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