Summons to bondholder meeting in NOR10 and voluntary offer


Oslo, 16 February 2018: Norwegian Energy Company ASA ("Noreco" or the "Issuer") has today summoned bondholders in NOR10 (ISIN: NO0010697030) to a bondholders' meeting to be held on 2 March 2018 at 10:00 CET.

The Issuer wishes to extend the maturity of the Bond Issue until 6 September 2018. For the extended period of six months, the Issuer proposes increasing the Fixed Rate payable on the Bonds from 6.5% p.a. at present to 10% p.a. In addition, the Issuer wishes to have a call option for the Bonds, exercisable from 6 June 2018 until the new maturity date of 6 September 2018 at 101.50% of par value (plus accrued but unpaid interest).

The Issuer has informed the Bond Trustee that the largest Bondholders have signed voting undertakings in favour of the proposal.

Furthermore, the Issuer intends to offer each Bondholder, subject to trading restriction in certain jurisdictions, the opportunity to sell to the Issuer its Bonds at a price that equals 100% of par value (plus accrued but unpaid interest until the settlement date of the sale). Bondholders that are interested in selling their Bonds to the Issuer should reach out to Arctic Securities AS at the below contact details by 12:00 hours (Oslo time) 23 February 2018:

Arctic Securities AS,

Attn.: Anders Berger


Phone no.: +47 21 01 32 72


Frederik Rustad

Tel.: +47 22 33 60 00 or email: