Golden Ocean Group

Earnings Release • Nov 21, 2019

GOGL - Third Quarter 2019 Results

GOGL - Third 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 September 30, 2019.

Highlights

?      Net income of $36.7 million and earnings per share of $0.26 for the third

quarter of 2019 compared with net loss of $33.1 million and loss per share of

$0.23 for the second quarter of 2019

?      Adjusted EBITDA of $81.1 million for the third quarter of 2019, compared

with $21.5 million for the second quarter of 2019

?      Took delivery of two chartered-in 103,000 dwt ice-class vessels on index-

linked time charters

?      Joint venture agreement signed between Golden Ocean, Trafigura and

Frontline to establish a leading global supplier of marine fuels and made

further investment in Singapore Marine, a dry bulk freight operator

?      Completed refinancing of the $284 million loan facility financing 15

vessels at attractive terms

?      Agreed with SFL Corporation a charter amendment for seven Capesize

vessels whereby SFL will fund the scrubber investments previously announced by

the Company in exchange for increased charter rates

?      Acquired 125,000 shares in the third quarter and an additional 380,000

shares so far in the fourth quarter under the share buy-back program announced

in December 2018

?      Announced a cash dividend of $0.15 per share for the third quarter of

2019

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management

AS, commented:

"Our strong performance in the third quarter is the result of our strategic

decision to gear our fleet towards modern, fuel-efficient vessels in the vessel

segments that offer the greatest leverage during periods of market strength.

While the market has eased as the fourth quarter has progressed, rates are still

well above our highly competitive cash break-even levels, and we are pleased

with our results thus far. The competitive advantage of our fleet will become

more pronounced with the implementation of the upcoming IMO2020 regulations,

which are widely expected to positively impact the market and help to drive cash

flow going forward."

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

"We are pleased to announce that we have been able to refinance a loan facility

for 15 vessels at attractive terms with reputable shipping banks. The loan has a

five year tenor with a 20-years age adjusted profile and eliminates our

refinancing needs until 2021. Combined with a total financing of approximately

$45 million of our scrubber investment this gives the Company a high degree of

financial flexibility for the coming year."

The Board of Directors

Hamilton, Bermuda

November 21, 2019

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

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.