Result of share buyback in Norwegian Energy Company ASA

23 January
2020, Q1

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.

Reference is made to the stock exchange release of Norwegian Energy Company ASA (“Noreco” or the "Company") dated 20 January 2020 concerning an offer to buy back shares in connection with the Company's option programme as well as for other corporate purposes (the “Offer”). The Offer expired on 22 January 2020 at 16:30 (CET).

The Company has resolved to buy back 299,925 shares at a price of NOK 242 per share. The price was determined through a book building process. The trade date for the shares will be on 23 January 2020 (T) and settlement will take place on 27 January 2020 (T+2).

Upon settlement, the Company will own 299,925 shares, corresponding to 1.22 per cent of the share capital and votes in the company.  Following this buyback, Noreco will have remaining authority to buy back 419,548 of its own shares until 28 June 2020.

Arctic Securities AS (“Arctic”) and Fearnley Securities AS (“Fearnley”) (together, the “Bookrunners”) acted as bookrunners in connection with the buyback.

 

For further information, please contact:

Euan Shirlaw, CFO, +44 7979 690 622

Frederik Rustad, EVP, Corporate Finance & Investments, +47 922 94 999

E-mail: investorrelations@noreco.com