Noreco Announces First Quarter 2021 Results

Oslo, 11 May 2021: Norwegian Energy Company ASA ("Noreco" or the "Company") today announced its first quarter 2021 results. The first quarter financial results delivered revenues of USD 105 million, EBITDA of USD 29 million and adjusted EBITDA of USD 31 million.

Highlights:
.    Total Revenues of USD 105 million
.    Adjusted EBITDA of USD 31 million
.    Net hydrocarbon production of 25.8 mboepd

Net hydrocarbon production in the quarter was 25.8 mboepd and in line with the annual guidance of 25.5 to 27.5 mboepd. In March, the Noble Sam Turner drilling rig arrived on location for planned workover and well maintenance programs.

First quarter revenue was USD 105 million, with EBITDA of USD 29 million and adjusted EBITDA of USD 31 million. An RBL increase to USD 1.1 billion with a revised seven-year term was announced during the quarter, and successfully completed in May. Following the RBL increase, the Company has available liquidity of approximately USD 320 million, with cash on balance sheet of USD 70 million and undrawn RBL capacity of approximately USD 250 million.

The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no.

Chief Executive Officer, David B. Cook, Chief Financial Officer, Euan Shirlaw and Chief Operating Officer, John Hulme will present the first quarter results in an earnings call today at 12:00 CET.

To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210511_19

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Contacts:
Euan Shirlaw, Chief Financial Officer
Phone: +44 7979 690622
Email: es@noreco.com

Cathrine Torgersen, EVP Investor Relations & Communications
Phone: +47 91 52 85 01
Email: ct@noreco.com
 

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 with ticker: "NOR". For further information, please visit: www.noreco.com.