Reference is made to stock exchange announcement from Norwegian Energy Company ASA (“Noreco” or the “Company”, ticker “NOR”) on 21 October 2013 regarding a comprehensive refinancing of all its bond loans totalling around NOK 3.1 billion, resulting, if completed, in a fully amended bond structure as further described therein (the “Refinancing Proposal”) in combination with a private placement of new shares of NOK 400 – 430 million (the “Private Placement”) and up to NOK 100 million in a subsequent offering (the “Subsequent Offering”) (together the “Equity Issue”).

The Company is hereby pleased to announce that the Private Placement has been closed, with a raise of approx. NOK 430 million in gross proceeds through issuance of 4,299,999,987 new shares at a price of NOK 0.10 per share.

“We are pleased to see that investors have agreed to contribute their share to the refinancing of Noreco. Still, I must emphasise that this is only the first of several steps towards a successful refinancing of Noreco. The investors have committed the new equity on several conditions, one of them being that the proposed refinancing of bonds will be sanctioned by bond holders. Bond holder meetings have been called for 5 November”, said Svein Arild Killingland, CEO of Noreco.

“We need the new equity and we need the bond holders to approve revised terms to ensure a balanced and viable financial solution for the Company, its shareholders and its creditors”, Mr Killingland added.