The net investment amount for the conversion project at Norske Skog Golbey will
increase from EUR 265 to 300 million. As of the 3rd quarter of 2023, a net EUR
200 million has been invested in the project. The increase is generally due to
increased purchase prices for goods and services throughout the project period
as well as somewhat delayed deliveries of equipment. The start-up of production
of packaging in Golbey is postponed to the second half of 2024 due to delivery
delays. Considerable effort will be devoted going forward to ensure that the
conversion project is completed within the new framework.

"The Golbey conversion project has a massive scope and has been carried out
during a period of very high inflation and challenging global supply chains.
Delayed deliveries and associated consequences have necessitated the project
team in Golbey, along with the company's leadership, to revise the project
parameters. This has been a demanding process due to the project's complexity
and because it deviates from the plans we have communicated so far. Therefore,
there will be a strong focus going forward to ensure that we deliver the project
within these new parameters," says Geir Drangsland, CEO of Norske Skog.

The Golbey project will convert a paper machine (PM1) from producing newsprint
to producing recycled containerboard. The machine will have a capacity of
550,000 tonnes and is expected to reach 95% utilisation within 2-3 years after
startup. Together with the already converted paper machine (PM3) in Bruck, this
project will provide Norske Skog with a total capacity of 760,000 tons of
containerboard.
 
About Norske Skog
Norske Skog is a world leading producer of publication paper with strong market
positions and customer relations in Europe and Australasia. The Norske Skog
Group operates four mills in Europe, which produce publication paper, recycled
packaging paper, energy and bioproducts. In addition, the Group operates one
paper mill in Australia. Norske Skog aims to further diversify its operations
and continue its transformation into a growing and high-margin business through
a range of promising energy and bio product development projects. The Group has
approximately 2 100 employees, is headquartered in Norway and listed on the Oslo
Stock Exchange under the ticker NSKOG.


Communication and Public Affairs

Norske Skog media:
Vice President Corporate Communication and Public Affairs
Carsten Dybevig
carsten.dybevig@norskeskog.com
Mob: +47 917 63 117

Norske Skog Investor Relations:
Investor Relations Manager
Even Lund
even.lund@norskeskog.com
Mob: +47 906 12 919