NOL: Disclosure of shareholding

28 Jun 2024 09:22 CEST

Reference is made to the announcement by Northern Ocean Ltd. (“NOL”) on 19 June
2024 regarding a private placement of new shares by NOL and the disclosure of
shareholding in NOL by Hemen Holding Ltd (“Hemen”) on 21 June 2024. Hemen’s
share lending of 47,429,285 shares 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.

Following completion of the private placement and Sterna Finance Ltd., a close
associate of Hemen, exercising its right to convert USD 15 million of a USD 100
million financing facility into shares of the Company at USD 0.50 per share,
resulting in 30,000,000 new shares, Hemen controls, on a consolidated basis with
Sterna, 144,373,315 shares in NOL, which is approximately 47.61% of the
Company's shares and votes.

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

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