Demerger Information Memorandum Approved

(“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTCQX symbol “NSEEY”) informs that the Information Memorandum regarding the proposed demerger of the company has been approved by Oslo Stock Exchange. Please find the Information Memorandum enclosed. Reference is made to the press release dated December 21, 2009 describing the Board of Directors’ demerger proposal. The Extraordinary General Meeting to vote on the proposed demerger will be held tomorrow, January 28, 2010. For further information please contact: Anders Kapstad, CFO Tel: +47 23 01 10 01 Cell: +47 918 17 442 Email: akapstad@norseenergy.com Jonas Gamre, Investor Relations Tel: +47 23 01 10 02 Cell: +47 971 18 292 Email: jgamre@norseenergy.com