29 December 2023 - Reference is made to the stock exchange announcement made on7 December 2023 where it was announced that Oslo Børs had approved an offer document forHemen Holding Ltd.'s ("Hemen") mandatory offer for all of the issued and outstanding shares in (the "Shares") inNorthern Drilling Ltd. ("NODL"). Oslo Børs, in its capacity as take-over supervisory authority, has decided that the statement on the offer pursuant to section 6-16 of theNorwegian Securities Trading Act shall be issued by an independent expert and not by the Board of Directors of NODL, and that such statement can be issued by KWC AS ("KWC") on behalf of the Company. KWC has issued their statement on the Offer and has in the statement concluded that the "theOffer Price ofNOK 0.125 per share is in line with aFair Market Value for 100% of NODL.". However, this Statement is not intended to be and shall not constitute or be construed as a recommendation to individual shareholders of NODL, as to whether to accept the offer from Hemen or not, and each shareholder remains solely responsible for their own decisions based on their own circumstances. NODL recommends that shareholders study the offer document and draw their own conclusions. Furthermore, NODL recommends that shareholders seek advice from professional advisers with respect to tax and other consequences of accepting or not accepting the offer. The full statement from KWC is attached to this announcement. For further information, please contact:Scott McReaken , CEO Phone: +1 832 509 7191 Email: scott.mcreaken@northerndrillingltd.com
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