Restatement of Accounts and Postponement of Annual General Meeting

Oslo, 11 May 2018: Norwegian Energy Company ASA (“Noreco” or the “Company”) has, as a conservative measure and in cooperation with its auditor, decided to write down the book value of the Siri Insurance Claims in the accounts of the Company to reflect the outcome of the verdict from the Eastern High Court. The write-down will only have an accounting effect and will not have any other implications for the Company.

The Company will restate the recently published accounts for the year 2017 to reflect the write-down, subsequently the Board has decided to postpone the Annual General Meeting currently scheduled for 24 May to allow stakeholders time to review the restated report. The Company expects to publish a restated annual report for 2017 in the beginning of June and subsequently summon for the Annual General Meeting to be held on 28 June. The report for the first quarter of 2018 will be published on 31 May.

Contact:

Riulf Frederik Rustad, Managing Director

+47 22 33 60 00

ir@noreco.com 

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About Norwegian Energy Company ASA

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.

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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