Sale of convertible bonds held in treasury

This article originates from the news archive of Det norske.

11. November 2011

Det norske oljeselskap ASA (the “Company” or “DETNOR”) has sold or agreed to sell NOK 133,850,000 convertible bonds AKX01 (the “Bonds”) held in treasury, representing approximately 29 percent of the outstanding Bonds.

Subject to full conversion, the Bonds represents approximately1.4 percent of the outstanding share capital of DETNOR. The Bonds were sold at a price of NOK 108.56 per Bond. Following completion of the sale, DETNOR will hold 0 Bonds.

The gross proceeds from the sale is NOK 152.7 million.

DnB Markets acted as Bookrunner in the transaction.

Contact person Det norske oljeselskap ASA:
Teitur Poulsen, CFO, Mobile: +47 95 08 28 92
Knut Evensen, VP Investor Relations, Mobile: +47 95 07 76 22