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Amendments to option program

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Oslo, 3 June 2020: Reference is made to the annual general meeting held on 26 May 2020 where the general meeting approved certain amendments to the option program for Norwegian Energy Company ASA («Noreco» or «the Company»). Further to the general meeting's resolution, the number of options granted is reduced from 1,076,954 to 753,868 (there will be 445,000 options remaining to be granted under the program) and the strike price is amended to NOK 160 per share, for the acquisition or subscription of up to 753,868 shares in the Company upon exercise.

Following such amendment, primary insiders of the Company now hold options as per below:

  • Riulf Rustad: 280,000 options with no vesting period and 63,000 options with a vesting period of three years after grant, all with a strike price of NOK 160 per share. Following the amendments, Mr Rustad and companies controlled by him will own 146,975 shares and 743,000 options to buy or subscribe for shares in Noreco;
  • Lars Purlund: 175,000 options with no vesting period and 35,000 options with a vesting period of three years after grant, all with a strike price of NOK 160 per share. Following the amendments, Mr Purlund will own 7,264 shares and 210,000 options to buy or subscribe for shares in Noreco;
  • Atle Sonesen: 70,000 options with a vesting period of three years after grant and a strike price of NOK 160 per share. Following the amendments, Mr Sonesen will own 7,000 shares and 70,000 options to buy or subscribe for shares in Noreco;
  • Frederik Rustad: 38,500 options with no vesting period and 17,500 options with a vesting period of three years after grant, all with a strike price of NOK 160 per share. Following the amendments, Mr Rustad and companies controlled by him will own 5,500 shares and 56,000 options to buy or subscribe for shares in Noreco;
  • Euan Shirlaw: 42,000 options with a vesting period of three years after grant and a strike price of NOK 160 per share. Following the amendments, Mr Shirlaw will own 42,000 options to buy or subscribe for shares in Noreco;
  • Cathrine Færø Torgersen: 14,000 options with a vesting period of three years after grant and a strike price of NOK 160 per share. Following the amendments, Ms Torgersen will own 700 shares and 14,000 options to buy or subscribe for shares in Noreco;
  • Joakim Adeola Helgesen: 7,000 options with no vesting period and 3,500 options with a vesting period of three years after grant, all with a strike price of NOK 160 per share. Following the amendments, Mr Helgesen and companies controlled by him will own 560 shares and 10,500 options to buy or subscribe for shares in Noreco;
  • Marianne Lie: 4,868 options with a vesting period of three years after grant and a strike price of NOK 160 per share. Following the amendments, Marianne Lie and companies controlled by her will own 8,954 shares and 4,868 options to buy or subscribe for shares in Noreco; and
  • Tone Omsted: 3,500 options with a vesting period of three years after grant and a strike price of NOK 160 per share. Following the amendments, Tone Omsted will own 5,000 shares and 3,500 options to buy or subscribe for shares in Noreco;

This information is subject to disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.

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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