This disclosure is made pursuant to Chapter 4, Section 4-1 of the Norwegian
Securities Trading Act.

On 26th February 2020, Northern Drilling Ltd (“NODL”) and Northern Ocean
Ltd. (“NOL”) completed and settled an Exchange Offer, which resulted in all of
NODL’s 45,000,100 shares being transferred to eligible shareholders of NOL
who elected to participate in the Exchange Offer.

As a result of, and following completion of the Exchange Offer, the following
disclosure is given in respect of Pelham Long/Short Small Cap Master Fund Ltd,
which has a long position in NOL above the reportable threshold of 5%.
Subsequent to the completion of the Exchange Offer and the listing of NOL on
the Oslo Børs, the Pelham Long/Short Small Cap Master Fund Ltd currently
holds a total shareholding of 4,222,574 shares, which represents 6.63% of the
shares outstanding and voting rights of NOL.

The shares and rights to shares are owned by the Pelham Long/Short Small Cap
Master Fund Ltd which is a collective undertaking controlled by the Investment
Manager, Pelham Capital Ltd.

If you have any questions with respect to this notification, please contact
Fergus Lee, Compliance Officer of Pelham Capital Ltd via email at
flee@pelhamcapital.com