NOL – Mandatory notification of trade

20 Jun 2024 09:46 CEST

Reference is made to the stock exchange announcement made by Northern Ocean Ltd.
on 19 June 2024 regarding the private placement of new shares in the Company
(the "Private Placement").

The following primary insiders and close associates were allocated shares in the
Private Placement:

• Hemen was allocated 43,109,000 shares and will following completion of the
Private Placement control 114,373,315 shares in the Company on a standalone
basis, and together with close associates Hemen will control 144,373,315 shares.

• Mikhael Botbol, a member of the Board, was allocated 800,000 shares and will
following the completion of the Private Placement control 800,000 shares in the
Company.
• Jan Erik Klepsland, a member of the Board, was allocated 40,000 shares and
will following the completion of the Private Placement control 79,651 shares in
the Company.
• Saturnia Invest AS, a company closely associated with Board member Sven Børre
Larsen, was allocated 50,000 shares and will following the completion of the
Private Placement control 50,000 shares in the Company.
• Olav Sirevåg, a member of the Company’s management, was allocated 150,000
shares and will following the completion of the Private Placement control
154,706 shares in the Company.
• Marvisto AS, a company closely associated with Vidar Skjelbred, a member of
the Company’s management, was allocated 100,000 shares and will following the
completion of the Private Placement control 100,000 shares in the Company.
• Jonas Ytreland, a member of the Company’s management, was allocated 150,000
Offer Shares and will following the completion of the Private Placement control
300,000 shares in the Company.

Please refer to the attached forms for more information.

This information is subject to the disclosure requirements in Regulation EU
596/2014 article 19 number 3 and the Norwegian Securities Trading Act section
5-12.

More information:
Access the news on Oslo Bors NewsWeb site

621967_NOL - PDMR attachment.pdf