NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

13 January, 2022 - Hamilton, Bermuda 

Reference is made to the stock exchange announcement by Northern Ocean Ltd
("NOL" or the "Company") on 13 January 2022 regarding the completed private
placement (the "Private Placement") and a potential subsequent offering of up to
8 million NOL shares at a subscription price of $ 0.50 per share (the
"Subsequent Offering").

Key information relating to the repair issue to be carried out by Northern Ocean
Ltd: 

Date on which the terms and conditions of the repair issue were announced: 13
January 2022 

Last day including right: 13 January 2022

Ex-date: 14 January 2022 

Record date: 17 January 2022

Date of approval: 13 January 2022

Maximum number of new shares: 8 million 

Subscription price: $ 0.50 

The Subsequent Offering is conditional on the approval and publication of a
prospectus approved by the Financial Supervisory Authority of Norway.

Notwithstanding the foregoing, the board of directors may, in its sole
discretion, decide that the Company shall not carry out the Subsequent Offering
inter alia if the prevailing market price of the Company's shares trade lower
than the offering thereby making the Subsequent Offering redundant.

This information is published in accordance with the requirements of the
Continuing Obligations