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. 

28 March 2022 - Hamilton, Bermuda

Reference is made to the stock exchange announcement by Northern Ocean Ltd
("NOL" or the "Company") on 10 March 2022 and 14 March 2022 regarding the
approval and publication of a prospectus (the "Prospectus") and commencement of
the subscription period in the subsequent offering of up to 8,000,000 shares of
the Company (the "Subsequent Offering"). 

The subscription period for the Subsequent Offering will expire today, 28 March
2022 at 16:30 (CET). Correctly completed subscription forms must be received by
Fearnley Securities AS, before the end of the subscription period. 

Subscription rights that are not used to subscribe for offer shares in the
Subsequent Offering before the expiry of the subscription period will expire and
have no value. Over-subscription is not permitted. Subscription without
subscription rights will not be allowed. The subscription rights will not be
tradable.

For further information about the Subsequent Offering, please see the Prospectus
dated 10 March 2022. The Prospectus, including the subscription form in the
Subsequent Offering is available electronically on the following website: 

https://www.northernocean.no/prospectus/ 

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