NOL: Mandatory Notification of Trade

Reference is made to the stock exchange announcement published by Northern Ocean Ltd. ("NOL") on 20 August 2024 regarding the appointment of Arne Jacobsen as new Chief Executive Officer. Pursuant to an agreement entered into between Mr. Jacobsen, NOL and Northern Ocean Management Norway AS ("Northern Management"), Mr. Jacobsen has acquired a total of 1,086,050 shares in NOL (the "Shares"), each at a price of NOK 7 per Share, in total NOK 7,602,350. Of this amount, NOK 2,715,125 has been settled in cash, and the balance has been set off against Mr. Jacobsen's compensation for the first year of service. Reference is further made to the stock exchange announcement published by NOL on 12 September 2024 regarding the appointment of Eirik Sunde as new Chief Commercial Officer. Mr. Sunde has been granted 1,000,000 options with a strike price of NOK 12.00 per share. In addition, NOL's Chief Financial Officer Jonas Ytreland and Chief Operating Officer Vidar Skjelbred have been granted 1,000,000 options each, with a strike price of NOK 12.00 per share. Each option gives the right to subscribe for one new share in NOL. The options are non-tradeable and not transferable. The option vest over a period of three years subject to continued employment with NOL and expire after five years. Options not exercised at the expiry date will lapse without compensation to the holder. Please refer to the attached forms for more information. This information is subject to the disclosure requirements in Article 19 (3) of Regulation (EU) 596/2014 and the Norwegian Securities Trading Act section 5-12.