Change in Granted Options

Oslo, 15 November 2022: With reference to the option program for Norwegian Energy Company ASA ("Noreco" or the "Company"), as approved by the general meeting of the Company on 8 November 2018 and later amended, the number of granted options has, due to the exercise of options held by a former member of the executive team, been reduced by 14,333 to 391,868, each option giving the right to acquire or subscribe for one share in the Company upon exercise.

Contact:
Cathrine Torgersen, EVP Investor Relations & ESG
Email: ct@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.