Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Sven Larsen was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • Feb 05
Northern Ocean Ltd., Annual General Meeting, May 12, 2026 Northern Ocean Ltd., Annual General Meeting, May 12, 2026. Duyuru • Jan 22
Northern Ocean Ltd., Annual General Meeting, May 08, 2025 Northern Ocean Ltd., Annual General Meeting, May 08, 2025. Breakeven Date Change • Nov 14
Forecast breakeven date pushed back to 2026 The 2 analysts covering Northern Ocean previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$32.2m in 2026. Average annual earnings growth of 119% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 25
Forecast breakeven date pushed back to 2026 The 2 analysts covering Northern Ocean previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$40.6m in 2026. Average annual earnings growth of 122% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 17
Forecast breakeven date pushed back to 2026 The 2 analysts covering Northern Ocean previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$34.7m in 2026. Average annual earnings growth of 118% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 29
Forecast breakeven date pushed back to 2026 The 2 analysts covering Northern Ocean previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$41.2m in 2026. Average annual earnings growth of 122% is required to achieve expected profit on schedule. Duyuru • Sep 12
Northern Ocean Ltd. Appoints Eirik Sunde as Chief Commercial Officer, Effective as of 1 December 2024 Northern Ocean Ltd. has appointed Eirik Sunde as the new Chief Commercial Officer, effective as of 1 December 2024. Eirik Sunde joins NOL from Transocean, where he has served as Senior Marketing Manager, overseeing commercial processes for the Norwegian sector. Eirik holds a Masters degree in economics from the University of Edinburgh. Reported Earnings • Aug 29
Second quarter 2024 earnings released: US$0.03 loss per share (vs US$0.099 loss in 2Q 2023) Second quarter 2024 results: US$0.03 loss per share (improved from US$0.099 loss in 2Q 2023). Revenue: US$73.3m (up 109% from 2Q 2023). Net loss: US$6.31m (loss narrowed 65% from 2Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Aug 21
Northern Ocean Ltd. Appoints Arne Jacobsen as New CEO, Effective 20 August 2024 The Board of Directors of Northern Ocean Ltd. has appointed Arne Jacobsen as the new Chief Executive Officer of NOL effective as of 20 August 2024. Arne Jacobsen was previously the Chief Executive Officer (CEO) of Orion, a joint venture between Hayfin Capital and Transocean, and has experience as a senior investment advisor for the oil and gas investment portfolio of Hayfin Capital. Beyond his background as an investment professional, Arne Jacobsen holds extensive commercial and operational experience from the oil and gas industry. Before joining Hayfin Capital, Jacobsen held leading positions in Songa Offshore and Ocean Rig, where he was positioned both in Brazil, South Korea and Norway. Duyuru • Aug 09
Hemen Holding Limited completed the acquisition of 6.62% stake in Northern Ocean Ltd. (OB:NOL) for NOK 140 million. Hemen Holding Limited launched a mandatory offer to acquire remaining 52.39% stake in Northern Ocean Ltd. (OB:NOL) for NOK 1.11 billion on July 10, 2024. Offer price is NOK 7 per share in Northern. As of the date hereof, Hemen holds 144,373,315 shares in Northern Ocean, representing 47.61% of the shares and votes in Northern Ocean. Offer period starts from 11 July 2024 to 8 August 2024. The Offer Price corresponds to the subscription price in the private placement announced on 19 June 2024 (the "Private Placement"), which also corresponds to the subscription price in the contemplated subsequent offering, which was also announced in connection with the Private Placement. The employees have not made any separate statement regarding the Offer. Based on a holistic and therefore judgmental evaluation of all the matters set out above, we have concluded that the terms of the Offer from a financial point of view does not represent a full and fair arm’s length price for all the outstanding shares of NOL.
Pareto Securities AS acted as a Receiving agent to Northern Ocean. KWC AS as an independent third party to provide a fairness opinion and independent assessment of the Offer (“Independent Statement”) on behalf of the Northern Ocean.
Hemen Holding Limited completed the acquisition of 6.62% stake in Northern Ocean Ltd. (OB:NOL) for NOK 140 million on August 8, 2024. At the expiry of the Offer Period, Hemen had received acceptances of the Offer amounting to 20,116,579 Shares, which taken together with the 144,373,315 Shares held by Hemen at commencement of the Offer Period equals 164,489,894 Shares, representing approximately 54.2% of the issued share capital and voting rights in NOL. The calculation of the number of shares tendered in the Offer is preliminary and may be subject to change until the shares tendered in the Offer have been collected from the VPS accounts of the NOL shareholders who have accepted the Offer following the standard T+2 settlement cycle, and such shares have been transferred to a settlement account of Pareto Securities AS (the \"Receiving Agent\"). The final result of the Offer will be announced once confirmed by the Receiving Agent, expected before the Oslo Stock Exchange opens on 14 August 2024. Cash settlement for the Offer will be made pursuant to the terms of the offer document and will take place no later than 22 August 2024, being 14 calendar days after expiry of the Offer Period. For further information on the Offer, refer to the offer document which is available at www.paretosec.com/transactions, subject to regulatory restrictions in certain jurisdictions. New Risk • Jun 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 50% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Duyuru • Jun 20
Northern Ocean Ltd. announced that it has received NOK 633.767995 million in funding Northern Ocean Ltd. announced a private placement of 90,538,285 new shares at a price of NOK 7 per share for the gross proceeds of NOK 633,767,995 on June 19, 2024. Reported Earnings • May 30
First quarter 2024 earnings released: US$0.05 loss per share (vs US$0.092 loss in 1Q 2023) First quarter 2024 results: US$0.05 loss per share (improved from US$0.092 loss in 1Q 2023). Revenue: US$85.4m (up 175% from 1Q 2023). Net loss: US$9.64m (loss narrowed 43% from 1Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 29
Full year 2023 earnings released: US$0.39 loss per share (vs US$0.80 loss in FY 2022) Full year 2023 results: US$0.39 loss per share (improved from US$0.80 loss in FY 2022). Revenue: US$236.9m (up US$215.3m from FY 2022). Net loss: US$70.9m (loss narrowed 24% from FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Breakeven Date Change • Dec 24
Forecast breakeven date pushed back to 2025 The 2 analysts covering Northern Ocean previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 62% per year to 2024. The company is expected to make a profit of US$33.2m in 2025. Average annual earnings growth of 87% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 21
Forecast breakeven date pushed back to 2025 The 2 analysts covering Northern Ocean previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 70% per year to 2024. The company is expected to make a profit of US$65.3m in 2025. Average annual earnings growth of 116% is required to achieve expected profit on schedule. Reported Earnings • Nov 30
Third quarter 2023 earnings released: US$0.097 loss per share (vs US$0.24 loss in 3Q 2022) Third quarter 2023 results: US$0.097 loss per share (improved from US$0.24 loss in 3Q 2022). Revenue: US$74.2m (up US$73.9m from 3Q 2022). Net loss: US$17.7m (loss narrowed 36% from 3Q 2022). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • Nov 29 The 2 analysts covering Northern Ocean previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 57% to 2023. The company is expected to make a profit of US$52.3m in 2024. Average annual earnings growth of 1.0% is required to achieve expected profit on schedule.
Board Change • Sep 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Sven Larsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Second quarter 2023 earnings released: US$0.099 loss per share (vs US$0.28 loss in 2Q 2022) Second quarter 2023 results: US$0.099 loss per share (improved from US$0.28 loss in 2Q 2022). Revenue: US$35.0m (up US$34.6m from 2Q 2022). Net loss: US$18.0m (loss narrowed 38% from 2Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Sven Larsen was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
First quarter 2023 earnings released: US$0.092 loss per share (vs US$0.14 loss in 1Q 2022) First quarter 2023 results: US$0.092 loss per share. Revenue: US$31.0m (up 207% from 1Q 2022). Net loss: US$16.8m (loss widened 18% from 1Q 2022). Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Energy Services industry in Europe. Breakeven Date Change • May 10
Forecast breakeven date pushed back to 2024 The analyst covering Northern Ocean previously expected the company to break even in 2023. New forecast suggests losses will reduce by 70% to 2023. The company is expected to make a profit of US$23.0m in 2024. Average annual earnings growth of 98% is required to achieve expected profit on schedule. Board Change • May 10
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Breakeven Date Change • May 03
Forecast breakeven date pushed back to 2024 The analyst covering Northern Ocean previously expected the company to break even in 2023. New forecast suggests losses will reduce by 70% to 2023. The company is expected to make a profit of US$23.0m in 2024. Average annual earnings growth of 98% is required to achieve expected profit on schedule. Reported Earnings • Apr 30
Full year 2022 earnings released: US$0.80 loss per share (vs US$0.17 loss in FY 2021) Full year 2022 results: US$0.80 loss per share (further deteriorated from US$0.17 loss in FY 2021). Revenue: US$21.7m (down 63% from FY 2021). Net loss: US$92.9m (loss widened US$81.9m from FY 2021). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Energy Services industry in Europe. Recent Insider Transactions • Mar 16
Chief Financial Officer recently bought €169k worth of stock On the 13th of March, Jonas Ytreland bought around 150k shares on-market at roughly €1.12 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Jonas' only on-market trade for the last 12 months. Reported Earnings • Mar 01
Full year 2022 earnings released: US$0.80 loss per share (vs US$0.17 loss in FY 2021) Full year 2022 results: US$0.80 loss per share (further deteriorated from US$0.17 loss in FY 2021). Revenue: US$21.7m (down 63% from FY 2021). Net loss: US$92.9m (loss widened US$81.9m from FY 2021). Board Change • Jan 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Dec 01
Third quarter 2022 earnings released: US$0.24 loss per share (vs US$0.41 loss in 3Q 2021) Third quarter 2022 results: US$0.24 loss per share. Revenue: US$266.0k (down 92% from 3Q 2021). Net loss: US$27.4m (loss widened 4.9% from 3Q 2021). Revenue is forecast to grow 108% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Energy Services industry in Europe. Board Change • Nov 21
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 27
Second quarter 2022 earnings released: US$0.28 loss per share (vs US$0.39 loss in 2Q 2021) Second quarter 2022 results: US$0.28 loss per share. Revenue: US$417.0k (down 96% from 2Q 2021). Net loss: US$29.1m (loss widened 16% from 2Q 2021). Over the next year, revenue is forecast to grow 355%, compared to a 14% growth forecast for the Energy Services industry in Germany. Reported Earnings • May 28
First quarter 2022 earnings released: US$0.15 loss per share (vs US$0.18 loss in 1Q 2021) First quarter 2022 results: US$0.15 loss per share. Revenue: US$10.1m (down 60% from 1Q 2021). Net loss: US$14.2m (loss widened 25% from 1Q 2021). Over the next year, revenue is forecast to grow 201%, compared to a 18% growth forecast for the industry in Germany. Board Change • May 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • Mar 30
Northern Ocean Ltd. has completed a Follow-on Equity Offering in the amount of $35.6 million. Northern Ocean Ltd. has completed a Follow-on Equity Offering in the amount of $35.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,000,000
Price\Range: $4.45
Transaction Features: Regulation S; Rights Offering; Rule 144A; Subsequent Direct Listing Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.17 loss per share (up from US$0.57 loss in FY 2020). Revenue: US$67.8m (down 23% from FY 2020). Net loss: US$11.0m (loss narrowed 70% from FY 2020). Revenue missed analyst estimates by 37%. Over the next year, revenue is forecast to grow 56%, compared to a 20% growth forecast for the industry in Germany. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$0.41 loss per share (down from US$0.13 loss in 3Q 2020). Revenue: US$3.48m (down 83% from 3Q 2020). Net loss: US$26.1m (loss widened 222% from 3Q 2020). Revenue missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 57%, compared to a 17% growth forecast for the industry in Germany. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The analyst covering Northern Ocean expects the company to break even for the first time. New forecast suggests the company will make a profit of US$12.0m in 2023. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Reported Earnings • Aug 30
Second quarter 2021 earnings released: US$0.39 loss per share (vs US$0.09 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$11.5m (down 51% from 2Q 2020). Net loss: US$25.2m (loss widened 337% from 2Q 2020). Breakeven Date Change • Jun 10
Forecast breakeven pushed back to 2023 The analyst covering Northern Ocean previously expected the company to break even in 2021. New forecast suggests losses will reduce by 9.2% per year to 2022. The company is expected to make a profit of US$12.0m in 2023. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Reported Earnings • May 29
First quarter 2021 earnings released: US$0.18 loss per share (vs US$0.10 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: US$25.0m (up 110% from 1Q 2020). Net loss: US$11.3m (loss widened 71% from 1Q 2020). Breakeven Date Change • May 20
Forecast breakeven pushed back to 2023 The analyst covering Northern Ocean previously expected the company to break even in 2021. New forecast suggests losses will reduce by 9.2% per year to 2022. The company is expected to make a profit of US$12.0m in 2023. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Reported Earnings • May 03
Full year 2020 earnings released: US$0.57 loss per share (vs US$1.74 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$87.5m (up US$75.5m from FY 2019). Net loss: US$36.5m (loss widened 343% from FY 2019). Reported Earnings • Feb 28
Full year 2020 earnings released: US$0.57 loss per share (vs US$1.74 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$94.6m (up US$82.7m from FY 2019). Net loss: US$36.5m (loss widened 343% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 28
Revenue misses expectations Revenue missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 131%, compared to a 1.3% growth forecast for the Energy Services industry in Germany. Is New 90 Day High Low • Feb 16
New 90-day high: €1.34 The company is up 143% from its price of €0.55 on 18 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: €1.09 The company is up 105% from its price of €0.53 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.16 per share. Duyuru • Nov 04
Northern Ocean Ltd. Announces Resignation of João Saraiva E Silva as Director Northern Ocean Ltd. announced that João Saraiva E Silva has resigned as a Director of the Company. Mr. Saraiva E Silva has served as a Director since December 2019. The Company has commenced a process to identify candidates to fill the vacancy on the board. Is New 90 Day High Low • Oct 24
New 90-day low: €0.48 The company is down 7.0% from its price of €0.52 on 24 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.28 per share. Duyuru • Oct 08
Northern Ocean Ltd. Announces the Harsh Environment Semi-Submersible Drilling Rig West Bollsta Commences Its Operations for Lundin Energy Norway as in the Barents Sea Northern Ocean Ltd. announced on October 6, 2020 the harsh environment semi-submersible drilling rig West Bollsta commenced its operations for Lundin Energy Norway AS in the Barents Sea. The West Bollsta’s initial contract is for work in the Norwegian continental shelf under a 10 well contract with 4 additional option wells available to Lundin. As previously disclosed, the estimated backlog value for the firm period is approximately USD 200 million, excluding any performance bonus and additional services. Seadrill continues to manage and operate the rig from delivery through the contract term. The West Bollsta delivered in June 2019, represents a new generation, high specification harsh environment semi-submersible drilling rig focusing on a broader specter of capabilities, a larger operating area, a high load carrying capacity, improved safety and working environment as well as a special environmental focus. 
