Golden Ocean Group

Earnings Release • Feb 18, 2020

GOGL - Fourth Quarter 2019 Results

GOGL - Fourth Quarter 2019 Results

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

Ocean"), a leading dry bulk shipping company, today announced its results for

the quarter ended December 31, 2019.

Highlights

· Net income of $41.0 million and earnings per share of $0.29 for the

fourth quarter of 2019 compared with net income of $36.7 million and earnings

per share of $0.26 for the third quarter of 2019.

· Net income of $37.2 million and earnings per share of $0.26 for the full

year 2019, compared with net income of $84.5 million and earnings per share of

$0.59 for the full year 2018.

· Adjusted EBITDA of $73.9 million for the fourth quarter of 2019,

compared with $81.1 million for the third quarter of 2019.

· Completed refinancing of the $284.0 million loan facility financing 15

vessels on attractive terms.

· Completed charter amendments for seven Capesize vessels leased from SFL

Corporation Ltd. ("SFL") whereby SFL will fund the scrubber investments

previously announced by the Company in exchange for increased charter rates.

· Announced a cash dividend of $0.05 per share for the fourth quarter of

Ola Lorentzon, Chairman of the Board of Golden Ocean and interim Chief Executive

Officer, commented:

"Golden Ocean's solid performance continued in the fourth quarter despite a

weakening rate environment. While the Company's earnings potential has been

demonstrated over the course of last year, the market is currently presenting a

challenging scenario that will impact our results in the near term. As the

current market dynamic continues to unfold, our focus remains on maintaining

efficient operations and a strong balance sheet and liquidity position."

Per Heiberg, Chief Financial Officer of Golden Ocean Management AS, commented:

"During the fourth quarter of 2019, the Company continued to enhance its

financial profile through the refinancing of one of its loan facilities on

attractive terms, rolling the current debt at par value and pushing maturities

out in time. The Company believes this demonstrates its standing in the lending

community and the Company's continued ability to source attractively priced

capital, to the benefit of its shareholders."

The Board of Directors

Hamilton, Bermuda

February 18, 2020

Questions should be directed to:

Per Heiberg: 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 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. 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. Words such as "believe," "anticipate," "intends," "estimate,"

"forecast," "project," "plan," "potential," "may," "will," "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

U.S. Securities and Exchange Commission.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.