Reference is made to the press release by Northern Drilling Ltd. (the "Company")
on 25 October 2023, which announced the successful conditional placement of
313,600,000 new shares at a subscription price of NOK 0.125 per share (the
"Private Placement"). Reference is further made to the press release by the
Company on 7 November 2023 which announced that a Special General Meeting of the
Company had resolved to reduce the par value of the Company's shares from
US$1.00 to US$0.01 and that the Private Placement, and the ongoing subsequent
offering, was unconditional as a result thereof.
Following this, the board of directors of the Company has resolved to issue the
313,600,000 new shares allocated in the Private Placement (the "Private
Placement Shares").
Listing of the Private Placement Shares will require a listing prospectus. The
Private Placement Shares will be registered under a separate ISIN pending
approval relevant prospectus authorities and publication by the Company of such
prospectus, and the Offer Shares will not be listed or tradeable on Oslo Børs
until the prospectus has been approved by the NFSA and been published by the
Company.