Reference is made to Norwegian Energy Company ASA's (the "Company") announcement on 17 August 2011 regarding an offer to repurchase for cash up to NOK 270 million in combined principal amount in the three bonds NOR03 (ISIN: NO 0010548431), NOR04 (ISIN: NO 0010548449) and NOR05 (ISIN: NO 0010592306) (together the "Bonds").

The offer has now expired, and the Company will buy back Bonds as follow:
-    NOR03: NOK 70 million at 99.25 per cent of par value plus accrued interest
-    NOR04: NOK 71 million at 97.00 per cent of par value plus accrued interest
-    NOR05: NOK 129 million at 95.00 per cent of par value plus accrued interest

Settlement is expected to take place on 23 August 2011.

Arctic Securities ASA and Pareto Securities AS have acted as managers for the transaction.

For further information, please contact:
Rebekka Glasser Herlofsen, CFO (+47 916 60 269)
Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)

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