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Allocation of options

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Oslo, 1 August 2019: Reference is made to the extraordinary general meeting held on 8 November 2018 regarding approval of the option program for Norwegian Energy Company ASA («Noreco» or «the Company»). Further to the general meeting’s resolution, the board of directors of the Company has allocated (i) 715 000 options with a strike price of NOK 240 per share, and (ii) 170 000 options with a strike price to be set as the volume weighted average Noreco share price for the 30 days period following the completion of the acquisition of the shares of Shell Olie- og Gasudvinding Danmark B.V., as announced by the Company on 31 July 2019.

The options must be exercised within five years after award. Options vest over three years, with one-third per year. Subject to approval by the extraordinary general meeting to be held on 7 August 2019, options mentioned in (i) will have no vesting period.

The options have been allocated to:

  • Riulf Rustad: 400 000 options mentioned in (i) and 90 000 options mentioned in (ii) above. Following the allocation, Mr Rustad owns 142 975 shares through his wholly owned company Ousdal AS and 490 000 options in Noreco;
  • Lars Purlund: 250 000 options mentioned in (i) and 50 000 options mentioned in (ii) above. Following the allocation, Mr Purlund owns 5 282 shares and 300 000 options in Noreco;
  • Frederik Rustad: 55 000 options mentioned in (i) and 25 000 options mentioned in (ii) above. Following the allocation, Mr Rustad owns no shares and 80 000 options in Noreco; and
  • Joakim Adeola Helgesen: 10 000 options mentioned in (i) and 5 000 options mentioned in (ii) above. Following the allocation, Mr Helgesen owns 100 shares through his wholly owned company Alkmaar AS and 15 000 options in Noreco.

Contact: Tel.: +47 22 33 60 00 or email: 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.

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