Mandatory notification of trade

Riulf Rustad, Chairman of the Board of Directors of Norwegian Energy Company ASA (“Noreco”), has on 27 September 2017 through his wholly owned company Ousdal AS sold 15.000 shares in Noreco at a price of NOK 298,82 per share. Riulf Rustad (indirectly) owns 142.975 shares in Noreco after the transaction and has the right to acquire or subscribe up to 100.000 additional shares, in aggregate 242.975 shares, equal to 3,38% of the outstanding number of shares in the company. Ousdal AS has sold these shares as a consequence of an unexpected tax claim unrelated to Noreco. Riulf Rustad, directly or indirectly, will not sell any shares or options after this until the ruling from the Eastern High Court is given.

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (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.

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