Oslo, 29 March 2023: Norwegian Energy Company ASA's ("Noreco" or "the Company")
board of directors is pleased to announce a rebranding and contemplated change
of name from Norwegian Energy Company ASA to BlueNord ASA.

The proposal for change of company name will be put forward for approval at the
Company's annual general meeting to be held on 25 April 2023 (the "AGM"), and
will require a change of the Company's articles of association to become
effective. The notice for AGM is expected to be announced later today and the
change of company name will take effect following, and subject to, approval by
the AGM.

Following AGM approval, it is expected that the Company's ticker on Oslo Børs
will be changed from "NOR" to "BNOR".

"We are today facing the future as a forward-leaning and strong company, which
will be named BlueNord. As BlueNord, we are in pole position to become a leading
European independent gas producer and to continue to create value for the
Company's stakeholders," says Riulf Rustad, Executive Chairman.

"It is my pleasure to introduce you today to BlueNord, the proposed new name for
Noreco. BlueNord represents both our values and what we see as our core purpose:
to contribute to Energy Security in Europe by maximising our gas production and
focusing our investments accordingly. Although the name is changing, Noreco and
its long history laid the foundation for what we have become today: a material
independent oil and gas producer. While we have already made significant
progress since 2019, we look forward to delivering the next stage as BlueNord,
with both infill drilling and Tyra first gas on the horizon," says Euan Shirlaw,
Chief Executive Officer.

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act

***

Contact:

Cathrine F. Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

About Norwegian Energy Company ASA (BlueNord)
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company operates in the Danish North
Sea with a 36.8 percent interest in the Danish Underground Consortium (DUC).
BlueNord is listed on the Oslo Stock Exchange and currently trades under the
ticker "NOR". For further information, please visit: www.bluenord.com.