10 December 2022 - Hamilton, Bermuda 

Northern Ocean Ltd ("NOL") is pleased to announce that its high specification
semisubmersible drilling rig, Deepsea Bollsta, has safely completed the transit
to Namibia and commenced its contract with Shell Upstream Namibia BV, a
subsidiary of Shell Plc. ("Shell").

The contract has a firm duration of twelve months and an option to extend for
six months. Odfjell Drilling AS ("Odfjell") successfully prepared the rig for
the contract and provides operations management during the term of this
contract.

"We commend the crews and the management of Odfjell, as they delivered this
project and transit on-time, within budget and most importantly, without
incident. We look forward to delivering more significant milestones for Shell as
we embark on this drilling campaign, and expect to continue strengthening the
relationship with the manager and the client," says Scott McReaken, CEO of NOL.