Allocation of options and determination of strike price

Oslo, 30 August 2019: Reference is made to the announcement by Norwegian Energy Company ASA («Noreco» or «the Company») from 1 August 2019 regarding allocation of options. The strike price for the options allocated under tranche (ii) shall be set to NOK 230, equal to the volume weighted average Noreco share price for the 30 days period following the completion of the acquisition of the shares of Shell Olie- og Gasudvinding Danmark B.V., as announced by the Company on 31 July 2019.

Further reference is made to the extraordinary general meeting held on 7 August 2019 in which the board were authorised to issue one option for each share purchased by any board member (except of Riulf Rustad and Lars Purlund) up to a total of 10,000 shares for each board member. Following the subscription of shares in the subsequent offering as announced by the Company, the following options have been allocated:

  • Marianne Lie: 6,954 options with a strike price of NOK 230. Following the allocation, Marianne Lie and companies controlled by her own 8,954 shares and 6,954 options in Noreco.
  • Tone Omsted: 5,000 options with a strike price of NOK 230. Following the allocation, Tone Omsted owns 5,000 shares and 5,000 options in Noreco.

In addition, the Board has allocated 60,000 options to Euan Shirlaw (CFO) under the option programme approved by the extraordinary general meeting on 8 November 2018, with a strike price of NOK 230, equal to the volume weighted average Noreco share price for the 30 days period following the completion of the acquisition of the shares of Shell Olie- og Gasudvinding Danmark B.V. Following the allocation, Euan Shirlaw owns 60,000 options in Noreco.

Contact:

Tel.: +47 22 33 60 00 or email: 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.

About Us

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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