Appeal on the Siri Insurance Claims

Oslo, 12 January, 2017: Norwegian Energy Company ASA (“Noreco”) announces that the Supreme Court in Copenhagen has received an appeal from the counterparty in relation to the SIRI Insurance Claims court case. Chairman of Noreco, Riulf Rustad, says he is surprised that they are appealing this strong ruling given unanimously by the seven judges in the specialized Maritime and Commercial High Court. Mr. Rustad further commented that he is confident in the case and its established strong merits from the court ruling.

To the awarded sum excluding interest (approximately USD 344 million) 8 % interest will be added equaling approximately USD 27,5 million on an annual basis.

Mr. Rustad adds that Noreco is no longer in a distressed situation and together with its strong partners, Awhilhelmsen and QVT are prepared to defend its position irrespective of how long it will take.

Contact

Riulf Rustad

Chairman

Tel.: +47 215 15 707 or email: investorrelations@noreco.com 

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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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.