Norwegian Energy Company ASA  (the "Company") has today mandated Arctic Securities ASA and Pareto Securities AS  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 buy-back offer will be at the following prices (the "Offer"):

• NOR03: 98.00-100.00 per cent of par value plus accrued interest
• NOR04: 97.00-100.00 per cent of par value plus accrued interest
• NOR05: 95.00-100.00 per cent of par value plus accrued interest

The Offer will take place as a Dutch auction whereby the lowest tendering prices with sufficient volume within the ranges described above will determine buy-back prices for each bond.

 

The Offer commences at 2.00 pm on 17 August 2011 and expires at 5.30 pm  CET on 17 August 2011, unless the period for the tender offer is extended, amended or earlier terminated. In order to be eligible to receive the repurchase price, holders of the Bonds (the "Bondholders") must validly tender their Bonds by 5.30 pm CET on 17 August 2011.

 

Result of the auction and allocation will be announced by 09.00 am CET on Thursday 18 August 2011, which will also be the trade date. Settlement procedure as customary for bond trades will be applied (T+3).

 

Subject to applicable law and as provided in the Offer, the Company may, at its sole discretion, extend, re-open, amend, waive any condition of or terminate the Offer at any time. Details of any such extension, re-opening, amendment or termination will be announced as soon as reasonably practicable after the relevant decision is made.

 

There shall be no agreement made between the Company and a Bondholder to repurchase tendered Bonds until the Company communicates a notice through the Oslo Stock Exchange.

 

Bondholders who wish to accept the offer should contact:

 

- Arctic Securities Fixed Income Sales at +47 21 01 31 91
- Pareto Securities Fixed Income Sales at +47 22 87 87 70.

 

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)