Mandatory notification of trade

Oslo, 17 March 2016: Riulf Rustad, Chairman of the Board of Directors of Norwegian Energy Company ASA (“Noreco”), has on 16 March 2016 through his wholly owned company Ousdal AS purchased 127,770 shares in Noreco at a price of NOK 47 per share. Riulf Rustad (indirectly) owns 157,975 shares in Noreco after the transaction and has the right to acquire or subscribe up to 100,000 additional shares, in aggregate 257,975 shares, equal to 3.64% of the outstanding number of shares in the company.