NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTOTHE UNITED STATES ,AUSTRALIA ,CANADA ORJAPAN , 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.13 January, 2022 -Hamilton, Bermuda Reference is made to the stock exchange announcement byNorthern Ocean Ltd ("NOL" or the "Company") on13 January 2022 regarding the completed private placement (the "Private Placement") and a potential subsequent offering of up to 8 million NOL shares at a subscription price of$ 0.50 per share (the "Subsequent Offering"). Key information relating to the repair issue to be carried out byNorthern Ocean Ltd : Date on which the terms and conditions of the repair issue were announced:13 January 2022 Last day including right:13 January 2022 Ex-date:14 January 2022 Record date:17 January 2022 Date of approval:13 January 2022 Maximum number of new shares: 8 million Subscription price:$ 0.50 The Subsequent Offering is conditional on the approval and publication of a prospectus approved by theFinancial Supervisory Authority of Norway . Notwithstanding the foregoing, the board of directors may, in its sole discretion, decide that the Company shall not carry out the Subsequent Offering inter alia if the prevailing market price of the Company's shares trade lower than the offering thereby making the Subsequent Offering redundant. This information is published in accordance with the requirements of the Continuing Obligations
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