NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA OR
JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES
DESCRIBED HEREIN.

Sandvika, 10 November 2023: Reference is made to the stock exchange notice by
Norconsult ASA (the "Company", OSE ticker: NORCO) on 8 November 2023 regarding
completion of the bookbuilding in the initial public offering of shares in the
Company (the "Offering").

As of today, 10 November 2023, the ordinary shares of the Company start trading
on the Oslo Stock Exchange.

"The public listing of Norconsult is an important milestone in our almost
95-year history, a listing that will secure a strong employee ownership and
provide exciting opportunities for the company. Norconsult is a highly skilled
company with a strong local presence in the Nordics, with a balanced project mix
in the private and public sector. Going forward, we will continue to work on
attracting, developing and retaining the best talents and continue our
profitable growth," says Egil Hogna, CEO of Norconsult ASA.

As at first day of trading on the Oslo Stock Exchange, the Company has a total
of 310,496,875 shares outstanding, each with a par value of NOK 0.02, of which
28,333,150 shares are held in treasury by the Company. To facilitate the
over-allotment in connection with the Offering, the Company has lent 14,269,044
of its treasury shares to Carnegie AS as the Stabilisation Manager and granted
the Stabilisation Manager an option to acquire up to an equal number of treasury
shares at NOK 19, which correspond to the offer price per share in the Offering.
If the Stabilisation Manager exercises such option, the number of treasury
shares held by the Company will be reduced correspondingly. Further, up to
15,450,000 shares will be distributed by the Company to employees employed per 1
July 2023 as gift shares 12 months from today provided that they are still
employed at that time and the Company intend to settle this obligation with
treasury shares.  

ADVISORS 

Carnegie AS and DNB Markets, a part of DNB Bank ASA, are acting jointly as joint
global coordinators and joint bookrunners (collectively, the "Joint Global
Coordinators"). Nordea Bank Abp, filial i Norge, and Skandinaviska Enskilda
Banken AB (publ), Oslo branch, are acting as joint bookrunners together with the
Joint Global Coordinators (collectively, the "Managers"). 

Advokatfirmaet BAHR AS is acting as legal advisor to the Company. Advokatfirmaet
Wiersholm AS is acting as legal advisor to the Managers. 

For further queries, please contact: 

Investors: Dag Fladby, CFO Norconsult, ir@norconsult.com                        
                                     
Media: Hege Njå Bjørkmann, EVP Communication and Brand
Norconsult,Hege.Nja.Bjorkmann@norconsult.com

ABOUT NORCONSULT ASA

Norconsult is a leading pan-Nordic interdisciplinary consulting firm combining
engineering, architecture and digital expertise across projects of all sizes,
for private and public customers in infrastructure, energy and industry,
buildings and architecture. Headquartered in Sandvika, Norway, Norconsult's
delivery model is centered around knowledge hubs and local presence through
approximately 6,000 employees across more than 130 offices in Norway, Sweden,
Denmark, Iceland, Poland and Finland. (Figures as of 30.06.2023) 

***

IMPORTANT INFORMATION

This announcement is for informational purposes only and does not contain or
constitute an offer of, or the solicitation of an offer to buy or subscribe for,
securities to any person in Australia, New Zealand, Canada, Japan or the United
States, including its territories and possessions, any state of the United
States and the District of Columbia (the "United States") or to any person to
whom, or in any jurisdiction in which, such offer or solicitation is unlawful.
The securities referred to herein may not be offered, subscribed, used, pledged,
sold, resold, allotted, delivered or transferred, directly or indirectly, in or
into the United States absent registration under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") or an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities
Act. The offer and sale of the securities referred to herein has not been and
will not be registered under the U.S. Securities Act or under the applicable
securities laws of Australia, New Zealand, Canada or Japan. There will be no
public offer of the securities in the United States. Subject to certain
exceptions, the securities referred to herein may not be offered or sold in
Australia, New Zealand, Canada or Japan or to, or for the account or benefit of,
any national, resident or citizen of Australia, New Zealand, Canada or Japan.

None of the Managers or any of their respective affiliates or any of their
respective directors, officers, employees, advisors or agents accepts any
responsibility or liability whatsoever for, or makes any representation or
warranty, express or implied, as to the truth, accuracy or completeness of the
information in this announcement (or whether any information has been omitted
from the announcement) or any other information relating to the Company, its
subsidiaries or associated companies, whether written, oral or in a visual or
electronic form, and howsoever transmitted or made available, or for any loss
howsoever arising from any use of this announcement or its contents or otherwise
arising in connection therewith. Accordingly, each of the Managers and the other
foregoing persons disclaim, to the fullest extent permitted by applicable law,
all and any liability, whether arising in tort or contract or that they might
otherwise be found to have in respect of this announcement and/or any such
statement. This announcement has been prepared by and is the sole responsibility
of the Company.

The Managers and their affiliates are acting exclusively for the Company and
no-one else in connection with the offering. They will not regard any other
person as their respective clients in relation to the offering and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, nor for providing advice in relation to
the offering, the contents of this announcement or any transaction, arrangement
or other matter referred to herein.

In any member state of the EEA, other than Norway, Sweden, Denmark and Finland,
this communication is only address to and is only directed at persons who are
"qualified investors" within the meaning of Article 2(e) of the EU Prospectus
Regulation. 

This communication does not constitute an offer of the securities referred to
herein to the public in the United Kingdom. No prospectus has been or will be
approved in the United Kingdom in respect of the securities referred to herein.
This communication is being distributed to and is directed only at persons : (A)
(i) who have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order"), (ii) falling within Article
49(2)(a) to (d) of the Order and (iii) to whom it may otherwise lawfully be
communicated