Golden Ocean Group

Share Issue/Capital Change • Feb 18, 2021

Golden Ocean Group Limited: GOGL - Key information relating to repair issue to be carried out by Golden Ocean Group Limited

Golden Ocean Group Limited: GOGL - Key information relating to repair issue to be carried out by Golden Ocean Group Limited

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY

OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

18 February 2021, Hamilton, Bermuda

Reference is made to the stock exchange release by Golden Ocean Group Limited

(NASDAQ and OSE: GOGL) ("Golden Ocean" or the "Company") on 17 February 2021

regarding the successful completion of the private placement of new shares in

the Company (the "Private Placement") and a potential subsequent offering at the

same subscription price as in the Private Placement.

Date on which the terms and conditions of the repair issue were announced: 17

February 2021

Last day including right: 17 February 2021

Ex-date: 18 February 2021

Record date: 19 February 2021

Date of approval: on or about 26 March 2021

Maximum number of new shares: 2,710,377

Subscription price: NOK 53.00

Other information:

The Subsequent Offering is conditional on (i) completion of the Private

Placement, (ii) the Company's extraordinary general meeting to be held on or

about 26 March 2021 (the "EGM") resolving to increase the Company's authorized

share capital at the EGM and the Board resolving to issue the Subsequent

Offering Shares, and (iii) approval and publication of an offering prospectus

approved by the Financial Supervisory Authority of Norway, expected to take

place in April 2021. The Board may cancel the Subsequent Offering, depending on

the prevailing market conditions and considerations of the Company.

For further queries, please contact:

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

This information is published in accordance with the requirements of the

Continuing Obligations issued by the Oslo Stock Exchange.

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia). This release is an announcement issued pursuant to

legal information obligations, and is subject of the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued

for information purposes only, and does not constitute or form part of any offer

or solicitation to purchase or subscribe for securities, in the United States or

in any other jurisdiction. The securities mentioned herein have not been, and

will not be, registered under the United States Securities Act of 1933, as

amended (the "US Securities Act"). The securities may not be offered or sold in

the United States except pursuant to an exemption from the registration

requirements of the US Securities Act. The Company does not intend to register

any portion of the offering of the securities in the United States or to conduct

a public offering of the securities in the United States. Copies of this

announcement are not being made and may not be distributed or sent into

Australia, Canada, Japan or the United States. The issue, exercise, purchase or

sale of subscription rights and the subscription or purchase of shares in the

Company are subject to specific legal or regulatory restrictions in certain

jurisdictions. Neither the Company nor the Managers assumes any responsibility

in the event there is a violation by any person of such restrictions. The

distribution of this release may in certain jurisdictions be restricted by law.

Persons into whose possession this release comes should inform themselves about

and observe any such restrictions. Any failure to comply with these restrictions

may constitute a violation of the securities laws of any such jurisdiction. The

Managers are acting for the Company and no one else in connection with the

Private Placement and will not be responsible to anyone other than the Company

providing the protections afforded to their respective clients or for providing

advice in relation to the Private Placement and/or any other matter referred to

in this release.

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.