Golden Ocean Group

Earnings Release • Aug 17, 2018

GOGL - Second Quarter 2018 Results

GOGL - Second Quarter 2018 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 June 30, 2018.

Highlights

* Net income of $9.0 million and earnings per share of $0.06 for the second

quarter of 2018, compared with net income of $16.7 million and earnings per

share of $0.12 for the first quarter of 2018 and net loss of $12.0 million

and loss per share of $0.10 for the second quarter of 2017. Net income of

$25.7 million and earnings per share of $0.18 for the first six months of

2018, compared with net loss of $29.8 million and loss per share of $0.26

for the first six months of 2017

* Adjusted EBITDA of $54.0 million for the second quarter of 2018, compared

with $53.3 million for the first quarter of 2018 and $29.7 million for the

second quarter of 2017

* Entered into a $120 million loan facility to refinance 10 vessels on

favorable terms

* Delivered the Golden Eminence, a Panamax vessel, to her new owner in early

August 2018

* Signed contracts to install exhaust gas scrubbers on 16 Capesize vessels and

options for 9 additional installations

* Announces a cash dividend of $0.10 per share for the second quarter of 2018

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management

AS, commented:

"Golden Ocean generated positive results once again in the second quarter. The

market continues to strengthen over the summer, in particular for Capesize

vessels. The Company is currently benefiting from the strategic decision to

focus our fleet on larger vessel classes as this maximizes the Company's

leverage to improving markets. We have a fleet of modern, fuel efficient

vessels, and the steps we are taking to optimize the fleet by installing

scrubbers will further position the Company ahead of the implementation of new

caps on sulphur emissions."

The Board of Directors

Hamilton, Bermuda

August 17, 2018

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.