Hamilton, Bermuda - 15 December 2023

Reference is made to the stock exchange announcements of 28 June 2023 from
Northern Ocean Ltd. regarding the amendment and restatement of its credit
facilities agreement with related party Sterna Finance Ltd. to provide an
additional $50.0 million in short-term funding with this balance repayable by
the end of September 2023. This was further amended in September whereby the
maturity was extended to the end of December this year. The maturity date has
now been extended to the end of March 2024.

For further information please contact:
Jonas Ytreland
+47 95 46 55 50