NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES
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.

Reference is made to the stock exchange release by Northern Drilling Ltd. (the
"Company") on 24 October 2023 regarding the intention to carry out a private
placement (the "Private Placement") of new shares in the Company. Reference is
further made to the stock exchange announcement made by the Company on 19
October 2023 regarding an update on the Company's financing situation and its
intention to appeal on a point of law and to challenge on grounds of serious
irregularity the arbitration tribunal's awards in the arbitration proceedings
with Hanwha Ocean Co., Ltd. (together, the "Appeals Process").

The Company today announces that the Private Placement has been successfully
placed, and that it has conditionally allocated 313,600,000 new shares (the "New
Shares") at a subscription price per New Share of NOK 0.125 (the "Subscription
Price"), raising approx. NOK 39.2 million in gross proceeds. The completion of
the Private Placement and allocation and subscription of shares remain subject
to the approval by a special general meeting ("SGM") of the Company of a
proposed reduction of the par value of the Company's shares to USD 0.01. The SGM
is scheduled to be held on 7 November 2023. 

Subject to completion, the net proceeds from the Private Placement will be used
to partly fund costs associated with the Appeals Process. The Company's board of
directors (the "Board") is of the opinion that the Company will need more
funding for the Appeals Process, and intends to raise such capital in several
equity transactions following the Private Placement. A court decision on the
challenge on grounds of serious irregularity and on whether to grant permission
to appeal on a point of law is, at this early stage, anticipated to be in the
first quarter of 2024 and if permission to appeal on a point of law is granted,
the final decision on the appeal is expected in the second or third quarter of
2024. 

Notification of conditional allocation and settlement instructions for the
Private Placement are expected to be issued by the Manager (as defined below) to
applicants on 26 October 2023.
Settlement of the New Shares allocated in the Private Placement is expected to
take place on or about 9 November 2023 on delivery versus payment basis by
delivery of New Shares.
 
Listing of the New Shares will require a listing prospectus. The New Shares will
be registered under a separate ISIN pending approval by the Financial
Supervisory Authority of Norway (the "NFSA"), and publication by the Company, of
such prospectus, and the New Shares will not be listed or tradeable on Oslo Børs
until the prospectus has been approved by the NFSA and been published by the
Company.

Following issuance of the New Shares and the SGM, the Company will have an
issued share capital of USD 3,329,478.23 divided into 332,947,823 ordinary
shares, each with a nominal value of USD 0.01. 
The Company's largest shareholder, Hemen Holding, was allocated 306,110,052 New
Shares, and will, subject to completion of the Private Placement, hold
313,971,440 shares, corresponding to approx. 94.3% ownership following the
Private Placement. Completion of the Private Placement will consequently lead to
Hemen crossing the mandatory offer threshold. In said case, Hemen has advised
the Company that it intends to make an announcement pursuant to the Norwegian
Securities Act section 6-8 to the effect that it will make a mandatory offer
pursuant to the Norwegian Securities Act chapter 6.

The Board, together with the Company's management and SpareBank 1 Markets AS
(the "Manager"), has considered various transaction alternatives to secure new
financing. Based on an overall assessment, considering inter alia the need for
funding, execution risk and possible alternatives, the Board has on the basis of
careful considerations decided that the Private Placement is the alternative
that best protects the Company's and the shareholders' joint interests. Thus,
the waiver of the preferential rights inherent in a directed share capital
increase through issuance of new shares is considered necessary.

The Board will consider carrying out a subsequent offering of up to 32,000,000
new shares towards the Company's shareholders as of 25 October 2023 (as
documented by the shareholder register in the Norwegian Central Securities
Depository (VPS) as of the end of 27 October 2023) who i) are registered as
holder of less than 150,000 shares