Stavanger, 18 November 2010: Norwegian Energy Company ASA (OSE:NOR) has successfully completed a new 3 year bond issue totaling NOK 700 million. The proceeds will be used to refinance the existing bond loan ALXO02 and for general corporate purposes.  

The new bond loan is a NOK 700 million 3 year senior unsecured bond issued by Norwegian Energy Company ASA. The bond was placed with a floating coupon of 3 months NIBOR + 8.0% p.a. Settlement date for the new bond is expected to be 6 December 2010. An application will be made for listing of the new bond on Oslo Stock Exchange.  

In connection with the bond issue, NOK 146 million of the existing ALXO02 bond loan (ISIN NO 0011030127.8) will be repurchased by the company. ALXO02 is a senior secured bond issued by Altinex Oil Norway AS totaling NOK 300 million which matures on 9 February 2011.  

The bond issue is arranged by Pareto Securities, First Securities, DnB NOR Markets and SEB Merchant Banking.  

For further information, please contact:
Jan Nagell, CFO (+47 99 49 72 71)
Kjetil Bakken, IR Manager (+47 91 88 98 89)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)