COMPANY PRESENTATION31 July 2019

DisclaimerTHIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY”). THIS

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INFORMATION INCLUDED IN THIS INVESTOR PRESENTATION.

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Transaction finalised 31 July 2019 creating a leading

independent North Sea E&P company

▪ Acquisition of Shell’s 36.8% interest in the DUC1 making Noreco the second largest hydrocarbon producer on the Danish Continental Shelf

▪ Assets comprise of 15 fields, net 2P reserves of ~1953 mmboe per YE2018 and net production of ~572 mboepd in 2018

▪ Significant reserves and production growth coming from existing resources (discoveries, EOR initiatives and new projects)

▪ Transaction completed 31 July 2019

▪ All fields operated by Total

▪ Proven operational efficiency with opex per boe of USD 16 and capex per boe of USD 10 in 2018

▪ Strong cost reduction focus

▪ Operator aligned with Noreco and holds a 43.2% interest following acquisitions of the Maersk and Chevron stakes

▪ Solid additions to the board since announcement of the transaction

▪ Day one cash flow from producing assets

▪ ~7 mmboe (net to Noreco) positive revision4 on 2P reserves from YE20173 to YE20183

▪ >100 mmboe5 of contingent resources (net to Noreco)

▪ Noreco cash flow protected by liquid production guarantee from signing until the end of 2020

▪ Significant dividend capacity following the Tyra redevelopment

▪ USD 900m RBL facility secured from relationship banks BMO Capital Markets, Deutsche Bank and Natixis

▪ Seven year facility testament to stable cash flow profile through the Tyra redevelopment

▪ USD 540m of new equity and convertible debt subscribed by high-quality fund managers

▪ Leverage of 1-2x EBITDA and long dated maturity profile mitigate refinancing risk

Supermajor

operated assets

and an attractive

organisation

Conservative

capital structure

Cash flow paired

with significant

resource potential

Transformative

transaction

41) Danish Underground Consortium; 2) Danish Energy Agency (DEA); 3) Independent estimates from Senergy (Lloyd’s Register) per YE2018 and YE2017; 4) Adjusted for 2018 production; 5) Company estimate

746

352

158

-1 257

-1 071

4022 22

RBL¹ Equity² CB Total Sources CashPayment at

Close

CashPayment at

Signing

NOR10 NetTransaction

(OtherAdjustments)

Liquidity atClose

Total

escrow

1) Cash draw; 2) Not including proceeds from contemplated subsequent offering

Transaction overview

Transaction perimeter

Shell Overseas

Holdings Limited

Shell Olie- Og

Gasudvinding

Danmark B.V.

100%

Shell Olie- Og

Gasudvinding

Danmark Pipelines

ApS

Danish Underground

Consortium JOA

The Netherlands

Pipeline Agreement

36.8%100%

Sources & Uses Transaction perimeter

USDm

5

146

Sources Uses

36.8%

Source: Press releases

1) Independent estimate from Senergy (Lloyd’s Register) per YE2018; 2) Danish state-owned oil and gas company; 3) Danish Energy Agency (DEA)

Portfolio of North Sea assets producing since 1972

▪ The DUC comprises of 15 fields on the Danish

Continental Shelf. Production started in 1972 and peak

production was reached in 2005 at ~500 mboepd

▪ In 2018, the DUC produced ~154 mboepd3 with

production routed via the four hubs Halfdan, Tyra, Dan

and Gorm

▪ Four pipelines secure exports from the hubs to the

Danish mainland and the international market

▪ Production expected to increase over the next decade

following finalisation of the Tyra redevelopment in

2022

▪ Following completion on 31 July 2019, the DUC is a

joint venture between Noreco, Total and Nordsøfonden

▪ All fields are operated by Total following the

acquisition of Maersk Oil in 2017

Operated by E&P major

Key highlightsOwnership of 15 fields and four production hubs in the North Sea

6

Tyra

Dan

Halfdan

Gorm

Production hubs

The DUC is the owner of the

Danish North Sea’s key

infrastructure points

The bulk of Denmark’s

produced hydrocarbons are

transported onshore via the

Gorm and Tyra hubs

Pipeline system

Infrastructure

access from central

North Sea position

11%

40%

10%

39% 43.2%(operator)

20.0%2

DanGormHalfdan Tyra

2P

reserves

by hub1

0

10

20

30

40

50

60

70

2016 2017 2018 2019E 2020E 2021E 2022E 2023E 2024E

1) Independent estimates from Senergy (Lloyd’s Register). “YE2018” forecast represents the most recent reserves report (from 2019). “YE2017” represents the reserves report from 2018 applied in the published

presentation 17 October 2018. Danish Energy Agency (DEA) applied in years 2016-2018; 2) Company estimate, Danish Energy Agency (DEA), Rystad Energy, WoodMackenzie; 3) Danish Energy Agency (DEA)

High margin production with several growth venues

2P reserves revision1, mmboe

7

▪ Liquid volume production guarantee from Shell until the end of 2020

▪ Tyra expected production capacity of 60 gross mboepd and production of >200 gross

mmboe. Temporary unit cost increase during the redevelopment period

▪ Tyra redevelopment is expected to be finalised in 2022

▪ Estimated opex per boe of USD ~13 following the redevelopment and normalised

production

▪ Contingent resources include discoveries such as Adda, Alma, Boje and Freja in the DUC

▪ Several other upside opportunities from enhanced recovery initiatives and other projects

Production and economics overview for the DUC 2 (net to Noreco)

Illustrative forecast2P - YE2017 liquids & gas1

Contingent resources2

2P - YE2018 liquids & gas1

2015 2016 2017 2018 H1 2019

Production, mboepd 70 64 67 57 58

Opex, USD per boe 14 13 11 16 16

Capex, USD per boe 7 5 3 10 10

Daily production forecast revision1, mboepd

YE2017

2018

Production3 Revision YE2018

Liquids & gas 209 -21 +7 195

All figures are net to Noreco unless specifically stated

Tyra redevelopment - accessing significant reserves

Dedicated liquidity buffer to support the Tyra redevelopmentTyra redevelopment project

81) Danish Continental Shelf; 2) Subject to certain conditions

Sources: Press releases, Company

▪ Strategically important asset as Denmark’s largest gas field and facilities that

process and export ~90% of all gas produced on the DKCS1

▪ Decision to fully modernise the facilities enables continued production from

the field and improves infrastructure for increased production in the region

▪ Expected to enable a production capacity of 60 gross mboepd and production

of >200 gross mmboe

▪ The redevelopment of Tyra is enabled by the North Sea agreement between

the Danish State and the DUC partners

▪ The project is expected to be finalised in 2022

▪ Noreco has agreed to create a liquidity buffer to cover operator cash calls

during the Tyra redevelopment phase

▪ Shell will make a significant contribution to the liquidity buffer

▪ USD 50m will be funded at closing of Noreco’s acquisition. Starting August

2020 Noreco will fund USD 15m in six equal instalments until January 2021

▪ The accumulated amount will be USD 140 million in January 2021

▪ When the Tyra redevelopment is completed the dedicated amount will be

reduced to USD 100 million which Noreco can replace with a Letter of Credit

or other type of security2

New Tyra facilities

9

Strengthened organisation following the acquisition

▪ Skilled employees with significant experience from the

DUC assets will continue under Noreco

▪ Taking an active role in the DUC partnership with

Copenhagen as main hub for operations and technical

staff

▪ Currently recruiting additional oilfield experts within

geology, geophysics, reservoir, drilling and wells,

production technology and facility engineering, HSEQ,

asset management and business development

▪ Key additions made through recruitment of three new

board members

Comments Key additions to the Noreco organisation since October 2018

Yves-Louis Darricarrère

Board member – contemplated elected at EGM

Darricarrère holds a MSc in Economics. He began his career with Elf

Aquitaine in 1978 and has held various executive positions within the

company. In July 2012, he became President of Total Upstream,

which brought together Exploration & Production and Gas & Power;

he filled the position until he retired in August 2015

Colette Cohen

Board member – contemplated elected at EGM

Colette Cohen holds a BSc Pure & Applied Chemistry. She has

worked within the oil & gas sector since 1991, for BP Exploration UK

and Reservoir Management Ltd. Between 1998 and 2013 she held

various leading positions with ConocoPhilips. From 2013 until 2016

she was P&L responsible for Centrica E&P UK NL and is currently

CEO of The Oil & Gas Technology Centre in Aberdeen

Chris Bruijnzeels

Board member – contemplated elected at EGM

Chris Bruijnzeels holds a Master's degree in Mining Engineering from

the University of Delft. He is president and CEO of ShaMaran

Petroleum Corp. and has since 1985 worked with International

Petroleum Corp., Lundin Petroleum, PGS Reservoir Consultants,

Shell and NAM in various leading positions

Subscription period

commencing on or about 12 Aug

Key considerations

Key upcoming dates

▪ Closing on 31 July 2019

▪ Subsequent offering to take place as soon as the

prospectus is approved by the NFSA1, expected early

August 2019

▪ New shares issued as part of the 2018 private placement

and the convertible bond issue to be listed following

prospectus approval

▪ New board members contemplated elected at EGM 7

August 2019

1

Processes

2

4

5

3

10

Prospectus

approval2

Early August

2019

Listing of

shares and

CB

4

Closing 1

EGM new

board

members

5

31 July 2019

7 August 2019

Subsequent

offering3

3Q 2019

Following prospectus

approval

Financial

reporting

21 August 2019

H1 reportEnd November

2019 Q3 report

Key details subsequent offering (expected)

▪ Commencement of subscription period: 12 August 2019

▪ Eligible shareholders: shareholders as at 16 October 2018,

registered in the VPS 18 October 2018

▪ Rights per share: 0.46310

▪ Subscription price: NOK 185/share

▪ Transferability and trading: freely transferable and fully

tradable

4Q 2019

1) The Norwegian Financial Supervisory Authority

Tyra East platform in the Danish North Sea