OSLO, NORWAY: Norwegian Energy Company ASA (Noreco) announced that the board of directors of Noreco has appointed Euan Shirlaw as Chief Executive Officer with immediate effect.

Mr Shirlaw has been the Chief Financial Officer of Noreco since the acquisition of Shell’s upstream assets in the Danish Underground Consortium (the “DUC”) in 2019, and since 29 November 2021 he also served as Acting Managing Director. In the role as Chief Executive Officer, Mr Shirlaw will also continue to fulfil his previous responsibilities as Chief Financial Officer.

In addition, Marianne Eide has been promoted Chief Operating Officer of the Company. Ms Eide comes from the position as EVP Upstream in Noreco and will continue to overlook the Company’s upstream assets in Denmark.

“On behalf of the board, I’m very pleased to appoint Euan Shirlaw as CEO. In addition to fulfilling his duties as a CFO in an excellent manner these past three years, he has also proven great leadership skills and a strategic acumen. The appointment is both logical and well deserved, and we have great confidence in his ability to create value for the Company and its shareholders going forward,” said Riulf Rustad, Executive Chair of Noreco.

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company’s shares are listed on the Oslo Stock Exchange (ticker NOR). www.noreco.com