Det norske oljeselskap ASA: Final result of the Rights Issue

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

The subscription period for the rights issue (the “Rights Issue”) in Det norske oljeselskap ASA (the “Company”) expired at 16:30 hours (CET) on 29 July 2014. At the expiry of the subscription period, the Company had received subscriptions for a total of 88,606,822 new shares. 61,911,239 new shares (the “Offer Shares”) were offered under the Rights Issue and the Rights Issue was accordingly oversubscribed by 43.12%.

The Board of Directors of the Company has today approved the final allocation of the Offer Shares in the Rights Issue based on the allocation criteria set out in the Company’s prospectus dated 9 July 2014 (the “Prospectus”).

61,200,780 Offer Shares, constituting 98.85% of the Offer Shares were subscribed for and allocated through the exercise of subscription rights. 710,450 Offer Shares, constituting 1.15% of the Offer Shares, are allocated pro-rata to subscribers who have oversubscribed based on the number of subscription rights exercised by each subscriber. No allocation has been made to subscribers without subscription rights.

Notifications of allocated Offer Shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed today. Payment for the allocated shares falls due on 4 August 2014 in accordance with the payment procedures described in the Prospectus.

The new shares may not be transferred or traded before they have been fully paid and the share capital increase pertaining to the Rights Issue has been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 5 August 2014 and that the Offer Shares will be transferred to the VPS accounts of the subscribers and admitted to trading on the Oslo Stock Exchange on or about 6 August 2014.

BNP PARIBAS, DNB Markets, J.P. Morgan Securities, Nordea Markets and Skandinaviska Enskilda Banken act as the Joint Global Coordinators and Joint Bookrunners for the Rights Issue.

Investor contacts:
Jonas Gamre, Investor Relations Manager, tel.: +47 971 18 292
Håkon Høgetveit, Investor Relations, tel.: +47 476 29 348

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This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the U.S. Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the U.S. Securities Act. No public offering of securities is being made in the United States.