NODL: Arbitration appeal update

29 March 2024
Hamilton, Bermuda

Reference is made to Northern Drilling Limited’s (the “Company”) stock exchange announcements made on 19 October 2023 and 30 January 2024. The Company has now received the Court’s ruling regarding the Company’s application to the Technology and Construction Court for leave to appeal on points of law and to challenge on grounds of serious irregularity the Arbitration Tribunal’s awards in the arbitration proceedings between the Company’s wholly owned subsidiaries West Aquila Inc. and West Libra Inc. and Hanwha Ocean Co., Ltd.

Pursuant to the ruling of the Technology and Construction Court the Company’s applications for leave to appeal the Awards on points of law have been refused and the Company’s applications challenging the Awards on grounds of serious irregularity have been dismissed. The Company is considering the ruling.