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

15 February 2023 - Hamilton, Bermuda

Reference is made to the stock exchange announcement by Northern Ocean Ltd
("NOL" or the "Company") on 14 December 2022 regarding the potential subsequent
offering of up to 2,500,000 NOL shares (the "Subsequent Offering") following the
completion of a private placement with gross proceeds of approx. USD 45,000,000
(the "Private Placement"). 

The Financial Supervisory Authority of Norway has approved a prospectus dated 15
February 2023 (the "Prospectus") prepared in connection with (i) the listing of
47,022,157 new shares in the Company issued in connection with the Private
Placement