Annual report

2024

Contents

North Energy at a glance ........................................... 3

Directors’ report ....................................................... 6

Corporate Governance ............................................. 19

Financial Statements & Notes .................................. 26

Responsibility Statement .......................................... 58

Shareholder Information ........................................... 59

Auditor’s report ........................................................ 60

North Energy at a glance

North Energy ASA (“North Energy” or “The Company”) remains committed to our longstanding vision of

generating attractive shareholder returns through strategic investments across the energy value chain

and adjacent sectors. As an industrial investment company, we leverage our industry knowledge

to identify positions in assets aligned with the global energy trends and transitions. Our approach

emphasizes targeted value creation rather than passive holding, with a strategy of active ownership.

As energy landscapes evolve, the underlying investment prospects follow. Our commitment to driving

value through active asset optimization and stewardship persists as a core differentiation hallmark of The

Company’s identity.

The year 2024 in brief:

• Comprehensive income of 58.1 MNOK

• Dividend adjusted growth in net asset value of 54%

• Continued work on developing our portfolio of investments

2024 was a year of continued optimizing of asset allocation and liquidity

management. The Company has maintained its core industrial investments

in Reach Subsea ASA ("REACH") and Wind Catching Systems AS ("WCS")

alongside continued assessment of potential new holdings across the

energy value chain. Meanwhile North Energy's financial investments under-

went substantial changes with realization of most positions during 2024,

generating strong results and boosting the Company’s liquidity. At the end

of 2024 remaining financial investments had a total market value of NOK

30.3 million, consisting of shares in Thor Medical ASA and bonds in Interoil

Exploration ASA.

The Company remained under the leadership of co-Chief Executive Officers

Rachid Bendriss and Didrik Leikvang in 2024. At the close of the fiscal year,

the Company had retained its compact operational structure, with the Oslo

headquarters staffed by 3 full-time employees in total. Backed by cohesive

leadership and efficient operations, North Energy remains well positioned

to carry its vision forward as it progresses into the coming year. The Com-

pany is listed on the Euronext Expand Oslo Stock Exchange with the ticker

“NORTH”.

North Energy at a glance

MNOK 2024

2023

Earnings before tax 58.1 24.6

Tax 0 0

Net result 58.1 24.6

Total Assets 374.7 342.3

Equity 367.5 321.1

Equity % 98% 94%

Net asset value* 603.3 398.2

Market capitalisation 31.12** 300.0 246.4

*Net asset value is the market value of the company’s investments, cash and other assets less the company’s liabilities.

** Market capitalisation is the closing stock price at the end of the year multiplied by the number of shares in the company.

Key figures

Dear shareholder

Directors’

report

Directors’ report

two representatives on the board. Industrial

Holdings constituted 93% of our portfolio at

year end 2024.

Financial Investments:

Investments where we seek to generate returns

from opportunistically investing our excess

liquid funds. Financial Investments constituted

7% of our portfolio at year end 2024, with our

holding in Thor Medical ASA as the largest

position in this segment.

At the end of 2024, North Energy had three full-

time employees, which is the same as the end

of last year.

Important events

Market development

In 2024, the global economy was significantly

impacted by persistent inflation in the services

sector, which complicated efforts to normalize

monetary policy. This inflationary pressure led to

higher interest rates for a longer period, affecting

consumer spending and business investments.

Additionally, geopolitical tensions and trade

disruptions, particularly in commodities like

oil, created uncertainties and volatility in global

markets. The ongoing conflict between Russia

and Ukraine continued to be a major source of

instability, with Russia intensifying its military

efforts and Ukraine struggling to maintain

international support. This conflict not only

Industrial Holdings:

Investments where we seek to generate long-

term value creation by driving strategic direction

and strategic prioritization through board

representation. The Industrial Holdings segment

currently consists of our investments in Reach

Subsea ASA and Wind Catching Systems AS,

where both are companies where we have

North Energy’s current mandate from

shareholders is to own, manage and provide

financing for activities within the energy industry,

and other industries where the company has

relevant competence. The Company is an

industrial holding company with a portfolio

of independent investments, both listed and

unlisted, organized in two separate segments.

Board of Directors’ Report 2024

The business

North Energy ASA (“North Energy” or “Company”) was established in 2007 with the goal

of exploring commercial accumulations of oil and gas on the Norwegian Continental

Shelf (“NCS”). In May 2016, an extraordinary general meeting resolved a new strategy

and business model whereby North Energy would become an industrial holding

company pursuing investment opportunities in the energy sector. In July 2017, the

Board of Directors of North Energy decided to discontinue the Company’s petroleum

activities on the Norwegian Continental Shelf (“NCS”) and to close the subsidiary

North E&P, which was the base for all petroleum activities in North Energy. The closure

of North E&P and the simplification of the Company’s legal structure was completed

in 2020, resulting in a structure with only one legal entity, North Energy, holding all

investments and carrying out business activities. Towards the end of 2022, North

Energy established two new subsidiaries and moved the ownership of the company’s

shares in Reach Subsea ASA and Wind Catching Systems AS to each subsidiary

respectively. The Company’s business is conducted from its offices located in Oslo.

Directors’ report

affected regional security but also had broader

implications for global energy markets and

political alliances. Another significant tension

was the conflict in the Middle East, particularly

between Israel and Hamas. Additionally, the

political dysfunction within the United States

itself posed a unique geopolitical risk, as internal

divisions and the contentious presidential

election undermined U.S. credibility and stability

on the global stage. These tensions collectively

contributed to a volatile and uncertain global

environment in 2024.

Another major factor was the uneven economic

performance across regions. While advanced

economies like the United States saw upgrades

in their growth forecasts, other regions,

especially in Europe and emerging markets,

faced downgrades due to various disruptions.

These included conflicts, civil unrest, and

extreme weather events, which hindered

production and shipping.

Financial markets continued to perform strongly

through-out the year with global equity indices

reaching all-time highs across several markets.

Investment in Reach Subsea

Reach Subsea ASA (“Reach Subsea”) is a

company listed on Oslo Stock Exchange which

has the objective to become a leading subsea

service provider, offering solutions to survey

the seabed and solutions for maintaining the

integrity of the client’s subsurface equipment

and infrastructure.

Reach Subsea delivered record high operating

results in 2024 exceeding the previous record set

in 2023. The result is driven by high utilization,

improved pricing, and an increase in the scope of

services provided. Reach Subsea has continued

the development of the Reach Remote project,

a new innovative solution for providing subsea

services on a remote and autonomous basis,

with several landmark events taking place during

the year. A technology qualification program was

entered into with Equinor, TotalEnergies, and

several other energy companies. Through this

program, the participating energy companies will

fund execution of several subsea work scopes

utilising Reach Remote, thereby qualifying the

solution. In September Reach Remote received

the “Ship of the Year 2024” award during a

ceremony at the SMM exhibition in Hamburg. In

October the EU Innovation Fund announced that

it had granted Reach EUR 14.3 million under the

Net Zero Technologies Initiative to support the

scale-up of the Reach Remote project.

During the year, Reach Subsea took several steps

towards securing vessel capacity and upgrading

and enhancing its pool of subsea equipment and

technologies. Charters were entered into, and

extended, for the subsea vessels Olympic Taurus

and Havila Subsea, securing visibility into 2028.

Furthermore, Reach has over the last couple of

years invested more than NOK 300 million in new

equipment and outfitting, making its entire fleet

of conventional subsea vessels ready to take on

increased scope of subsea services from 2025.

During the fourth quarter Wilhelmsen New

Energy AS exercised 9.9 million of its 54.6 million

warrants in Reach and subsequently sold an

equivalent number of shares in a secondary

placement. Following this, North now holds an

ownership stake of 18.0% in Reach Subsea while

Wilhelmsen New Energy AS has 44.7 million

remaining warrants with a strike price of NOK

3.28 per share that expire on 15 March 2025.

On 5 March 2025, Wilhelmsen New Energy AS

exercised these remaining warrants, which will

reduce North Energy's ownership to 15.5%.

The company is very well positioned for the

future, with a financially well performing existing

business, a solid plan in place for reshaping the

delivery model and backed by a strong financial

position with some NOK 414 million in cash and

working capital at the end of 2024.

The Reach share has during the year provided

a total return, including dividends, of 83%,

equivalent to a value contribution of NOK 190.1

million to North Energy. North Energy has at year-

end a shareholding of 18.0% in Reach Subsea

Directors’ report

Petrofac bonds purchased at an average cash

price of less than 15% of par.

Subject to the successful completion of

the restructuring, the Company intends to

subscribe for new debt and equity in an amount

of approximately USD 4.4 million based on its

current holding of senior secured debt.

Other investments

Tyveholmen AS, which is 50% owned and

accounted for as an associated company,

contributed with a profit of NOK 0.4 million in

2024, up from NOK 0.3 million in 2023.

As per year-end 2024, North Energy had NOK

504.7 million in total investments measured at

Financial investments

North Energy’s portfolio of financial investments

underwent substantial changes during 2024, with

the Company realising its positions in Touchstone

Exploration Inc., Thor Medical ASA, and

Heimstaden AB bonds. In addition, the Company

executed several minor trades in various

investments as part of its liquidity management.

Towards the end of the year North Energy

participated with NOK 20 million in a private

placement in Thor Medical ASA, reinvesting parts

of the proceeds from the previous disposal.

At the end of the year, the Company has two

positions with a market value of NOK 30.3

million, comprised of shares in Thor Medical

at NOK 21.0 million and bonds in Interoil

Exploration ASA at NOK 9.3 million. Financial

investments generated an overall result of NOK

52.3 million in 2024.

After year-end, the Company made a new

investment in senior secured bonds issued by

Petrofac Limited (“Petrofac”). Petrofac is a UK

listed energy services company that delivers

services and EPC projects to energy clients

globally. At the end of 2024, Petrofac announced

the key terms of a Lock-Up Agreement and

comprehensive financial restructuring with the

purpose of establishing a sustainable balance

sheet going forward. North Energy currently

holds USD 18.8 million of nominal amount in

and is represented with two members in the

board of the company.

Investment in Wind Catching Systems AS

Wind Catching Systems AS (“Wind Catching

Systems”) is a developer of floating offshore

wind technology and intends to enable offshore

wind operators and developers to produce

electricity at a cost that competes with other

energy sources, without subsidies. The company

is currently developing floating multi-turbine

technology (“WCS concept”) that is expected

to cut acreage use by more than 80% and

increase efficiency significantly in comparison to

conventional floating offshore wind farms.

Wind Catching Systems continued making good

progress in developing its innovative solution for

floating offshore wind production and attracted

further financial support through additional

grants from Enova. Further engineering work has

been performed in 2024 with key focus areas

being marine engineering and equipment design

in partnership with Tier 1 equipment providers

to optimise the operating performance of the

unit. Furthermore, discussions are ongoing with

respect to strategic partnerships and future

client adoption of the WCS concept.

North Energy has a shareholding of 22% in the

company and is represented on the board of

directors with one member and one observer.

Directors’ report

Net financial items for 2024 were positive at

NOK 4.5 million, versus NOK 0.7 million for

2023. The positive figure this year is related to

interest income from bonds, while last year was

mainly interest income from bonds offset by

interest expenses on borrowings.

The result before tax in 2024 is an income of

NOK 58.1 million compared to an income of

NOK 24.6 million reported last year. The income

this year is mainly due to a positive contribution

from investments in associates of NOK 31.8

million and positive change in fair value of

financial investments of NOK 47.1 million,

partly offset by operating expenses of NOK 25.3

million.

Change in reported deferred tax in 2024 was nil,

which is the same as last year. The company has

deferred tax assets of NOK 13.5 million that are

not recognised in the balance sheet at the end of

the year.

Comprehensive income for the year 2024 was

NOK 58.1 million, compared to an income

for the year 2023 of NOK 24.6 million. The

comprehensive income amounts to both basic

and diluted earnings per share of NOK 0.50 this

year, versus NOK 0.21 per share in 2023.

Total assets at year-end were NOK 374.7 million,

up from NOK 342.3 million at year-end 2023. The

those presented in the Directors’ report and the

financial statements.

Financial statements for the North

Energy Group

Revenues reported in 2024 were NOK 0.1 million

which is the same as in 2023. The revenues

for 2024 are related to sales of consultancy

services. Payroll and related expenses in 2024

were NOK 15.3 million, compared to NOK 14.1

million in 2023. The increase this year compared

to last year is due to wage adjustment, increased

employer’s tax and increased bonus payment to

employees. Other operating expenses in 2024

was NOK 8.5 million, up from NOK 3.3 million in

2023. The increase in other operating expenses

is primarily due to settlement of a VAT claim

stemming from previous years.

Operating income for 2024 was at NOK 53.6

million, versus an operating income of NOK

24.0 million for 2023. The income this year is

mainly the result of income from associated

companies and positive change in the value

of financial investments while the income last

year was mainly from income from associated

companies. This year the investment in the

associated company Reach Subsea contributed

with a net result through profit and loss of NOK

36.4 million and the associated company Wind

Catching Systems contributed with a net loss of

NOK 5.0 million for the year.

market value, while the net asset value was NOK

603.3 million. The corresponding figures from

2023 were NOK 405.1 million in investments and

NOK 398.2 million in net asset value. Adjusted

for dividends paid of NOK 11.7 million during

2024, net asset value increased by 54%.

Going concern

Pursuant to section 3-3a of the Norwegian

Accounting Act, the Board confirms the going

concern assumption and that the financial

statements are prepared on this basis. That

assumption rests on the Company’s financial

position, as well as forecast for 2025.

Comments on the annual financial

statements

The consolidated financial statements of North

Energy ASA have been prepared in accordance

with IFRS® Accounting Standards as adopted

by the EU (IFRS) and in accordance with

the additional requirements pursuant to the

Norwegian Accounting Act. The consolidated

figures for 2024 and 2023 are for the Group

consisting of North Energy ASA and the

subsidiaries North Industries 1 AS and North

Industries 2 AS.

The Board is not aware of any significant

considerations that affect the assessment of

the Company’s position as of December 31,

2024, or the net result for the year, other than

Directors’ report

the group, are related to the valuation of the

subsidiaries using historical costs in the parent

company compared to the equity method in the

group.

The Board regards the Company’s financial

position as of end 2024 as solid.

Allocation of net profit

The Board of North Energy proposes that the

net income of NOK 33.3 million in the parent

company is transferred to other equity. Further,

based on the dividend policy, the Board proposes

to distribute a cash dividend of NOK 0.15 per

share to shareholders. The total proposed

dividend of total NOK 17.6 million is subject to

approval at the Annual General Meeting.

Corporate governance

Corporate governance in North Energy is based

on the Norwegian code of practice for corporate

governance. A separate status report related

to the code has been included in this Annual

Report. Any non-compliance with the code is

specified and explained in the status report.

The Board intends to take account of all factors

relevant to the Company’s overall risk picture.

By doing so, it aims to ensure that the collective

operational and financial exposure is at a

satisfactory level. In accordance with market

practice for listed companies the Company has

The Company has no costs, and no activities,

related to research and development.

Financial statements for North Energy

ASA

The parent company reported a profit of NOK

33.3 million for the year compared to a loss of

NOK 16.1 million last year. The profit this year

is mainly due to positive change in fair value of

financial investments, while the loss last year

was mainly due to operating expenses and only a

minor income from investments.

Net cash flow for the parent company was NOK

96.2 million compared to NOK 2.7 million last

year. The cash flow this year is mainly from the

net sale and purchase of financial investments of

NOK 124.9 million, loans repaid from subsidiaries

of NOK 11.8 million, dividend received from

subsidiaries of NOK 6 million, offset by cash spent

on operating activities of NOK 18.9 million and

dividend paid to shareholders of NOK 11.7 million,

and repayment of bank facility of NOK 13.6

million. Last year the net cash flow was explained

by the net sale and purchase of financial

investments of NOK 40.9 million offset by cash

spent on operating activities of NOK 18.7 million,

loans paid to subsidiaries of NOK 11.2 million and

dividend paid of NOK 11.7 million.

The main difference in the statement of financial

position between the parent company and

increase is mainly due to increased cash and

increase in book value of associated companies

partly offset by a reduction in the financial

investments.

Total equity at the end of the year was NOK

367.5 million, up from NOK 321.1 million at the

end of 2023. The increase is explained by total

comprehensive income of NOK 58.1 million for

2024 less distribution of dividend of NOK 11.7

million. The Company’s equity ratio stood at 98.0

percent at the end of the year.

The Company has a multicurrency credit facility

with DNB for a total amount of NOK 49 million.

The Company uses listed financial investments

as collateral for the credit facility. At year-end the

Company has not utilised the facility.

North Energy recorded NOK 102.0 million in cash

at the end of the year. This is up from NOK 6.0

million at the end of last year. The net positive

cash flow of NOK 96.1 million in 2024, is due

to net cash from investing activities of NOK

124.9 million and dividend received of NOK 18.3

million, offset by repayment of the bank facility

of NOK 13.6 million, payment of dividend of

NOK 11.7 million and cash used in operating

activities and other financing activities of NOK

21.8 million. Available liquidity, which includes

cash and unutilised credit facility, amounted to

NOK 151.0 million.

Directors’ report

Monitoring of risk exposure and assessment of

the need to deploy financial instruments are

pursued continuously.

Operational risk

North Energy is an enterprise where operational

risk is closely related to its expertise and the

integrity of our IT systems. The Company

therefore devotes attention to developing

its expertise and organisation, ensuring that

measures for cyber security are up to date, and

to its management systems.

Market risk

With a growing investment business, North

Energy is exposed to market risk involving the

risk of changing conditions in the specific

marketplace in which the Company makes

investments. Sources of market risk include

changes in market sentiment as well as

recessions, political turmoil, changes in interest

rates, natural disasters, climate changes and

regulatory changes related to climate, and

terrorist attacks.

In 2024, several key market risks stood out.

One of the most significant was the expanding

conflict in the Middle East, particularly after

Hamas attacked Israel, raising concerns about a

broader regional escalation. This conflict added

to the existing geopolitical instability caused

by the prolonged Russia-Ukraine war. These

and financial expertise, a good division between

owner-based and independent candidates.

The Board functions collectively as an Audit

Committee.

Instructions have been developed and adopted

for the CEO, the Board and the Company’s

Nomination Committee. The instructions for

the Board specify its principal duties and the

responsibilities of the CEO towards the Board, as

well as guidelines for handling matters between

the Board and the executive management. The

instructions for the Nomination Committee

specify its mandate and provide guidelines on its

composition and mode of working.

The Company’s Articles of Association provide

no guidance on the composition of the Board,

other than that it must comprise of three to nine

Directors. The articles do not authorise the Board

to purchase the Company’s own shares or to

issue shares.

Risk assessment

Overall objectives and strategy

North Energy’s financial risk management is

intended to ensure that risks of significance for

the Company’s goals are identified, analysed,

and managed in a systematic and cost-efficient

manner. The Company is exposed to financial

risk in various areas, as described below.

purchased liability insurance to cover individual

and collective liability exposure for the board

members and CEO.

North Energy’s Articles of Association contain

no provisions which wholly or partly exceed

or restrict the provisions in chapter 5 of the

Norwegian Public Limited Liability Companies

Act.

Several considerations, which collectively

ensure a good and broad composition, have

been considered when electing the Board. These

include an appropriate gender distribution, good

strategic understanding, industry competence

Directors’ report

is to prevent any incidents or accidents to

employees or partners working with the

Company and to conduct business in a way

that will not damage the environment. Based

on best judgement, the Company’s employees

will conduct their operations in a safe,

environmentally responsible, and ethically

sound manner. North Energy will remain

focused on protecting health of employees and

communities and continue to follow advice

from public health officials.

Climate risk

Climate risk is the potential for climate change

to create adverse consequences for human

or ecological systems. This includes impacts

on lives, livelihoods, health and wellbeing,

economic, social and cultural assets and

investments, infrastructure, services provision,

ecosystems and species. For North Energy, it

can be defined in practical terms as the measure

of vulnerability to climate-related impacts that

have financial consequences, or that may affect

various aspects of financial performance. There

are two types of climate risk that the company

need to be aware of: physical climate risk and

transition climate risk.

Physical climate risk describes the potential

for physical damage and financial losses as a

result of increasing exposure to climate hazards

resulting from climate change. The impact of

North Energy. However, changes in business

conditions might weaken our main investment’s

financial positions, which might affect North

Energy’s liquidity longer term.

Interest rate risk

During 2024 the Company was directly exposed

to interest rate changes as the company has

partly utilized the new credit facility during the

year. Fluctuations in interest rates may also

affect the financial position of and the market

valuation of our investments and through that

affect our equity.

Credit risk

The Company’s receivables are as of end 2024

marginal and the risk of bad debts is, therefore,

considered negligible.

Foreign exchange

The foreign exchange risk through transactions

is low due to limited volumes. However,

the Company invest in securities that are

registered in foreign currencies and are through

these investments exposed to exchange rate

fluctuations.

HSE and the natural environment

The work environment in North Energy is

regarded as satisfactory. No incidents or

accidents relating to North Energy’s activities

were reported in 2024. North Energy’s goal

geopolitical tensions created uncertainties in

global markets, affecting investor sentiment and

leading to increased volatility.

Another major risk was resurgent inflation,

especially in developed markets. Despite efforts

to control it, inflation remained stubbornly high,

driven by supply chain disruptions and rising

energy prices. This led to higher interest rates,

which in turn impacted consumer spending and

business investments. Additionally, concerns

about a potential commercial real estate crash

and the ongoing economic challenges in China,

including a slowdown in its secular growth,

further contributed to market uncertainties.

These factors collectively posed significant risks

to global financial stability in 2024.

Liquidity risk

The Group’s ongoing financing needs are

forecasted on a continuous basis, and the level

of activity is tailored to liquidity. The Company’s

primary source of funding is equity while the

primary source of cash income is dividend

income and interest income from investments.

North Energy has a solid balance sheet and a

sound financial situation with limited liabilities.

Also, it is North Energy’s assessment that

the main investments have sound financial

positions, limiting the risk of unforeseen

requirements for liquidity contributions from

Directors’ report

North Energy aims to have a good gender

balance and is an equal opportunity employer

irrespective of gender, religion, race, disability,

national origin, or age. Currently there are only

male employees, however, future recruitments

will be based on the principle of equal

opportunity.

At the Company’s General Meeting in May 2024,

the Board of Directors were re-elected. Out of

the three directors elected, one is female.

The rate of absence due to illness during 2024

was below 1 per cent of total hours worked.

The Board considers it to be of importance that

employees regard North Energy as a safe and

motivating workplace.

Remuneration is determined in accordance

with the content of the work and the employee’s

qualifications. The remuneration of the executive

management is described in the notes to the

financial statements. Also, in accordance with

the Public Limited Liability Companies Act §

6-16, the guidelines for remuneration to senior

executives in North Energy ASA was adopted

by the Annual General Meeting in 2022. The

signed remuneration report for 2024 will be put

forth the Annual General Meeting in 2025 and is

published together with the annual report. The

remuneration report can be found on

www.northenergy.no.

physical climate risk on North Energy’s direct

business operation is regarded low.

Transition climate risks are business risks

related to a transition away from fossil fuels and

other greenhouse gas-emitting activities. The

impact of transitional climate risks on North

Energy’s investment business is somewhat

higher as these risks may impact the various

investments adversely. The rapid transition away

from energy production from traditional fossil

fuels might result in stranded assets, increased

capital expenditure, loss of market share, legal

liabilities from failing to comply with regulatory

requirements, for some of the investments.

To mitigate this risk, North Energy manages

and diversifies the portfolio of investments

by introducing investments in companies

benefiting from transitional climate risks, such

as Wind Catching Systems. Within our industrial

investment Reach Subsea, the transitional

climate risk is partly mitigated by increasing

services delivered to business sectors benefiting

from the energy transition and the introduction of

the Reach Remote solution that will dramatically

reduce the carbon footprint of subsea services

and reduce the personnel risk, amongst other.

Human resources and equal

opportunities

North Energy had at the end of the year three

employees, and the Company office is in Oslo.

Directors’ report

contributes to the fact that we must do our part

to ensure decent working conditions with our

suppliers, as well as with ourselves.

The Act shall promote companies' respect

for basic human rights and decent working

conditions. This applies to the company's own

business, suppliers and the value chain of

the suppliers. The law requires, among other

things, the businesses to carry out due diligence

assessments in order to understand the risk of

possible breaches - and to introduce measures

where necessary. Furthermore, the business has

a duty to inform about what is used as a basis for

the due diligence assessments and the results of

these.

North Energy runs its business without this

coming at the expense of basic human rights

and decent working conditions. Therefore,

North Energy has carried out a due diligence

assessment of its own and suppliers'

operations.

North Energy follow the OECD guidelines for due

diligence assessments. In the assessment, we

have looked at how large purchases we make

from each individual supplier, which countries

they operate in and whether they have their own

goals and processes to safeguard human rights

and good working conditions. The outcome of the

The operations of the company North

Energy ASA have negligible effect on the

external environment. The company has

implemented internal procedures to comply

with, amongst other, the Transparency Act in

order to secure basic human rights and decent

working conditions including a good working

environment, equal opportunities and non-

discrimination and in addition combating

corruption and bribery.

As a significant shareholder in several

companies, North Energy works to promote

businesses that are responsible and

sustainable, including the financial, social, and

environmental consequences of the operations.

This is demonstrated by the company’s main

industrial investment, Reach Subsea, with the

launch of the Reach Remote solution. This is

an innovative service solution which virtually

eliminates the carbon footprint compared to

traditional services.

North Energy has developed a policy statement

which further describes its commitment to CSR.

The policy is published on www.northenergy.no.

Transparency Act

The Transparency Act is intended to help

us reduce the risk of businesses causing or

contributing to violations of human rights. It also

Corporate social responsibility (“CSR”)

North Energy’s vision is to be a successful and

respected investment company with focus on

long term value creation. The Company stands

forward as an industrial investment company,

based on active ownership, and with a growing

portfolio of investments.

North Energy’s current mandate from

shareholders is to own, manage and provide

financing for activities within the energy industry,

and other industries where the company has

relevant competence. The Company is an

industrial holding company with a portfolio

of independent investments, both listed and

unlisted, organized in two segments being

Industrial holdings and Financial Investments.

North Energy’s most important contribution

to society is to create value and invest in

companies that operate in an environmentally,

ethically, and socially responsible manner.

The Board of North Energy gives emphasis

to a positive contribution being made by the

Company to those sections of society affected

by its operations, while simultaneously looking

after the interests of its owners. The Company

follows this up by integrating social and

environmental considerations in its strategy,

procedures, and day-to-day operations.

Directors’ report

The broader policy agenda still indicates

a gradual shift towards renewable energy

production, and we continue to remain firm

believers in a future dominated by energy

production that over time will become less

carbon intensive. However, as living standards

continue to rise globally, we expect energy

demand to continue to grow. This energy

demand needs to be met, either through existing

or new sources of energy, and we will continue

to seek out new investment opportunities both

within traditional energy sources as well as less

carbon intensive sources. Going forward, we will

continue to take a prudent approach in terms

of identifying new investments and to focus on

opportunities that allow us to further broaden

our portfolio of investments. While the energy

sector remains at the core of our investment

strategy, we also expect increased diversification

through also investing in other industries and

sectors as we continue to grow North Energy as

an investment company over the years to come.

areas of concern. Proactive policy measures

and international cooperation will be crucial in

mitigating these risks and ensuring sustained

economic growth.

At North Energy, we remain committed to

broadening our portfolio of industrial and financial

investments. In this process, identifying new

investments at attractive prices remains the core

of our investment philosophy. We continue to

evaluate opportunities in new energy technology,

however the road towards decarbonization is

likely to be both long and complex as evidenced

by the continued challenges for many companies

focused on ‘green technology’ during the year

2024. These challenges have been persistent

for several years and as the industry outlook

has not materially improved during the year,

the result has been continued weak share price

performance and severe restrictions in access

to financing. The underlying root cause of the

situation is general and widespread structural

challenges in profitability. For this situation to

improve, the industry needs to demonstrate much

more credible pathways to profitability which

would likely only happen through a combination

of technological improvements, efficiency

improvements or various types of government

incentives, or alternatively, disincentives for

competing sources of carbon intensive energy

production.

assessment will be published within the deadline

30 of June 2025 on www.northenergy.no.

Ownership

North Energy had 1,873 shareholders at year-end

2024 and the top 20 owners together held 69.8

percent of the shares in the North Energy. The

share price on the last day of trading in 2024 was

NOK 2.52, while on the last day of trading in 2023

the share price was NOK 2.07. The share price

peaked at NOK 3.37 on 18 July, while the lowest

price in 2024 was NOK 2.00 on 9 January. As per

11 March 2025, the share price was NOK 2.58

representing a market capitalisation of North

Energy of NOK 307 million.

Outlook for 2025

The global economic outlook for 2025 is

cautiously optimistic, with projected growth of

3.3% and a decline in global headline inflation

to 4.2%. However, several risks could impact

this outlook, including geopolitical tensions,

persistent inflation in certain sectors, and policy

uncertainty. Trade tensions and environmental

risks, such as climate change, also pose

significant challenges.

Additionally, financial market volatility and

potential market corrections could disrupt

economic stability. High public debt ratios and

financial instability in emerging markets are other

Directors’ report

Oslo, 11 March 2025

Anders Onarheim Elin Karfjell Jogeir Romestrand

Chair Director Director

Rachid Bendriss Didrik Leikvang

co-CEO co-CEO

Directors’ report

Corporate Governance

The following information is presented according

to the same structure as the code and contains

the same 15 main elements.

1. Implementation and reporting on corporate

governance

It is the executive management’s job to ensure

that the areas of responsibility, individually and

collectively, are prioritized according to the

Company’s values and business codes.

The Company has established clear guidelines

for corporate social responsibility. These

can be found on the Company’s website,

www.northenergy.no.

2. The business

North Energy’s business purpose is to directly

or indirectly own, manage and provide financing

for activities within the energy industry, and

other industries where the company has relevant

competence.

North Energy targets to become a successful and

respected investment company. The Company

will achieve this through solid fundamental

analysis and a focus on long-term value creation.

Where relevant, the company seeks to create

value for the shareholders in a sustainable

manner.

North Energy’s Articles of Association specify

clear parameters for its operations, while its

vision, goals and strategies are at the core of its

management philosophy and operations.

3. Equity and dividends

The Board of Directors adopted a new dividend

policy valid from the accounting year 2022, which

states that “The Company intends to distribute

an annual dividend that approximates 3% of year

end Net Asset Value”. In accordance with the

policy, the Board intends to propose a dividend

of NOK 0.15 per share for 2024. The Company’s

dividend policy is also outlined on its website.

Corporate Governance

Pursuant to section 3, sub-section 3b of the Norwegian Accounting Act, North Energy is required to include a description of

its principles for good corporate governance in the Directors’ report of its Annual Report or, alternatively, refer to where this

information can be found. The Norwegian Corporate Governance Board (NCGB) has issued the Norwegian code of practice

for corporate governance (the code), which can be found at www.nues.no. Observance of the code is based on the “comply or

explain” principle, which means that companies must explain either how they comply with each of the recommendations in the

code or why they have chosen an alternative approach.

The Euronext Oslo Stock Exchange requires that listed companies on Oslo Børs and Euronext Expand provide an explanation of

their corporate governance policy annually. Current requirements for companies listed on the Oslo Stock Exchange can be found

at https://www.euronext.com/en/markets/oslo.

Corporate Governance

The Company has a strong financial platform and

a solid foundation for executing its strategy as an

industrial investment company. Going forward,

available financial funds are expected to be

deployed to support this core strategy.

All proposals from the Board concerning

dividends must be approved by shareholders

at the General Meeting to ensure that the

Company’s equity and dividend are consistent

with its objectives, strategies, and risk profile.

Equity as of December 31, 2024, for the group

was NOK 368 million, compared with NOK 321

million at year-end 2023, giving an equity ratio of

98 per cent, which is slightly higher than year-

end 2023.

Equity for the parent company was NOK 390

million at year-end 2024, compared to NOK 369

million at year-end 2023. The increase in equity

from last year is mainly due to an income of

NOK 33.3 million for the year offset by dividend

payment of NOK 11.7 million.

The Company has a multicurrency credit

facility with DNB for a total amount of NOK

49 million where the Company uses listed

financial investments as collateral. This gives

the Company more flexibility when it comes

to liquidity management. The facility was not

utilized at year-end 2024.

Corporate Governance

to vote individually for candidates nominated

to serve in the Company’s elected bodies.

Shareholders who cannot attend the General

Meeting in person are able to appoint a proxy to

vote on their behalf. Proxy forms are provided

that allow the proxy to be instructed how to vote

on each agenda item.

The Board determines the agenda for the General

Meeting. However, the most important items on

the agenda are dictated by the Public Limited

Liability Companies Act and the Company’s

Articles of Association. Meeting minutes are

published on the Company’s website the day

after the General Meetings, at latest.

7. Nomination Committee

The Nomination Committee submits

recommendations for candidates to be elected,

along with a justification, to the General

Meeting, as well as nominates the Chair of the

Board. Furthermore, the Committee will submit

substantiated proposals for the remuneration of

Directors and recommend Committee members.

Establishment of the Committee is stipulated

by the Articles of Association, and its work is

regulated by instructions adopted by the General

Meeting.

Nomination Committee members serve

independently of the Board, and the Company’s

executive management. Members of the

shares in the Company may be purchased or

disposed. The purpose of this authorization

is to give the Company an opportunity to

purchase shares in situations where it would be

in the Company's interest, inter alia to secure

the sufficient number of shares under the

Company's incentive program.

5. Freely negotiable shares

The North Energy share is listed on the Euronext

Expand Oslo exchange. All shares are freely

negotiable. The Articles of Association impose no

restrictions on the negotiability of the share.

6. General Meetings

The AGM is North Energy’s highest authority. The

Company’s AGM in 2024 was held in accordance

with the Public Limited Liability Companies Act.

The Board endeavors to ensure that the

General Meeting is an effective forum for

communication between the Board and the

Company’s shareholders. Thus, the Board makes

provision for the highest possible participation

by the Company’s owners at the General

Meeting. Notice of the meeting and supporting

documentation for items on the agenda are

made available on the Company’s website no

later than 21 days before the General Meeting.

Provision is also made for shareholders to vote in

advance of the Company’s General Meeting, and

elections are organized such that it is possible

Cash and cash equivalents totaled NOK 102

million as of 31 December, 2024. Available

liquidity of NOK 151 million, which consist of

cash and unutilized credit facility, is regarded

as strong in relation to the Company’s future

obligations.

At the AGM on April 10, 2024, the Company’s

Board was granted authorization to increase the

share capital with 11,904,706 shares, equaling

an increase of 10 per cent. This authorization

is not limited to a defined purpose. The

purpose of this authorization is to enable the

Board of Directors to strengthen the equity to

accommodate for the possibilities of expansion

and development of the Company’s activities in

line with the Company’s vision. At present, this

authorization is not used.

4. Equal treatment of shareholders

With reference to the Board’s authorization to

increase the share capital described above the

Board of Directors can, in order to accommodate

the purpose of the authorization, waive the pre-

emption rights of existing shareholders.

At the AGM on April 10, 2024, the Company’s

Board was granted authorization to acquire the

Company’s own shares up to an aggregate value

of NOK 11,904,706. With due consideration of

the principle of equal treatment of shareholders

the Board of Directors determines how the

Corporate Governance

The Board ensures that the auditor fulfils a

satisfactory and independent control function.

It presents the auditor’s report to the General

Meeting, which also approves the remuneration

of the auditor. It was resolved in 2014 that the

Audit Committee’s duties would be discharged

directly by the Board. Likewise, the duties of the

Compensation Committee, established by the

Board in 2014, is now handled directly by the

Board following a resolution in a Board meeting

in 2017. The objective of the Compensation

Committee is to ensure that compensation

arrangements support the Company’s strategy

and enable it to recruit, motivate and retain

managers of a high standard, while complying

with requirements set by governing bodies,

fulfilling shareholder expectations and being

in line with the expectations of the rest of the

workforce. The Board conducts an annual

evaluation of its work, competence, and

performance.

10. Risk management and internal control

Strict standards are set for the Company’s

internal control and management system.

Work on further development and improvement

of North Energy’s management system and

associated documentation is a priority job

in the Company’s corporate governance

and risk management. Emphasis have been

put on developing risk systems and internal

control procedures adapted to the Company’s

in North Energy. No director holds options to buy

further shares.

Six board meetings were held in 2024. The

meetings were conducted as a combination of

physical attendance and attendance by video/

audio conferences. The attendance at the

meetings from the Board members were 100%.

9. The work of the Board of Directors

The Board’s work is regulated by instructions.

Its duties consist primarily of managing

North Energy, which includes determining the

Company’s strategy and overall goals, approving

its action program, and ensuring an acceptable

organization of the business in line with the

Company’s Articles of Association. The Board

can also determine guidelines for the business

and issue orders in specific cases. The Board

must look after North Energy’s interests, and not

act as individual shareholders.

A clear division of responsibility has been

established between the Board and the

executive management. The Chief Executive is

responsible for operational management of the

Company and reports regularly to the Board.

The administration is responsible for preparing

matters for board meetings. Ensuring that the

work of the Board is conducted in an efficient

and correct manner in accordance with relevant

legislation is the responsibility of the Chair.

Committee receive a fixed remuneration which is

not dependent on results. The General Meeting

decides on all recommendations made by the

Committee.

The members of the Nomination Committee are

Hans Kristian Rød (Head), and Merete Haugli.

8. Board of Directors: composition and

independence

Following the recommendation from the

Nomination Committee approved at the AGM,

the Board consists of two men and one woman

who serve as shareholder-elected Directors. All

have broad experience. Two of these Directors

are elected independently by the Company’s

shareholders. The Directors provide industry-

specific professional expertise and experience

from national and international companies.

More information on each Director is available at

www.northenergy.no.

Shareholder-elected Directors are elected for

two-year terms. Elections are conducted in such

a way that new directors can join the board every

year.

Apart from Chairman Anders Onarheim, North

Energy regards its Directors as independent

of the Company’s executive management and

significant business partners. At present, all

three Directors own shares directly or indirectly

Corporate Governance

Public Limited Liability Companies Act § 6-16

b, and the Regulations on guidelines and report

on remuneration for senior executives § 6. The

report should be approved at the Annual General

Meeting.

13. Information and communications

North Energy keeps its shareholders and

investors regularly informed about its

commercial and financial status. The Board

is conscientious that all stakeholders shall

receive the same information at the same time,

and all financial and commercial information

is made available on the Company’s website

simultaneously. Stock exchange announcements

are distributed through www.newsweb.no and

made available on the Company’s website.

The annual financial statements for North Energy

are made available on its website at least three

weeks before the General Meeting. Interim

reports are published within two months after

the end of each quarter. North Energy publishes

an annual financial calendar which is available

on the Oslo Stock Exchange website and on

www.northenergy.no. The Board emphasizes

openness and equal treatment in relation to all

relevant parties in the market and strives always

to provide as correct a picture as possible of the

Company’s financial position.

None of the shareholder-elected Directors have

undertaken special assignments for North Energy

other than those presented in this report, and

none have received compensation from the

Company other than normal Directors’ fees.

12. Salary and other remuneration of executive

personnel

On 9 May 2022 the AGM adopted the proposal

from the Board of Directors for new guidelines

for remuneration to senior executive in North

Energy ASA. The guidelines are compliant

with the requirements as set out in the Public

Limited Liability Companies Act § 6-16 a, and

the Regulations on guidelines and report on

remuneration for senior executives.

The Board determines the remuneration of

the senior executives, and the remuneration

is determined on the basis of an overall

assessment where the main emphasis in the

variable part of the remuneration is based

on achieved results and implementation of

the strategy plan based on the company’s

values and ethical guidelines, The Board is

also considering the responsibility involved,

qualifications, the complexity of the work and

the results achieved.

The Board issues a yearly remuneration report

according to the requirements as set out in the

strategy as an investment company. The

Company’s management system is a good

tool for the executive management and the

workforce and reduces the risk of errors and

misunderstandings. The system facilitates

collaboration and learning and ensures

continuity in the execution of the company’s

processes.

The executive management regularly follow

up conditions which could pose a financial

risk to the Company, and reports these to the

Board. Reporting to the Board by the Company

gives emphasis both to the on-going risk in

daily operations and to risk associated with the

investment opportunities presented. In addition,

the Board carry out an overall risk assessment

at least twice a year which takes account of all

the Company’s activities and the exposure these

involve. The Board does also at regular intervals

have the auditor’s assessments of financial risk

presented.

11. Remuneration of the Board of Directors

The Nomination Committee recommends the

Directors’ fees to the General Meeting, and takes

account of their responsibility, qualifications,

time spent and the complexity of the business.

Directors’ fees are not profit-related. North

Energy has not issued any options to its

shareholder-elected Directors.

Corporate Governance

least one of these meetings, the auditor makes a

presentation to the Board without the executive

management being present. The auditor presents

a declaration of independence and objectivity.

Relations with the auditor are regularly reviewed

by the Board to ensure that the auditor exercises

an independent and satisfactory control

function. The Board presents the auditor’s

fee to the General Meeting for approval by the

shareholders.

with its recommendation as to whether

shareholders should accept it.

15. Auditor

The annual financial statements are audited by

PricewaterhouseCoopers AS. The Board receives

and considers the auditor’s report after the

financial statements for the relevant year have

been audited. The auditor submits an annual

plan for the conduct of audit work and attends

board meetings when the consideration of

accounting matters requires their presence. In at

14. Takeovers

North Energy’s Articles of Association contain no

restrictions on or defense mechanisms against

the acquisition of the Company’s shares. In

accordance with its general responsibility for

the management of North Energy, the Board will

act in the best interests of all the Company’s

shareholders in such an event. Unless special

grounds exist, the Board will not seek to prevent

takeover offers for the Company’s business or

shares. Should an offer be made for the shares

of North Energy, the Board will issue a statement

Oslo, 11 March 2025

Anders Onarheim Elin Karfjell Jogeir Romestrand

Chair Director Director

Rachid Bendriss Didrik Leikvang

co-CEO co-CEO

Corporate Governance

Financial

Statements

& Notes

Financial Statements & Notes – North Energy

Financial Statements

Income statement

PARENT COMPANY				GROUP
2024	2023	(NOK 1 000)	Note	2024	2023
90	72	Sales		90	72
(15 282)	(14 078)	Payroll and related expenses	5	(15 282)	(14 078)
(1 577)	(1 467)	Depreciation and amortisation	10, 15	(1 577)	(1 467)
(8 294)	(3 117)	Other operating expenses	6	(8 463)	(3 319)
47 060	245	Change in fair value of financial investments	20, 2	47 060	245
423	299	Net result from investments in associates	18	31 811	42 521
22 420	(18 047)	Operating profit/(loss)		53 639	23 974
13 910	3 602	Financial income	16	7 487	2 347
(3 021)	(1 697)	Financial expenses	16	(3 021)	(1 697)
10 889	1 905	Net financial items		4 466	650
33 309	(16 141)	Profit/(loss) before income tax		58 105	24 624
0	0	Income tax	14	0	0
33 309	(16 141)	Profit/(loss) for the year		58 105	24 624
		Attributable to:
33 309	(16 141)	Owners of North Energy ASA		58 105	24 624
33 309	(16 141)			58 105	24 624
		Earnings per share (NOK per share)
0,28	(0,14)	- Basic	12	0,50	0,21
0,28	(0,14)	- Diluted	12	0,50	0,21

Financial Statements & Notes – North Energy

Statement of comprehensive income

PARENT COMPANY				GROUP
2024	2023	(NOK 1 000)	Note	2024	2023
33 309	(16 141)	Profit/(loss) for the year		58 105	24 624
		Other comprehensive income, net of tax:
0	0	Total other comprehensive income, net of tax		0	0
33 309	(16 141)	Total comprehensive income/(loss) for the year		58 105	24 624
		Attributable to:
33 309	(16 141)	Owners of North Energy ASA		58 105	24 624
33 309	(16 141)			58 105	24 624

Financial Statements & Notes – North Energy

Statement of financial position

PARENT COMPANY				GROUP
		ASSETS
31/12/24	31/12/23	(NOK 1 000)	Note	31/12/24	31/12/23
		ASSETS
		Non-current assets
117	155	Property, plant and equipment	15	117	155
3 462	4 809	Right-of-use assets	10	3 462	4 809
256 128	256 128	Investments in subsidiaries	18	0	0
5 064	4 640	Investments in associates	18	238 493	224 982
264 771	265 732	Total non-current assets		242 073	229 946
		Current assets
282	3 483	Trade and other receivables	7	282	3 483
221	12 052	Loan to subsidiaries	13	0	0
30 336	102 962	Financial investments at fair value through profit or loss	20	30 336	102 962
101 919	5 720	Cash and cash equivalents	8	102 045	5 952
132 758	124 217	Total current assets		132 663	112 397
397 529	389 949	Total assets		374 735	342 343

Financial Statements & Notes – North Energy

Statement of financial position

		EQUITY AND LIABILITIES
31/12/24	31/12/23	(NOK 1 000)	Note	31/12/24	31/12/23
119 047	119 047	Share capital	9	119 047	119 047
(3 411)	(3 411)	Treasury shares	9	(3 411)	(3 411)
826 928	838 653	Share premium		826 928	838 653
30 691	30 691	Other paid-in capital		30 691	30 691
(582 933)	(616 242)	Retained earnings		(605 747)	(663 852)
390 321	368 737	Total equity		367 508	321 128
		Liabilities
		Non-current liabilities
0	0	Deferred tax liability	14	0	0
2 052	3 492	Leasing liabilities	10	2 052	3 492
0	0	Other non-current liabilities	11	(0)	0
2 052	3 492	Total non-current liabilities		2 052	3 492
		Current liabilities
1 684	1 458	Leasing liabilities, current	10	1 684	1 458
330	101	Trade creditors		349	103
0	0	Tax payable	14	0	0
3 142	2 587	Other current liabilities	11	3 142	2 587
0	13 575	Current borrowings	17	0	13 575
5 156	17 721	Total current liabilities		5 175	17 723
7 208	21 212	Total liabilities		7 227	21 215
397 529	389 949	Total equity and liabilities		374 735	342 343

Oslo, 11 March 2025

Anders Onarheim Elin Karfjell Jogeir Romestrand

Chair Director Director

Rachid Bendriss Didrik Leikvang

co-CEO co-CEO

Financial Statements & Notes – North Energy

Statement of changes in equity

GROUP

					Other
		Share	Treasury	Share	paid-in	Retained	Total
(NOK 1 000)		capital	shares	premium	capital	earnings	equity
Equity at 1 January 2023		119 047	(3 411)	850 378	30 691	(688 476)	308 229
Total comprehensive income for 01.01.23-31.12.23						24 624	24 624
Paid dividend				(11 725)			(11 725)
Equity at 31	December 2023	119 047	(3 411)	838 653	30 691	(663 852)	321 128
Total comprehensive income for 01.01.24-31.12.24						58 105	58 105
Paid dividend				(11 725)			(11 725)
Equity at 31 December 2024		119 047	(3 411)	826 928	30 691	(605 747)	367 508

PARENT COMPANY

Other

Share Treasury Share paid-in Retained Total

(NOK 1 000) capital shares premium capital earnings equity

Equity at 1 January 2023 119 047 (3 411) 850 378 30 691 (600 101) 396 604

Total comprehensive income for 01.01.23-31.12.23 (16 141) (16 141)

Paid dividend (11 725) (11 725)

Equity at 31 December 2023 119 047 (3 411) 838 653 30 691 (616 242) 368 737

Total comprehensive income for 01.01.24-31.12.24 33 309 33 309

Paid dividend (11 725) (11 725)

Equity at 31 December 2024 119 047 (3 411) 826 928 30 691 (582 933) 390 321

Financial Statements & Notes – North Energy

Cash flows statement

PARENT COMPANY				GROUP
2024	2023	(NOK 1 000)	Note	2024	2023
		CASH FLOWS FROM OPERATING ACTIVITIES
33 309	(16 141)	Income before income tax		58 105	24 624
		Adjustments:
1 577	1 467	Depreciation	10, 15	1 577	1 467
(47 060)	(245)	Change in fair value of financial investments	20	(47 060)	(245)
(6 000)	0	Dividend from subsidiary		0	0
(423)	(299)	Net result from investments in associates	18	(31 811)	(42 521)
201	241	Interest costs on lease debt		201	241
754	844	Interest costs on bank facility	17	754	844
229	55	Changes in trade creditors		246	57
(1 444)	(4 636)	Changes in other items	11	(1 444)	(3 300)
(18 857)	(18 714)	Net cash flows from operating activities		(19 432)	(18 832)
		CASH FLOWS FROM INVESTING ACTIVITIES
0	(17)	Purchase of property, plant and equipment	15	0	(17)
0	0	Investment in associates	18	0	(20 000)
0	0	Dividends from associates	18	18 300	9 150
(70 885)	(41 826)	Purchase of financial investments	17	(70 885)	(41 826)
195 777	82 772	Proceeds from sales of financial investments	17	195 777	82 772
11 831	(11 200)	Loan to subsidiaries		0	0
6 000	0	Dividend from subsidiaries	17	0	0
142 722	29 730	Net cash flows from investing activities		143 191	30 079
		CASH FLOWS FROM FINANCING ACTIVITIES
(11 725)	(11 725)	Dividends paid	9	(11 725)	(11 725)
(13 575)	5 852	Drawdown/repayment bank facility	17	(13 575)	5 852
(754)	(844)	Interest costs on bank facility*	17	(754)	(844)
(1 612)	(1 634)	Lease payments including interests*		(1 612)	(1 634)
(27 666)	(8 351)	Net cash flows from financing activities		(27 666)	(8 351)
96 199	2 665	Net change in cash and cash equivalents		96 093	2 896
5 720	3 056	Cash and cash equivivalents at 1 January	8	5 952	3 056
101 919	5 720	Cash and cash equivivalents at 31 December	8	102 045	5 952

Financial Statements & Notes – North Energy

NOTE 1 General information

The financial statements of North Energy were approved by the Board of

Directors and the Co-CEOs on March 11, 2025.

North Energy ASA is a public limited Group incorporated and domiciled in

Norway, with its main office located in Oslo. The Group’s shares were listed

on former Oslo Axess (now Euronext Expand), an exchange regulated by the

Euronext Oslo Stock Exchange, on February 5, 2010. The Group's ticker is

NORTH.

The Group consist of North Energy ASA and the two fully owned

subsidiaries, North Industries 1 AS and North Industries 2 AS.

NOTE 2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these

financial statements are laid out below. Unless otherwise stated, these

policies have consistently been applied to all periods presented.

2.1 Basis for preparation

The group consolidated and the parent company financial statements have

been prepared in accordance with IFRS® Accounting Standards as adopted

by the EU (IFRS) and certain requirements in the Norwegian Accounting Act.

The group financial statements for North Energy ASA include the

subsidiaries as described in note 1. The accounting policies are applied

consistently when consolidating ownership interests in subsidiaries and are

based on the same reporting periods as those used for the parent company.

When preparing the consolidated financial statements, intragroup

transactions and balances, along with gains and losses on transactions

between group units, are eliminated.

2.2 Investment in associates

Associates are all entities over which the Group has significant influence but

not control or joint control. This is generally the case where the Group holds

between 20% and 50% of the voting rights. Investments in associates are

accounted for using the equity method of accounting, after initially being

recognised at cost. The ownership in Reach Subsea ASA is at the end of

the year 18%. However, it is still regarded as an associated company since

North Energy ASA has two representatives on the board of the company,

Under the equity method of accounting, the investments are initially

recognised at cost and adjusted thereafter to recognise the Group’s share

of the post-acquisition profits or losses of the investee in profit or loss, and

the Group’s share of movements in other comprehensive income of the

investee in other comprehensive income. Dividends received or receivable

from associates are recognised as a reduction in the carrying amount of the

investment.

The carrying amount of equity-accounted investments is tested for

impairment whenever events or changes in circumstances indicate

that the carrying amount may not be recoverable. An impairment loss is

recognised for the amount by which the investment’s carrying amount

exceeds its recoverable amount. The recoverable amount is the higher of

the investment’s fair value less costs of disposal and value in use.

2.3 Foreign currency

Functional currency and presentation currency

The presentation currency in the Group’s consolidated financial statements

is Norwegian Kroner (“NOK”). The parent company of the Group, North

Energy ASA, has NOK as its functional currency.

Financial Statements & Notes – North Energy

Transactions in foreign currency

Foreign currency transactions are translated into NOK using the exchange

rates on the transaction date. Monetary balances in foreign currencies are

translated into NOK at the exchange rates on the date of the balance sheet.

Foreign exchange gains and losses resulting from the settlement of such

transactions and from the translation of monetary assets and liabilities

denominated in foreign currencies are recognised in the income statement.

2.4 Leases (as lessee)

IFRS 16 defines a lease as a contract that conveys the right to control the

use of an identified asset for a period of time in exchange for consideration.

For each contract that meets this definition, IFRS 16 requires lessees to

recognize a right-of-use asset and a lease liability in the balance sheet with

certain exemptions for short term and low value leases. Lease payments are

to be reflected as interest expense and a reduction of lease liabilities, while

the right-of-use assets are to be depreciated over the shorter of the lease

term and the assets’ useful life. Lease liabilities are measured at the present

value of remaining lease payments, discounted using the Group’s calculated

borrowing rate.

2.5 Financial assets

The Group’s financial assets are listed and non-listed equity instruments,

receivables and cash and cash equivalents. The classification of financial

assets at initial recognition depends on the financial asset’s contractual

cash flow characteristics and the Group’s business model for managing

them.

Financial assets at amortized cost

The Group measures financial assets at amortized cost if both of the

following conditions are met:

• The financial asset is held within a business model with the objective to

hold financial assets in order to collect contractual cash flows and,

• The contractual terms of the financial asset give rise on specified dates

to cash flows that are solely payments of principal and interest on the

principal amount outstanding

Financial assets at amortized cost are subsequently measured using the

effective interest (EIR) method and are subject to impairment. Gains and

losses are recognized in profit or loss when the asset is derecognized,

modified or impaired. The Groups financial assets at amortized cost

includes trade receivables and other short-term deposits.

Receivables are initially recognised at fair value less impairment losses.

Financial assets at fair value through profit and loss

Financial assets at fair value through profit or loss include financial assets

held for trading, financial assets designated upon initial recognition at fair

value through profit or loss, or financial assets mandatorily required to be

measured at fair value. Financial assets are classified as held for trading

if they are acquired for the purpose of selling or repurchasing in the near

term. Derivatives, including separated embedded derivatives, are also

classified as held for trading unless they are designated as effective hedging

instruments. Financial assets at fair value through profit or loss are carried

in the statement of financial position at fair value with net changes in fair

value recognized in the statement of profit or loss.

The Board and management of the Group is following up all current financial

investments at fair value according to the business model of the Group.

2.6 Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits with banks and

other short-term highly liquid investments with original maturities of three

months or less.

Financial Statements & Notes – North Energy

2.7 Borrowings

All loans and borrowings are initially recognised at cost, being the fair value

of the consideration received net of transaction/issue costs associated

with the borrowing. After initial recognition, interests-bearing loans and

borrowings are subsequently measured at amortised cost using the effective

interest method. Any difference between the consideration received net of

transaction/issue costs associated with the borrowing and the redemption

value, is recognised in the income statement over the term of the loan.

2.8 Taxes

Income taxes for the period comprises tax payable and changes in deferred

tax.

Tax is recognised in the income statement, except to the extent that it

relates to items recognised in other comprehensive income or directly

in equity. In this case the tax is also recognised in other comprehensive

income or directly in equity.

Deferred tax assets and liabilities are calculated based on existing

temporary differences between the carrying amounts of assets and

liabilities in the financial statements and their tax bases, together with

tax losses carried forward at the balance sheet date. Deferred tax assets

and liabilities are calculated based on the tax rates and tax legislation

that are expected to exist when the assets are realised or the liabilities are

settled, based on the tax rates and tax legislation that have been enacted

or substantially enacted on the balance sheet date. Deferred tax assets are

recognised only to the extent that it is probable that future taxable profits

will be available against which the assets can be utilised. The carrying

amount of deferred tax assets is reviewed at each balance sheet date and

reduced to the extent that is no longer probable that the deferred tax asset

can be utilised. Deferred tax assets and liabilities are not discounted.

Deferred tax assets and liabilities are offset when there is a legally

enforceable right to offset current tax assets against current tax liabilities

and when the deferred taxes assets and liabilities relate to income taxes

levied by the same taxation authority on the same taxable entity.

2.9 Defined contribution pension plans

The Group’s payments under defined contribution pension plans are

recognised in the income statement as employee benefits expense for the

year to which the contribution applies.

2.10 Provisions

A provision is recognised when the Group has a present legal or constructive

obligation resulting from past events, it is probable (i.e. more likely than

not) that an outflow of resources will be required to settle the obligation,

and the amount has been reliably estimated. Provisions are reviewed at

each balance sheet date and adjusted to reflect the current best estimate.

Provisions are measured at the present value of the expenditures expected

to be required to settle the obligation. The increase in the provision owing to

passage of time is recognised as a financial cost.

The Group recognises a provision and an expense for severance payments

when there exists a legal obligation to make severance payments.

The Group recognises a provision and an expense for bonuses to

employees, when the Group is contractually obliged or where there is a past

practice that has created a constructive obligation.

2.11 Trade creditors

Trade creditors are recognised initially at fair value and subsequently

measured at amortised cost using the effective interest method.

Financial Statements & Notes – North Energy

2.12 Revenue recognition

Revenues from sales of services are recorded over time when the service

are performed.

2.13 Contingent liabilities

Contingent liabilities are not recognised in the financial statements unless

an outflow of resources embodying economic benefit has become probable.

Significant contingent liabilities are disclosed, except for contingent liabilities

where the probability of the liability occurring is remote.

2.14 Earnings per share

The calculation of basic earnings per share is based on the profit

attributable to owners of the Group using the weighted average number of

ordinary shares outstanding during the year after deduction of the average

number of treasury shares held over the period.

The calculation of diluted earnings per share is consistent with the

calculation of the basic earnings per share, but gives at the same time

effect to all dilutive potential ordinary shares that were outstanding during

the period, by adjusting the profit/loss and the weighted average number of

shares outstanding for the effects of all dilutive potential shares, i.e.:

• The profit/loss for the period is adjusted for changes in profit/loss that

would result from the conversion of the dilutive potential ordinary shares.

• The weighted average number of ordinary shares is increased by the

weighted average number of additional ordinary shares that would

have been outstanding assuming the conversion of all dilutive potential

ordinary shares.

2.15 Segment reporting

The Group reports only one business segment which includes the

investment activities. Based on this, no segment note is presented, and this

is in accordance with management’s reporting.

2.16 Treasury shares

Own equity instruments which are reacquired (treasury shares) are

recognised at cost and deducted from equity. No gain or loss is recognised

in the income statement on the purchase, sale, issue or cancellation of

the Group’s own equity instruments. Any difference between the carrying

amount and the consideration is recognised in equity.

2.17 Cash flow statement

The cash flow statement is prepared by using the indirect method.

2.18 Changes in accounting policies and disclosures

(a) New and amended standards and interpretations adopted by the

Group

New standards, amendments and interpretations to existing standards

effective from 1 January 2024 did not have any significant impact on the

financial statements.

(b) New and amended standards and interpretations issued but not

adopted by the Group

Certain new standards or amendments to standards and interpretations

are effective for annual periods beginning on or after 1 January 2025 and

have not been applied in preparing these consolidated financial statements.

None of these new standards and amendments to standards and

interpretations are expected to have any significant impact on the Group’s

financial statements.

Financial Statements & Notes – North Energy

NOTE 3 Financial risk management

3.1 Financial risks

The Group is exposed to a variety of risks, including market risk, credit risk,

interest rate risk, liquidity risk and currency risk.

This note presents information about the Group's exposure to each of the

aforementioned risks, and the Group's objectives, policies and processes

for managing such risks. The note also presents the Group's objectives,

policies and processes for managing capital.

(a) Market risk

North Energy is exposed to market risk involving the risk of changing

conditions in the specific marketplace in which the Group makes

investments. Sources of market risk include changes in market sentiment

as well as recessions, political turmoil, changes in interest rates, natural

disasters, and terrorist attacks. Energy prices in 2024 were more stable

compared to the significant volatility seen in 2022 and 2023. However, there

were still fluctuations throughout the year due to the ongoing war in Ukraine.

Global investment in energy infrastructure increased significantly from 2023

to 2024, with a notable shift towards clean energy technologies.

(b) Credit risk

The Group is mainly exposed to credit risk related to bank deposits.

The exposure to credit risk is monitored on an ongoing basis. As all

counterparties have a high credit rating, there are no expectations that any

of the counterparties will not be able to fulfil their liabilities. The maximum

exposure to credit risk is represented by the carrying amount of each

financial asset in the balance sheet.

The group’s exposure to interest rate risk is related to usage of the

Prime Finance credit facility provided by DNB, with floating interest rate

conditions. The group is therefore exposed to interest rate risk as part of its

normal business activities and the aim is to keep this risk at an acceptable

level. The credit facility entitles the Group to borrow up to NOK 49 million

secured by a pledge in the Group’s financial investments.

(d) Liquidity risk

The Group's liquidity risk is the risk that it will not be able to pay its financial

liabilities as they fall due. The Group’s approach to managing liquidity

risk is to ensure that it will always have sufficient liquidity to meet its

financial liabilities as they fall due, under normal as well as extraordinary

circumstances, without incurring unacceptable losses or risking damage

to the Group’s reputation. Sufficient liquidity will be held in regular bank

accounts at all times to cover expected payments relating to operational

activities and investment activities.

The Group’s financial liabilities are short-term and fall due within 12

months.

(e) Currency risk

The Group’s functional currency is the NOK, and the Group is exposed

to foreign exchange rate risk related to the value of NOK relative to other

currencies. The Group is exposed to currency risk related to its activities

mainly because some parts of the Group’s investments are or have been in

USD, EUR, CAD, and GBP. The Group has not entered into any agreements

to reduce its exposure to foreign currencies.

3.2 Capital management

The Group’s aim for management of capital structure is to secure the

business in order to yield profit to shareholders and contributions to other

Financial Statements & Notes – North Energy

stakeholders. In addition, a capital structure at its optimum will reduce the

costs of capital. To maintain or change the capital structure in the future,

the Group can pay dividends to its shareholders, issue new shares or sell

assets to reduce debt. The Group may buy its own shares. The point of time

for this is dependent on changes in market prices.

The Group monitors its capital structure using an equity ratio, which is total

equity divided by total assets. As of December 31, 2024, the equity ratio

was 98% which is at the same level as last year.

The Group will handle any increased future capital requirements by selling

assets, raising new capital, taking up loans, establishing strategic alliances

or any combination of these, and by adjusting the Group's activity level if

necessary.

NOTE 4 Critical accounting estimates and judgements

4.1 Critical accounting estimates and assumptions

The preparation of the financial statements in accordance with IFRS

requires management to make judgements and use estimates and

assumptions that affect the reported amounts of assets and liabilities,

income, and expenses.

The estimates and associated assumptions are based on historical

experience and various other factors that are considered to be reasonable

under the circumstances. The estimates and underlying assumptions are

reviewed on an ongoing basis.

At year end, the Group's most important accounting estimates are related

to fair value of Financial investments at fair value through profit or loss

NOTE 5 Payroll and related expenses, remuneration of directors and

management

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Salaries	11 058	10 142	11 058	10 142
Fees to the board and election	1 190	1 144	1 190	1 144
committee
Payroll tax	2 249	2 045	2 249	2 045
Pension costs	718	656	718	656
Other benefits	68	92	68	92
Total	15 282	14 078	15 282	14 078
Average number of employees	3.0	3.0	3.0	3.0

Pensions

The company has a defined contribution pension plan. The pension

arrangements fulfil the requirements of the Norwegian Act on mandatory

occupational pensions.

Remuneration to directors and management in 2024:

The board of directors shall prepare a declaration in accordance with the

Norwegian Public Limited Liability Companies Act (Allmennaksjeloven)

§6-16a.The information in accordance with the Norwegian Accounting Act §7-

31b are available in a separate report that is published on www.northenergy.

Financial Statements & Notes – North Energy

	Directors'
Amounts in NOK 1 000	fees	Salaries	Pension	Other *
Management **
Rachid Bendriss (CEO)		4 567	248	23
Didrik Leikvang (CEO)		4 567	223	23
Rune Damm (CFO)		1 924	246	23
Board of directors
Anders Onarheim (chair)	550
Elin Karfjell (director)	275
Jogeir Romestrand (director)	275
Total	1100	11 058	717	68

* Other includes provision for allowances to cover telephone and internet, group life insurance and

travel insurance.

** Figures for remuneration to management are exclusive payroll tax.

Remuneration to directors and management in 2023:

	Directors'
Amounts in NOK 1 000	fees	Salaries	Pension	Other *
Management **
Rachid Bendriss (CEO)		4 178	219	31
Didrik Leikvang (CEO)		4 178	219	31
Rune Damm (CFO)		1 786	219	31
Board of directors
Anders Onarheim (chair)	550
Elin Karfjell (director)	275
Jogeir Romestrand (director)	275
Total	1100	10 142	656	92

* Other includes provision for allowances to cover telephone and internet, group life insurance and

travel insurance.

** Figures for remuneration to management are exclusive payroll tax.

NOTE 6 Other operating expenses and remuneration to auditor

Other operating expenses consist of:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Travelling expenses	597	139	597	139
Consultant and other fees	1 659	676	1 781	870
Other administrative expenses	6 038	2 303	6 085	2 310
Total	8 294	3 117	8 463	3 319

Remuneration to auditor is allocated as specified below:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Audit	644	511	699	558
Attestations and other assistance	38	121	38	164
Total, incl. VAT	682	632	737	722

Financial Statements & Notes – North Energy

NOTE 7 Trade and other receivables

Trade and other receivables consist of:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Trade receivables	-	-	-	-
Prepaid expenses	282	130	282	130
Premium fund pensions (prepaid	-	-	-	-
premium)
Other receivables	-	3 353	-	3 353
Total	282	3 483	282	3 483

In May 2020 North Energy received a notice from the Norwegian Tax

Administration informing that they started a control of North Energy ASA's

accounts for the years 2016 up to and including 2019. In December

2021, the company received the report from the control together with a

notification of changes of VAT from the control period. In February 2022,

the company submitted their response to the notification expressing the

company’s view regarding the treatment of VAT during the control period

which deviated from the view of the tax administration. In April 2022, the

tax administration issued their final decision after the control resulting

in a claim of NOK 12.9 million which consisted of NOK 10.1 million of

reclassifying deducted VAT to non-deductible VAT over the four-years

period, interests of NOK 0.8 million and additional tax of NOK 2.0 million

which is 20 % of the reclassified VAT. The VAT and the interests were settled

with NOK 10.9 million in May 2022.

The company did not agree with the conclusion from the tax administration

and submitted a complaint to the Tax administration. The complaint has

been processed and a final decision has been reached. Unfortunately,

the appeal board rejected the complaint. Due to the long period from the

complaint was sent in to the final decision, the appeal board has reduced

the additional tax to NOK 1.0 million, which is 10% of the reclassified VAT.

To cover for the claim, a provision of total NOK 7.5 million was made

during 2021. The excess cash paid of NOK 3.4 million compared to our

original provision,was accounted for as short-term receivable. In 2024, the

Company has expensed the short -term receivable and has also expensed

the related interest and additional taxes based on the final claim. In the

account NOK 3.6 million has been reported as other expenses, and NOK 0.9

million has been reported as interest expenses.

The balance on Trade and other receivables at the end of December 2024 is

related to prepayments of other operating expenses.

NOTE 8 Cash and cash equivalents

Cash and cash equivalents:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Bank deposits	101 919	5 720	102 045	5 952
Total cash and cash equivalents	101 919	5 720	102 045	5 952
Of this:
Restricted cash for witheld taxes
from employees salaries	496	468	496	468

Financial Statements & Notes – North Energy

NOTE 9 Share capital and shareholder information

	2024	2023
Number of issued shares at 1 January	119 047 065	119 047 065
New shares issued during the year:
Issued in exchange for cash	0	0
Number of issued shares at 31 December *	119 047 065	119 047 065
Nominal value NOK per share at 31 December	1.00	1.00
Share capital NOK at 31 December	119 047 065	119 047 065

* Inclusive 1,795,472 treasury shares.

North Energy ASA has one share class with equal rights for all shares.

Main shareholders as of 31 December 2024:

	Number of
Shareholder	shares	% share
AB INVESTMENT AS	24 964 246	21.0%
CELISA CAPITAL AS	12 542 546	10.5%
ISFJORDEN AS	10 884 242	9.1%
INTERTRADE SHIPPING AS	4 100 000	3.4%
TRIOMAR AS	3 100 000	2.6%
CORUNA AS	3 000 000	2.5%
CLEARSTREAM BANKING S.A.	2 625 667	2.2%
ARNT HAGEN HOLDING AS	2 487 456	2.1%
SALTEN KRAFTSAMBAND AS	2 419 215	2.0%
BAKKANE ARVID	2 207 800	1.9%
TVEITÅ EINAR KRISTIAN	2 075 700	1.7%
ROME AS	1 887 204	1.6%
NORTH ENERGY ASA	1 795 472	1.5%
TAJ HOLDING AS	1 792 030	1.5%
EIKANGER INVEST AS	1 600 000	1.3%
ORIGO KAPITAL AS	1 343 569	1.1%
GRØNLAND STEINAR	1 207 871	1.0%
AVANZA BANK AB MEGLERKONTO	1 051 447	0.9%
MIDDELBOE AS	1 029 070	0.9%
PEDERSEN ROLF IVAR	1 013 698	0.9%
Total 20 largest shareholders	83 127 233	69.8%
Other shareholders	35 919 832	30.2%
Total	119 047 065	100.0%

Financial Statements & Notes – North Energy

Number of shares owned by management and directors at 31 December 2024:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately	11 169 242	9.4%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS Board of Directors	12 542 546	10.5%
Anders Onarheim (chairman), through AB Investment AS, Spitsbergen AS and Liju Invest AS	25 462 996	21.4%
Jogeir Romestrand (director), through Rome AS	1 887 204	1.6%
Elin Karfjell (director), through Elika AS	407 700	0.3%
Total	51 469 688	43.2%

Number of shares owned by management and directors at 31 December 2023:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately	10 074 668	8.5%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS Board of Directors	12 028 103	10.1%
Anders Onarheim (chairman), through AB Investment AS, Spitsbergen AS and Liju Invest AS	24 368 424	20.5%
Jogeir Romestrand (director), through Rome AS	1 440 000	1.2%
Elin Karfjell (director), through Elika AS	407 700	0.3%
Total	48 318 895	40.6%

NOTE 10 Leases

Right-of-use assets:

The Company leases office facilities. The Company's right-of-use assets are

categorised and presented in the table below:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Right-of-use assets
Acquisition cost at 1 January	12 055	11 840	12 055	11 840
Addition of right-of-use assets	0	0	0	0
Disposals of right-of-use assets	0	0	0	0
Changes in estimates	192	215	192	215
Acquisition cost 31 December	12 247	12 055	12 247	12 055
Accumulated depreciation and impair- ment 1 January	(7 246)	(5 829)	(7 246)	(5 829)
Depreciation	(1 539)	(1 417)	(1 539)	(1 417)
Impairment	0	0	0	0
Accumulated depreciation and impair- ment 31 December	(8 785)	(7 246)	(8 785)	(7 246)
Carrying amount of right-of-use assets 31	3 462	4 809	3 462	4 809
December
Lower of remaining lease term				2.25 years
or economic life
Depreciation method				Linear

Financial Statements & Notes – North Energy

Leasing liabilities:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Lease liabilities at 1 January	4 950	6 127	4 950	6 127
Additions new lease contracts	0	0	0	0
Disposals lease contracts	0	0	0	0
Changes in estimates	197	215	197	215
Accretion of interest expense	201	241	201	241
Payments of lease liabilities	(1 612)	(1 634)	(1 612)	(1 634)
Total leasing liabilities 31 December	3 736	4 950	3 736	4 950
Break down of lease debt:
Short-term	1 684	1 458	1 684	1 458
Long-term	2 052	3 492	2 052	3 492
Total lease debt	3 736	4 950	3 736	4 950

Maturity of future undiscounted lease payments under non-cancellable

lease agreements:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Within 1 year	1 720	1 566	1 720	1 566
1 to 5 years	2 150	3 915	2 150	3 915
After 5 years	-	-	-	-
Total	3 871	5 481	3 871	5 481

The leases do not impose any restrictions on the Company’s dividend policy

or financing opportunities.

NOTE 11 Other current and non-current liabilities

Other Current liabilities

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Public duties payable	910	839	910	839
Holiday pay	902	851	902	851
VAT payable	55	1	55	1
Other accruals for incurred costs	1 275	896	1 275	896
Total	3 142	2 587	3 142	2 587

NOTE 12 Earnings per share

		PARENT COMPANY	GROUP
	2024	2023	2024	2023
Profit/(loss) for the year attributable to owners of North Energy ASA (NOK
1 000)	33 309	(16 141)	58 105	24 624
Weighted average number of shares
outstanding including treasury
shares				119 047 065 119 047 065 119 047 065 119 047 065
Weighted average number of treasury shares outstanding	(1 795 472)	(1 795 472)	(1 795 472)	(1 795 472)
Weighted average number of shares
outstanding excluding treasury shares 117 251 593 117 251 593 117 251 593 117 251 593
Earnings per share (NOK per share)
- Basic	0.28	(0.14)	0.50	0.21
- Diluted	0.28	(0.14)	0.50	0.21

Financial Statements & Notes – North Energy

NOTE 13 Related parties

The Company's transactions with related parties:

Overview of subsidiaries

In December 2022 North Energy established two new subsidiaries, North

Industries 1 AS and North Industries 2 AS, with the purpose of owning North

Energy's investments in Reach Subsea ASA and Wind Catching Systems AS

respectively. The investments were transferred from the parent company

to the subsidiaries through sale-purchase agreements. In connection with

the transfer, North Energy signed loan agreements with the subsidiaries.

In January 2023 the loan agreements were converted to equity in the

subsidiaries.

In February 2023 a new loan agreement totalling NOK 20 million was

established between North Energy and North Industries 1 AS in connection

with the purchase of new shares in Reach Subsea ASA. The loan was partly

repaid in June 2023 when North Industries 1 AS received dividend from

Reach Subsea. At the end of 2023 the loan balance was NOK 11 million.

The loan including interests was repaid in full in June 2024.

In August 2023 a new loan agreement totalling NOK 0.2 million was

established between North Energy and North Industries 2 AS to be used for

operational expenses.

The interest rate payable for both loans are based on market rates (monthly

NOWA) plus a margin of 3%.

Loan to subsidiaries

		PARENT
		COMPANY
Amounts in NOK 1 000		2024	2023
North Industries 1 AS	Loan balance	0	11 000
North Industries 1 AS	Accrued interest	0	847
North Industries 2 AS	Loan balance	200	200
North Industries 2 AS	Accrued interest	21	5
Total		221	12 052

Interest income from subsidiaries

		PARENT
		COMPANY
Amounts in NOK 1 000		2024	2023
North Industries 1 AS	Interest income	407	1 142
North Industries 2 AS	Interest income	16	114
Total		423	1 256

Financial figures for the subsidiary North Industries 1 AS:

	PARENT
	COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)	2024	2023
Revenues	0	0
Operating result	(103)	(98)
Pre-tax profit	17 789	(1 239)
Cash and cash equivalents	46	93
Total assets	197 676	197 724
Total liabilities	10	17 848
Equity	197 666	179 876

Financial Statements & Notes – North Energy

North Industries 1 AS is fully consolidated in the North Energy group

accounts while in the parent company the subsidiary is accounted for using

the cost method.

Book value of North Energy's investment in the subsidiary is NOK 187.1

million. The main asset in the subsidiary is the investment in Reach Subsea

ASA which has an estimated market value of NOK 400.6 million based on

the share price at the end of the year. The market value of Reach Subsea at

year end 2024 was higher than the book value in the subsidiary, hence there

was no need for any impairment.

Financial figures for the subsidiary North Industries 2 AS:

	PARENT
	COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)	2024	2023
Revenues	0	0
Operating result	(66)	(103)
Pre-tax profit	(82)	(217)
Cash and cash equivalents	80	138
Total assets	68 476	68 534
Total liabilities	230	207
Equity	68 246	68 328

North Industries 2 AS is fully consolidated in the North Energy group

accounts while in the parent company the subsidiary is accounted for using

the cost method.

Book value of North Energy's investment in the subsidiary is 69.0 million.

The main asset in the subsidiary is the investment in Wind Catching System.

Based on the share price used in the recent private placement, and the

recent development in WCS no impairment indicators are identified.

NOTE 14 Tax

Specification of income tax:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Tax payable	0	0	0	0
Change deferred tax	0	0	0	0
Total income tax	0	0	0	0

Specification of temporary differences, tax losses carried forward and deferred tax

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Property, plant and equipment and Right-of-use assets	3 421	4 746	3 421	4 746
Leasing liabilities	(3 736)	(4 950)	(3 736)	(4 950)
Financial investments	4 790	26 964	4 790	26 964
Provisions	0	0	0	0
Tax losses carried forward, onshore	(64 165)	(96 392)	(65 977)	(98 160)
Total basis for deferred tax	(59 689)	(69 632)	(61 501)	(71 400)
Deferred tax asset/liability before valuation allowance	13 132	15 319	13 530	15 708
Uncapitalised deferred tax asset	(13 132)	(15 319)	(13 530)	(15 708)
(valuation allowance)
Deferred tax asset/(liability)	0	0	0	0

The change in deferred tax is mainly due to a reduction in the unrealised

gain on financial investments outside the exemption method and an

increase in the tax losses carried forward due to the current year tax loss.

Financial Statements & Notes – North Energy

Reconciliation of effective tax rate:

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Profit/(loss) before income tax	33 309	(16 141)	58 105	24 624
Expected income tax 22%	7 328	(3 551)	12 783	5 417
Adjusted for tax effects (22%) of the following items:
Permanent differences	(5 141)	(1 184)	(10 605)	(10 412)
Adjustments previous years*	0	4 020	0	4 020
Change in valuation allowance for de- ferred tax assets	(2 187)	715	(2 178)	975
Total income tax	0	0	0	0

* Relates to changes from annual report 2022 and tax papers 2022 related to the assessment of the

exemption method used by the Norwegian Tax Administration.

NOTE 15 Property, plant and equipment

Amounts in NOK 1 000	Equipment, office machines, etc
	PARENT
	GROUP
	COMPANY
	2024	2023	2024	2023
Cost:
At 1st of January	577	560	577	560
Additions	0	17	0	17
At 31st of December	577	577	577	577
Depreciation and impairment:
At 1st of January	(421)	(371)	(421)	(371)
Depreciation this year	(38)	(50)	(38)	(50)
At 31st of December	(460)	(421)	(460)	(421)
Carrying amount at 31 of December	117	155	117	155
Economic life				3-10 years
Depreciation method				linear

Financial Statements & Notes – North Energy

NOTE 16 Finance income and costs

Finance income:

		PARENT COMPANY		GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Interest income bank deposits	1 342	102	1 342	103
Interest income on bonds	5 205	1 413	5 205	1 413
Foreign exchange gain	940	832	940	832
Dividend from subsidiaries	6 000	0	0	0
Interest income from subsidiaries	423	1 256	0	0
Total finance income	13 910	3 602	7 487	2 347

Finance costs:

		PARENT COMPANY		GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Interest expenses	1 938	1 168	1 938	1 168
Foreign exchange loss	1 083	529	1 083	529
Other finance costs	0	0	0	0
Total finance costs	3 021	1 697	3 021	1 697

Financial Statements & Notes – North Energy

NOTE 17 Financial instruments

(a) Categories of financial instruments

at 31 December 2024:

	PARENT COMPANY		GROUP
	Financial assets	Financial assets	Financial assets	Financial assets
	measured at	at fair value through	measured at	at fair value through
Amounts in NOK 1 000	amortised cost	profit or loss	amortised cost	profit or loss
Assets:
Financial investments at fair value through profit or loss		30 336		30 336
Loan to subsidiaries	221
Cash and cash equivalents	101 919		102 045
Total	102 141	30 336	102 045	30 336

	PARENT COMPANY		GROUP
	Financial assets	Financial assets	Financial assets	Financial assets
	measured at	at fair value through	measured at	at fair value through
Amounts in NOK 1 000	amortised cost	profit or loss	amortised cost	profit or loss
Liabilities:
Current borrowings, credit facility*	-		-
Trade creditors	330		349
Total	330	0	349	0

Financial Statements & Notes – North Energy

at 31 December 2023:

	PARENT COMPANY		GROUP
	Financial assets	Financial assets	Financial assets	Financial assets
	measured at	at fair value through	measured at	at fair value through
Amounts in NOK 1 000	amortised cost	profit or loss	amortised cost	profit or loss
Assets:
Financial investments at fair value through profit or loss		102 962		102 962
Loan to subsidiaries	12 052
Cash and cash equivalents	5 720		5 952
Total	17 772	102 962	5 952	102 962

	PARENT COMPANY		GROUP
	Financial assets	Financial assets	Financial assets	Financial assets
	measured at	at fair value through	measured at	at fair value through
Amounts in NOK 1 000	amortised cost	profit or loss	amortised cost	profit or loss
Liabilities:
Current borrowings, credit facility*	13 575		13 575
Trade creditors	101		103
Total	13 676	0	13 678	0

* The Company has a multicurrency credit facility with DNB for a total amount of NOK 49 million. The Company uses listed financial investments as collateral for the credit facility. The facility was not

utilised at the end of 2024.

Financial Statements & Notes – North Energy

NOTE 17 Financial instruments (continued)

(b) Fair value of financial instruments

The carrying amount of cash and cash equivalents and other current

receivables is approximately equal to fair value, since these instruments

have a short term to maturity. Similarly, the carrying amount of trade

creditors and other current liabilities is approximately equal to fair value,

since the effect of discounting is not significant, due to short term to

maturity.

Fair value of the stock exchange-listed shares is the stock market price

at the balance sheet date (level 1 in the fair value hierarchy). Fair value of

bonds is based on quoted market prices at the balance sheet date (level 2

in the fair value hierarchy). Fair value of other non-listed investments are

valued using the best information available in the circumstances including

the entities' own data. (level 3 in the fair value hierarchy).

Specification of financial instruments based on level in the fair value

hierarchy

PARENT COMPANY

Fair Value 31.12.2024	Level 1	Level 2	Level 3	Total
Shares	21 040			21 040
Bonds		9 296		9 296
Total fair value	21 040	9 296	0	30 336

There has been no transfer between level 1 and level 2 during 2024.

Reconciliation of level 3 in the fair value hierarchy	Level 3
Opening balance	0
Movement during the period	0
Closing balance	0

GROUP

Fair Value 31.12.2024	Level 1	Level 2	Level 3	Total
Shares	21 040			21 040
Bonds		9 296		9 296
Total fair value	21 040	9 296	0	30 336

There has been no transfer between level 1 and level 2 during 2024.

Reconciliation of level 3 in the fair value hierarchy	Level 3
Opening balance	0
Movement during the period	0
Closing balance	0

Cash and cash equivalents

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Bank deposits	101 919	5 720	102 045	5 952
Credit rating
No external credit rating	0	0	0	0
A	0	0	0	0
AA-	101 919	5 720	102 045	5 952
Total	101 919	5 720	102 045	5 952

Financial Statements & Notes – North Energy

Reconciliation of cash flows from financing activities

The table shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activites.

			Non-cash flows
2024	31/12/2023	Cash flows	Interests	Other*	31/12/2024
Paid dividends		(11 725)
Current borrowings	13 575	(13 575)			0
Paid interests bank facility		(754)
Leasing liabilities	4 950	(1 612)	201	197	3 736
Total	18 525	(27 666)	201	197	3 736

2023	31/12/2022	Cash flows	Interests	Other*	31/12/2023
Paid dividends		(11 725)
Current borrowings	7 723	5 852			13 575
Paid interests bank facility		(844)
Leasing liabilities	6 127	(1 634)	241	215	4 950
Total	13 850	(8 351)	241	215	18 525

* Other includes additions and disposals of lease contracts and changes in estimates of lease liabilities

The Company has a multicurrency credit facility with DNB for a total amount of NOK 49 million. The Company uses listed financial investments as collateral

for the credit facility. interests are calculated based on a non fixed term reference rate per currency plus a margin of 250 bps . At the end of the year 2024 the

Company has not utilized the facility.

(d) Financial risk factors

See note 3 for financial risk factors and risk management and capital management.

Financial Statements & Notes – North Energy

NOTE 18 Investment in subsidiaries and associates

Reconciliation and specification of carrying amount of investments in subsidiaries and associates:

	PARENT COMPANY		GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Opening balance carrying amount of investments in associates	260 768	4 461	224 982	171 610
Gain on dilution of ownership, Reach Subsea ASA*	0	0	(2 101)	2 040
Acquisition cost shares acquired, Reach ASA	0	0	0	20 000
Acquisition cost shares acquired, Wind Catching Systems AS	0	0	0	0
Share of net result in investment, Reach Subsea ASA	0	0	38 482	44 395
Share of net result in investment, Wind Catching Systems AS	0	0	(4 992)	(4 213)
Share of net result in investment, Tyveholmen AS	423	299	423	299
Dividend received, Reach Subsea ASA	0	0	(18 300)	(9 150)
Investment in subsidiaries	0	256 008	0	0
Total carrying amount of investments in subsidiaries and associates at balance date	261 191	260 768	238 494	224 982
Consist of:
Reach Subsea ASA	0	0	214 379	196 298
Tyveholmen AS	5 064	4 640	5 064	4 640
Wind Catching Systems AS	0	0	19 052	24 044
North Industries 1 AS	187 098	187 098
North Industries 2 AS	69 029	69 029
Total carrying amount of investments in associates at balance date	5 064	4 640	238 494	224 982
Total carrying amount of investments in subsidiaries at balance date	256 128	256 128	0	0

Financial Statements & Notes – North Energy

Specification of net result from investments in associates recognised in the income statement:

	PARENT COMPANY		GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Share of net result in investment, Reach Subsea ASA	0	0	38 482	44 395
Share of net result in investment, Wind Catching Systems AS	0	0	(4 992)	(4 213)
Share of net result in investment, Tyveholmen AS	423	299	423	299
Gain on dilution of ownership, Reach Subsea ASA*	0	0	(2 101)	2 040
Net result from investments in associates	423	299	31 811	42 521

* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North

Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been

reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than

North Energy's carrying value per share prior to the event.

The dilution of ownership in Reach Subsea took place on 15 November 2023 and 4 December 2024.

Ownership interests in subsidiaries and associates at 31 December:

	PARENT COMPANY		GROUP
	2024	2023	2024	2023
Reach Subsea ASA	0.00 %	0.00 %	17.98 %	18.70 %
Tyveholmen AS	50.00 %	50.00 %	50.00 %	50.00 %
Wind Catching Systems AS	0.00 %	0.00 %	22.03 %	22.03 %
North Industries 1 AS	100.00 %	100.00 %
North Industries 2 AS	100.00 %	100.00 %

Financial Statements & Notes – North Energy

Financial figures for the associated company Reach Subsea ASA:

Amounts in NOK 1 000 (100% basis, unaudited)	2024	2023
Revenues	2 717 024	1 966 584
Operating result	363 756	331 786
Pre-tax profit	230 009	289 534
Liquidity	278 022	436 423
Net working capital	136 102	(105 259)
Net interest bearing debt	(133 000)	(369 000)
Equity	1 091 913	928 005

The share price of Reach Subsea at year and was NOK 7.88 per share,

equivalent to a market value of NOK 2,227 million. North Energy's relative

share of this was NOK 400.6 million, based on the ownership of 18.0% .

The investment in Reach is accounted for as an associated company, using

the equity method. North Energy regards Reach as an associated company

based on the representation in the Board of Directors in Reach Subsea ASA

and based on the 18,0% ownership. Thus, North Energy consolidates its

share of the net result from Reach, adjusted for any impairment or reversal

of impairment due to share price fluctuations. The market value of Reach

Subsea at year end 2024 was higher than the book value, hence there was

no need for any impairment.

Reach has outstanding warrants for a total of 44.707.373 shares to the

shareholder Wilhelmsen New Energy AS for a period of three years from 14

March 2022. On 5 March 2025, Wilhelmsen New Energy AS exercised all of

its warrants. North Energy's ownership of Reach was on a fully diluted basis

15.53% per 31 December 2024.

Financial figures for the associated company Wind Catching Systems AS (WCS)

Amounts in NOK 1 000 (100% basis, unaudited)	2024	2023
Revenues	2	0
Operating profit	(25 650)	(21 736)
Profit after tax	(22 661)	(18 955)
Liquidity	53 807	65 708
Total assets	83 030	96 739
Equity	78 312	90 054

WCS is accounted for as an associated company, using the equity method.

The figures for WCS includes adjustments necessary to transform the

figure from NGAAP to IFRS. Book value of North Energy's investment is 19.1

million. Based on the share price used in the recent private placement, and

the recent development in WCS no impairment indicators are identified.

WCS has, in the shareholder agreement from November 2020, issued

warrants (subsciption rights) for a total of 45.000 shares to the shareholders

Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from

30 March 2021. The price for each share under the warrants is NOK 110.

North Energy's ownership of WCS was on a fully diluted basis 18.19% per

31 December 2024 .

Financial Statements & Notes – North Energy

Financial figures for the associated company Tyveholmen AS:

Amounts in NOK 1 000 (100% basis, unaudited)	2024	2023
Revenues	5 866	6 245
Operating profit	740	729
Profit after tax	847	598
Liquidity	2 674	3 198
Total assets	9 918	8 557
Equity	8 913	8 311

Tyveholmen is accounted for as an associated company, using the equity

method. Book value of North Energy's 50% share of the company is NOK

5.1 million.Tyveholmen has investments in bonds accounted at historic

cost price. Based on unrealized gains on the bonds, not recognized in the

financial statement, no impairment indicators are identified.

NOTE 19 Contingent liabilities

As of 31 December 2024 the company is not involved in any other legal or

financial disputes. Please see note 8 for information on other receivables

regarding the former VAT claim from the tax authority which was concluded in

2024.

NOTE 20 Financial investments at fair value through profit or loss

Financial investments include:

		PARENT COMPANY		GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Stock exchange-listed shares	21 040	78 205	21 040	78 205
Bonds	9 296	24 757	9 296	24 757
Total carrying amount financial
investments, current	30 336	102 962	30 336	102 962

The main financial investments at 31 December 2024 consist of shares in Thor

Medical ASA as well as bonds in Interoil Exploration. The main investments at

31 December 2023 consisted of shares in Touchstone Exploration and Thor

Medical ASA as well as bonds in Heimstaden AB, Interoil Exploration and

various other minor investments.

		PARENT COMPANY	GROUP
Amounts in NOK 1 000	2024	2023	2024	2023
Change in fair value recognised in income
statement under operating items	47 060	245	47 060	245
Interest income bonds recognised
as finance income	5 205	1 413	5 205	1 413

Financial Statements & Notes – North Energy

NOTE 21 Events after the balance sheet date

There are no subsequent events with significant accounting impacts that have

occurred between the end of the reporting period and the date of this report

that are not already reflected or disclosed in these financial statements.

Financial Statements & Notes – North Energy

We declare, to the best of our judgement, that

the annual financial statements for the period

from 1 January to 31 December 2024 have been

prepared in accordance with the applicable

accounting standards, and that the information

in the accounts fairly reflects the Company’s

assets, liabilities, financial position, and results

as a whole.

We also declare that the Directors’ report pro-

vides a true and fair view of the Company’s and

Group’s performance, results, and position,

along with a description of the most important

risk and uncertainty factors facing the Company.

Responsibility statement

by the Board of Directors and CEO

Oslo, 11 March 2025

Anders Onarheim Elin Karfjell Jogeir Romestrand

Chair Director Director

Rachid Bendriss Didrik Leikvang

co-CEO co-CEO

Financial Statements & Notes – North Energy

In 2024, the North Energy share gave a total return, including dividends paid, of 26.6

per cent. In comparison, an investment in the Oslo Børs Benchmark Index over the

same period provided a positive return of 9.1 per cent, while the Oslo Energy Index

yielded a decline of 5.3 per cent. During the year, 44.7 million North Energy shares

changed hands on the Oslo Stock Exchange, up from 20.3 million in 2023, represent-

ing a daily average trading volume of 178,700 shares.

Dividend policy

In 2022, the Board of Directors adopted a new dividend policy, which states that “The

Company intends to distribute an annual dividend that approximates 3% of year end

Net Asset Value”. In accordance with the policy, the Board intends to propose a divi-

dend of NOK 0.15 per share for 2024.

Ownership structure

At the end of 2024 North Energy had 1,873 shareholders, slightly down from 1,887

shareholders at the end of 2023. Approximately 5.7 per cent of the Company’s shares

were owned by foreign investors at the end of 2024, which is up from 5.1 per cent from

last year end. The Company’s employees, management, and Board held in total 43.2

per cent of the shares in the Company by the end of the year, up from 40.6 per cent

from last year end. North Energy’s 20 largest shareholders held 69.8 per cent of the

shares as of 31 December 2024, up from 65.5 per cent from last year end.

Share capital

North Energy’s share capital on 31 December 2024 was NOK 119,047,065 divided into

119,047,065 shares, each with a nominal value of NOK 1. The Company holds 1,795,472

treasury shares equivalent to 1.5 per cent of the Company’s total share capital.

Table: Top 20 shareholder as of December 31, 2024

Shareholder information

North Energy is listed on the Euronext Expand Oslo marketplace. The Company has one share class, and each share carries one

vote at the general meetings.

Investor

Number of

% of

total Type Country

1 AB INVESTMENT AS 24 964 246 20.97 % Ordinary Norway

2 CELISA CAPITAL AS 12 542 546 10.54 % Ordinary Norway

3 ISFJORDEN AS 10 884 242 9.14 % Ordinary Norway

4 INTERTRADE SHIPPING AS 4 100 000 3.44 % Ordinary Norway

5 TRIOMAR AS 3 100 000 2.60 % Ordinary Norway

6 CORUNA AS 3 000 000 2.52 % Ordinary Norway

7 CLEARSTREAM BANKING S.A. 2 625 667 2.21 % Nominee

Luxem-

bourg

8 ARNT HAGEN HOLDING AS 2 487 456 2.09 % Ordinary Norway

9 SALTEN KRAFTSAMBAND AS 2 419 215 2.03 % Ordinary Norway

10 BAKKANE ARVID 2 207 800 1.85 % Ordinary Norway

11 TVEITÅ EINAR KRISTIAN 2 075 700 1.74 % Ordinary Norway

12 ROME AS 1 887 204 1.59 % Ordinary Norway

13 NORTH ENERGY ASA 1 795 472 1.51 % Ordinary Norway

14 TAJ HOLDING AS 1 792 030 1.51 % Ordinary Norway

15 EIKANGER INVEST AS 1 600 000 1.34 % Ordinary Norway

16 ORIGO KAPITAL AS 1 343 569 1.13 % Ordinary Norway

17 GRØNLAND STEINAR 1 207 871 1.01 % Ordinary Norway

18 Avanza Bank AB MEGLERKONTO 1 051 447 0.88 % Broker Sweden

19 MIDDELBOE AS 1 029 070 0.86 % Ordinary Norway

20 PEDERSEN ROLF IVAR 1 013 698 0.85 % Ordinary Norway

Total number owned by top 20 83 127 233 69.83 %

Total number of shares 119 047 065 100.0 %

Auditors’

report

Auditors’ report

PricewaterhouseCoopers AS, Kanalsletta 8, Postboks 8017, NO-4068 Stavanger

T: 02316, org. no.: 987 009 713 MVA, www.pwc.no

Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

To the General Meeting of North Energy ASA

Independent Auditor’s Report

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of North Energy ASA, which comprise:

 the financial statements of the parent company North Energy ASA (the Company), which comprise

the statement of financial position as at 31 December 2024, the income statement, statement of

comprehensive income, statement of changes in equity and cash flows statement for the year then

ended, and notes to the financial statements, including material accounting policy information, and

 the consolidated financial statements of North Energy ASA and its subsidiaries (the Group), which

comprise the statement of financial position as at 31 December 2024, the income statement,

statement of comprehensive income, statement of changes in equity and cash flows statement for

the year then ended, and notes to the financial statements, including material accounting policy

information.

In our opinion

 the financial statements comply with applicable statutory requirements,

 the financial statements give a true and fair view of the financial position of the Company as at 31

December 2024, and its financial performance and its cash flows for the year then ended in

accordance with IFRS Accounting Standards as adopted by the EU, and

 the consolidated financial statements give a true and fair view of the financial position of the Group

as at 31 December 2024, and its financial performance and its cash flows for the year then ended

in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Board of Directors.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities

under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial

Statements section of our report. We are independent of the Company and the Group as required by

relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’

International Code of Ethics for Professional Accountants (including International Independence Standards)

(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these

requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide

a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation

(537/2014) Article 5.1 have been provided.

We have been the auditor of North Energy ASA for 18 years from the election by the general meeting of the

shareholders on 1 November 2007 for the accounting year 2007, with a renewed election on the 25 April

2014.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our

audit of the financial statements of the current period. These matters were addressed in the context of our

audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a

separate opinion on these matters.

2 / 4

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in the

Board of Directors’ report and the other information accompanying the financial statements. The other

information comprises information in the annual report, but does not include the financial statements and

our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the

Board of Directors’ report nor the other information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’

report and the other information accompanying the financial statements. The purpose is to consider if there

is material inconsistency between the Board of Directors’ report and the other information accompanying

the financial statements and the financial statements or our knowledge obtained in the audit, or whether the

Board of Directors’ report and the other information accompanying the financial statements otherwise

appears to be materially misstated. We are required to report if there is a material misstatement in the

Board of Directors’ report or the other information accompanying the financial statements. We have nothing

to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report

 is consistent with the financial statements and

 contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate

Governance.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in

accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as

management determines is necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s and the

Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless management either intends to liquidate the Group

or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes

our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they

could reasonably be expected to influence the economic decisions of users taken on the basis of these

financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional

scepticism throughout the audit. We also:

 identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error, as

fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal control.

Auditors’ report

3 / 4

 obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company's and the Group's internal control.

 evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

 conclude on the appropriateness of management’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Company's and the Group's ability to continue

as a going concern. If we conclude that a material uncertainty exists, we are required to draw

attention in our auditor’s report to the related disclosures in the financial statements or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor's report. However, future events or conditions may

cause the Company and the Group to cease to continue as a going concern.

 evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events

in a manner that achieves a true and fair view.

 obtain sufficient appropriate audit evidence regarding the financial information of the entities or

business activities within the Group to express an opinion on the consolidated financial statements.

We are responsible for the direction, supervision and performance of the group audit. We remain

solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing

of the audit and significant audit findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide the Board of Directors with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other matters

that may reasonably be thought to bear on our independence, and where applicable, actions taken to

eliminate threats or safeguards applied.

From the matters communicated with the Board of Directors, we determine those matters that were of most

significance in the audit of the financial statements of the current period and are therefore the key audit

matters. We describe these matters in our auditor’s report unless law or regulation precludes public

disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should

not be communicated in our report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of North Energy ASA, we have performed an assurance

engagement to obtain reasonable assurance about whether the financial statements included in the annual

report, with the file name NORTHASA-2024-12-31-en.zip, have been prepared, in all material respects, in

compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the

European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the

Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual

report in XHTML format, and iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual report, have been prepared, in all material

respects, in compliance with the ESEF regulation.

4 / 4

Management’s Responsibilities

Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.

This responsibility comprises an adequate process and such internal control as management determines is

necessary.

Auditor’s Responsibilities

For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF

reporting, see: https://revisorforeningen.no/revisjonsberetninger

Stavanger, 11 March 2025

PricewaterhouseCoopers AS

Arne Birkeland

State Authorised Public Accountant

North Energy ASA will present financial statements on the

following dates in 2025:

Q1 2025 interim financial report: 14 May 2025

Half-yearly 2025 interim financial report: 27 August 2025

Q3 2025 interim financial report: 19 November 2025

Q4 2025 interim financial report: 18 February 2026

The annual General Meeting is planned to be held on

10 April 2025

All dates are subject to change.

North Energy ASA- Financial Calendar for

2025

North Energy ASA

Address: Tjuvholmen allé 19, 0252 OSLO

E-mail: post@northenergy.no

Phone: +47 22 01 79 50

Legal Org. Number: NO 891 797 702 MVA