Delivering Growth, Delivering Returns

DNB 's 18th Annual Energy & Shipping Conference

Disclaimer

THIS PRESENTATION (THE "INFORMATION MATERIAL") HAS BEENPRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE "COMPANY"). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION ORSOLICITATION OF AN OFFERTO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY

THE COMPANY DOES NOT MAKE ANY UNDERTAKING, REPRESENTATION OR WARRANTY (EXPRESS OF IMPLIED) AS TO THE ACCURACY OR COMPLETENESS OF THEINFORMATION (WHETHERWRITTEN OR ORAL AND WHETHERINCLUDED IN THIS INFORMATION MATERIAL ORELSEWHERE) CONCERNING THE COMPANY OR OTHERMATTERS DESCRIBED HEREIN. NETHER THE COMPANY OF ITS PARENT OR SUBSDIARY UNDERTAKINGS OR ANY SUCHPERSON'S AFFILIATES, OFFICERS, EMPLOYEES OR ADVISERS ACCEPT ANY LIABILITY WHATSOEVERARISING DIRECTLY FROM THE USE OF THIS INFORMATION MATION MATERIAL OR OTHERWISE IN CONNECTION WITH THE MATTERS DESCRIBED HEREIN.

THE DISTRIBUTION OF THIS INFORMATION MATERIAL IN CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. THIS INFORMATION MATERIAL IS NOT FORDISTRIBUTION ORRELEASE, DIRECTLY, IN ORINTO ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

THIS INFORMATION MATERIAL MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS. FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES.FORWARD-LOOKINGSTATEMENTS CONCERN FUTURE CIRCUMSTANCES ANDRESULTS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACTS SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES", EXPECTS","PREDICTS","INTENDS","PROJECTS","PLANS","ESTIMATES","AIMS","FORESEES","ANTICIPATES" "TARGETS", AND SIMILAR EXPRESSIONS. THEFORWARDLOOKING STATEMENTS CONTAINED IN THIS INFORMATION MATERIAL, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES ARESOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHERFACTORS THATMAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATEDDEVELOPMENT.NETHER THE COMPANY NOR ANY OF ITS SUBSIDIARY UNDERTAKINGS OR ANY SUCHPERSONS AFFILIATES, OFFICERS OREMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCHFORWARD-LOOKING STATEMENTS AREFREE FROMERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSEDINTHIS INFORMATION MATERIAL OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. THE COMPANY ASSUMENO OBLIGATION TOUPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFIRM THESE FORWARD-LOOKING STATEMENTS TO OUR ACTUAL RESULTS.

BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET POSTION OF THE OCMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BESOLELY RESPONSIBLE FORFORMING YOUR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY'S BUSINESS AND A POTENTIAL INVESTMENT IN THE COMPANY.

THE CONTENTS OF THIS INFORMATION MATERIAL ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL BUSINESS, INVESTMENT, TAX OR OTHERPROFESSIONAL ADVICE. THIS INFORMATION MATERIAL SPEAKS AS OF THE DATE HEREOF NEITHER THE DELIVERY OF THISINFORMATION MATERIAL NOR ANY FURTHER DISCUSSIONS OF THE COMPANY WITH ANY OF THE RECIPIENTS SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THATTHERE HASBEENNO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE SUCHDATE.

THIS INFORMATION MATERIAL IS SUBJECT TO NORWEGIAN LAW, ANDANY DISPUTE ARISING IN RESPECT OF THIS INFORMATION MATERIAL IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS WITH OSLO DISTRICT COURT AS EXCLUSIVE LEGAL VENUE

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS.PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALL Y DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS ANDINFORMATION INTHIS INVESTOR PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE ANDRELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS. CHANGES IN DOMESTIC AND FOREIGN LAWS ANDREGULATIONS. TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES ANDINTEREST RATES AND OTHERFACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVEINCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS INVESTOR PRESENTATION. THE COMPANY DOES NOT INTEND, ANDDOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS INVESTOR PRESENTATION.

BlueNord At-a-Glance

Independent E&P company focused on the Danish Continental Shelf and listed on the Oslo Stock Exchange

We hold a 36.8% non-operated interest in the DUC(1), which is operated by TotalEnergies

The DUC has a mature and diversified asset base, with 14 fields and a production history since 1972

Danish Underground Consortium 1) As at end 2023; Represents only a sub-set of the 2) Company's total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells

BlueNord's Value Proposition

Clear and simple focus on leveraging the strength of our underlying business to:

▽ Maximise Distributions

Maintain a Conservative Capital Structure

Robust Base Production

Excellent 2024 performance with annual average decline since 2021 of < 4%

Driven by high activity levels and strong operational efficiency

Excludes production from Tyra

Average annual decline @ < 4% since 2021

= Performance in 2024 supported by operational efficiency of 91%
" Active asset management to enhance volumes and drive growth

High levels of well intervention & restimulation activities

= WROM II on Halfdan completed in Jan 2025
= Skjold gas acceleration pilot delivered a 30% increase vs. baseline for 2024
= Workovers successfully completed on Halfdan to safeguard production

Track-record of strong and stable production(1)

Tyra II Outlook for Production

Tyra II currently producing c. 19mboe/d net to BlueNord

Ramp-up continuing, with plateau expected in Feb

■ Potential for liquids plateau to be achieved in early Mar

Production guidance based on plateau for both gas and liquids in Q1 and stable production through 2025

1) Walk-to-Worl

Outlook for Tyra II Production Rates (100% Basis)

BlueNord Production Guidance for Tyra II (NettoBlueNord)

Tyra II HEMJ Well Exploration Success

Pending further data and results, BlueNord expects the HEMJ well to increase gas production from the Harald field, extend the life of the Harald hub and contribute to energy security of supply in Denmark and Europe

Based on BlueNord analysis and assumptions

HEMJ-1X discovery in Oct-24 and onstream Dec-24

Discovery significantly exceeds pre-drill expectations

BlueNord estimates gross reserves of 33mmboe (vs. 21mmboe pre-drill)
- HEMJ expected to be included in ERCE Reserves Report for YE 2024
= Current HEMJ production of c. 50mmcf/d (c. 30% of current Tyra gas export)
= BlueNord expects HEMJ to increase Tyra plateau by 10+ months
= HEMJ extends lifetime of the Harald hub from the late 2020s to mid 2030s

BlueNord Outlook Guidance for 2025

2025 Production Guidance of 45-51 mboe/d

Committed to distribution policy - 50-70% of Operating Cashflow(1)

Defined as Net Cash Flow from Operating Activities, includes tax payments; excludes capital expenditure and finance costs

Subject to Tyra RBL Completion Test

BlueNord Production Guidance for 2025 (Net to BlueNord)

Distribution Policy for 2024 to 2026

Denmark | Stable and Supportive

Denmark to be one of the largest oil & gas producers in the EU with I yra at plateau

Supportive framework and stable outlook for domestic production of oil and gas

BlueNord business supports Energy Security and Energy Transition objectives

Source: Rystad. NSTA. Blue Nord internal data

BlueNord operations consistent with Danish and EU Energy Security and Energy Transition objectives

= Tyra will enable Denmark to become self-sufficient and a net exporter of natural gas
= Tyra volumes will displace LNG imports which carry a > 3x emissions intensity

Focus in Denmark on Maximising Economic Recovery prior to 2050 end date for oil and gas production

= Stable fiscal regime with Compensation Agreement between DUC and Danish State, where fiscal changes specific to oil & gas entail compensation

Stable Outlook for Production

Long-term potential exists to mitigate decline and maintain plateau production levels after Tyra on stream

Decisions to invest further will need to support long-term cashflow generation potential

Profile includes BlueNord's 2P reserves (Sanctioned and Justified-for-Development) and Near-Term 2C Resources(1) (currently unsanctioned)

Attractive Organic Portfolio Supporting a Robust Production Profile Beyond 2030(2)

Hedge Portfolio: Q1-2025

Active this quarter placing gas hedges for 2025-27 when prices were more attractive

~48% of 2025 oil production hedged(")

~51% of 2025 gas production hedged(")

Based on the production guidance for 2025 including Tyra

Spot price as at 04 March 2025

Hedges include both swaps and options (based on the 04 March 2025 forward curve)

> Commodity price hedging provides cashflow visibility

Oil Price Hedging	01-25	Q2-25	Q3-25	Q4-25	01-26	Q2-26	Q3-26	Q4-26	Q1-27
Oil Volume (bbl)	1,364,000	1,214,000	1,050,000	1,125,000	825,000	825,000	525,000	525,000
Hedge Price (\$/bbl)	74.54	72.24	73.59	72.98	71.83	71.69	68.51	68.38
Total Hedged Oil Volumes (mmbbl)		Average Hedged Oil Price (\$/bbl)
4,8		73,4
		2,7		Spot Brent price (2) \$70/bbl				70,5

2025	2026			2025				2026
Gas Price Hedging	Q1-25	02-25	03-25	Q4-25	Q1-26	02-26	Q3-26	04-26	Q1-27
Gas Volume (MWh)	1,300,000	2,115,000	2,115,000	1,890,000	1,890,000	1,200,000	1,200,000	1,005,000	1,005,000
Hedge Price (€/MWh)	44.88	40:38	40.39	40.07	39.68	33.52	33.38	34.75	34.62

Total Hedged Gas Volumes (MWh)

Winter Q1'25 Summer 25 Winter 25/26 Summer 26 Winter 26/27

Average Hedged Gas Price (€/MWh)