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. 

29 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 existing
shares of the Company (the "Subsequent Offer Shares") at an subscription price
of NOK 4.45 per Subsequent Offer Share (the "Subsequent Offering"). 

The subscription period for the Subsequent Offering expired on 28 March 2022 at
16:30 (CEST). The final number of subscriptions received by the Company in the
Subsequent Offering is 6,796,378. A total of 6,796,378 Notifications of
allocated Subsequent Offer Shares and the corresponding subscription amount to
be paid by each subscriber in the Subsequent Offering will be distributed today,
29 March 2022.

The due date for payment of allocated Subsequent Offer Shares is 31 March 2022. 

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.