Norway's Snow Crab Ruling Boosts Oil Claim
A court delivered a painful nip to European Union fishermen on Thursday by tightening Norway's grip on snow crab catches in the Arctic, a ruling that may also let Oslo claw more control of oil and gas from other nations.Fishermen from the European Union must ask permission from Oslo to catch snow crab — whose meat is a delicacy for gourmets from Canada to Japan — in Arctic waters north of Norway, the Norwegian Supreme Court said in a unanimous ruling.The court dismissed an appeal…
Northern Sea Route's First Challenger
Little is known about the life of the Dutch explorer Willem Barentsz. However, his three journeys to the ocean which we today know as the Barents Sea, is well described. The most important reason for his fame is the unique map which was produced after these three voyages on the quest for the Northern Sea Route, a map that is in the possession of Cato Schiøtz, a Norwegian Supreme Court lawyer and partner in one of Norway’s largest law firms. As the Barents Cooperation is celebrating its first 20 years…
Effect of Tax Verdict on Odfjell
On Feb. 12, the Norwegian Supreme Court awarded in favor of the shipping companies that the retroactive tax imposed in 2007 for the years 1996-2006 was in breach of the Norwegian Constitution. The effect for Odfjell will be an increase in the equity of about $110m, including refund of about $27m already paid taxes and interest. Our 2010 interest cost on the tax debt will be reduced by about $5m.
