NODL: Conclusion of independent statement related to the voluntary offer by Hemen Holding Limited for the shares in Northern Drilling Ltd.

29 December 2023 – Reference is made to the stock exchange announcement made on
7 December 2023 where it was announced that Oslo Børs had approved an offer
document for Hemen Holding Ltd.’s (“Hemen”) mandatory offer for all of the
issued and outstanding shares in (the “Shares”) in Northern Drilling Ltd.

Oslo Børs, in its capacity as take-over supervisory authority, has decided that
the statement on the offer pursuant to section 6-16 of the Norwegian 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 “the Offer Price of NOK 0.125 per share is in line with a Fair 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  can be found on the following link:

Fairness opinion

For further information, please contact:

Scott McReaken, CEO
Phone: +1 832 509 7191