Reference is made to the announcement by Northern Ocean Ltd ("NOL" or the
"Company") on 23 December 2021 concerning the NOL's implementation of a set of
agreements regulating various transactions. Said transactions include a proposed
issue of new shares in a private placement ("Private Placement") and a
subsequent offering of shares, each such share to be issued at a subscription
price of $0.50. The Private Placement is intended to be carried out in Q1 2022. 

The current nominal value of the Company's shares (the "Shares") is $1. The
issue of Shares at a subscription price of $0.50 requires reduction of the
Shares' nominal value. Consequently, the Company has today, by virtue of
Bye-laws 65-68 and 80 of the Company's Bye-laws, issued a Notice of Proposed
Written Resolution of the Shareholders, proposing the reduction of the nominal
value of each Share to $0.50 (the "Proposal"). The majority requirement for the
Proposal is 50% of the issued share capital of the Company (a "Relevant
Majority") and the Proposal is carried as soon as votes supporting the Proposal
is cast by a Relevant Majority. 

Additional information about the Company can be found at: www.northernocean.no.