Summons to bondholders meeting

Det norske oljeselskap ASA («DETNOR») today summons to a bondholders’ meeting in its DETNOR02 bond loan to request certain amendments to the bond agreement.

As announced in the Q1-2016 report on 29 April 2016, the Company has reached an agreement with its group of banks to ease the covenant thresholds. The Company has obtained confirmation of support from Bondholders holding in excess of 50 percent of the outstanding bonds to vote in favor of the Proposal set out in section 2 in the attached Summons.

The proposal to bondholders includes, inter alia, the same covenant level thresholds and duration as the revised levels agreed with the banks. As compensation, the DETNOR02 bonds will be repaid at 104 percent of par at maturity in 2020.

For further information, please see the attached summons to the bondholders’ meeting.