Norwegian Energy Company ASA: Issuance of NOR15 Subordinated Convertible Bonds

30 Dec 2022 07:55 CET

Oslo, 30 December 2022: Reference is made to the stock exchange notice published
on 27 December 2022 where Norwegian Energy Company ASA ("Noreco" or the
"Company") announced  the acceptance level for the contemplated new bond
issuance in the maximum amount of USD 250,000,000 of new subordinated
convertible bonds with ISIN NO 0012780867 ("NOR15") through an exchange offer
(the "Exchange Offer") directed towards existing bondholders in the Company's
outstanding USD 165,229,319 2019/2027 convertible bond loan with ISIN NO
0010851520 ("NOR13").

Issuance of the NOR15 bonds in the Exchange Offer is completed. The Company has
issued 207,641,201 new NOR15 bonds, each with a nominal value of USD 1. The
NOR13 bonds which will be received by the Company from the NOR13 bondholders who
have accepted the Exchange Offer will be held by the Company in treasury.

The NOR15 bonds are expected to be sought to be listed on Oslo Børs, subject to
approval by Oslo Børs and approval by the Norwegian Financial Supervisory
Authority of a prospectus for any such listing.

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

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Contact:
Cathrine Torgersen, EVP Investor Relations & ESG
Email: ct@noreco.com
Phone: +47 915 28 501

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.

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