North Energy ASA – Results for the fourth quarter 2022

North Energy ASA ("North Energy" or "Company") recorded a comprehensive loss of NOK 24.3 million in the fourth quarter of 2022 compared to a comprehensive loss of NOK 24.1 million in the same quarter last year. The loss reported this quarter is mostly driven by a negative change in the value of financial investments and operational expenses.

At the end of the fourth quarter 2022, North Energy's total investment portfolio had a market value NOK 409.8 million, up from NOK 326.3 million at the end of same quarter last year. The portfolio consists of industrial holdings, listed financial investments and other financial investments.

The Board of Directors has adopted a new dividend policy, which states that “The Company intends to distribute an annual dividend that approximates 3% of the year-end Net Asset Value”. In accordance with the new policy, the Board intends to propose a dividend of NOK 0.10 per share for 2022.

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