Norwegian Energy Company ASA Completes Reorganization of Group Structure

Norwegian Energy Company ASA (Noreco) announced in relation to the announcements of September 28, 2012 and October 30, 2012 concerning a reorganization of the Noreco group structure in order to provide for more efficient operations, and to received approval from the Norwegian Ministry of Petroleum and Energy regarding the transfer of all production licenses and operatorships from the parent company Norwegian Energy Company ASA to its subsidiary Noreco Norway AS, that Noreco completed on December 31, 2012 the planned and announced transfers, with the effect that from the expiry of the same date, all related assets, contracts and personnel have been transferred to the subsidiary Noreco Norway AS. Noreco Norway AS has thereby become owner of all the group's licenses on the Norwegian continental shelf, and the parent company has discontinued its direct petroleum activities.