NOL: Disclosure of shareholding

02 Feb 2023 17:26 CET

Reference is made to the announcement by Northern Drilling Ltd. (“NODL” or the
"Company") on 2 February 2023 regarding a private placement of new shares by
NODL. Prior to the Private Placement, Hemen Holding Ltd ("Hemen") held 6,555,151
NOL shares, representing approx. 40,6% of the shares of the Company. Pursuant to
a share lending agreement effective on the same date, Hemen has lent 1,908,569
shares, representing approx. 11,8% of the total number of shares of NODL to the
managers for the transaction, in order to ensure DVP settlement in the private
placement. The shares lent out will be redelivered to Hemen following completion
of the share issue process, and the share lending arrangement does therefore not
affect Hemen's exposure to the company. This notification is made pursuant to
Section 4-2 of the Norwegian Securities Trading Act.

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