Update of the Nomination Committee's proposals

Stavanger, 14 April 2011: Reference is made to the calling notice for the Annual General Meeting for Norwegian Energy Company (Noreco) dated 7 April 2011, and the announcement published 12 April 2011 regarding changes in the Nomination Committee's proposals for members to the Board.

The calling notice and the updated enclosures D "Nomination Committee`s proposals for members to the board" and G "Power of attorney for annual general meeting" are attached.

Those shareholders who have already sent a form of power of attorney, and who wish to change their casting of votes for item 13.5 on the agenda are asked to send a new form of power of attorney. Those shareholders who have sent the form of power of attorney and do not send a new form as mentioned will be deemed to have maintained their casting of votes for item 13.5.

Tone Klepaker Skartveit, Corporate Planning Advisor (+47 992 83 882)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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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.