North Energy ASA – Results for the first quarter 2023

North Energy ASA ("North Energy" or "Company") recorded a comprehensive income of NOK 7.2 million in the first quarter of 2023 compared to a comprehensive loss of NOK 12.6 million in the same quarter last year. The loss reported this quarter is mostly driven by increase in the value of financial investments offset by operational expenses.

At the end of the first quarter 2023, North Energy's total investment portfolio had a market value NOK 439.4 million, up from NOK 402.7 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 2023 is attached and available on the Company's website, www.northenergy.no.