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2016-11-22

Golden Ocean Group Limited: GOGL - Third Quarter 2016 Results

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the "Company" or
"Golden Ocean"), a leading dry bulk shipping company, today announced its
preliminary results for the quarter ended September 30, 2016.

Highlights

· Reports a net loss of $26.7 million and a loss per share of $0.25
for the third quarter of 2016, an improvement of $12.5 million compared with
a net loss of $39.2 million and a loss per share of $0.37 for the second
quarter of 2016.
· Took delivery of one Ultramax newbuilding, the Golden Leo, and paid
a final installment of $15.7 million on delivery.
· Acquired the Golden Lyderhorn following the vessel owner's exercise
of its option to sell the vessel to the Company, and subsequently sold the
vessel to an unrelated third party.
· Completed a 1-for-5 reverse share split in August 2016.
· Took delivery of the Capesize newbuilding Front Mediterranean
subsequent to the end of the third quarter and immediately sold and delivered
the vessel to its new owner, resulting in net cash flow of $12.7 million in
the fourth quarter.

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management
AS commented:

"Following significant steps the Company took to strengthen its balance sheet
and delay vessel deliveries earlier this year, we are pleased to see that the
dry bulk market has strengthened lately. Revenues in the third quarter
improved due to better market conditions and utilization of our ice class
vessels in specialized trade during the quarter. We expect increased rates
for our Capesize vessels will positively impact our fourth quarter results.
While the dry bulk market has not yet stabilized and may experience weakness
over the next several quarters, we believe we are well positioned for an
eventual market recovery due to our large fleet of modern vessels with an
average age of approximately four years, our very attractive breakeven levels
and our strong cash position."

The full report is available in the link below.

The Board of Directors
Hamilton, Bermuda
November 22, 2016

Questions should be directed to:

Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53

Per Heiberg: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45

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. Words such as "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential," "may,"
"should," "expect," "pending" and similar expressions identify
forward-looking statements. The forward-looking statements in this report are
based upon various assumptions. 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. The
information set forth herein speaks only as of the date hereof, and we
disclaim any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this communication.

In addition to these important factors and matters discussed elsewhere 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 our
operating expenses, including bunker prices, drydocking and insurance costs,
the market for our 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.

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

3rd Quarter 2016 Results
http://hugin.info/132879/R/2058455/771462.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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