THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN CANADA, JAPAN, HONG KONG, SOUTH AFRICA, AUSTRALIA, NEW ZEALAND,
THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN
OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

6 October 2026: Reference is made to the stock exchange release from Northern
Ocean Ltd. (the "Company") published on 2 October 2026 regarding, inter alia, a
contemplated private placement of new shares in the Company to raise gross
proceeds of the NOK equivalent of approx. USD 71.5 million (the "Private
Placement").

The Company is pleased to announce that it has completed a private placement of
approx. USD 71.7 million equal to approx. NOK 686 million in gross proceeds (the
"Private Placement"). A total of 105,547,756 new shares (the "Offer Shares")
have been allocated in the Private Placement at the offer price per Offer Share
of NOK 6.50 (the "Offer Price").

Pareto Securities AS is acting as global coordinator and bookrunner in the
Private Placement (the "Manager").

The net proceeds from the Private Placement will be used to repay any drawn
amount under the Bridge Facility (as defined below), pay the PIK Interest (as
defined below), fund the Company's liquidity requirements until the expected
commencement of operations for the Deepsea Mira in April 2027, and for general
corporate purposes.

The Private Placement forms part of a comprehensive refinancing of the Company.
In connection with the refinancing, the Company has agreed with Sterna Finance
Ltd. ("Sterna"), a company affiliated with Hemen Holding Limited ("Hemen") to
amend and extend the Company's existing financing. The total commitments under
the amended financing will increase from USD 125 million to USD 150 million, and
the existing term will be extended by 24 months (the "Sterna Facility"). The
Sterna Facility will comprise (i) a USD 100 million term loan, (ii) a USD 35
million bridge facility, with any drawn amount to be repaid upon completion of
the Private Placement (the "Bridge Facility"), and (iii) a USD 15 million
factoring facility available against approved client invoices. Approx. USD 11.7
million of Payment in Kind ("PIK") interest accrued under the current financing
from Sterna (the "PIK Interest") will be paid upon completion of the Private
Placement. The refinancing of the Company is done at market terms.

The board of directors of the Company (the "Board") has today resolved to issue
the Offer Shares. Following the issuance of Offer Shares in the Private
Placement, the Company will have 408,763,148 shares in issue, each with a par
value of USD 0.50.

Allocation to investors will be communicated on 7 October 2026 before 09:00 CEST
(T), and the Private Placement is expected to be settled by the Manager on a
delivery-versus-payment ("DVP") basis on or about 9 October 2026 (T + 2),
subject to the Share Lending Agreement (as defined below) remaining in full
force and effect.

The delivery vs. payment (DVP) settlement structure is expected to be
facilitated through the delivery of existing and unencumbered shares in the
Company, already admitted to trading on Oslo Børs, pursuant to a share lending
agreement (the "Share Lending Agreement") between the Company, the Manager and
Hemen. The Offer Shares will thus become tradable on Oslo Børs directly after
the notification of allocation. The Manager will settle the Share Lending
Agreement with new shares in the Company to be issued in connection with the
Private Placement. A portion of the new shares received by Hemen in the Private
Placement, either through redelivery of borrowed shares or delivery of allocated
Offer Shares, will be issued on a separate ISIN and will not be tradable on Oslo
Børs until a listing prospectus (the "Prospectus") has been approved by the
Financial Supervisory Authority of Norway and published by the Company.

Hemen (the largest shareholder in the Company with approx. 83% of the issued
share capital and votes) been allocated 79,309,488 Offer Shares in the Private
Placement. Sterna, a company affiliated with Hemen, has been allocated
17,261,910 Offer Shares, to be payable in the form of conversion of a claim for
PIK interest under the current financing from Sterna in the same amount.

Subsequent offering and equal treatment considerations

Completion of the Private Placement represents a deviation from the
shareholders' pre-emptive right to subscribe for the Offer Shares. The Board has
considered the Private Placement in light of the equal treatment obligations
under applicable regulations, including, the rules on equal treatment under Oslo
Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock
Exchange's Guidelines on the rule of equal treatment, and the Board is of the
opinion that the waiver of the preferential rights inherent in the Private
Placement, taking into consideration the time, costs and risk of alternative
methods of securing the desired funding, is in the common interest of the
shareholders of the Company. By structuring the Private Placement as a private
placement, the Company was able to raise capital in an efficient manner, with a
significantly lower completion risks compared to a rights issue and without the
underwriting commissions normally associated with such rights offerings.

To mitigate the dilution of existing shareholders not participating in the
Private Placement, the Board has resolved to resolve to carry out a subsequent
repair offering of up to 10,116,249 new shares at the Offer Price in the Private
Placement which, subject to applicable securities law, will be directed towards
existing shareholders in the Company as of 6 October 2026 (as registered in the
VPS two trading days thereafter), who (i) have a pro-rata share of the Private
Placement which is lower than EUR 100,000 (i.e. own less than approx. 0.1575% of
the shares outstanding in the Company), (ii) were not allocated Offer Shares in
the Private Placement, and (iii) are not resident in a jurisdiction where such
offering would be unlawful or would (in jurisdictions other than Norway) require
any prospectus, filing, registration or similar action.

The subscription price in the Subsequent Offering will be equal to the Offer
Price.

The Subsequent Offering is subject to (i) the Board resolving to issue shares in
the Subsequent Offering, (ii) the publication of an offering prospectus
pertaining to the Subsequent Offering and (iii) the prevailing market price of
the Company's shares following the Private Placement. The Board may decide that
the Subsequent Offering will not be carried out in the event that the Company's
shares trade at or below the subscription price (i.e. the Offer Price) in the
Subsequent Offering at volumes equal to or above the number of shares in the
Subsequent Offering.

Further information regarding the Subsequent Offering will be announced in
separate stock exchange notices.

Legal advisors:

Advokatfirmaet Schjødt AS is acting as legal counsel to the Company.

***

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 the EU Market Abuse Regulation, and was
published by Jonas Ytreland, Chief Financial Officer, at Northern Ocean Ltd. on
the date and time provided.

For more information, please contact:

Jonas Ytreland, CFO
Email: jonas.ytreland@northernoceanltd.com
Phone: +47 99 46 55 50

About Northern Ocean:

Northern Ocean owns the Deepsea Mira, a modern, high-end semisubmersible
drilling rig with ultra deepwater capabilities, which is flexible to work in all
offshore basins in the world. Northern Ocean Ltd is an international drilling
contractor with the purpose of owning high specification offshore drilling units
designed for harsh environments. The company's modern, high-end semisubmersible
drilling rig is among the latest delivered from yards, the most sophisticated in
the world and provide safe, efficient operations while working to incorporate
green energy technologies.

Important notice:

Canada, Japan, the United States (including its territories and possessions, any
state of the United States and the District of Columbia), Hong Kong, South
Africa, New Zealand, or any other jurisdiction in which such release,
publication or distribution would be unlawful. 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, the United
States, Hong Kong, South Africa, New Zealand, or any other jurisdiction in which
such distribution would be unlawful.

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Manager assume any responsibility in the event there is a
violation by any person of such restrictions.

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.

The Manager is acting for the Company and no one else in connection with the
Private Placement and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the Private Placement and/or any other matter referred to
in this release.

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.
t 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.\