Golden Ocean Group

Major Shareholding Notification • Apr 10, 2019

GOGL - Investment in dry bulk freight operator

GOGL - Investment in dry bulk freight operator

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

"Company") today announced that it has acquired a 15% ownership interest in

Singapore Marine Pte Ltd. ("Singapore Marine"), a dry bulk freight operator

sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine

SA. Singapore Marine, which has offices in Singapore, Geneva and Verbier, will

initially focus on the Post Panamax to Capesize vessel segments and seek to

generate returns in all market conditions by employing an asset-light business

model. Thomas Semino, Chief Commercial Officer of Golden Ocean, will be

appointed as a Director of Singapore Marine.

Mr. Semino commented: "While Singapore Marine will operate independently from

Golden Ocean and our participation in the company is primarily financial, we

expect to derive additional value through this relationship. Golden Ocean's

significant commercial capabilities and the depth of its market intelligence

will be further enhanced by this new relationship."

Singapore Marine has raised $105 million in available capital where Golden Ocean

has provided $10 million in equity and $10 million in available subordinated

shareholder loan. Mr. Weernink, who has a long track record of successfully

growing dry bulk freight operations businesses, is the largest shareholder in

the company.

The Board of Directors

Golden Ocean Group Limited

Contact Persons:

Birgitte Ringstad Vartdal: CEO, Golden Ocean Management AS

+47 22 01 73 53

Thomas Semino: CCO, Golden Ocean Shipping Co Pte. Ltd.

+65 8499 4134

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.