October 29, 2021 - Hamilton, Bermuda

Northern Ocean Ltd. ("NOL" or the "Company") With reference to the February 11,
2021 and August 8, 2021 announcements, the amended settlement agreement between
NOL and its subsidiaries and Seadrill Ltd and its subsidiaries ("Seadrill") has
now been approved by the bankruptcy court in Seadrill's Chapter 11 process in
the US.  Certain conditions for the settlement agreement to become effective
remain outstanding.

Once effective, the settlement will close all outstanding balances and claims
between the companies and provide for transition services to be supplied by
Seadrill for the NOL rigs. 

Further, Seadrill will immediately pay bareboat lease payments on the West
Bollsta accrued from August 10, 2021, and will continue to pay bareboat lease
payments on the West Bollsta on a regular basis going forward. 

Additional information about the Company can be found at: www.northernocean.no 


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Forward Looking Statements 

Matters discussed in this release may contain certain forward-looking statements
relating to the business, financial performance and results of the Company
and/or the industry in which it operates, sometimes identified by the words
"believes", "expects", "intends", "plans", "estimates" and similar expressions.
The forward-looking statements contained in this release, including assumptions,
opinions and views of the Company or cited from third-party sources, are solely
opinions and forecasts which are subject to risks, uncertainties and other
factors that may cause actual events to differ materially from any anticipated
development. The Company does not provide any assurance that that the
assumptions underlying such forward-looking statements are free from errors, nor
does the Company accept any responsibility for the future accuracy of the
opinions expressed in the presentation or the actual occurrence of the
forecasted developments. No obligations are assumed to update any
forward-looking statements or to conform to these forward-looking statements to
actual results.

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