NOL: Approval of prospectus

29 Jan 2025 15:59 CET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

29 January 2025 – Hamilton, Bermuda

Reference is made to the stock exchange announcement by Northern Ocean Ltd
(“NOL” or the “Company”) on 19 June 2024 regarding (i) the private placement of
90,538,285 new shares with gross proceeds NOK equivalent of approx. USD 60
million (the "Private Placement Shares") and (ii) Sterna Finance Ltd. ("Sterna")
converting USD 15 million from a financing facility previously provided by
Sterna amounting to USD 100 million into 30,000,000 shares in NOL at a price of
USD 0.50 per share (the "Conversion Shares", and together with the Private
Placement Shares, the "New Shares"). The Company further announced that the New
Shares were issued on a separate ISIN in the VPS and that the New Shares would
not be listed or tradeable on Oslo Børs until the publication of a prospectus
(the "Prospectus") to be approved by the Norwegian Financial Supervisory
Authority (the "NRBE").

The NRBE has today, 29 January 2025, approved the Prospectus prepared in
connection with the listing of the 120,538,285 New Shares. Consequently, the New
Shares are listed and tradeable on Oslo Børs as of this announcement.

The Prospectus and a summary of the Prospectus will be available electronically
on the following website: https://www.northernocean.no/prospectus/

This stock exchange announcement was published by Jonas Ytreland, CFO of
Northern Ocean Ltd., on 29 January 2025 at 15:59 CET.

About the Company
Northern Ocean Ltd. is an international drilling contractor with the purpose of
owning high specification offshore drilling units designed for harsh
environments. The drilling units are among the most sophisticated in the world
and provide safe, efficient operations while incorporating leading green energy
technologies. The Company has invested in power generation solutions that lower
fuel consumption to reduce Nox & CO2 emissions and making the units more
environmentally friendly. The Company was listed on Oslo Stock Exchange in June
2018, under the ticker “NOL”. Read more on https://www.northernocean.no/

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. Important information:

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia). This release is an announcement issued pursuant to
legal information obligations and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "US Securities Act"). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. The Company does not intend to register
any portion of the offering of the securities in the United States or to conduct
a public offering of the securities in the United States. Copies of this
announcement are not being made and may not be distributed or sent into
Australia, Canada, Japan or the United States.

The distribution of this release may in certain jurisdictions be restricted by
law. Persons into whose possession this release comes should inform themselves
about and observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.

More information:
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