Reference is made to the announcement by Northern Ocean Ltd. ("NOL" or the
"Company") on 19 June 2024 regarding a private placement of new shares by NOL
(the "Private Placement")

Prior to the Private Placement, Hemen Holding Ltd ("Hemen") held 71,264,315 NOL
shares, representing approx. 39% of the shares of the Company. Pursuant to a
share lending agreement effective on the same date, Hemen has lent 47,429,285
shares, representing approx. 25% of the total number of shares of NOL to one of
the managers for the transaction, in order to ensure DVP settlement in the
Private Placement. The shares lent out will be redelivered to Hemen on a
separate ISIN following completion of the share issue process, and the share
lending arrangement does therefore not affect Hemen's exposure to the Company. 

This notification is made pursuant to Section 4-2 of the Norwegian Securities
Trading Act.