7 October, 2020 – Hamilton, Bermuda

Northern Ocean Ltd. (“NOL”) is pleased to announce on October 6th the harsh
environment semi-submersible drilling rig West Bollsta commenced its operations
for Lundin Energy Norway AS (“Lundin”) in the Barents Sea. 

The West Bollsta’s initial contract is for work in the Norwegian continental
shelf under a 10 well contract with 4 additional option wells available to
Lundin. As previously disclosed, the estimated backlog value for the firm period
is approximately USD 200m, excluding any performance bonus and additional
services. Seadrill continues to manage and operate the rig from delivery through
the contract term.

The West Bollsta delivered in June 2019, represents a new generation, high
specification harsh environment semi-submersible drilling rig focusing on a
broader specter of capabilities, a larger operating area, a high load carrying
capacity, improved safety and working environment as well as a special
environmental focus. 



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


***

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.