Disclosure of trade

On 4 June 2010 after the close of the Oslo Stock

Exchange, MHR Fund Management LLC ("MHR") acquired a

total of 12,887,700 shares in Northern Offshore Ltd.

("NOF") at NOK 12.50 per share on behalf of funds

managed by MHR outside the Oslo Stock Exchange

market. MHR is not a primary insider but has

appointed a member to the Board of NOF and thus

subject to the special disclosure obligation under

Norwegian Securities Trading Act section 4-1 (1)

third sentence. Following the acquisition funds

managed by MHR on a consolidated basis held

40,339,133 shares in NOF equalling 25.6% of the total

outstanding shares of NOF.

MHR allocated the acquired shares to the fund MHR

Institutional Partners III LP, which after the

allocation holds 37,165,877 shares in NOF, equalling

23.6 % of the total outstanding shares of NOF, on an

individual basis.

The basis for the calculation of ownership percentage

is a total issued share capital of 157,669,130 shares

as per the announcement made by NOF on www.newsweb.no

on 31 March 2010.

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