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2014-05-23

Golden Ocean Group: GOGL - First Quarter 2014 Results

Highlights

· Golden Ocean generates first quarter 2014 EBITDA* of $28.7 million
· Golden Ocean reports profit of $10.1 million for the first quarter
of 2014
· Golden Ocean announces dividends of $ 0.025 per share for the
first quarter of 2014
· Golden Ocean issued a $200 million Convertible Bond in January
2014
· The Company acquired three 2012-built Kamsarmax vessels in
February 2014
· The Company bought out the JV partner from the investment in
Golden Magnum in March 2014
· The Company bought the ice class Panamax vessel Golden Ruby in
April 2014

*EBITDA is equal to operating profit plus depreciations (including impairment
related to vessels) and amortisation.

First quarter 2014 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of
$10.1 million and earnings per share of $0.02 for the first quarter of 2014.
This compares with profit and earnings per share of $18.1 million and $0.04
respectively for the fourth quarter of 2013. Total operating revenues for the
first quarter were $74.2 million; total operating expenses were $65.1 million
and other gains/losses net were positive with $9.4 million. Net financial
items were negative with $8.3 million.

The profit for the period of $10.1 million is a decrease of $8.0 million
compared to last quarter. Net operating income is down by $3.5 million while
net financial items are down by $4.6 million. In total the earnings on the
vessels are down for the quarter. This is a result of a weaker spot market,
some profitable charter contracts on Capesize vessels that have expired and
off-hire for vessels being in dock. To some extent this is compensated by
higher earnings on our ice-class vessels, which achieve a premium during the
winter season. In addition a profit related to the transaction on Golden
Magnum contributes positively. The net financial items are more negative
compared to last quarter due to the interest allocated to the convertible
bond as well as negative mark-to-market development on the Company's interest
rate swaps.

Cash and cash equivalents increased by $155.4 million during the quarter. The
Company generated cash from operating activities of $9.2 million during the
quarter. Restricted cash increased with $10.5 million. The Company paid $10.2
million in installments and other predelivery cost. Financing activities
contributed positive with $166.6 million in the quarter. Proceeds from the
Convertible Bond was $200 million, repayment of debt, interest and financing
charges amounted to $17.1 million, while dividends declared both for third
and fourth quarter 2013 results were paid in the first quarter, in total
$16.2 million.

The full report is available in the link below.

May 23rd, 2014

The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41

Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Q1 2014 Results
http://hugin.info/135378/R/1788155/614219.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golden Ocean Group via Globenewswire

HUG#1788155

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