Golden Ocean Group

Remuneration Information • Nov 11, 2016

GOGL - Grant of share options to senior management

GOGL - Grant of share options to senior management

Golden Ocean Group Limited ("Golden Ocean" or the "Company") hereby announces

that 700,000 share options have been issued to senior management in accordance

with the terms of the Company's Share Option Scheme. The share options will have

a five-year term and will vest equally one third over a three-year vesting

period. The exercise price is USD 4.20. The exercise price will be adjusted for

any distribution of dividends made before the relevant options are exercised.

The following primary insiders have been allocated options according to the

above and they have the following number of shares and options in the Company:

+----------------------+-----------------+-------------------+-------------+

|Primary Insider |New Share options|Total share options|Shareholdings|

+----------------------+-----------------+-------------------+-------------+

|Birgitte Vartdal (CEO)| 225,000| 236,000| 11,300|

+----------------------+-----------------+-------------------+-------------+

|Thomas Semino (CCO) | 150,000| 150,000| 0|

+----------------------+-----------------+-------------------+-------------+

|Per Heiberg (CFO) | 100,000| 105,638| 3,000|

+----------------------+-----------------+-------------------+-------------+

November 11, 2016

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.