Fixed Price Arrangements

Oslo, 22 October 2018: Reference is made to the press release from 17 October 2018 regarding the acquisition of Shell´s Danish upstream assets. As part of the transaction Shell Trading and Supply will continue to have oil lifting rights from the assets via an offtake agreement, the parties have agreed to a fixed price arrangement under the offtake agreement for 80% of the guaranteed liquid production volumes until 30 September 2020 at current market terms. The fixed price arrangement are effective from announcement of the acquisition.

Contact:

Tel.: +47 22 33 60 00 or email: 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.