Hemen Holding Limited ("Hemen”) has on 15 May 2025 sold 15,000,000 shares in Northern Ocean Ltd. ("NOL"), representing approx. 4.94% of NOL's issued shares and votes, and has also entered into a total return swap agreement ("TRS") with financial exposure to 15,000,000 NOL shares with maturity on 5 September 2025.
Following completion of the share sale, Hemen will hold 149,548,905 shares in NOL (equal to approx. 49.32% of NOL's issued shares and votes), thereby falling below the 50% threshold of voting rights set out in the Norwegian Securities Trading Act (the "STA"). Pursuant to the TRS, Hemen has acquired financial exposure to a further additional 15,000,000, approx. 4.94% of the shares in NOL.
This notification is made pursuant to Section 4-3 of the STA.