NOL: Major Shareholding Notification; Mandatory Offer

Hemen Holding Limited ("Hemen") has today entered into an agreement to acquire 65,501,756 shares in Northern Ocean Ltd. (the "Company") at a price per share of NOK 7.50 (the "Acquisition").

Following completion of the Acquisition, Hemen will hold 169,568,353 shares in the Company on a standalone basis, representing approximately 55.9% of the Company's shares and votes. Hemen holds on a consolidated basis with its close associate Grosvenor Holding Limited, 215,050,661 shares, which is approximately 70.9% of the Company's shares and votes. In addition. Hemen has financial exposure to a further additional 15,000,000, approx. 4.94% of the shares in NOL, under a swap agreement, cf announcement of 15 May 2025.

Consequently, Hemen will through the Acquisition surpass the 50% threshold as per section 6-6 of the Norwegian Securities Trading Act, thereby triggering an obligation to make a bid for the remaining shares in the Company under Chapter 6 of the Norwegian Securities Trading Act. Hemen plans to make this bid within four weeks of delivery, as required by the Norwegian Securities Trading Act.