August 8, 2021 - Hamilton, Bermuda

Northern Ocean Ltd. ("NOL" or the "Company") with reference to the February 11,
2021 announcement, the Company has signed an amended settlement agreement with
Seadrill Ltd and its subsidiaries ("Seadrill"). 

The settlement closes all outstanding balances and claims between the companies,
provides transition services for NOL rigs, and requires bareboat lease payments
on the West Bollsta to become payable from Seadrill to NOL, starting August 10,
2021. The settlement is subject to several conditions, including obtaining
approval by the bankruptcy court under Seadrill's Chapter 11 protection in the
US, before the bareboat lease payments will be made.  

The West Mira is now idle in a yard near Bergen with PSW Technology AS and
Captar Holdings Ltd providing various services, and the rig is expected to
remain stacked in a condition to return to service efficiently when new
employment is secured. 

As set out in the First Quarter Report dated 28 May 2021, the Company is running
out of liquidity and is therefore dependent on loans and/or equity issuances
and/or restructuring its net current liabilities to finance its working capital
and debt service obligations, which raises substantial doubt about the Company's
ability to continue as a going concern. 

The Company continues to assess its overall financial condition and limit
expenditures. Several alternatives to address the CompanyŽs liquidity situation
are being explored in continued dialogue with the CompanyŽs key stakeholders.

Additional information about the Company can be found at: www.northernocean.no


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Forward Looking Statements

Matters discussed in this release may contain certain forward-looking statements
relating to the business, financial performance and results of the Company
and/or the industry in which it operates, sometimes identified by the words
"believes", "expects", "intends", "plans", "estimates" and similar expressions.
The forward-looking statements contained in this release, including assumptions,
opinions and views of the Company or cited from third-party sources, are solely
opinions and forecasts which are subject to risks, uncertainties and other
factors that may cause actual events to differ materially from any anticipated
development. The Company does not provide any assurance that that the
assumptions underlying such forward-looking statements are free from errors, nor
does the Company accept any responsibility for the future accuracy of the
opinions expressed in the presentation or the actual occurrence of the
forecasted developments. No obligations are assumed to update any
forward-looking statements or to conform to these forward-looking statements to
actual results.