NOR01: Noreco exercises right to call entire outstanding bond

Stavanger, 19 October, 2009: Norwegian Energy Company ASA ("Noreco" or "the Company" - OSE:NOR) has informed the Trustee for NOR01 (NO 001037906.8) that the Company will exercise its call option by making an early repayment of all outstanding bonds.
NOR01 totaling NOK 1,840 million will be called according to the loan agreement at 103% of par value. Notice for early redemption of the bonds in their entirety will be filed with the bondholders today. NOR02 (NO 001037907.6) will also be called simultaneously with NOR01.
The outstanding bonds will be repaid at the call price on or about 1 December 2009 (the exact date to be set by the Trustee).
Einar Gjelsvik, Vice President Strategy & IR (+47 99 28 38 56)
Jan Nagell, CFO (+47 99 49 72 71)