Change of currency offer for holders of NEC04 PRO bond issue

Norse Energy Corp. ASA announces that a majority of the bondholders in NEC04 PRO (ISIN NO 001 0460355) have accepted a voluntary offer to exchange existing bonds denominated in NOK for bonds in a new bond issue with USD currency.

The new issue will have the same loan structure as NEC04 PRO, but with USD currency and coupon. For detailed information see attached term sheet.

The bonds will be exchanged at price of par value (100%) and the currency exchange rate will be determined at market rates on Tuesday December 2nd. The fixed coupon will be determined based on NIBOR and LIBOR swap spreads with an addition of 50 bps in spread.

The new bond issue will have denomination of USD 100 000. Any fractions will be rounded up to nearest USD 100 000.

The offer has been distributed to all existing bondholders in the NEC04 PRO issue.

The current bond issue will prolong according to the current loan agreement. The offer has been in order to minimize the company’s foreign exchange exposure.

For further information please contact:
Anders Kapstad, CFO
Tel.: +47 918 17 442
Email: akapstad@norseenergy.com

Fearnley Fonds ASA
Thomas Berg-Nielsen
Tel.: +47 22 93 63 51