Apparently a certain NATO meeting in the Netherlands was the "target", with the flight going as far as the Dutch coast
AP story from Norwegian military spokesperson LtCol John Espen Lie: "The two Tu-160 bombers came unusually close to Dutch airspace Thursday. The two aircraft followed the Norwegian coast, then across the North Sea between the UK and Denmark before turning around about 190 km. North West of the Netherlands, where NATO defence ministers were assembled at Noordwijk. The aircraft followed a very unusual route. It could be a coincidence, but it could also be a signal", he adds.
As well as RAF presence, I would expect Dutch F-16's to be there too.