Press releases

NOL: Major Shareholding Notification; Mandatory Offer

Reference is made to the announcement made by Northern Ocean Ltd. (the
“Company”) on 19 June 2024 regarding a private placement (the “Private
Placement”) of 90,538,285 new shares at NOK 7.00 per share (the “Offer Shares”).
Additionally, Sterna Finance Ltd. (“Sterna”), a company affiliated with Hemen
Holding Limited (“Hemen”), exercised its right to convert USD 15 million of a
USD 100 million financing facility into shares of the Company at USD 0.50 per
share, resulting in 30,000,000 new shares (the “Conversion”).

Hemen was allocated 43,109,000 Offer Shares in the Private Placement and will
following completion of the Private Placement control 114,373,315 shares in the
Company on a standalone basis. Hemen will, on a consolidated basis with its
close associate Sterna, control 144,373,315 shares after the Private Placement
and the Conversion, which is approximately 47.61% of the Company’s shares and

Upon delivery of the Offer Shares, Hemen will surpass the 40% threshold as per
section 6-6 of the Norwegian Securities Trading Act, thereby triggering an
obligation to make a bid for the remaining shares in the Company under Chapter 6
of the Norwegian Securities Trading Act. Hemen plans to make this bid within
four weeks of delivery, as required by the Norwegian Securities Trading Act.