NOL: Conclusion of independent statement related to the mandatory offer by Hemen Holding Limited for the shares in Northern Ocean Ltd.

28 August 2026 - Reference is made to the stock exchange announcement made on 11
August 2026 where it was announced that the Norwegian Financial Supervisory
Authority ("NFSA") had approved an offer document for Hemen Holding Limited's
("Hemen") mandatory offer (the "Offer") for all the issued and outstanding
shares in Northern Ocean Ltd. ("NOL") not already owned by Hemen at an offer
price of NOK 7.50 per NOL share.

The NFSA, in its capacity as take-over supervisory authority, has decided that
the statement on the Offer pursuant to section 6-16 of the Norwegian Securities
Trading Act shall be issued by an independent expert and not by the Board of
Directors of NOL, and that such statement can be issued by SB1 Markets AS
("SB1M") on behalf of NOL. SB1M has issued their statement on the Offer and has
in the statement concluded that they are "of the view that the Offer is not fair
from a financial point of view to the shareholders of NOL."

The full statement from SB1M is attached to this announcement. 

For inquiries, please contact: 

Arne Jacobsen, Chief Executive Officer: +971 55 639 0860 
Jonas Ytreland, Chief Financial Officer: +47 994 65 550
ial Officer: +47 994 65 550\