31 October 2025 - Hamilton, Bermuda

Northern Ocean Ltd. ("NOL") is pleased to announce an extension of the contract
for Deepsea Bollsta with Equinor for drilling on Johan Sverdrup. In continuation
of the initial 2 years firm term, the contract has now been extended by 5 months
in order to complete an 8 well program for the Johan Sverdrup Unit. The contract
still includes five one-year options available for Equinor following the
extension.

For inquiries, please contact:
Arne Jacobsen, Chief Executive Officer: +971 55 639 0860
Jonas Ytreland, Chief Financial Officer: +47 994 65 550