Golden Ocean Group

Earnings Release • May 19, 2022

GOGL - First Quarter 2022 Results

GOGL - First Quarter 2022 Results

Golden Ocean Group Limited (NASDAQ: GOGL / OSE: GOGL) (the "Company" or "Golden

Ocean"), the world's leading owner of large size dry bulk vessels, today

announced its unaudited results for the quarter ended March 31, 2022.

Highlights

* Net income of $125.3 million and earnings per share of $0.63 (basic) for the

first quarter of 2022 compared with net income of $203.8 million and

earnings per share (basic) of $1.02 for the fourth quarter of 2021.

* Adjusted EBITDA of $149.4 million for the first quarter of 2022, compared

with $243.5 million for the fourth quarter of 2021.

* Reported TCE rates for Capesize and Panamax/Ultramax vessels of $24,778 per

day and $23,693 per day, respectively, and $24,330 per day for the whole

fleet in the first quarter of 2022.

* Estimated TCE rates inclusive of charter coverage calculated on a load-to-

discharge basis, are approximately:

* $28,300 per day for 78% of Capesize available days and $27,500 per day

for 77% of Panamax available days for the second quarter of 2022; and

* $38,200 per day for 15% of Capesize days and $34,900 per day for 33% of

Panamax days for the third quarter of 2022.

* Signed loan agreement for a $275 million facility refinancing 14 Capesize

vessels. The new facility will improve cash break even rates for these

vessels by approximately $1,500 per day.

* Announced a cash dividend of $0.50 per share for the first quarter of 2022,

payable on or about June 8, 2022 to shareholders of record on June 1, 2022.

Shareholders holding the Company's shares through Euronext VPS may receive

this cash dividend later, on or about June 10, 2022.

Ulrik Andersen, Chief Executive Officer, commented:

"Golden Ocean delivered another strong quarter on the back of a firm Panamax

market and a high degree of contract coverage for our Capesize fleet secured at

attractive levels last year.

With the anticipated strengthening of the freight market in the second half of

the year, we expect to generate significant cash flows. Given our strong balance

sheet and low debt, our capital allocation strategy will continue to focus on

returning capital to our shareholders.

Although the global recovery from the COVID-19 pandemic faces numerous new

challenges, we maintain an optimistic outlook due to healthy forecasted demand

growth and an extremely favorable fleet supply dynamic. Fleet growth is slowing

significantly, and new environmental regulations will both reduce effective

fleet supply and create a further competitive advantage for Golden Ocean due to

our fleet's scale, modernity and fuel efficiency."

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

May 19, 2022

Questions should be directed to:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53

Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS

+47 22 01 73 45

The full report is available in the link below.

Forward Looking Statements

Matters discussed in this earnings report may constitute forward-looking

statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA,

provides safe harbor protections for forward-looking statements in order to

encourage companies to provide prospective information about their business.

Forward-looking statements 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.

The Company is taking advantage of the safe harbor provisions of the PSLRA and

is including this cautionary statement in connection therewith. This document

and any other written or oral statements made by the Company or on its behalf

may include forward-looking statements, which reflect the Company's current

views with respect to future events and financial performance. This earnings

report includes assumptions, expectations, projections, intentions and beliefs

about future events. These statements are intended as "forward-looking

statements." The Company cautions that assumptions, expectations, projections,

intentions and beliefs about future events may and often do vary from actual

results and the differences can be material. When used in this document, the

words "believe," "expect," "anticipate," "estimate," "intend," "plan,"

"targets," "projects," "likely," "will," "would," "could" and similar

expressions or phrases may identify forward-looking statements.

The forward-looking statements in this report are based upon various

assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, management's examination of historical operating

trends, data contained in the Company's records and other data available from

third parties. Although the Company believes 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 the Company's control, the Company cannot assure you that

it will achieve or accomplish these expectations, beliefs or projections. As a

result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein,

important factors that, in the Company's view, could cause actual results to

differ materially from those discussed in the forward-looking statements,

include among other things: the Company's future operating or financial results;

the Company's continued borrowing availability under its debt agreements and

compliance with the covenants contained therein; the Company's ability to

procure or have access to financing, the Company's liquidity and the adequacy of

cash flows for the Company's operations; the Company's ability to successfully

employ its existing and newbuilding dry bulk vessels and replace its operating

leases on favorable terms, or at all; changes in the Company's operating

expenses and voyage costs, including bunker prices, fuel prices (including

increases costs for low sulfur fuel), dry docking, crewing and insurance costs;

the Company's ability to fund future capital expenditures and investments in the

construction, acquisition and refurbishment of the Company's vessels (including

the amount and nature thereof and the timing of completion thereof, the delivery

and commencement of operations dates, expected downtime and lost revenue);

planned, pending or recent acquisitions, business strategy and expected capital

spending or operating expenses, including drydocking, surveys, upgrades and

insurance costs; risks associated with vessel construction; the Company's

expectations regarding the availability of vessel acquisitions and its ability

to complete acquisition transactions planned; vessel breakdowns and instances of

off-hire; potential differences in interest by or among certain members of the

Company's board of directors, or the Board, executive officers, senior

management and shareholders; potential liability from pending or future

litigation; potential exposure or loss from investment in derivative

instruments; general dry bulk shipping market trends, including fluctuations in

charter hire rates and vessel values; changes in supply and demand in the dry

bulk shipping industry, including the market for the Company's vessels and the

number of newbuildings under construction; the strength of world economies;

stability of Europe and the Euro; fluctuations in interest rates and foreign

exchange rates; changes in seaborne and other transportation; changes in

governmental rules and regulations or actions taken by regulatory authorities;

general domestic and international political conditions; potential disruption of

shipping routes due to accidents, climate-related (acute and chronic), political

instability, terrorist attacks, piracy or international hostilities, including

the ongoing aggression between Russia and Ukraine; he length and severity of

epidemics and pandemics, including COVID-19 and its impact on the demand for

seaborne transportation in the dry bulk sector; the impact of increasing

scrutiny and changing expectations from investors, lenders, charterers and other

market participants with respect to our Environmental, Social and Governance

practices; new environmental regulations and restrictions, whether at a global

level stipulated by the International Maritime Organization, and/or

regional/national imposed by regional authorities such as the European Union or

individual countries; and other important factors described from time to time in

the reports filed by the Company with the U.S. Securities and Exchange

Commission, including the Company's most recently filed Annual Report on Form

20-F for the year ended December 31, 2021.

The Company cautions readers of this report not to place undue reliance on these

forward-looking statements, which speak only as of their dates. Except to the

extent required by applicable law or regulation, the Company undertakes no

obligation to release publicly any revisions to these forward-looking statements

to reflect events or circumstances after the date of this report or to reflect

the occurrence of unanticipated events. These forward-looking statements are not

guarantees of the Company's future performance, and actual results and future

developments may vary materially from those projected in the forward-looking

statements.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.