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.

AI Terminal