Golden Ocean Group

Major Shareholding Notification • Jul 17, 2017

Flagging - ownership increase in Golden Ocean Group Ltd

Flagging - ownership increase in Golden Ocean Group Ltd

Date/time 17.07.2017

Issuer: Golden Ocean Group Limited

IssuerID: GOGL

Title: Flagging - ownership increase in Golden Ocean Group

Ltd

Reference is made to the stock exchange notice dated March

14, 2017 where Golden Ocean Group Limited (NASDAQ and OSE:

GOGL)("Golden Ocean" or the "Company") announced that it has

entered into agreements to acquire 16 modern dry bulk

vessels in an all-share transaction where the Company will

issue in aggregate 17.8 million consideration shares. Of the

consideration shares 14.5 million shares shall

be issued to Quintana Shipping Ltd and associated companies

("Quintana")as consideration for the 14 vessels sold to

Golden Ocean, in accordance with the valuation set out in

the stock exchange notification.

Reference is further made to stock exchange notifications of

April 27th,May 3rd, May 4th, May 15th, May 16th, May 22nd,

May 23rd, June 1st, June 13th, July 11th and July 17th

regarding the subsequent delivery of vessels from Quintana

to Golden Ocean and the corresponding issuance of shares

to Quintana.

Following the latest issuance of 1,300,000 shares by Golden

Ocean to Quintana, confer stock exchange notification by

Golden Ocean of days date, Quintana and associated companies

own 13,450,000 shares in Golden Ocean corresponding to

10,24% of the outstanding 131,322,992 shares in

Golden Ocean.