Repurchase of bonds completed

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Stavanger, 1 December 2011: Reference is made to Norwegian Energy Company ASA's (the "Company") announcement on 30 November 2011 regarding an offer to repurchase for cash up to NOK 250 million in combined principal amount in the two bonds NOR03 (ISIN: NO 0010548431) and NOR 07/12 6.00% Convertible Bond (ISIN: NO 0010368830) (the "CB").

The offer has now expired, and the Company will buy back Bonds as follows:
-    NOR03:             NOKm 168.5 at 99.00 per cent of par value plus accrued interest
-    CB:                   NOKm 45.5 at 98.75 per cent of par value plus accrued interest

Settlement is expected to take place on 6 December 2011.

Arctic Securities ASA and Pareto Securities AS have acted as managers for the transaction.

For further information, please contact:
Rebekka Glasser Herlofsen, CFO (+47 916 60 269)
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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