2012 financial statements approved

Stavanger, 20 March 2013: The Board of Directors of Norwegian Energy Company ASA (Noreco) has approved the final 2012 financial statements for the Noreco Group. Net result for the year is identical to the preliminary figures announced 28 February 2013.

Noreco’s bond loans have been reclassified as current liabilities according to IFRS accounting standards. As previously announced, Noreco has entered into waiver agreements with its bond holders related to certain covenants in its bond loan agreements. Due to the fact that some of these waivers have a duration that is less than 12 months, IFRS requires the bonds to be classified as current liabilities, regardless of expectations to future debt servicing capacity. The reclassification does not reflect any change in the Board’s view on the company’s financial outlook.

The company’s auditor has issued an auditor’s opinion which includes an emphasis of matter paragraph regarding the corrections of previously reported accounting figures for 2011.

Noreco’s annual report for 2012 will be published mid-April.

Contact:
Kjetil Bakken, Investor Relations Manager (+47 91 889 889) 

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
 

***

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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com