Stock Award and Subsequent Outstanding Shares Update

1/30/2013 6:19 PM EST

The Board of Directors of Northern Offshore, Ltd. 
(Oslo Bors: NOF.OL) has approved a share incentive 
program for 2013 pursuant to the shareholder approved 
2008 Stock Incentive Plan.  The program allocates 
3,065,231 restricted shares of Northern Offshore, 
Ltd., at a price of USD1.83/share, to company 
employees.  Of these allocated restricted shares, 
1,675,149 were granted to primary insider employees.  
The purpose of the share incentive program is to 
align management incentives with shareholder 
interests and promote retention of key personnel.
  
The shares vest in one-third (1/3) increments at 
twelve (12), twenty-four (24) and thirty-six (36) 
months from date of grant.  

Subsequent to the above grants, withholdings for tax 
purposes, some forfeitures of restricted shares 
by resigning employees and a grant of 167,598 shares 
to the directors of the company also at 
USD1.83/share, the total number of outstanding shares 
issued by the company as of January 30, 2013, is 
163,639,317.

The senior employees considered primary insiders have 
received the following restricted shares in the above 
grant:
Gary Caswell	President and CEO	883,333
Paul Ravesies	Senior Vice President	395,908
Gary Bauer	Senior Vice President	395,908