December 11, 2023 - Hamilton, Bermuda 

Northern Ocean Ltd ("NOL" or the "Company") reports that a subsidiary of Shell
Plc did not exercise the remaining option available under the Deepsea Bollsta
contract for work in Namibia. The Deepsea Bollsta is available from June 2024,
and the Company continues its ongoing dialogue with potential customers in the
West African region and in harsh environment markets.

The Deepsea Bollsta successfully transited from Norway to Namibia in December
2022 and commenced drilling exploration and appraisal wells in the Orange Basin.
The rig has maintained outstanding performance with the crews demonstrating the
superior capabilities and efficiencies of a harsh environment semisubmersible
operating in a challenging region through the winter season. The Company has
established itself in Namibia with two premium semisubmersible rigs in
operations and is confident its rigs are the right solution for this market
long-term. However, the NOL fleet will continue to be marketed towards
opportunities in all relevant offshore basins.