Friðbert Þór Ólafsson

Senior Associate

Practice area
  • Banking & Finance
  • Data protection
  • Fintech
  • IP & IT law

  • Reykjavik University, ML in Law, 2019
  • Københavns Universitet, Exchange Studies, 2018
Icelandic English
Recent cases
BBA//Fjeldco acted as a legal advisor of Arion Bank and DNB Bank ASA in relation to a EUR 65 million financing of Arnarlax ehf.

BBA//Fjeldco provided Arion Bank and DNB Bank ASA  legal advice in relation to providing a EUR 65 million term and revolving credit facilities to Arnarlax ehf. Arnarlax ehf. is one of the leading Icelandic fish farming company and owned by Icelandic Salmon AS listed on the Oslo stock exchange.

The city of Reykjavík must tender it purchases of electricity

The Public Procurement Complaints Commission has ruled that the city of Reykjavík must tender its purchases of electricity and was fined a total of ISK 8.000.000,- for breaching the Act on Public Procurement.

The Commission came to this conclusion following Íslensk orkumiðlun ehf.’s complaint in early 2020 whereby Íslensk orkumiðlun ehf. demanded that the electricity purchase agreements between the city and Orka náttúrunnar ohf. would be nullified and the city would be required to tender its electricity purchases.

BBA//Fjeldco represented Íslensk orkumiðlun ehf.

Acquisition by Langisjór ehf., of all (100%) of shares issued by Alma íbúðafélag hf.

BBA//Fjeldco provided legal advice to Langisjór ehf. with regards the Langisjór´s acquisition of all shares in Alma íbúðafélag hf. including legal and tax due diligence, negotiating and drafting the share purchase agreement and financing.

Alma íbúðafélag hf. is one of the countries´ largest real estate company which owns and operates over 1100 residential apartments located at the capital area and all around the country. Langisjór ehf. is the parent company of various companies in the food productions and distribution sector including Mata hf., Matfugl ehf., Síld og fiskur ehf., and the investment company Brimgarðar ehf.

BBA//Fjeldco advises Securitas in tendering process with Veitur

In February 2021 Veitur Utilities, the largest utility company in Iceland, accepted Securitas‘s bid for the installation of 160,000 smart meters for Veitur’s customers.

By switching to smart meters Veitur will have access to more information and have better oversight over the utility mains and allows it to charge its customers monthly based on actual energy consumption rather then on estimates. The contract value is c.a. ISK 1,800 million.

BBA//Fjeldco’s attorneys Þórir Júlíusson and Friðbert Þór Ólafsson assisted Securitas in the tendering process and provided legal advice in relation to the documentation of the agreement. 

BBA//Fjeldco assists Noona in relation to Salt Pay’s investment in Noona

The start-up company Noona recently secured a 1,2 million EUR or ISK 190 million funding from Salt Pay. With the investment Salt Pay acquired a 20% stake in the company. Noona, which provides an online marketplace for service providers and a booking system, will use the funding to expand its services outside of Iceland.

BBA//Fjeldco’s attorneys Þórir Júlíusson, Stefán Björn Stefánsson and Friðbert Þór Ólafsson provided Noona with legal advice in relation to Salt Pay’s investment in Noona. 

Restructuring of Sinopec Green Energy

BBA//Fjeldco acted as lead counsel for Arctic Green in a complex negotiation with Sinopec Star in relation to asset restructuring of Sinopec Green Energy, whereas certain geothermal assets were evaluated and injected into Sinopec Green Energy.

The restructuring was part of the continuing process of establishing the world’s largest geothermal district heating company, and the market leader in geothermal district heating in China with an impressive track record of establishing a series of technical milestones including getting the first city in China declared as smog free.

BBA//Fjeldco represented Total Specific Solutions in the purchase of all shares in DK Hugbúnaður ehf.

The Dutch company Total Specific Solutions has completedthe purchase of all shares in the Icelandic software company DK Hugbúnaður ehf.BBA//Fjeldco represented the buyer during the transaction. The firm’s lawyersconducted a legal due diligence on DK Hugbúnaður and provided the buyer withlegal advice regarding the transaction. In addition, they worked closely withthe sellers’ lawyers on documentation and closing of the transaction. Thetransaction is one of the largest corporate transactions of the year in Icelandand among the largest foreign investments in an Icelandic company in a longtime.

Bond issuance of Wow air hf.

BBA//Fjeldco acted as lead Icelandic counsel for the Norwegian company Pareto Securities in Wow air hf.’s USD 60 million bond issue in September 2018.


BBA // Fjeldco acted as the legal advisor to the investorswhich acquired KORTA, one of the leading payment service providers in Iceland.

Legal advisor in relation to the Financial Supervisory Authority’s qualification assessment for CEO’s and board members

BBA//Fjeldco has assisted Kvika Bank hf., TM hf. Rapyd Europe hf., Icelandic Securities hf.,Lykill fjármögnun hf., Kvika Asset Management hf., Rekstrarfélag Virðingar and other regulated entities in the preparation of the Icelandic Financial Supervisory Authorities qualification assessment which all CEO’s and board member must undergo.

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