15 December 2025 - Hamilton, Bermuda 

With reference to the stock exchange notice dated 17 November 2025, Northern
Ocean Ltd. ("NOL") announces that its subsidiary today has closed the sale of
the Deepsea Bollsta to a Odfjell Drilling Ltd subsidiary, for a cash settlement
of USD 480 million. NOL has simultaneously prepaid the remaining USD 285 million
loan provided by a group of banks and reduced its loan facility with Sterna
Finance Ltd., a company affiliated with the main shareholder Hemen Holding
Limited, to USD 100 million.

For inquiries, please contact:
Arne Jacobsen, Chief Executive Officer: +971 55 639 0860
Jonas Ytreland, Chief Financial Officer: +47 994 65 550

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation. This stock exchange announcement was published by Jonas
Ytreland, CFO of NOL on the date and time provided.