Golden Ocean Group

Earnings Release • Nov 21, 2017

GOGL - Third Quarter 2017 Results

GOGL - Third Quarter 2017 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, 2017.

Highlights

·      Net income of $0.4 million and earnings per share of $0.00 for the third

quarter of 2017, compared with net loss of $12.0 million and loss per share of

$0.10 for the second quarter of 2017 and net loss of $26.7 million and loss per

share of $0.25 for the third quarter of 2016.

·      Adjusted EBITDA of $40.4 million for the third quarter of 2017 compared

with $29.7 million in the second quarter of 2017 and $8.6 million for the third

quarter of 2016.

·      Entered into agreement to sell six Ultramax vessels.

·      Took early delivery of one Capesize newbuilding and took delivery of the

remaining three of the14 modern dry bulk vessels acquired from Quintana Shipping

Ltd. ("Quintana") earlier this year.

·      Raised $100 million in capital through a $66 million equity offering and

a $34 million equity in-kind contribution as partial consideration for two

modern Capesize vessels acquired from affiliates of Hemen Holding Limited

("Hemen").

·      Terminated the covenant waivers related to the Company's recourse debt.

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management

AS, commented:

"Golden Ocean returned to profitability in the third quarter of 2017 and

significantly improved the operating cash flow in an improving freight

environment. The Company has taken a series of steps to maximize its market

leverage by focusing commercial efforts on the vessel segments we believe

provide the greater exposure to a recovery in the dry bulk shipping market. The

Company's financial position has also been enhanced significantly over the past

twelve months following improved operating results, strategic asset sales, and

the equity issuance completed last month."

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

"We are pleased to report that Golden Ocean has been able to terminate waivers

on its recourse debt and return to normal financial covenants as well as

removing restrictions on new acquisitions, new debt and dividend payments one

year ahead of the timeline the Company previously agreed to with the lenders.

With our strong cash balance and continued debt amortization payments, our

balance sheet should continue to strengthen. This provides us the financial

flexibility with respect to the majority of our free cash flow to pursue

additional opportunities and build shareholder value."

The Board of Directors

Hamilton, Bermuda

November 21, 2017

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. Words such as "believe," "anticipate," "intends," "estimate,"

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

Securities and Exchange Commission.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.