Proposal from Nomination Committee as to remuneration

Stavanger, 15 May 2015: The Nomination Committee of Norwegian Energy Company ASA (Noreco) has finalised its proposal regarding remuneration to the members of the Board of Directors (Board) of the company. The proposal will be considered under item 6 at Noreco’s Annual General Meeting (AGM) on 20 May 2015.

The committee proposes that the remuneration of the members of the Board for the period from the AGM in 2015 until the AGM in 2016 remains at the present level, with the addition that each board member elected by the shareholders will enter into a consultancy agreement with a remuneration of NOK 2,000 per hour (ex VAT) with respect of work in addition to board meetings.

Additionally it is proposed that the three board members elected by shareholders are compensated for a sale of certain assets in the range of NOK 500 000 to NOK 1 000 000. It is also proposed that Mr. Rustad will receive 1 per cent of net insurance proceeds received by the Noreco’s bondholders and/or shareholders.

For further information, please see attached Proposal from the Nomination Committee.

Contact:
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.