North Energy ASA — Earnings Release 2021

Aug 19, 2021

North Energy ASA - Results for the second quarter 2021

North Energy ASA - Results for the second quarter 2021

19.8.2021 07:30:01 CEST | North Energy ASA | Half yearly financial reports and

audit reports / limited reviews

North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of

NOK 20.8 million in the second quarter of 2021 compared to a comprehensive

income of NOK 52.0 million in the same quarter last year. The loss reported this

quarter is mostly driven by a decrease in the market value of the investment in

Touchstone Exploration Inc. ("Touchstone Exploration").

In April, the General Assembly of North Energy approved a dividend of NOK 0.45

per share, in total NOK 52.8 million. The dividend was paid to shareholders

later in April. The Company's cash position as per end of second quarter 2021 is

reported at NOK 57.6 million.

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

income of NOK 15.9 million in the second quarter of 2021. North Energy

consolidates NOK 5.1 million of the result in its financial figures. In

addition, North Energy received dividend of NOK 6.9 million from the associated

company.

During the quarter, Touchstone Exploration released an operational update with

results from a pressure buildup test on Cascadura Deep. The results were in-line

with expectations and confirmed the significant potential of the Cascadura

structure. Furthermore, the company aims to bring the Coho-1 discovery onto

production towards the end of the year. The two Cascadura wells are expected to

come into production in the first half of 2022. Touchstone Exploration started

in August 2021 the drilling of the Royston well, the largest structure on the

Ortoire block.

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

had a market value NOK 287.0 million, down from NOK 304.0 million last quarter.

The portfolio consists of industrial holdings, listed financial investments and

other financial investments. The industrial holdings include the Company's

shares in Reach Subsea where North Energy is the major shareholder. In April,

North Energy, together with Ferd AS, invested additional NOK 10 million each in

Wind Catching Systems AS which is developing an innovative technology for

floating offshore wind systems. The listed financial investments consist of

shares in Touchstone Exploration amongst others.

The report for the second 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 Q2 2021.pdf -

https://kommunikasjon.ntb.no/ir-files/17847319/768/991/NE%20Interim%20report%20Q

2%202021.pdf