Norske Skog Saugbrugs and its insurance company has agreed on a final settlement of all remaining insurance claims related to the rockslide at the Saugbrugs site on 27 April 2023. The settlement amount of NOK 540 million will be jointly covered by the insurance company, the Norwegian Natural Perils Pool and the reinsurers.

"We are pleased to have reached a final settlement with our insurance company regarding the remaining property damage claims at Saugbrugs. The dialogue with the insurance company has since the incident been very open, fair and professional. This settlement provides time and flexibility to invest and develop Saugbrugs for the future", says Geir Drangsland, CEO of Norske Skog.

The settlement amount represents a discount to prior estimates of remaining insurance compensation related to the property damage but enables Saugbrugs to freely determine the time at which compensation is utilised in its business activities as well as the nature of such activities. Payment of the full settlement amount is expected during the first quarter of 2025 and will thus be recognised in EBITDA in the first quarter of 2025.