Nel ASA

Major Shareholding Notification • May 25, 2016

Mandatory notification of trade and disclosure of large shareholding

Mandatory notification of trade and disclosure of large shareholding

Oslo, 25 May 2016: Reference is made to the stock

exchange announcement on 24 May 2016 regarding the

potential sale of shares in NEL ASA ("NEL") by Øystein

Stray Spetalen and affiliated companies, Strata Marine

& Offshore AS and Ferncliff Maris AS

(the "Shareholder").

The Shareholder has on 24 May 2016 sold 42,000,000

shares, representing 6.17% of the share capital and

voting rights in NEL. The shares were sold at a price

of NOK 2.75 per share.

Following the sale, the Shareholder owns 33,211,285

shares in NEL ASA, representing 4.88% of the share

capital based on a total number of outstanding shares

of 680,601,326. The remaining shares held by the

Shareholder are subject to a lock-up agreement with

Arctic Securities AS, Carnegie AS and DNB Markets

ending 31 December 2016.

Øystein Stray Spetalen is represented on the Board of

Directors of NEL. Martin Nes, CEO of Ferncliff TIH AS

and board member of Saga Tankers ASA, is the Chairman

of NEL's Board of Directors.