NOL: Disclosure of shareholding

01 Jul 2024 10:00 CEST

Reference is made to the announcement by Northern Ocean Ltd. (“NOL”) of 26 June
2024 regarding new share capital following a private placement of new shares by
NOL, as well as Sterna Finance Ltd., a close associate of Hemen Holding Limited
("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
the issue 30,000,000 new shares (the "Conversion").

After delivery of the Conversion shares, Sterna controlled 30,000,000 shares and
votes, approximately 9.89% of NOL's shares and votes, thus surpassing the 5%
threshold set out in the Norwegian Securities Trading Act. Sterna has
subsequently upon delivery sold the 30,000,000 shares in NOL to its close
associate Hemen, and, as a result, Sterna no longer holds any shares in NOL.

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

More information:
Access the news on Oslo Bors NewsWeb site