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.
2 March 2023 - Hamilton, Bermuda
Reference is made to the stock exchange announcement by Northern Ocean Ltd
("NOL" or the "Company") on 13 February 2023 and 14 February 2023 regarding the
approval and publication of a prospectus (the "Prospectus") and commencement of
the subscription period in the subsequent offering of up to 2,500,000 existing
shares of the Company (the "Subsequent Offer Shares") at a subscription price of
NOK 9.50 per Subsequent Offer Share (the "Subsequent Offering").
The subscription period for the Subsequent Offering expired yesterday, 1 March
2023 at 16:30 (CEST). The final number of subscriptions received by the Company
in the Subsequent Offering is 1,058,921. A total of 1,058,921 Subsequent Offer
Shares will be issued. 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, 2 March 2023.
The due date for payment of allocated Subsequent Offer Shares is 6 March 2023.
For further information about the Subsequent Offering, please see the Prospectus
dated 13 February 2023. The Prospectus, including the subscription form in the
Subsequent Offering is available electronically on the following website:
This stock exchange announcement was published by Jonas Ytreland, CFO of
Northern Ocean Ltd., on 2 March 2023 at 8:00 CET.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
About Northern Ocean:
Northern Ocean owns two modern, high-end semisubmersibles drilling rigs. These
rigs are flexible to work in all offshore basins, including harsh environment.
Northern Ocean Ltd is an international drilling contractor with the purpose of
owning high specification offshore drilling units designed for harsh
environments. The company's two modern, high-end semisubmersibles drilling units
are among the most sophisticated in the world and provide safe, efficient
operations while incorporating leading green energy technologies.
The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia). This release is an announcement issued pursuant to
legal information obligations, and is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued
for information purposes only, and does not constitute or form part of any offer
or solicitation to purchase or subscribe for securities, in the United States or
in any other jurisdiction. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "US Securities Act"). The securities may not be offered or sold in
the United States except pursuant to an exemption from the registration
requirements of the US Securities Act. The Company does not intend to register
any portion of the offering of the securities in the United States or to conduct
a public offering of the securities in the United States. Copies of this
announcement are not being made and may not be distributed or sent into
Australia, Canada, Japan or the United States.
The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. Neither the
Company nor the Manager assume any responsibility in the event there is a
violation by any person of such restrictions.
The distribution of this release may in certain jurisdictions be restricted by
law. Persons into whose possession this release comes should inform themselves
about and observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
The Managers are acting for the Company and no one else in connection with the
Subsequent Offering and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the Subsequent Offering and/or any other matter referred
to in this release.
Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company's current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.