THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH
SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. 

Oslo, 1 March 2022 Reference is made to the announcement by Hemen Holding
Limited ("Hemen") on 7 February 2022 regarding acquisition of shares in Northern
Drilling Ltd ("Northern Drilling") which triggered a mandatory offer obligation
for Hemen pursuant to section 6-6 (1) of the Norwegian Securities Trading Act.
Hemen is launching a mandatory offer to acquire all shares in Northern Drilling
that is not already owned by Hemen (the "Offer"). The terms and conditions of
the Offer are set out in an offer document prepared by Hemen dated 1 March 2022,
which has been approved by the Oslo Stock Exchange in its capacity as take-over
supervisory authority. 

Key terms of the Offer: 
- Offer price: NOK 17.00 per share 
- Offer period: From and including 2 March 2022 to 30 March 2022 at 16:30 CEST 
- Settlement date: No later than 14 calendar days after the expiry of the offer
period 
- Receiving Agent: DNB Markets, a part of DNB Bank ASA 

As of the date hereof, Hemen holds 6,470,854 shares in Northern Drilling,
equalling 40.1% of the shares and votes in Northern Drilling. 

The offer document will be sent to all shareholders in Northern Drilling as
registered in Northern Drilling's shareholder register in the VPS as of the date
of the offer document, except to jurisdictions where the offer document may not
be lawfully distributed. The offer document may also be obtained free of charge
during ordinary business hours at the offices of the receiving agent, DNB
Markets, a part of DNB ASA, Registrar Department, Dronning Eufemias gate 30,
0191 Oslo, Norway, phone: +47 23 26 80 20, e-mail: retail@dnb.no. 

The offer document will, subject to regulatory restrictions in certain
jurisdictions, also be made available at www.dnb.no/emisjoner as of the date for
commencement of the offer period.