Management changes

Oslo, May 3, 2017: Noreco ASA announces planned management changes

Silje Augustson has chosen to step out of the day-to-day CEO role she has held through the restructuring phase the company has been through over the past few years. Silje Augustson is proposed to step back onto the Board of Noreco ASA, on 24 May 2017.

Executive Chairman Riulf Rustad will continue in his current role. 

Riulf Rustad says: ‘Noreco has gone through a successful turnaround and Silje has played a major role in this process. Silje Augustson agreed to take on the CEO role at a critical stage in the turnaround process and it has worked out well. She has creative career aspirations outside this industry and I fully support her choice, whilst also pleased that she has agreed to step back onto the board to continue to contribute to the success of Noreco during the next phase.’

A formal notice from the Nomination committee to reflect the proposed board changes is expected shortly, in conjunction with the calling for the AGM on May 24 2017.

Contact

Riulf Rustad, Chair

Tel.: +47 215 15 707 or email: 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.