North Energy ASA - M&A Activity 2019

Notice of an intra-group merger between North Energy ASA and North Energy Norge AS

Oslo, 22 August 2019

The Board of Directors in North Energy ASA and North Energy Norge AS have

prepared and signed a mutual merger plan for the merger between the companies.

The merger provides that all of North Energy Norge AS' employees, assets, rights

and obligations will be transferred to North Energy ASA without consideration

and North Energy Norge AS will thereafter be dissolved. The merger will be

conducted as a parent company merger pursuant to the simplified rules for intra-

group mergers as set out in Section 13-24 of the Public Limited Companies Act.

The merger plan is submitted to the Norwegian Register of Business Enterprises

pursuant to Section 13-13 of the Public Limited Companies Act. Final resolution

of the merger will be adopted by the Board of directors at the earliest one

month after the merger plan has been published. The Board of directors of North

Energy Norge AS and North Energy ASA intend to adopt the final merger resolution

within September 2019 and the merger is expected to enter into force before the

end of the year.

All shareholders will receive a notification of the merger through a letter send

out today. The merger plan including all attachments can also be found on the

website www.northenergy.no (http://www.northenergy.no).

For further information, please contact:

Knut Sæberg, CEO

(+47) 918 00 720 | Email: [email protected]

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

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