Martinsen, 29, is signed through the end of the 2019-20 season and carries an average annual value of $750,000 at the NHL level. He will report to the Wilkes-Barre/Scranton Penguins of the American Hockey League.
This season, Martinsen has played one game for the San Diego Gulls in the AHL.
The 6-foot-2, 225-pound forward has played 152 career NHL games split between the Colorado Avalanche, Montreal Canadiens and the Chicago Blackhawks. Over the course of five NHL seasons, Martinsen has recorded nine goals, 14 assists, 23 points and 110 penalty minutes.
Martinsen's best NHL season came during his rookie year with Colorado in 2015-16 when he played 55 games and recorded four goals, seven assists and 11 points. When Martinsen made his NHL debut in 2015, he became just the eighth Norwegian player to appear in an NHL game.
The Bærum, Norway native has tallied 41 points (16G-25A) in 113 career AHL games while playing with the San Antonio Rampage, Rockford IceHogs and San Diego Gulls. Martinsen set career highs in 2017-18 with Rockford when he recorded 12 goals, 16 assists and 28 points in 64 games. He served as an alternate captain with the IceHogs during the 2017-18 and '18-19 seasons.
The undrafted Martinsen originally signed with Colorado as a free agent on May 15, 2015 after three seasons spent in the DEL in Germany.