Mandatory Notification of Trade

Ousdal AS, a company wholly owned by Riulf Rustad, chairman of the board of Norwegian Energy Company ASA (“Noreco”), has on 29 January 2020 acquired options to buy up to 400,000 shares in Noreco with a strike price of NOK 315 for a consideration of NOK 11 per option, valid until 30 November 2021. In connection with this transaction, Ousdal AS has sold 66,000 shares at a price of NOK 224 per share.

Following these transactions, Riulf Rustad, and companies controlled by him, will own 146,975 shares and 890,000 options to buy or subscribe for shares in Noreco, in total 1,036,975 shares and options corresponding to 4.22% of the outstanding shares.

The foregoing calculation is based on 24,549,013 outstanding shares in Noreco. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.