The project was started by Norwegians. So I feel like you should apply juuuust the right amount of cheesiness and sort of push that Ø-vowel looong. Not sure if Ruud would agree, though.
What about the e? If it was Swedish you would definitely not have a silent e, but I don't know if Norwegian might. (On the other hand it is spelled löve, not løve, so arguably Swedish rules should apply.)