NOL: Trading update

6 July 2026 – Hamilton, Bermuda

Northern Ocean Ltd. ("NOL" or the "Company") refers to the company update included in its first quarter report published on 29 May 2026, pursuant to which the Deepsea Mira on 4 April 2026 commenced work on the contract for Shell. By way of update, NOL announces today that the Deepsea Mira completed the Shell contract on 2 July 2026 and earned its contractual day rate through the completion date. The customer has not exercised its option for a second well. The rig is now demobilizing to Walvis Bay, where the Company will carry out planned upgrades and modifications to prepare the rig for future operations.

The extended duration of the Shell contract has resulted in contract revenue of approximately USD 31 million, which will be recognized in the second quarter 2026, and with operating costs continuing to align with expectations.

NOL will report its 2026 half-year report including Q2 2026 on 28 August 2026.

The Company continues to actively market and bid the rig for relevant opportunities and is encouraged by current demand for harsh-environment drilling capacity. Based on current demand projections, the Company believes Deepsea Mira is well positioned to secure further work in second half of 2026.

For inquiries, please contact: Arne Jacobsen, Chief Executive Officer: +971 55 639 0860 Jonas Ytreland, Chief Financial Officer: +47 994 65 550