March 26, 2021 - Hamilton, Bermuda

Northern Ocean Ltd. ("The Company") is providing an update on the operational
incident involving the West Mira on March 19, 2021, also with reference to
reports in the press. 

During the process of lowering production equipment to the well location in the
Nova field, the rig experienced equipment failure resulting in the production
equipment descending to the seabed. No one was injured in the incident and the
well was secured with three barriers in place. 

The manager, Seadrill Europe Management AS, and the client, Wintershall Dea
Norge AS, are conducting investigations into the incident and have agreed a plan
to secure the production equipment. Based on current plans to inspect the
impacted equipment and perform between well maintenance, the Company is
forecasting that the West Mira will return to work by mid-April, subject to
weather conditions and other factors which may arise. Both the manager and
client remain in close communication with the Petroleum Safety Authority. 

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.