Golden Ocean Group

Earnings Release • May 30, 2018

GOGL - First Quarter 2018 Results

GOGL - First 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 March 31, 2018.

Highlights

* Net income of $16.7 million and earnings per share of $0.12 for the first

quarter of 2018, compared with net income of $27.1 million and earnings per

share of $0.19 for the fourth quarter of 2017 and net loss of $17.9 million

and loss per share of $0.17 for the first quarter of 2017

* Adjusted EBITDA of $53.3 million for the first quarter of 2018, compared

with $65.3 million for the fourth quarter of 2017 and $17.5 million for the

first quarter of 2017

* Completed newbuilding program by taking delivery of five Capesize

newbuildings

* Took delivery of the Golden Monterrey, a Capesize vessel acquired in October

2017

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

favorable terms

* Agreed to sell the Golden Eminence, a Panamax vessel, for $14.7 million to

an unrelated third party

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

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management

AS, commented:

"Golden Ocean continued to generate positive results in the first quarter of

2018 despite some seasonal weakness late in the quarter, reflecting primarily a

strong entry into the year and period charters at decent rates. We are pleased

to have taken delivery of the final five Capesize vessels in our newbuilding

program as we continue to grow and modernize our operating fleet. As market

conditions improve, we are well positioned to generate substantial cash flow

with a large, modern fleet and competitive cash break-even levels."

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

"Our new $120 million loan facility that refinanced 10 vessels was completed on

attractive terms. It reduces our interest expense and pushes out the average

tenor of our debt. We remain focused on maintaining a moderate amount of

leverage on our balance sheet, and have repeatedly been successful at accessing

attractively priced capital."

The Board of Directors

Hamilton, Bermuda

May 30, 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.