Golden Ocean Group

Earnings Release • Nov 22, 2016

GOGL - Third Quarter 2016 Results

GOGL - Third 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 preliminary

results for the quarter ended September 30, 2016.

Highlights

·         Reports a net loss of $26.7 million and a loss per share of $0.25 for

the third quarter of 2016, an improvement of $12.5 million compared with a net

loss of $39.2 million and a loss per share of $0.37 for the second quarter of

·         Took delivery of one Ultramax newbuilding, the Golden Leo, and paid a

final installment of $15.7 million on delivery.

·         Acquired the Golden Lyderhorn following the vessel owner's exercise of

its option to sell the vessel to the Company, and subsequently sold the vessel

to an unrelated third party.

·         Completed a 1-for-5 reverse share split in August 2016.

·         Took delivery of the Capesize newbuilding Front Mediterranean

subsequent to the end of the third quarter and immediately sold and delivered

the vessel to its new owner, resulting in net cash flow of $12.7 million in the

fourth quarter.

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

commented:

"Following significant steps the Company took to strengthen its balance sheet

and delay vessel deliveries earlier this year, we are pleased to see that the

dry bulk market has strengthened lately. Revenues in the third quarter improved

due to better market conditions and utilization of our ice class vessels in

specialized trade during the quarter. We expect increased rates for our Capesize

vessels will positively impact our fourth quarter results. While the dry bulk

market has not yet stabilized and may experience weakness over the next several

quarters, we believe we are well positioned for an eventual market recovery due

to our large fleet of modern vessels with an average age of approximately four

years, our very attractive breakeven levels and our strong cash position."

The full report is available in the link below.

The Board of Directors

Hamilton, Bermuda

November 22, 2016

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.