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Noreco CEO Quits

Maritime Activity Reports, Inc.

October 13, 2015


Norwegian Energy Company ASA (Noreco) announces that Tommy Sundt is stepping down as CEO of Noreco ASA.

Since joining Noreco in September 2014, Tommy Sundt has played a very important role during the financial and corporate restructuring of the Company. Whilst Mr. Sundt’s role as CEO for the Noreco group will cease with effect from this announcement, Mr. Sundt will continue to fill the role as general manager for the Norwegian operations until the end of 2015. Mr. Sundt’s departure has been agreed with the Board and Mr. Sundt will receive severance payment in accordance with his contract.

The Board of Noreco ASA will continue to lead the strategic initiatives and with Tommy Sundt stepping down, the Board will actively engage in the day-to-day management of the group of companies. In particular, Riulf Rustad will therefore intensify his efforts with the board work whereas Silje Augustson will in her capacity as executive director take on the group CEO role and assume additional functions and responsibilities related to the daily operations of the group. Further to these management changes the Board has had a dialogue with the nomination committee and agreed that the board roles will be proposed to be reshuffled at the next general meeting. Specifically, it will be proposed that RiuIf Rustad will formally take over the role as Chair of the Board from Silje Augustson who will continue as a board member alongside Julien Balkany.

Noreco ASA will with effect from this announcement be led from Nedre Vollgate 1 in Oslo, while Noreco Norway will maintain its Stavanger presence.

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