NOL: Major Shareholding Notification; Mandatory Offer

09 Jul 2026 17:27 CEST

Hemen Holding Limited ("Hemen") has today entered into an agreement to acquire
65,501,756 shares in Northern Ocean Ltd. (the "Company") at a price per share of
NOK 7.50 (the "Acquisition").

Following completion of the Acquisition, Hemen will hold 169,568,353 shares in
the Company on a standalone basis, representing approximately 55.9% of the
Company's shares and votes. Hemen holds on a consolidated basis with its close
associate Grosvenor Holding Limited, 215,050,661 shares, which is approximately
70.9% of the Company's shares and votes. In addition. Hemen has financial
exposure to a further additional 15,000,000, approx. 4.94% of the shares in NOL,
under a swap agreement, cf announcement of 15 May 2025.

Consequently, Hemen will through the Acquisition surpass the 50% threshold as
per section 6-6 of the Norwegian Securities Trading Act, thereby triggering an
obligation to make a bid for the remaining shares in the Company under Chapter 6
of the Norwegian Securities Trading Act. Hemen plans to make this bid within
four weeks of delivery, as required by the Norwegian Securities Trading Act.

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