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Strategic reorganization and appointments to management team

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Oslo, 31 October 2019: Norwegian Energy Company ASA (Noreco) is pleased to announce a further strengthening and internal reorganization of its management team. The appointments will reinforce Noreco´s organizational competence and are in line with the company´s strategy of further growth.

  • Atle Sonesen, Chief Operating Officer of Noreco, will also assume the function as Managing Director of Noreco ASA, effective 1 November 2019. Atle has more than 25 years of experience within the oil and gas industry and has held technical, commercial, and management positions across the industry, including upstream companies. Mr. Sonesen was previously Managing Director of VNG Norge and has worked for companies like GDF Suez and Schlumberger.
  • Frederik Rustad has been appointed EVP Corporate Finance & Investments, effective 1 November 2019. Mr. Rustad has been with Noreco since 2015, where he most recently held the position as Managing Director through the successful acquisition of Shell´s Danish upstream assets. Going forward, Mr. Rustad will focus on new investment opportunities and strategic initiatives for Noreco.
  • Cathrine Torgersen has been appointed EVP Investor Relations & Communications, effective 1 January 2020. Ms. Torgersen currently holds the position as Senior Account Director at Gambit Hill+Knowlton Strategies, with a focus on serving oil and gas clients. Prior to joining Gambit Hill+Knowlton Strategies, Ms. Torgersen worked with institutional high yield sales at Pareto Securities Inc.

“On behalf of the Board of Directors, I am pleased to announce the strengthening of our management team as the company enters into an operational phase with focus on further developing our assets and strategic initiatives.”, said Riulf Rustad, Executive Chairman of Noreco.

After completing a successful acquisition in July, Noreco is now the second largest exploration and production company in Denmark measured by production.

Contacts

Riulf Rustad, Executive Chairman, +47 900 87 703 or ir@noreco.com

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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 (ticker NOR). For further information, please visit: www.noreco.com.

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