HS Orka hf. - Company Announcement

HS Orka hf. Announces Positive Arbitration Results

HS Orka hf. has received positive results from the arbitration concerning the
validity of a power purchase agreement between HS Orka hf. and Norðurál
Helguvík ehf. 

The arbitration panel determined that the power purchase agreement has lapsed
due to certain circumstances, and therefore is at an end. The panel further
determined that the ending of the contract was not due to any fault on the part
of HS Orka hf., and that all counterclaims advanced by Norðurál Helguvík ehf.
in the arbitration have been denied. 

Ásgeir Margeirsson, CEO of HS Orka hf. said “We are pleased to have this
longstanding issue behind us. This award will enable us to freely pursue new
contractual opportunities in Iceland as new power becomes available to us.“ 

For further information please contact Ásgeir Margeirsson, CEO of HS Orka, tel.
+354 855 9301