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Regulatory press release

NOL: Mandatory notification of insider transaction

Northern Ocean
The board of directors of Northern Ocean Ltd. has approved a bonus for Arne
Jacobsen (CEO), in the amount of USD 225,000 in the form of 331,728 shares in
the company valued at the closing price on 31 January 2025. The shares have a
lock up period of one year. Please see the attached PDMR-form for further
details of the transaction.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation article 19.
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