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. 


10 March 2022 - Hamilton, Bermuda

Reference is made to the stock exchange announcement by Northern Ocean Ltd
("NOL" or the "Company") on 13 January 2022 regarding the potential subsequent
offering of up to 8,000,000 NOL shares (the "Subsequent Offering") following the
completion of a private placement with gross proceeds of USD 20,000,000 (the
"Private Placement"). 

The Financial Supervisory Authority of Norway has approved a prospectus dated 10
March 2022 (the "Prospectus") prepared in connection with (i) the listing of
40,000,000 new shares in the Company issued in connection with the Private
Placement