Noreco announces fourth quarter 2016 results

Oslo, 15 February 2017: Norwegian Energy Company ASA (“Noreco”) and the subsidiary Noreco Norway AS (“Noreco Norway”) today announce results for the fourth quarter of 2016.

During the quarter the Maritime and Commercial High Court in Copenhagen announced its ruling in favour of the claimants (Noreco and its partners; Awilhelmsen Special Opportunities AS and QVT Financial LP) a total amount of approximately USD 470 million, including interest. Of the total amount, Noreco is entitled to approximately USD 270 million.

There will be a company update at Arctic Securities in Oslo today at 11:00 CET. Please e-mail events@arctic.com if you wish to attend.

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

Contact:

Silje Augustson, CEO. Tel.: +47 215 15 707

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 .