The Sikorsky S-92 helicopter, operated by charter company Bristow Norway AS, was on a search and rescue training assignment for state-owned oil and gas firm Equinor ASA when it came down late on Wednesday in the sea near Bergen.
Police said six crew members were all winched from the sea by a rescue team. However, one of the members was later declared dead in hospital.
The Bristow Group had earlier said that all crew had been recovered safely, but then later updated information with news that one of the injured had died.
Energy group Equinor said the helicopter was a search and rescue aircraft that normally served platforms at the Oseberg oil and gas field in the North Sea.
The cause of the incident is not yet known.