NOL: Contract extension for Deepsea Mira

Northern Ocean Ltd.

12 November 2025 - Hamilton, Bermuda

With reference to the stock exchange notice dated 8 July 2025, Northern Ocean
Ltd. ("NOL") is pleased to announce that the contract for Deepsea Mira with
Rhino Resources has been amended to incorporate an additional firm well test. As
a result, the firm term of the contract has been extended by a total of 28 days.
This additional well test will take place prior to the existing 3 optional
wells.

This extension will increase NOL's firm backlog to approximately USD 394
million.

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

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