3 July 2024: Reference is made to the announcement by Northern Ocean Ltd.
("NOL") on 26 June 2024 regarding new share capital following a private
placement of 90,538,285 new shares in NOL (the "Private Placement"), as well as
a lender of NOL exercising its right to convert parts of a financing facility
into shares in NOL resulting in the issue of 30,000,000 new shares (the
"Conversion"), i.e. 120,538,285 new shares in total. Funds managed by Hayfin
Capital Management LLP ("HCM") were allocated a total of 18,911,931 shares in
the Private Placement.

Following such registration of the new share capital pursuant to the Private
Placement and Conversion, the aggregated holdings of those funds managed by HCM
were diluted to cross below the disclosure of holdings threshold of 25% as set
out in section 4-2 of the Norwegian Securities Trading Act. The resulting
aggregate holdings of funds managed by HCM comprise 64,701,756 shares, equal to
21.339% of the issued shares and votes of NOL.