Noreco provides update on the SIRI Court Proceedings

Oslo, 24 October 2016. Norwegian Energy Company ASA ("Noreco") provides an update on the progress in the court proceedings relating to the SIRI insurance claims.

As previously announced the court proceedings commenced on September 12, 2016, in the Maritime and Commercial High Court in Copenhagen. The presentation of evidence phase has been concluded and all witness testimonials and interrogations have been completed. The court proceedings are entering into the final stages this week with the commencement of the parties’ closing arguments. The proceedings will be concluded on November 2, 2016.

The final verdict is expected on December 15, 2016. The Parties will then have 14 days to appeal.

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.

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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