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Fjordkraft Holding ASA - Bookbuilding successfully completed, IPO priced at NOK
31.00 per share

Bergen, 20 March 2018: Fjordkraft Holding ASA ("Fjordkraft" or the "Company",
ticker FKRAFT) announces the successful completion of its initial public
offering (the "Offering" or the "IPO"). The first day of trading in Company's
shares (the "Shares") on the Oslo Stock Exchange will be 21 March 2018.

The Offering in summary:

-	The Offering is priced at NOK 31.00 per Share, for an implied market
capitalisation of Fjordkraft of NOK 3,239 million.

-	BKK AS ("BKK"), Skagerak Energi AS ("Skagerak Energi") and Statkraft
Industrial Holding AS ("Statkraft") will sell a total of 39,186,081 Shares,
representing 37.5% of Fjordkraft's shares in issue, prior to the exercise of the
Greenshoe Option (as further described below).

BKK will sell 18,102,672 Shares and retain an ownership of 32,942,223 Shares
(equal to 31.5%) prior to exercise of the Greenshoe Option.
Skagerak Energi will sell 17,787,072 Shares and retain an ownership of
32,367,912 Shares (equal to 31.0%) prior to exercise of the Greenshoe Option.
Statkraft will sell all its 3,296,337 Shares in the Company.

-	The Global Coordinator (as defined below) has over-allotted an additional
5,877,912 Shares (the "Additional Shares"), representing approximately 15% of
the number of Shares sold in the Offering before over-allotments. For the
purposes of covering such over-allotments, the Global Coordinator has borrowed
an equal number of shares from BKK and Skagerak Energi.

-	If the Global Coordinator exercises in full its option (the "Greenshoe
Option") to purchase a number of shares equal to the number of Additional
Shares, BKK and Skagerak Energi will sell an additional 2,964,800 and 2,913,112
Shares, respectively, and their shareholdings will be reduced to 28.7% and
28.2%, respectively 

A total of 45,063,993 Shares (including over-allotted shares) were allocated in
the Offering, representing 43.1% of the Shares in issue. Approximately 94.6% of
the Shares in the Offering were allocated to investors in the institutional
offering, and approximately 5.4% to investors in the retail offering and the
employee offering combined. 

Notifications of allocated shares and the corresponding amount to be paid by
investors are expected to be communicated to investors on or about 21 March
2018. Investors having access to investor services through their VPS account
manager will be able to check the number of shares allocated to them from about
08:00 hours (CET) on 21 March 2018. The Global Coordinator and the Joint
Bookrunner may also be contacted for information regarding allocations.

BKK and Skagerak Energi have granted the Global Coordinator the Greenshoe
Option, exercisable by ABG Sundal Collier ASA as stabilisation manager within 30
days from the first day of trading to cover short positions created by
over-allotments in connection with the Offering. A separate disclosure will be
issued by the stabilisation manager regarding the over-allotment and
stabilisation activities.

Advisers
ABG Sundal Collier ASA is acting as Sole Global Coordinator in the IPO.
SpareBank 1 Markets AS is acting as Joint Bookrunner. Advokatfirmaet Schjødt AS
is acting as legal advisor to the Company. Advokatfirmaet Wiersholm AS is acting
as legal advisor to the Sole Global Coordinator and Joint Bookrunner.

Contact details
For further queries, please contact:
Rolf Barmen, CEO 
+47 900 80 950
rolf.barmen@fjordkraft.no
 
Important Notice
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. 

None of the Joint Bookrunners 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. This announcement has been prepared by and is
the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein comes should inform
themselves about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement does not contain or constitute an offer to sell or a
solicitation of any offer to buy or subscribe for any securities referred to in
this announcement to any person in any jurisdiction, including the United
States, Australia, Canada, Japan, Hong Kong or South Africa or any jurisdiction
to whom or in which such offer or solicitation is unlawful. The securities
referred to in this announcement have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold in the United States absent registration or an exemption
from, or in a transaction not subject to, the registration requirements of the
U.S. Securities Act and in accordance with applicable U.S. state securities
laws. The Company does not intend to register any securities referred to herein
in the United States or to conduct a public offering of securities in the United
States.

Any offering of the securities referred to in this announcement will be made by
means of a prospectus. This announcement is an advertisement and is not a
prospectus for the purposes of Directive 2003/71/EC (together with any
applicable implementing measures in any Member State, the "Prospectus
Directive"). Investors should not subscribe for any securities referred to in
this announcement except on the basis of information contained in the
aforementioned prospectus. Copies of any such prospectus will, following
publication, be available from the Company's registered office and, subject to
certain exceptions, on the website of the Company.

In any EEA Member State other than Norway that has implemented the Prospectus
Directive, this communication is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the Prospectus
Directive ("Qualified Investors"), i.e., only to investors who can receive the
offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are Qualified Investors and that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

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

In connection with the contemplated IPO, the Joint Bookrunners and any of their
affiliates, acting as investors for their own accounts, may subscribe for or
purchase shares and in that capacity may retain, purchase, sell, offer to sell
or otherwise deal for their own accounts in such shares and other securities of
the Company or related investments in connection with the contemplated IPO or
otherwise. Accordingly, references in any prospectus, if published, to the
shares being issued, offered, subscribed, acquired, placed or otherwise dealt in
should be read as including any issue or offer to, or subscription, acquisition,
placing or dealing by, such Joint Bookrunners and any of their affiliates acting
as investors for their own accounts. The Joint Bookrunners do not intend to
disclose the extent of any such investment or transactions otherwise than in
accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aims", "expect",
"anticipate", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. Forward-looking statements
speak only as of the date they are made and cannot be relied upon as a guide to
future performance. The Company, each of the Joint Bookrunners and their
respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise.

The IPO may be influenced by a range of circumstances, such as market
conditions, and there is no guarantee that the IPO will proceed and that the
listing will occur.

Certain figures contained in this document, including financial information,
have been subject to rounding adjustments. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this document may not
conform exactly with the total figure given.
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.  

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.