Organisational changes in Noreco

Stavanger, 6 September 2011: Norwegian Energy Company ASA (Noreco) has completed a review of its organisation following the recent asset sales. This has resulted in a leaner management structure and a substantial reduction in the number of employees at the company's office in Denmark. 

Noreco's management team has been reduced from eight to six positions, and consists of the following:

Einar Gjelsvik, CEO
Ellen Bratland, COO & VP HSE
Lars Fosvold, VP Exploration
Rebekka Glasser Herlofsen, CFO
Kjetil Bakken, VP Investor Relations
VP Commercial (vacant)

Rebekka Glasser Herlofsen is engaged as management for hire and will continue to act as the company's CFO until a permanent replacement is in place.

Following asset sales of USD 300 million over the last months, the company has also decided to review its organisation and reduce administrative cost. This has resulted in a workforce reduction of approximately 15 percent, mainly at the company's Danish office.

Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

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

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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