North Energy ASA – Results for the first quarter 2022

North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of NOK 12.6 million in the first quarter of 2022 compared to a comprehensive loss of NOK 30.7 million in the same quarter last year. The loss reported this quarter is mostly driven by our share of the negative result from Reach Subsea ASA.

At the end of the first quarter 2022, North Energy's total investment portfolio had a market value NOK 402.7 million, up from NOK 304.0 million at the end of same quarter last year. The portfolio consists of industrial holdings, listed financial investments and other financial investments.

The report for the first quarter 2022 is attached and available on the Company's website, www.northenergy.no.