NOL: DEEPSEA BOLLSTA CONTRACT AND OPERATIONAL UPDATE

26 Jun 2024 17:22 CEST

June 26, 2024 - Hamilton, Bermuda

Northern Ocean Ltd. (“NOL” or the “Company”) is pleased to announce a contract
award for Deepsea Bollsta with a subsidiary of a major operator for work in
Namibia. The contract duration is for one well estimated at 63 days and will
likely commence in the fourth quarter of 2024.

After successfully transiting from Norway to Namibia, the Deepsea Bollsta has
been operating within the Orange Basin in Namibia for 18 months and continues to
demonstrate the efficiencies of utilizing a sixth generation semisubmersible in
this region. NOL has established itself in West Africa with Odfjell Drilling
Ltd. managing its two high-specification rigs and remains committed to securing
further backlog with premier clients globally.

Before the commencement of the new contract, the Deepsea Bollsta will undertake
a five-year class survey and there will also likely be a short idle period prior
to commencement.

With the new contract award for Deepsea Bollsta and the current drilling
contract for the Deepsea Mira, the Company has an estimated aggregate revenue
backlog between $80 million and $95 million, excluding bonuses, reimbursables
and undeclared options.

The Company continues to be in discussions and processes with potential clients
concerning securing additional backlog for both rigs.

This information is subject to a duty of disclosure pursuant to the Company's
continuing obligations as a company listed on Oslo Børs. This information was
issued as inside information pursuant to Regulation (EU) No 596/2014 of the
European Parliament and of the Council of 16 April 2014 on market abuse, and was
published by Jonas Ytreland, Chief Financial Officer, at NOL on the date and
time provided.

More information:
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