NOL: Final result of mandatory offer

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN CANADA, JAPAN, HONG KONG, SOUTH AFRICA, AUSTRALIA, NEW ZEALAND,
OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. 

11 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, and to the announcement dated 9 September
2026 regarding the preliminary results of the Offer following the expiry of the
offer period (the "Offer Period") on 9 September 2026 at 16:30 CEST. 

Hemen received valid acceptances of the Offer in respect of a total of
60,279,864 Shares, representing approximately 19.9% of the issued share capital
and voting rights in NOL. At the commencement of the Offer Period, Hemen held
169,568,353 Shares. During the Offer Period, Hemen also acquired additional
Shares outside the Offer, including through the repurchase of 15,000,000 NOL
shares pursuant to the TRS agreement announced on 15 May 2025. Following
completion of the Offer, and taking into account the Shares acquired outside the
Offer, Hemen will hold 251,641,918 Shares, representing approximately 83% of the
issued share capital and voting rights in NOL.

The shares tendered in the Offer have been collected from the VPS accounts of
the NOL shareholders who have accepted the Offer, and such shares have been
transferred to a settlement account of Pareto Securities AS (the "Receiving
Agent"). 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.
 or registration or other requirements would\
apply in addition to those undertaken in Norway.\