North Energy ASA — Earnings Release 2021

Nov 18, 2021

North Energy ASA - Results for the third quarter 2021

North Energy ASA - Results for the third quarter 2021

18.11.2021 07:30:00 CET | North Energy ASA | Half yearly financial reports and

audit reports / limited reviews

North Energy ASA ("North Energy" or "Company") recorded a comprehensive income

of NOK 47.7 million in the third quarter of 2021 compared to a comprehensive

income of NOK 52.9 million in the same quarter last year. The income reported

this quarter is mostly driven by an increase in the market value of the

investment in Touchstone Exploration Inc ("Touchstone Exploration") and a

positive share of the result from Reach Subsea ASA ("Reach Subsea").

At the end of the third quarter 2021, North Energy's total investment portfolio

had a market value NOK 334.3 million, up from NOK 287.0 million last quarter.

The portfolio consists of industrial holdings, listed financial investments and

other financial investments.

The Company's main industrial investment, Reach Subsea, reported a comprehensive

income of NOK 43.8 million in the third quarter of 2021. North Energy

consolidates NOK 14.1 million of the result in its financial figures.

Wind Catching Systems AS is developing a new innovative technology for floating

offshore wind systems which is progressing according to plan. The wind tunnel

testing performed in Milano has been completed during summer 2021 and the

results are encouraging. Further engineering work continues throughout 2021 and

into 2022 with focus on marine engineering and equipment design to optimize the

operating performance.

The Company's main financial investment, Touchstone Exploration, announced

completion of drilling of the Royston-1 exploration well. During testing they

encountered substantial hydrocarbons accumulations with an aggregate of 393

gross feet of hydrocarbon pay. After the quarter end, Touchstone Exploration

announced the result of the first of three production tests of Royston-1 which

confirmed a light oil discovery in the lower part of the well.

The report for the third quarter 2021 is available on the Company's website,

www.northenergy.no - http://www.northenergy.no.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

CONTACTS

* Knut Sæberg, CEO, +47 918 00 720, knut.saeberg@northenergy.no

ATTACHMENTS

NE Interim report Q3 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847319/987/1310/NE%20Interim%20report%20

Q3%202021.pdf