NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN. 
 
14 December 2022 - Hamilton, Bermuda 

Reference is made to the stock exchange release by Northern Ocean Ltd. (the
"Company") on 13 December 2022 regarding completion of a private placement (the
"Private Placement") of new shares in the Company and that the Company is
considering a subsequent offering of up to 2,500,000 new shares at the same
subscription price as in the Private Placement (the "Subsequent Offering"). 

Date on which the terms and conditions of the Subsequent Offering were
announced: 13 December 2022 
Last day including right: 13 December 2022 
Ex-date: 14 December 2022 
Record date: 15 December 2022 
Maximum number of new shares: 2,500,000 new shares 
Subscription price: NOK 9.50 per share 

Other information: The Subsequent Offering is subject to i) the publication of a
prospectus approved by the Norwegian Financial Supervisory Authority, and ii)
the prevailing market price of the Company's shares following the Private
Placement. The Board may decide that the Subsequent Offering will not be carried
out in the event that the Company's shares trade below the subscription price in
the Subsequent Offering at adequate volumes. The Subsequent Offering will not be
available for shareholders resident in a jurisdiction where such offering would
be unlawful, or for jurisdictions other than Norway, would require any filing,
registration or similar action. 
This information is published in accordance with the requirements of the
Continuing Obligations, and published by Jonas Ytreland, CFO of Northern Ocean
Ltd on the date and time provided.  

ENDS 

About Northern Ocean: 
Northern Ocean owns two modern, high-end semisubmersibles drilling rigs. These
rigs are flexible to work in all offshore basins, including harsh environment.
Northern Ocean Ltd is an international drilling contractor with the purpose of
owning high specification offshore drilling units designed for harsh
environments. The company's two modern, high-end semisubmersibles drilling units
are among the most sophisticated in the world and provide safe, efficient
operations while incorporating leading green energy technologies.

Important Notices 

This document does not constitute an offer of securities for sale or a
solicitation of an offer to purchase securities of the Company in the United
States or any other jurisdiction. Copies of this document may not be sent to
jurisdictions, or distributed in or sent from jurisdictions, in which this is
barred or prohibited by law. In any EEA Member State, this communication is only
addressed to and is only directed at qualified investors in that Member State
within the meaning of the Prospectus Regulation, i.e., only to investors who can
receive the offer without an approved prospectus in such EEA Member State. The
expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (together
with any applicable implementing measures in any Member State). In the United
Kingdom, this communication is only addressed to and is only directed at
Qualified Investors within the meaning of the Prospectus Regulation as it forms
part of English law by virtue of the European Union (Withdrawal) Act 2018 and
who (i) are investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as
amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to
(d) of the Order (high net worth companies, unincorporated associations, etc.)
(all such persons together being referred to as "Relevant Persons"). These
materials are directed only at Relevant Persons and must not be acted on or
relied on by persons who are not Relevant Persons. Any investment or investment
activity to which this announcement relates is available only to Relevant
Persons and will be engaged in only with Relevant Persons. Persons distributing
this communication must satisfy themselves that it is lawful to do so. 

This document is not for publication or distribution in, directly or indirectly,
Australia, Canada, Japan, the United States or any other jurisdiction in which
such release, publication or distribution would be unlawful, and it does not
constitute an offer or invitation to subscribe for or purchase any securities in
such countries or in any other jurisdiction. In particular, the document and the
information contained herein should not be distributed or otherwise transmitted
into the United States or to publications with a general circulation in the
United States of America. This document is not an offer for sale of securities
in the United States. Securities may not be offered or sold in the United States
absent registration with the United States Securities and Exchange Commission or
an exemption from registration under the U.S. Securities Act of 1933, as amended
(the "Securities Act"). The Company does not intend to register any part of the
offering in the United States or to conduct a public offering in the United
States of the shares to which this document relates. 

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date and are
subject to change without notice. This announcement is made by and is the
responsibility of, the Company. 

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.