Noreco: Bondholders' meeting held - waivers obtained

Stavanger, 19 October 2012:

Reference is made to the stock exchange announcements from Norwegian Energy Company ASA (the "Company", ticker "NOR") dated 3 October 2012 containing the summons to a joint bondholders' meeting to propose certain waivers and amendments to the loan  agreements of the NOR04 bond (ISIN NO 001 054844.9), the NOR05 bond  (ISIN NO 001 059230.6) and the NOR06 and NOR07 bonds (ISIN NO 001 060632.0 and ISIN NO 001 060633.8).

The bondholders' meeting has now been completed and the bondholders have approved the amendments and granted the waivers requested by the Company as further described in the notice of the bondholders' meeting.

The resolutions by the bondholders' meeting is conditional upon approval by the Company's Extraordinary General Meeting of the Private Placement with gross proceeds of NOK 400,000,000 as further described in the notice of the Extraordinary General Meeting published on 3 October 2012. The Extraordinary General Meeting is scheduled to be held on 26 October 2012.

Contacts:

Einar Gjelsvik, CEO ([phone])
Kjetil Bakken, VP Investor Relations ([phone])

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This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: NORECO via Thomson Reuters ONE

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