4.1 The Thule Drilling Cases
The Nordic Trustee literally had to fight a legal battle to establish its right to sue in its own name on behalf of the bondholders. In the period from 2009 to 2014, the Norwegian judicial system dealt with the Nordic Trustee’s right to sue in a line of cases, all arising from the same three bond issues.
Thule Drilling ASA, a rig owning company, had partly financed three drilling rigs by separate bond issues in the aggregate amount of USD 179m. The bonds were, inter alia, secured by mortgages over the rigs under construction. In connection with the refinancing of the bonds, the main shareholders issued guarantees as additional security. In January 2009, the Nordic Trustee called upon the guarantors to pay out under the guarantees. No payment was made and the Nordic Trustee sought an attachment order against one of the guarantors, Norinvest Ltd.