NOR10 – Exercise of call option

Stavanger, 2 July 2015: Reference is made to announcement earlier today concerning early repayment of NOR 10 bonds issued by Norwegian Energy Company ASA (“Noreco”).

Noreco has notified Nordic Trustee ASA whereby it in accordance with the terms of its NOK 600 million bond issue (ISIN NO 001069703.0) (NOR10) will redeem approx. NOK 243 million in principal amount of the bonds. The redemption price is equal to par value, plus accrued and unpaid interest to the date of settlement of the call option, 13 August 2015. Such interests amounts to approx. NOK 7 million. After this redemption, the remaining principal amount outstanding under the NOR10 bond issue will be approx. NOK 357 million.

See attached today's notice to bondholders from Nordic Trustee ASA.

Contact:
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
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. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.