May 25, 2023 - Hamilton, Bermuda 

Northern Ocean Ltd. is pleased to announce an extension of the contract with a
subsidiary of Shell Plc for continued work in Namibia using the Deepsea Bollsta.
The firm term of the contract is extended from December 2023 for six months into
June 2024 and provides an additional option for six months. The extension from
December provides revenue backlog of approximately $88.6 million with the option
to extend for an additional six month potentially adding a further $81.0
million.

Operational update concerning Deepsea Mira
At the beginning of April 2023, the Deepsea Mira departed from Bergen, Norway,
and began mobilization to the first well location in Namibia for its
multi-country contract with TotalEnergies. The rig has experienced some delays
loading equipment and performing required maintenance during the transit, and we
are now targeting commencement of the contract at the end of the second quarter.