Court ruling on the Siri Insurance Claims appeal case

Oslo, 4 May 2018: The Eastern High Court has today given their ruling in the Siri Insurace Claims appeal case. Noreco has been awarded approx. USD 12,5 million with the addition of interest which brings the amount up to approx. USD 20 million (calculation of the exact amount is subject to further review). The court ruled in favor of the insurers (plaintiffs) with regards to their claim on Section 1 and LOPI.

Noreco believes that the ruling is on the wrong premises and will make an appeal to the Supreme Court. The work on the preparation of the appeal has already begun.

The verdict can be found at the following link:

http://www.domstol.dk/oestrelandsret/nyheder/domsresumeer/Pages/Forsikringsd%C3%A6kningforskadep%C3%A5olieboreplatform.aspx

Contact:

Riulf Rustad

+47 22 33 60 00

ir@noreco.com

***

About Norwegian Energy Company ASA

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

Subscribe