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Norwegian Energy Company ASA Announces Reorganization of Legal Structure

Friday, 28 Sep 2012 04:01am EDT 

Norwegian Energy Company ASA announced that the Company is planning to reorganise its legal structure. The objectives of this reorganisation are to transform the Company to a holding company, with all operational activities being continued in wholly owned subsidiaries, and thereafter seek to reduce the number of subsidiaries and over time targeting single operating entities for each jurisdiction. The Company's activities, plans and strategy will remain unaffected by the reorganisation. The organisational structure will be unchanged, and the reorganisation will not have any negative consequences for the employees. The first step in this respect will be the transfer of the remaining license participation rights on the Norwegian continental shelf currently held by the Company to its 100% owned subsidiary Noreco Norway AS. This transfer will in addition to such licenses include all related assets, contracts and personnel, and is, subject to relevant conditions being fulfilled, contemplated to be done with an effective date of December 31, 2012. Following completion of the transfer, Noreco Norway AS will become the owner of Company's all licenses on the Norwegian Continental Shelf. The book value of the licenses being transferred is NOK 141 million as of the end of the second quarter of 2012. The Company expects that its Direct Petroleum Activities will be discontinued by the end of 2012, subject to receipt of certain third party approvals inter alia from Norwegian authorities. 

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