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. 

14 March 2022 - Hamilton, Bermuda

Reference is made to the stock exchange announcement by Northern Ocean Ltd.
("NOL" or the "Company") on 10 March 2022, regarding the approval of a
prospectus relating to a subsequent offering of up to 8,000,000 new shares (the
"Subsequent Offering") to be carried out by the Company following the completion
of a private placement with gross proceeds of USD 20,000,000 (the "Private
Placement"). In the Subsequent Offering, eligible shareholders, being
shareholders of the Company as of 13 January 2022, as registered in the
Norwegian Central Securities Depository (the "VPS") on 17 January 2022 (the
"Record Date") who were not invited to participate, or applied for but were not
allocated shares, in the Private Placement, and who are not resident in a
jurisdiction where such offering would be unlawful or (for jurisdictions other
than Norway) would require any prospectus, filing, registration or similar
action ("Eligible Shareholders"), will be granted non-transferable subscription
rights (the "Subscription Rights") that, subject to applicable law, provide
preferential rights to subscribe for and be allocated shares in the Subsequent
Offering (the "Subsequent Offer Shares") at the Subscription Price (as defined
below).

The subscription period in the Subsequent Offering commences today, on 14 March
2022 and will end on 28 March 2022 at 16:30 hours (CET) (the "Subscription
Period"). The subscription price (the "Subscription Price") is NOK 4.45 per
Subsequent Offer Share (equal to USD 0.50 based on the conversion rate between
USD and NOK set by the Central Bank of Norway on 9 March 2022). 

Eligible Shareholders will be granted 0.25177 subscription rights for each share
registered as held by such Eligible Shareholder on the Record Date, rounded down
to the nearest whole subscription right. One (1) subscription right will give
the right to subscribe for one (1) Subsequent Offering Share. Over-subscription
is not permitted. Subscription without subscription rights will not be allowed.
The subscription rights will not be tradable. Upon expiry of the Subscription
Period, the Subscription Rights will expire and have no value. The Subsequent
Offer Shares are existing shares in the Company offered by one of the Company's
shareholders, Hayfin, and Hayfin will retain any Subsequent Offer Shares not
subscribed for in the Subsequent Offering.

In order to subscribe for shares, Eligible Shareholders must provide Fearnley
Securities AS (the "Manager") with a complete and duly signed subscription form
within the end of the Subscription Period. Further instructions regarding the
subscription procedure are available in the Prospectus (as defined below). The
Subscription Rights must be used to subscribe for Subsequent Offer Shares in the
Subscription Period and before the expiry of the Subscription Period on 28 March
2022 at 16:30 hours (CET).

Notifications of allocation in the Subsequent Offering are expected to be issued
on or about 29 March 2022. The due date for payment of allocated Subsequent
Offer Shares is on or about 31 March 2022. A prospectus dated 10 March 2022 (the
"Prospectus") is available electronically at
https://www.northernocean.no/prospectus.

This information is published in accordance with the requirements of the
Continuing Obligations.

***

Forward Looking Statements

Matters discussed in this release may contain certain forward-looking statements
relating to the business, financial performance and results of the Company
and/or the industry in which it operates, sometimes identified by the words
"believes", "expects", "intends", "plans", "estimates" and similar expressions.
The forward-looking statements contained in this release, including assumptions,
opinions and views of the Company or cited from third-party sources, are solely
opinions and forecasts which are subject to risks, uncertainties and other
factors that may cause actual events to differ materially from any anticipated
development. The Company does not provide any assurance that that the
assumptions underlying such forward-looking statements are free from errors, nor
does the Company accept any responsibility for the future accuracy of the
opinions expressed in the presentation or the actual occurrence of the
forecasted developments. No obligations are assumed to update any
forward-looking statements or to conform to these forward-looking statements to
actual results.