Northern Ocean plans private placement of new shares at NOK 6.50 each to raise about USD 71.5 million

• Northern Ocean launched a private placement to raise about USD 71.5 million at a fixed price of NOK 6.50 per share.
• Deal is part of a broader refinancing that lifts Sterna financing commitments to USD 150 million from USD 125 million.
• Private placement is expected to issue about 104,000,000 new shares, equal to about 34% of the 303,215,392 shares outstanding.
• Hemen pre-committed about USD 60 million; Sterna pre-committed about USD 11.5 million via set-off against accrued PIK interest.
• Application window runs Oct. 5, 2026 to Oct. 6, 2026; allocation notifications expected around Oct. 7, 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Northern Ocean Ltd. published the original content used to generate this news brief on October 02, 2026, and is solely responsible for the information contained therein.