Golden Ocean Group

Regulatory Filings • Oct 11, 2021

GOGL - Sale of two Panamax vessels and agreement to construct four Kamsarmax vessels

GOGL - Sale of two Panamax vessels and agreement to construct four Kamsarmax vessels

Golden Ocean Group Limited (Nasdaq and OSE: GOGL) ("Golden Ocean" or the

"Company"), one of the world's largest listed dry bulk shipowners, today

announces the sale of two older Panamax vessels, Golden Opportunity and Golden

Endurer, and an agreement to construct four Kamsarmax vessels.

The aggregate sale price of the vessels is $37.2 million, and the Company

expects to record gain from sale of approximately $4.9 million in Q3 2021 and

$5.0 million in Q4 2021 and receive net cash proceed of approximately $22.2

million in Q4. The net cash proceeds will fund close to half of the estimated

required equity for the Kamsarmax vessels. The balance will be funded through

cash on hand and long-term debt financing to be secured closer to delivery.

The four Kamsarmax vessels are 85,000 dwt ECO-type and are being constructed at

the leading Chinese shipyard where the Company currently has three vessels under

construction with the same design, giving added benefits in terms of building

supervision and subsequently operating efficiency for sister vessels. The

vessels will be delivered to the Company in the third and fourth quarter of

Ulrik Andersen, CEO of Golden Ocean Management AS commented:

"Golden Ocean is committed to maintaining one of the largest and most modern

fleet in the industry through our fleet renewal and expansion program and

positioning the Company to generate significant cash flows in what we believe is

a fundamentally strong dry bulk market outlook. These transactions not only

expand our fleet size, but they also continue to improve the fuel efficiency of

the fleet, ensuring best-in-class performance at a reduced carbon footprint.

Importantly, the newbuild vessels are dual-fuel ready, which provides the

Company with the flexibility to evaluate alternatives as the visibility of

future emissions-related regulations and technology improves.

Golden Ocean will be offsetting a portion of the cost to construct the new

vessels with the net proceeds of the sale of two older less efficient vessels

done at attractive prices. The Company will continue to assess opportunities to

divest older tonnage at currently attractive levels. Golden Ocean will thereby

be able to continue to improve its fleet composition without impacting its

dividend capacity."

October 11, 2021

The Board of Directors

Golden Ocean Group Ltd.

Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, 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.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.