BLUENORD ASA Oslo ,11 May 2021 :Norwegian Energy Company ASA ("Noreco" or the "Company") today announced its first quarter 2021 results. The first quarter financial results delivered revenues ofUSD 105 million , EBITDA ofUSD 29 million and adjusted EBITDA ofUSD 31 million . Highlights: . Total Revenues ofUSD 105 million . Adjusted EBITDA ofUSD 31 million . Net hydrocarbon production of 25.8 mboepd Net hydrocarbon production in the quarter was 25.8 mboepd and in line with the annual guidance of 25.5 to 27.5 mboepd. In March, the Noble Sam Turner drilling rig arrived on location for planned workover and well maintenance programs. First quarter revenue wasUSD 105 million , with EBITDA ofUSD 29 million and adjusted EBITDA ofUSD 31 million . An RBL increase toUSD 1.1 billion with a revised seven-year term was announced during the quarter, and successfully completed in May. Following the RBL increase, the Company has available liquidity of approximatelyUSD 320 million , with cash on balance sheet ofUSD 70 million and undrawn RBL capacity of approximatelyUSD 250 million . The report and investor presentation may be downloaded from the Company's website www.noreco.com or www.newsweb.no. Chief Executive Officer,David B. Cook , Chief Financial Officer,Euan Shirlaw and Chief Operating Officer,John Hulme will present the first quarter results in an earnings call today at12:00 CET . To join audiocast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210511_19 *** Contacts:Euan Shirlaw , Chief Financial Officer Phone: +44 7979 690622 Email: es@noreco.comCathrine Torgersen , EVP Investor Relations& Communications Phone: +47 91 52 85 01 Email: ct@noreco.com AboutNorwegian Energy Company ASA Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on theOslo Stock Exchange with ticker: "NOR". For further information, please visit: www.noreco.com.
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