Stock Award and Subsequent Outstanding Shares Update

The Board of Directors of Northern Offshore, Ltd.
(Oslo BØrs: NOF.OL) has approved an award of 150,000
restricted shares of Northern Offshore, Ltd. to Mr.
Paul Ravesies III, a primary insider. Of these
shares, 37, 500 vested upon Mr. Ravesies employment,
and the balance of 112,500 will vest in one-third
installments on each of the first three anniversaries
of his employment, assuming continuous employment
with the company during those periods. The company
has also awarded Mr. Ravesies options to purchase
50,000 shares of the company's common stock with par
value of USD 0.25 at an exercise price of NOK 12.80.
The options vest and become exercisable in one-third
installments on each of the first three anniversaries
of his employment, assuming continuous employment
with the company.

Additionally, other employees of the company were
recently issued 88,900 restricted shares of the
company. These shares will vest in equal one-third
installments on the first, second and third
anniversary of grant, assuming continuous employment
with the company during those periods.

The purpose of the awards is to align management
incentives with shareholder interests and promote
retention of key personnel.

Subsequently, the total number of outstanding shares
issued by the company currently stands at
156,580,020.