Golden Ocean Group

Earnings Release • Feb 28, 2017

GOGL - Fourth Quarter 2016 Results

GOGL - Fourth Quarter 2016 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 December 31, 2016.

Highlights

*  Reports net income of $6.5 million and earnings per share of $0.06 for the

fourth quarter of 2016, an improvement of $33.2 million compared with a net

loss of $26.7 million and a loss per share of $0.25 for the third quarter of

* Adjusted EBITDA in the fourth quarter was $24.2 million compared with $8.6

million in the third quarter of 2016.

* Reports net loss of $127.7 million and a loss per share of $1.34 for the

full year 2016 compared with a net loss of $220.8 million and a loss per

share of $7.3 in 2015.

* Took delivery of the Capesize newbuilding Front Mediterranean and

immediately sold and delivered the vessel to its new owner, resulting in net

positive cash flow of $12.7 million in the fourth quarter.

* Reached agreement with shipyards to defer delivery of ten newbuildings and

achieved aggregate price reductions of $15.3 million.

* Took delivery of two Ultramax newbuildings, Golden Virgo and Golden Libra

and two Capesize newbuildings, Golden Surabaya and Golden Savanna subsequent

to the end of the fourth quarter.

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management AS

commented:

"Freight rates improved during the fourth quarter as the dry bulk shipping

market saw increased demand, combined with port congestion and a tight Atlantic

market. The quarter was also characterized by rate volatility, which could be an

early sign of a recovering market. Our results improved in the fourth quarter,

and better rates will also have a positive impact on our results for the first

quarter of 2017. Against this market backdrop, we continued to execute on our

strategic plan by achieving further deferrals of vessel deliveries and securing

price reductions related to the deferred newbuildings."

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

"As earnings have strengthened and are now above the levels anticipated in our

first quarter 2016 restructuring, we expect that a cash sweep will be triggered

in the second quarter of 2017.  Given our significant leverage to an improving

market, any sustained period of market strength will allow us to begin to

deleverage the Company's balance sheet."

The full report is available in the link below.

The Board of Directors

Hamilton, Bermuda

February 28, 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

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.