Result of arbitration received


Stavanger, 23 November 2010: Reference is made to the announcement of 22 March 2010 concerning an agreement between Norwegian Energy Company ASA (Noreco, OSE:NOR) and Norsk Tillitsmann ASA referring a disagreement regarding the conversion price in Noreco's NOK 218.5 million convertible bond loan with ISIN NO 001036883.0 (the “Convertible Bond”) to an arbitration panel.



The parties have now received the final judgment by the arbitration panel. In accordance with Noreco’s contentions, the judgment concludes that the conversion price under the Convertible Bond shall not be subject to any adjustment as a result of the share issue by Noreco in May 2009. Consequently there will be neither increase of shares underlying the Convertible Bond nor any dilution of existing shareholders.

For further information, please contact:

Kjetil Bakken, Investor Relations Manager (+47 918 89 889)