21 485 076 Nevsky Prospekt 25, RUS-191186 St. Petersburg Tel: +249 183 578336, 578343, 578345, 576788, NOK/USD 5.86 (average 2007) E-mail: [email protected] Tel: + 7 812 336 64 20, Fax: + 7 812 336 64 21 Fax: +249 183 577180 Website: www.findexaforlag.no E-mail: [email protected] usa NOK/EUR 8.01 (average 2001) E-mail: [email protected] Boston – Innovation Norway 133 Federal Street, Suite 901, Boston, MA 02110 Product Manager nepal St.Petersburg – Innovation Norway Exports and Imports 2007 Katmandu – Embassy Kaluzhskij per.3, RUS-193015 St. Petersburg sweden Tel: +1 617 369 7870, Mobile: +1 617 818 3900 Jørgen Fodstad Surya Court, Pulchowk, Lalitpur Tel: +7812 326 9037, Fax: +7812 326 9038 Stockholm – Embassy Fax: +1 617 369 7820 NOK bill. USD bill. Amount of GDP Tel: +977 1 5545307-8, Fax: +977 1 5545226 E-mail: [email protected] Skarpögatan 4, S-115 27 Stockholm E-mail: [email protected] Total Exports 795,4 135,7 34,9% E-mail: [email protected] Website: www.innovasjonnorge.no/russland Tel: +46 8 665 6340, Fax: +46 8 782 9899 website: www.innovasjonnorge.no/usa Editor-in-Chief E-mail: [email protected] David John Smith Total Imports 468,3 80 20,6% Houston – Consulate General/Innovation Norway the netherlands saudi arabia Stockholm – Innovation Norway 2777 Allen Parkway; Suite 1185, Houston, TX 77019-2136 Main Export Commodities The Hague – Embassy/Innovation Norway Riyadh – Embassy Sveavägen 64, SE-111 34 Stockholm Tel: +1 713 521 2900, Fax: +1 713 521 9648 Project Manager Lange Vijverberg 11, NL-2513 AC The Hague Diplomatic Quarter, Riyadh Tel: +46 8 791 83 00, Fax: +46 8 24 98 00 IN, Tel: +1 713 526 1300, Fax: +1 713 521 9473 Linn Tvenge Oil & gas, metals, machinery, chemical products, fish & fish products, Tel: +31 70 311 7611, Fax: +31 70 365 9630 Tel: +966 1 488 1904, Fax: +966 1 488 0854 E-mail: [email protected] E-mail: [email protected] IN, Tel: +31 70 346 7348; Fax: +31 70 360 7428 E-mail: [email protected] Website: www.innovasjonnorge.no/sverige E-mail: [email protected] pulp & paper and ferro alloys E-mail: [email protected] Website: www.innovasjonnorge.no/usa Editor Main Import Commodities serbia switzerland Minneapolis – Consulate General Robert Moses nicaragua Beograd – Embassy Transport equipment, machinery, chemicals, textiles and metal products Bern – Embassy 800 Foshay Tower; 821 Marquette Avenue, Minneapolis Managua – Embassy Uzicka 43, YU-11040 Beograd Bubenbergplatz 10, CH-3011 Bern MN 55402 Plaza España, 100 mtr. al Oeste, Managua Tel: +381 11 367 0404-05, Fax: +381 11 369 0158 Copy Editor Tel: +41 31 310 5555, Fax: +41 31 310 5550 Tel: +1 612 332 3338, Fax: +1 612 332 1386 Tel: +505 2 665197-9, Fax: +505 2 663303 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Ed Milsom E-mail: [email protected] New York – Consulate General singapore syria nigeria Singapore – Embassy/Innovation Norway 825 Third Avenue; 38th floor, New York, NY 10022-7584 Contributing Journalists Damascus – Embassy Tel: +1 212 421 7333, Fax: +1 212 754 0583 Abuja – Embassy 16 Raffles Quay; No 44-01 Hong Leong Bldg. Valeria Criscione, Ed Milsom and David John Smith Shaheen Bldg., 1st floor, Ahmad Shawki Street, Jahez Garden, E-mail: [email protected] Plot 1529, T.Y. Danjuma Street, Asokoro, Abuja Singapore 048581 Malki, Damascus Tel: +234 9 3149127, Tel. satellite: +882 165 420 7489/ Tel: +65 6220 7122, Fax: +65 6220 2191 Tel: +963 11 611 5053 / +963 11 611 5185 New York – Innovation Norway (Tourism) +882 165 420 7515, Fax: +234 9 3149309 IN, Tel:+65 – 6 222 1316, Fax: +65 – 6 224 7079 Layout Fax: +963 11 613 1159 655 Third Avenue, Room 1810, New York, NY 10017-9111 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Bjørnulf Jensen E-mail: [email protected] Tel: +1 212 885 9700, Fax: +1 212 885 9710 Website: www.innovasjonnorge.no/singapore E-mail: [email protected] pakistan Website: www.innovasjonnorge.no/usa Profile Reservation tanzania Islamabad – Embassy Dar es Salaam – Embassy Joakim Bjørnebye, Bård Eriksen, Milaim Tafaj, H 25, Str. 19, F 6/2, Islamabad slovakia 160; Mirambo Street, Dar es Salaam San Francisco – Consulate General/Innovation Norway 20 California Street; 6th floor, San Francisco, CA 94111-4803 Henrik Lae, Eric Björklund Tel: +92 51 227 9720-23, Fax: +92 51 227 9729 Bratislava – Embassy Tel: +255 22 211 3366, Fax: +255 22 211 6564 E-mail: [email protected] Palisády 29, 811 06 Bratislava E-mail: [email protected] Tel: +1 415 986 0766-8, Fax: +1 415 986 3318 Tel: +421 2 59 10 01 00, Fax: +421 2 59 10 01 15 IN, Tel: +1 415 986 0770, Fax: +1 415 986 7875 Production & Distribution Manager E-mail: [email protected] E-mail: [email protected] palestinian territory thailand E-mail: [email protected] Frode Gulestøl Al Ram – Representative Office to the Palestinian authorities Bangkok – Embassy Website: www.innovasjonnorge.no/usa (West Bank/Gaza) slovenia UBC II Building, 18th floor, 591 Sukhumvit Road, Soi 33, World Bank Building (c/o Rosary Sisters Convent) Ljubljana - Embassy Printing Bangkok 10110 Washington DC – Embassy/Innovation Norway Dahiat Al-Bareed, Al Ram, West Bank Adjovscina 4/8, 1000 Ljubljana Tel: +66 2 302 6415, Fax: +66 2 262 0218 2720 34th Street N.W., Washington DC 20008-2714 Merkur-Trykk AS Tel: +972 2 234 5050, Fax: +972 2 234 5079 Tel: +386 1 300 2140, Fax: +386 1 300 2150 E-mail: [email protected] Tel: +1 202 333 6000, Fax: +1 202 337 0870 E-mail: [email protected] E-mail: [email protected] IN, Tel: +1 212 421 9210, Fax: +1 202 337 0870 E-mail: [email protected] turkey south africa E-mail: [email protected] philippines Ankara – Embassy Website: www.innovasjonnorge.no/usa Manila – Embassy Johannesburg – Innovation Norway Kirkpinar Sokak No. 18; 06540 Cankaya, Ankara Petron Mega Plaza Bldg., 21st floor 14th Floor, Sandton City Office Tower The NORWAY EXPORTS series provides timely, Tel: +90 312 405 8010, Fax: +90 312 443 0544 358 Senator Gil Puyat Avenue, Makati City, Metro Manila PO Box 785436, Sandton 2146 E-mail: [email protected] venezuela in-depth information on a selection of Norwegian Distribution Tel: +63 2 886 3245-49, Fax: +63 2 886 3384 Tel: +2711784 8150, Fax: +2711784 8153 Caracas – Embassy E-mail: [email protected] E-mail: [email protected] companies, products and services in over 15 industrial Norway Exports – Investing in Norway is distributed through the following channels: Istanbul – Innovation Norway Centro Lido, Torre A, Piso 9, Oficina 92-A; Avenida Fransisco Website: www.innovasjonnorge.no/sorafrika Aytar Cad., Aydin Sokak, Aydin is Merkezi de Miranda, El Rosal, Caracas sectors. • Norwegian embassies and consulates abroad A Blok No: 2, D:7,1 Levent, TR-80620 Tel: +58 212 953 0671 / 0269 / 1973, Fax: + 58 212 953 6877 poland Pretoria – Embassy E-mail: [email protected] • Innovation Norway’s offices Warsaw – Embassy Tel: +90 212 2844 362 / 63 / 65 1 Parioli Building A2, 1166 Park Street, Hatfield 0083 Fax: +90 212 2844 364 • The Norwegian Ministry of Foreign Affairs’ offices abroad ul. Fr. Chopina 2A, PL-00-559 Warsaw Tel: +27 12 342 6100, Fax: +27 12 342 6099 NORWAY EXPORTS is distributed free of charge Tel: + 48 22 696 4030, Fax: +48 22 628 0938 E-mail: [email protected] • The Norwegian Ministry of Trade and Industry E-mail: [email protected] Website: www.innovasjonnorge.no/tyrkia vietnam through the Innovation Norway offices and Norwegian E-mail: [email protected] Hanoi – Embassy/Innovation Norway • The Research Council of Norway’s contacts and networks foreign service missions (see inside back cover), 10th Floor, Block B, Vincom City Tower1, • The Association of Norwegian Students Abroad’s (ANSA) contacts and networks Warsaw – Innovation Norway south korea uganda 191 Ba Trieu Street, Hanoi industrial partners and at major conferences and trade c/o Royal Norwegian Embassy Seoul – Embassy Kampala – Embassy IN, Tel: +84 4 3974 2930, Fax: +84 4 3974 3303 • The Confederation of Norwegian Enterprise’s (NHO) contacts and network Warta Tower, ul. Chmielna 85/87 258-8 Itaewon-Dong, Yongsan-Ku, Seoul 140-200 E-mail: [email protected] fairs around the world. 8 Acacia Avenue, Kololo, Kampala • Norwegian Chambers of Commerce worldwide PL-00-805 Warsaw Tel: + 82 2 795 6850, Fax: +82 2 798 6072 Tel: +256 41 343621, Fax: +256 41 343936 E-mail: [email protected] • Official state delegations in Norway and abroad Tel: +48 22 581 0 581, Fax: +48 22 581 0 981 E-mail: [email protected] E-mail: [email protected] Website: www.innovasjonnorge.no/vietnam E-mail: [email protected] For participation in or more information about Website: www.innovasjonnorge.no/polen Seoul – Innovation Norway zambia NORWAY EXPORTS, please contact Recipients of Norway Exports – Investing in Norway will include: co/ Royal Norwegian Embassy, Commercial Section ukraine 22F S-Tower, 116 Shinmunno 1-ga, Jongno-gu, Kiev – Embassy Lusaka – Embassy Findexa Forlag AS, tel: +47 21 50 80 00 • Relevant industry contacts in both the public and private sectors in Norway and abroad portugal Seoul 110-061, KOREA Vul. Striletska 15, 252034 Kiev Corner Birdage Walk / Haile Selassie Avenue, Lusaka • Relevant departments, politicians, and county and township offices in Norway Lisbon – Embassy/Innovation Norway Tel: +82 2 767 2650, Fax: +82 2 767 2701 Tel: +380 44 590 04 70, Fax: +380 44 234 0655 Tel: +260 1 252188, 252626, 252637, Fax: +260 1 253915 or send an enquiry to [email protected] Avenida D. Vasco da Gama 1, P-1400-127 Lisbon • Attendees of international events, meetings and trade shows where Innovation Norway E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Tel: +3512 1301 5344, Fax: +3512 1301 6158 Website: www.innovasjonnorge.no/korea zimbabwe or Norwegian embassies are represented E-mail: [email protected] All NORWAY EXPORTS publications can be E-mail: [email protected] united arab emirates Harare – Embassy downloaded at www.nortrade.com Website: www.invnovasjonnorge.no/portugal spain Abu Dhabi – Embassy Madrid – Embassy Hamdan Street, Al Masoud Tower; 10th floor, Abu Dhabi 5 Lanark Road; Belgravia, Harare Edificio “La Piramide”, Paseo de la Castellana 31, 9 piso, Tel: + 971 2 621 1221, Fax: +971 2 621 3313 Tel: +263 4 252426, Fax: +263 4 252430 The graphic design of this publication, including the romania 28046 Madrid E-mail: [email protected] E-mail: [email protected] Bucharest – Embassy/ Innovation Norway Tel: +34 91 310 3116, Fax: +34 91 310 4326/319 0969 font “Aeroportal”, is used with the permission of the Strada Dumbrava Rosie 4; 020463 Bucharest E-mail: [email protected] Dubai – Innovation Norway Norwegian Ministry of Foreign Affairs. It is not to be Tel: +40 21 2121 22 023/028, Fax: +40 21 21 22 038 co/ Det Norske Veritas E-mail: [email protected] P.O. Box 11539 used without the Ministry’s prior consent. Website: [email protected] 14th floor, Burjuman Office Tower Dubai U.A.E Tel: +971 4 352 20 21 Copyright © 2008 Findexa Forlag AS E-mail: [email protected] NORWAY EXPORTS is printed on chlorine-free paper. Website: www.innovasjonnorge.no/uae

Cover photo: Oslo Børs ANNUAL 51 • 2008/2009 find new business partners in norway

The Official Norwegian Trade Portal investing in norway At www.nortrade.com you will find up-to-date information on more than 4,000 Norwegian manufacturers and exporters within 35 different industries. There you will find a search tool which allows you to perform searches for companies, products or services in the Norwegian Export Directory.

www.norway.info

“Norway – the official site” provides extensive Innovation Norway promotes nationwide industrial background information on Norway, as well as news and development profitable to both the business economy details of Norwegian-related events abroad. The large and Norway’s national economy, and helps realize the number of articles on politics, travel, culture, business, potential of different districts and regions by contributing education, research and history are presented by the to innovation, internationalization and promotion. Norwegian Ministry of Foreign Affairs and its partners. The company has approximately 700 employees. “Norway – the official site” has been established in 90 Headquartered in Oslo, Innovation Norway has offices in countries and in 18 languages. over 30 countries worldwide, along with all of the counties across Norway.

English-language information about Innovation Norway is available at www.innovationnorway.no/english.

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