Golden Ocean Group

Capital/Financing Update • Apr 27, 2015

GOGL - Golden Ocean Group Limited announces vessel transactions and adjustments to newbuilding program

GOGL - Golden Ocean Group Limited announces vessel transactions and adjustments to newbuilding program

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to

announce that the Company has entered into several agreements concerning its

fleet.

Golden Ocean has agreed with Ship Finance International Ltd ("Ship Finance") a

sale leaseback transaction of eight Capesize vessels currently owned by Golden

Ocean.

The vessels are named Golden Beijing, Golden Zhoushan, Golden Magnum, Battersea,

Belgravia, Golden Zheijang, Golden Future and KSL China and were built in Korea

and China between 2009 and 2013. The total acquisition price will be $272

million, or $34 million average per vessel. The vessels are expected to be

delivered to Ship Finance within July 2015, subject to customary closing

conditions.

The vessels will be chartered on time-charter basis to a subsidiary of Golden

Ocean for a period of 10 years. The daily base charter rate will be $17,600

during the first seven years, and $14,900 thereafter. In addition, there will be

a 33% profit share for revenues above the base rate, calculated and paid on a

quarterly basis. Golden Ocean will have a purchase option after year 10 of $112

million enbloc, and if such option is not exercised, Ship Finance will have the

option to extend the charters by 3 years at $14,900 per day.

Golden Ocean has also reached agreements with several of its yards to delay the

construction of the newbuilding contracts with about 75 months on aggregate

basis. This will postpone capital expenditure and possible cash burn on sailing

vessels as the market is currently below cash break even. After this it is

expected that 6 vessels will be delivered in 2015, 15 vessels in 2016 and 4

vessels in 2017.  There is still work in progress to improve delivery positions

further.

Golden Ocean has also agreed to sell four of the Capesize vessels currently

under construction at a Chinese yard to a third party. The Company will finalize

the construction of the vessels and transfer ownership to the new owner upon

delivery from yard. For three of the vessels Golden Ocean will charter the

vessels back on time charter for 6 to 12 months. The sales price is in line with

the original contract price.

Further, the Company has sold the vessels Channel Alliance and Channel Navigator

to a third party, as part of the Company's fleet renewal. These vessels will be

delivered to new owners within the end of June 2015.

When these adjustments to the fleet have been completed the Company will have an

owned and long term chartered in fleet of 40 Capesize vessels, in addition to

one owned in a JV, 10 ice class Panamax vessels, 1 Panamax vessel, 9 Kamsarmax

vessels and 9 Supramax vessels. Of the total fleet, 17 Capesize vessels and 4

Supramax vessels are newbuildings to be delivered to the Company. Following

these transactions Golden Ocean has secured financing for all newbuilding

contracts except nine vessels with delivery in 2016 and 2017 and none of the

existing loan facilities are due for refinancing before 2018.

These various initiatives are taken in order to strengthen the cash position and

balance sheet of the company in the current weak market. Golden Ocean is not

abandoning its strategy to be a much needed consolidator within the industry,

but is rather positioning itself for interesting opportunities which are

expected to be available over the coming months.

April 27, 2015

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

Contact Persons:

Herman Billung: CEO, Golden Ocean Management AS

+47 22 01 73 41

Birgitte Ringstad Vartdal: CFO, Golden Ocean Management AS

+47 22 01 73 53

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.

Golden Ocean Group Limited and its subsidiaries, or the Company, desires to take

advantage of the safe harbor provisions of the Private Securities Litigation

Reform Act of 1995 and is including this cautionary statement in connection with

this safe harbor legislation. This report and any other written or oral

statements made by us or on our behalf may include forward-looking statements,

which reflect our current views with respect to future events and financial

performance. The words "believe," "anticipate," "intend," "estimate,"

"forecast," "project," "plan," "potential," "will," "may," "should," "expect"

and similar expressions identify forward-looking statements.

The forward-looking statements in this report are based upon various

assumptions, including, without limitation, management's examination of

historical operating trends, data contained in our records and data available

from third parties. 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. We undertake no obligation to update

any forward-looking statements, whether as a result of new information, future

events or otherwise.

In addition to these important factors and matters discussed elsewhere herein

and in the documents incorporated by reference 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 the Company's operating

expenses, including bunker prices, drydocking and insurance costs, the market

for the Company's 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, or the Commission.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1915091]