THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN CANADA, JAPAN, HONG KONG, SOUTH AFRICA, AUSTRALIA, NEW ZEALAND,
THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL. 

Reference is made to the stock exchange announcement by Northern Drilling Ltd
("Northern Drilling" or the "Company") on 7 December 2023 regarding the
mandatory offer by Hemen Holding Ltd. ("Hemen" or the "Offeror") to acquire all
outstanding shares in Northern Drilling at an offer price per share of NOK 0.125
(the "Offer"). The acceptance period for the Offer expired on 5 January 2024 at
16:30 (CET). 

Upon expiry of the acceptance period for the Offer, the Offeror had received
valid acceptances for in total 361,940 Northern Drilling shares, equal to
approximately 0.10 % of the outstanding shares and votes in the Company.

Following completion of the Offer and subject to due settlement of the shares
for which acceptances are received, the Offeror will own 314,333,380 shares in
Northern Drilling, equal to approximately 89.46 % of the outstanding shares and
votes in the Company.

In accordance with the terms of the Offer, settlement will be made promptly and
no later than within 14 days after expiry of the acceptance period. The latest
date on which settlement of the Offer will be made is accordingly on 19 January
2024.

As previously announced, Hemen will pursue a delisting of Northern Drilling's
shares from Oslo Børs following the completion of the Offer. In this connection,
Northern Drilling has called for a special general meeting to consider a
delisting of its shares from Oslo Børs, scheduled to be held on 9 January 2024.
A separate stock exchange announcement will be published regarding the outcome
of the special general meeting.

For further information, please contact:

Scott McReaken, CEO
Phone: +1 832 509 7191
Email: scott.mcreaken@northerndrilling.com

Important notice

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. 

It may be unlawful to distribute this announcement in certain jurisdictions.
This announcement is not for distribution in Australia, Canada, the Hong Kong
special administrative region of the People's Republic of China, Japan, South
Africa, the United States or to any other jurisdiction where such distribution
would be unlawful. The information in this announcement does not constitute an
offer of securities for sale in such jurisdictions. Persons into whose
possession this release comes should inform themselves about and observe any
such restrictions. Any failure to comply with these restrictions may constitute
a violation of the securities laws of any such jurisdiction. This announcement
does not constitute an offer for sale of, or a solicitation of an offer to
purchase or subscribe for, any securities in the United States. 

Neither Hemen, Northern Drilling nor any of their advisors and/or any of their
affiliates or any of their respective directors, officers, employees, advisers,
agents or any other person(s) accept any responsibility or liability whatsoever
for, or make any representation or warranty, express or implied, as to the
accuracy, completeness or fairness of the information or opinions in this
announcement (or whether any information has been omitted from this
announcement) or any other information relating the Offer, Hemen or Northern
Drilling.
 
Offer Restrictions 

The distribution of the Offer Document and the making of the Offer may in
certain jurisdictions ("Restricted Jurisdictions") be restricted by law.
Therefore, persons obtaining the Offer Document or into whose possession the
Offer Document otherwise comes, are required to, and should inform themselves of
and observe, all such restrictions. Hemen and SpareBank 1 Markets AS do not
accept or assume any responsibility or liability for any violation by any person
whomsoever of any such restriction. 

The Offer Document is not directed to persons whose participation in the Offer
requires that further offer documents are issued or that registration or other
measures are taken, other than those required under Norwegian law. No document
or materials relating to the Offer may be distributed in or into any
jurisdiction where such distribution or offering requires any of the
aforementioned measures to be taken or would be in conflict with any law or
regulation of such a jurisdiction. In the event of such distribution or offering
still being made, an Acceptance Form sent from such a country may be
disregarded. 

The Offer Document does not represent an offer to acquire or obtain securities
other than Northern Drilling shares. The Offer is not open to any Northern
Drilling shareholder in any jurisdiction in which it is unlawful for any person
to receive or accept the Offer. No action has been taken to permit the
distribution of the Offer in any jurisdiction where action would be required for
such purposes (except Norway). 

The Offer is not being made and will not be made, directly or indirectly, in or
into the Restricted Jurisdictions. The Offer Document, and any and all materials
related thereto, should not be sent or otherwise distributed in or into the
Restricted Jurisdictions, and the Offer cannot be accepted by any such use,
means or instrumentality, in or from within Restricted Jurisdictions.
Accordingly, copies of the Offer Document and any related materials are not
being, and must not be, sent or otherwise distributed in or into or from any
Restricted Jurisdiction or, in their capacities as such, to custodians, trustees
or nominees holding shares in Northern Drilling for persons in any Restricted
Jurisdictions, and persons receiving any such documents (including custodians,
nominees and trustees) must not distribute or send them in, into or from any
Restricted Jurisdiction. Any purported acceptance of the Offer resulting
directly or indirectly from a violation of these restrictions will be invalid.

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© Oslo Bors ASA, source Oslo Stock Exchange