Yes, it is a Norwegian national service medal for service in the Royal Norwegian Air Force. The military conscript in Norway is 19 months, and about 10-11 months are served continuously, normally around the age of 19 or so. This is called "the first time service" and all the medals shown here are awarded upon completing the "first time service".
Red ribbon for army, dark blue for navy, light blue for air force and green for home guard.
In 2012 or so, all these medals got a new design. The air force medal with a wreath on the obverse is the pre-2012 version, and the one with only the falcon and crown on the obverse, is the post-2012 version.