KORR* Annual Report 2016 and First Quarter 2017

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Oslo, 29 May 2017: Due to a technical error the NOR06 bond has been classified as a long-term debt in both the 2016 annual report as well as the first quarter 2017 report, this has now been changed to a short-term debt.

The reports may be downloaded from the company's web site www.noreco.com or www.newsweb.no.

Contact:

Riulf Rustad, Chair. Tel.: +47 22 33 60 00

investorrelations@noreco.com

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.