NOL: Last day of the offer period under the mandatory offer

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA, JAPAN, AUSTRALIA, HONG KONG, SOUTH AFRICA AND NEW ZEALAND, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

9 September 2026 - Reference is made to the stock exchange announcement made on 11 August 2026 where it was announced that the Norwegian Financial Supervisory Authority had approved an offer document (the "Offer Document") for Hemen Holding Limited's mandatory offer (the "Offer") for all the issued and outstanding shares in Northern Ocean Ltd. ("NOL") not already owned by Hemen at an offer price of NOK 7.50 per Share.

The offer period for the Offer expires today, 9 September 2026 at 16:30 CEST. The offer period is not subject to any extension.

The Offer Document has been sent to all shareholders in NOL as registered in NOL's shareholder register in the VPS as of the date of the Offer Document, except to jurisdictions where the Offer Document may not be lawfully distributed. The complete terms and conditions of the Offer, including the procedures for how to accept the Offer, are set out in the Offer Document, which, subject to applicable regulatory restrictions, is available digitally at www.paretosec.com/transactions.

Shareholders who wish to accept the Offer must fill out and return the acceptance form, which is appended to the Offer Document, prior to 16:30 CEST today, 9 September 2026, and in accordance with procedures set out in the Offer Document. In accordance with the terms of the Offer, cash settlement will be made promptly and no later than within 14 calendar days after expiry of the Offer Period. The latest date on which cash settlement will be made is accordingly on 23 September 2026.

For further information, please contact:

Pareto Securities AS Tel: +47 22 87 87 00

Important notice:

The mandatory offer and the distribution of this announcement and other information in connection with the mandatory offer may be restricted by law in certain jurisdictions. When published, the Offer Document and related acceptance forms will not and may not be distributed, forwarded or transmitted into or within any jurisdiction where prohibited by applicable law, including, without limitation, Canada, Japan, Australia, Hong Kong, South Africa, and New Zealand. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement is not a tender offer document and, as such, does not constitute an offer or the solicitation of an offer to acquire shares in the Company. Investors may accept the mandatory offer only on the basis of the information provided in the Offer Document. Offers will not be made directly or indirectly in any jurisdiction where either an offer or participation therein is prohibited by applicable law or where any tender offer document or registration or other requirements would apply in addition to those undertaken in Norway.