MULTI-PURPOSE LAWYER - Simonsen

North Energy was established early autumn 2007. The new company was ambitious, yet faced manning challenges when preparing for prequalification as an operator on the Norwegian continental shelf (NCS). The goal was to be awarded exploration licenses in the 20th licensing round in 2009. In addition the fresh company needed substantial increase of its capital base to meet its ambitious goals. It became quite clear that North Energy needed someone with thorough understanding of the capital markets and experience in ensuring compliance within a stringent regulatory system.

North Energy found that Ørjan was the perfect match and the task as a CFO was “outsourced” to him. Albeit already fully engaged as a partner in SIMONSEN, he was determined to work both at North Energy as a CFO and continue his law practice.  Thus Ørjan ended up commuting between North Energy’s office in Alta and SIMONSEN’s office in Tromsø.
Initially the assignment was meant to last 12 months, but he stayed on till North Energy was awarded with several exploration licenses in the Norwegian Sea and Barents Sea. After this highly successful award North Energy had met the company’s initial goals. Consolidation and accounting technicalities would now clearly become the focus of any CFO in North Energy.  North Energy and Ørjan thus concluded that a new CFO with background from corporate finance rather than law should pick up the baton.

When asked about his experience working in-house as a CFO, Ørjan makes it very clear that he thinks of it as a unique experience. “Not many lawyers in private practice have the opportunity to work with a client in such an intimate way on a daily basis and with focus on commercial, rather than legal issues. I firmly believe it has made me a better lawyer.” Eagerly, yet determined, he continues “I saw this as a unique possibility to gain valuable industry experience both from the petroleum industry and the capital markets. In my view this is in line with what our law firm brings to the table, inside industry knowledge.”
North Energy on the other hand continues to work closely with both Ørjan and SIMONSEN. North Energy has expressed that Ørjan was the right man at the right time for the company. That SIMONSEN has presence in Tromsø is also a factor which is important for North Energy. Not only is physical proximity important, but part of North’s overall vision is to contribute to the development of business and industry in Northern Norway. Thus Ørjan and his team continue to provide advice to North Energy on key issues, not only with a legal angel, but also with commercial focus.

Ørjan can only agree with the thinking of North Energy: “if Northern Norway wants to take part in the ‘oil adventure’, we have to create our own opportunities.”