Reference is made to the stock exchange announcement made on 11 August 2026
where it was announced that the Norwegian Financial Supervisory Authority had
approved an offer document for Hemen Holding Limited's ("Hemen") mandatory offer
(the "Offer") for all the issued and outstanding shares in Northern Ocean Ltd.
("NOL") not already owned by Hemen at an offer price of NOK 7.50 per NOL share.
As of 4 September 2026, Hemen has received acceptances of 45,979,860 shares of
NOL in the Offer. Combined with acquisitions outside the Offer, including
repurchase of 15,000,000 NOL shares pursuant to the TRS agreement announced on
15 May 2025, Hemen holds 237,341,914 shares, representing approximately 78.3% of
the issued share capital and voting rights in NOL. Consequently, Hemen has
surpassed the 2/3 threshold set out in the Norwegian Securities Trading Act.
This notification is made pursuant to Section 4-2 of the STA.
o Section 4-2 of the STA.\