NOL: Disclosure of shareholding

19 Dec 2022 20:30 CET

Reference is made to the announcement by Northern Ocean Ltd. (“NOL” or the
"Company") on 13 December 2022 regarding a private placement of new shares by
NOL and the disclosure of shareholding in NOL by Hemen Holding Ltd (“Hemen”) on
14 December 2022. Hemen’s share lending has been settled by the redelivery to
Hemen of new shares in NOL. The share lending, and the redelivery thereof, does
not affect Hemen’s exposure to the Company.

The shares are redelivered to Hemen on a separate ISIN which will not be listed
and tradable on Oslo Børs until after the publication of a listing prospectus to
be approved by the Financial Supervisory Authority of Norway.

Hemen was allocated 18,338,641 shares in the placement, corresponding to approx.
39% of the offering. Following completion of the placement, Hemen holds
71,264,315 shares in NOL, corresponding to approx. 39% of the shares
outstanding.

This notification is made pursuant to Section 4-2 of the Norwegian Securities
Trading Act.

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