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2016-02-23

Golden Ocean Group Limited: GOGL - Golden Ocean Group Limited announces receipt of NASDAQ Notice

HAMILTON, Bermuda, February 23, 2016 (GLOBE NEWSWIRE) -- Golden Ocean Group
Limited ("Golden Ocean" or the "Company") announced today it has received
written notification from The Nasdaq Stock Market ("Nasdaq") dated February
18, 2016 indicating that because the closing bid price of the Company's
common stock for 30 consecutive business days, from January 5, 2016 to
February 17, 2016, was below the minimum $1.00 per share bid price
requirement for continued listing on the Nasdaq Capital Market, the Company
is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq
Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance
is 180 days, or until August 16, 2016.

The Company intends to monitor the closing bid price of its common stock
between now and August 16, 2016 and is considering its options, including a
reverse stock split, in order to regain compliance with the Nasdaq Capital
Market minimum bid price requirement. The Company can cure this deficiency if
the closing bid price of its common stock is $1.00 per share or higher for at
least ten consecutive business days during the grace period. In the event the
Company does not regain compliance within the 180-day grace period and it
meets all other listing standards and requirements, the Company may be
eligible for additional 180-day grace period.

The Company intends to cure the deficiency within the prescribed grace period.
During this time, the Company's common stock will continue to be listed and
trade on the Nasdaq Capital Market.

The Company's business operations are not affected by the receipt of the
notification.

February 23, 2016
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Contact Persons:
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

Forward-Looking Statements

Matters discussed in this report may constitute forward-looking statements.
The Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements, which include statements
concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements, which are other
than statements of historical facts.

Golden Ocean Group Limited and its subsidiaries, or the Company, desires to
take advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. This report and any other
written or oral statements made by us or on our behalf may include
forward-looking statements, which reflect our current views with respect to
future events and financial performance. The words "believe," "anticipate,"
"intend," "estimate," "forecast," "project," "plan," "potential," "will,"
"may," "should," "expect" and similar expressions identify forward-looking
statements.
The forward-looking statements in this report are based upon various
assumptions, including, without limitation, management's examination of
historical operating trends, data contained in our records and data available
from third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we will
achieve or accomplish these expectations, beliefs or projections. We
undertake no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
In addition to these important factors and matters discussed elsewhere herein
and in the documents incorporated by reference herein, important factors
that, in our view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies, fluctuations in currencies and interest rates, general market
conditions, including fluctuations in charter hire rates and vessel values,
changes in demand in the dry bulk market, changes in the Company's operating
expenses, including bunker prices, drydocking and insurance costs, the market
for the Company's vessels, availability of financing and refinancing, changes
in governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents, political events or acts by terrorists, and
other important factors described from time to time in the reports filed by
the Company with the Securities and Exchange Commission, or the Commission.

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

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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 Limited via Globenewswire

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