NODL: Determination of the arbitration proceedings

25 Sep 2023 17:35 CEST

Hamilton, Bermuda
25 September 2023

Reference is made to the stock exchange announcements of 17 August 2021 and 16
October 2021 from Northern Drilling Ltd. (the "Company" or "NODL") regarding the
cancellations of the resale contracts between the 100 % owned subsidiaries of
NODL, West Aquila Inc. and West Libra Inc., and Daewoo Shipbuilding & Marine
Engineering Co. Ltd. (now known as Hanwha Ocean Co. Ltd.) (“Hanwha”) for the
7th generation ultra deepwater drill ships West Aquila and West Libra,
respectively, due to delays of delivery.

Today, the Company has received the arbitration awards from the tribunal, which
have been found in favour of Hanwha. The tribunal has dismissed West Aquila Inc.
and West Libra Inc’s claims. Hanwha’s claims against West Aquila Inc. and West
Libra Inc. for losses arising from the terminations, interest, and costs will be
determined at a future hearing.

West Aquila Inc. and West Libra Inc. are disappointed with the Tribunal's
determination and are currently considering whether to appeal. We will revert
with further information once a decision on whether to appeal has been made.

For further information please contact:
Scott McReaken, CEO
+1 832 509 7191

Additional information about the Company can be found at:
http://www.northerndrillingltd.com/

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

More information:
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