Northern Drilling Ltd. (the "Company") advises that a Special General Meeting of
the Shareholders of the Company was held on 7 November 2023 at 09:00 hrs at 14
Par-la-Ville Road, Hamilton, HM08, Bermuda (the "Meeting").
Reference is made to the press release by the Company on 23 October 2023
regarding the Meeting and associated information, proposing the reorganization
of the Company's share capital (the "Proposal").
The Company hereby announces that the Shareholders of the Company approved the
Proposal at the Meeting. Consequently, the share capital has been reduced from
US$1.00 to US$0.01.
Reference is made to the Company's press release dated 25 October 2023, which
announced the successful conditional placement of 313,600,000 new shares at a
subscription price of NOK 0.125 per share (the "Private Placement").
Furthermore, on 1 November 2023, the Company commenced the subscription period
for a subsequent offering of up to 32,000,000 new shares (the "Subsequent
Offering"). The completion of both the Private Placement and the Subsequent
Offering was contingent upon the approval of a share capital reduction by the
Company's Special General Meeting. Following the resolution to reduce the share
capital, both the Private Placement and the Subsequent Offering are now
unconditional.
November 7, 2023
The Board of Directors
Northern Drilling Ltd.
Hamilton, Bermuda