New CFO in Noreco

Stavanger, 7 December 2011: Norwegian Energy Company (Noreco) has appointed Mr. Ørjan Gjerde as new Chief Financial Officer (CFO).

Ørjan Gjerde (42) has almost 20 years of experience within finance and management, and comes from the position as CFO in Malthus AS. He has previously had similar positions in Proserv Group and IKM Gruppen among others. Gjerde is a state authorised public accountant and resides in Sola near Stavanger.

Gjerde replaces Rebekka Glasser Herlofsen, who has been engaged as management for hire since March 2011. Mrs Herlofsen leaves Noreco at the end of the year to become CFO in the Torvald Klaveness Group.

Gjerde will join Noreco in March 2012. In the mean time, deputy CFO Erik Borg will be acting as CFO.

Einar Gjelsvik, CEO (+47 992 83 856)
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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