28 June 2023 - Hamilton, Bermuda

Northern Ocean Ltd ("NOL" or the "Company") the Company is pleased to announce
its high specification semisubmersible drilling rig, Deepsea Mira, has safely
completed the transit to Namibia and commenced drilling activities under its
contract with a TotalEnergies subsidiary.

The contract has a firm duration of 300 days with two unexercised options which
would extend the term through all of 2024. Odfjell Drilling AS prepared and
mobilized the rig to Namibia and providing operations management for the
duration of this contract.

Now that the Deepsea Mira has successfully commenced operations, the Company has
mitigated exposure to mobilization, reactivation, and other pre-commencement
risks. Additionally, the Company has amended the credit facility with Sterna
Finance Ltd. to provide a new tranche in the amount of $50 million with a
three-month tenor. This provides the Company with sufficient time to normalize
working capital from both rigs.