Reference is made to the announcement by Northern Ocean Ltd. ("NOL" or the
"Company") on 13 December 2022 regarding a private placement of new shares by
NOL. Prior to the Private Placement, Hemen Holding Ltd ("Hemen") held 52,925,674
NOL shares, representing approx. 39.3% of the shares of the Company. Pursuant to
a share lending agreement effective on the same date, Hemen has lent 28.683.516
shares, representing approx. 21% of the total number of shares of NOL to the
managers for the transaction, in order to ensure DVP settlement in the private
placement. The shares lent out will be redelivered to Hemen on a separate ISIN
following completion of the share issue process, and the share lending
arrangement does therefore not affect Hemen's exposure to the company. This
notification is made pursuant to Section 4-2 of the Norwegian Securities Trading
Act.