Golden Ocean Group

Major Shareholding Notification • Nov 21, 2017

SHAREHOLDING DISCLOSURE

SHAREHOLDING DISCLOSURE

Reference is made to the stock exchange notice dated November 20, 2017, where Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (the "Company") announced that it had taken delivery of the vessel Sea Behike. Hemen Holding Limited ("Hemen"), which is indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family, has received 2,000,000 common shares in the Company as part of settlement of the purchase price for the vessel. Following this, Hemen, together with certain of its affiliates, owns 47,326,353 shares in the Company, equalling approximately 33.3 per cent of the Company's common shares and votes. In addition, Hemen holds TRS agreements with underlying exposure to 4,500,000 shares in the Company. The expiry date of the TRS agreements is December 6, 2017 and the TRS price is NOK 73.81 per share. Further, Hemen holds in aggregate USD 124.4 million in the Golden Ocean 14/19 3.07% USD 200m Convertible Bond, convertible into 1,411,230 shares in the Company, equalling approximately 1.0 per cent of the shares and votes in the Company.