Court ruling on the Siri Insurance Claims

Oslo, 15 December, 2016: Norwegian Energy Company ASA (“Noreco”) announces that a favourable ruling on the SIRI Insurance Claims has been received from the Maritime and Commercial High Court in Copenhagen.

The total damages ruled in favour of the claimants (Noreco and its partners; Awilhelmsen Special Opportunities AS and QVT Financial LP) amount to approximately USD 470 million, including interest. The calculation of the exact amount varies with the payment date due to the inclusion of accrued interest.

Of the total amount, Noreco is entitled to approximately USD 270 million. Noreco has various tax positions that will offset a substantial part of the resulting tax liability. The resulting net amount (after tax) is therefore not yet ascertained.  

Contact:

Silje Augustson

CEO

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.