NOL: Sale of Deepsea Bollsta

17 November 2025 – Hamilton, Bermuda

Northern Ocean Ltd. (“NOL”) announces that its subsidiary has entered into an agreement to sell the Deepsea Bollsta (the “Rig”) to a Odfjell Drilling Ltd subsidiary for a cash settlement of USD 480 million, effective 15 December 2025.

The proposed transaction is subject to regulatory approval in Norway. The parties expect to conclude the transaction as soon as practicable after obtaining the required approvals.

The Rig is a Moss Maritime CS60 design harsh environment semisubmersible and is among the most capable semisubmersibles in the world, currently working on a long-term contract with Equinor on the Norwegian Continental Shelf.

Successful completion of the transaction will allow NOL to refinance its balance sheet and materially improve capital efficiency, thereby enabling the company to commence the return of capital to shareholders.

Arne Jacobsen, CEO of NOL, says in a comment: “This transaction marks a significant strategic milestone for Northern Ocean, unlocking substantial value from our high-quality assets. The sale enhances our financial flexibility, optimizes our capital structure, and positions us strongly to begin returning capital to our shareholders, underscoring our commitment to delivering sustained shareholder value.”

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

This information is considered to be inside information pursuant to the EU Market Abuse Regulation. This stock exchange announcement was published by Nan Teksum, Group Controller of NOL on the date and time provided.