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

On 23 April 2020, Pelham Long/Short Small Cap Master Fund Ltd, has decreased its
long position in Northern Ocean Ltd. (“NOL”) (BMG6682J1036) below the reportable
threshold of 5%. The threshold was crossed as a result of sales of 120,028
ordinary shares in NOL at a price of NOK 6.60 per share. The number of shares
sold corresponds to 0.19% of the shares of NOL.

Subsequent to the completion of the purchase transaction, the Pelham Long/Short
Small Cap Master Fund Ltd holds a total shareholding in NOL of 3,094,897 shares
which represents 4.85% 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.