North Energy ASA - Fourth quarter of 2016 - Successful turnaround and proposed dividend

Oslo, 16 February 2017

North Energy ASA ("North Energy" or "Company") continued its restructuring
project throughout the fourth quarter of 2016. The Company's financial position
going into 2017 is solid, having no major investment commitments and a solid net
cash position. The successful turnaround of the Company led the Board to propose
a NOK 0,25 per share cash dividend, to be resolved at an extraordinary general
meeting in February.

"2016 was a successful turnaround year for North Energy. We delivered on our
restructuring and cost savings plan, while demonstrating the significant value
potential inherent in our revised business strategy. Together, these
achievements made for a very good year for North Energy", said CEO Knut Sæberg.

Through investments in both Explora Petroleum and Norwegian Energy Company
(Noreco) in 2016, North Energy demonstrated that its revised business strategy
can create significant value. With a low cost base and healthy financial
position, the Company will continue to evaluate the market for potential value-
adding transactions.

"We continue to monitor the market for new investments, with a focus on
strategic opportunities where we can exercise substantial influence and control.
The recent investment in Reach Subsea is an example of this, and we expect new
transactions will follow in 2017," Sæberg said.

North Energy recorded a net profit of NOK 80.8 million for the full-year of
2016, compared to a net loss of NOK 126.1 million in 2015.  A more than 80 per
cent reduction in the Group's overall cost base, combined with significant gains
on investments, were the main factors behind the financial turnaround.

For the fourth quarter of 2016, North Energy posted a net loss of NOK 2.7
million. The Company is in a solid financial position, with a net cash base in
excess of NOK 150 million at year-end 2016. North Energy's equity ratio stood at
88 per cent.

The interim report and presentation for the fourth quarter are attached. These
can also be accessed at www.northenergy.no.

North Energy will be presenting its results for the fourth quarter of 2016 at
09.00 today. The presentation will be held by CEO Knut Sæberg. The venue is
Tjuvholmen allé 3, Oslo. The presentation can also be followed via webcast.

For further information:


Knut Sæberg, CEO
Mob: +47 918 00 720 | E-post: knut.saeberg@northenergy.no

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