Golden Ocean Group

Earnings Release • Feb 27, 2015

GOGL - Fourth Quarter and Preliminary Year End 2014 Results

GOGL - Fourth Quarter and Preliminary Year End 2014 Results

Highlights

· Golden Ocean generates fourth quarter 2014 and 2014 EBITDA* of $69.7 and

$128.8 million, respectively

· Golden Ocean reports loss of $135.1 million for the fourth quarter of 2014 and

loss of $135.6 million for 2014

· While the underlying operation in Q4 has been in line with Q3, the Company has

taken a non-cash impairment on owned vessels of $116.6 million due to drop in

asset values and non-cash impairment related to leased assets of $66.7 million

and reversed lease obligations of $51.5 million

· The Company announced the agreement to merge with Knightsbridge Shipping

Limited in October 2014

· The Company obtained favourable final awards on four appeals in High Court in

London in December 2014 and the Company received $72 million in refund of

instalments and interest from Jinhaiwan in January and February 2015

· In December 2014 the Company completed a financing of 19 vessels at attractive

terms

*EBITDA is equal to operating profit plus depreciation (including impairment

related to vessels) and amortisation.

Fourth Quarter and Preliminary Year End 2014 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports loss of

$135.1 million and loss per share of $0.30 for the fourth quarter of 2014. This

compares with loss of $11.6 million and loss per share at $0.03 for the third

quarter of 2014. Total operating revenues for the fourth quarter were $53.0

million and total operating expenses were $235.4 million including $183.3

million in impairment charges. Other gains/losses net were positive with $56.4

million, including $51.5 million in reversal of lease obligations. Net financial

items were negative with $9.0 million.

The loss for the period of $135.1 million is an increase in loss of $123.4

million compared to last quarter. Net operating income is down by $120.6 million

and net financial items are down by $2.7 million. The changes are largely

explained by the impairment charge and reversal of lease obligation in the

quarter. The Company has also booked a gain of $8.8 million in relation to

refundable installments of cancelled newbuildings as the Company obtained

positive award on interest payments for two contracts in December 2014. When

excluding one-off items of impairment, reversal of liability and profit in

relation to the receivable from Jinhawan, the net operating income is at the

same level in the fourth quarter as in the third quarter. The net financial cost

increased in the fourth quarter relative to the third quarter as the interest

rate swaps had a negative mark to market change in the quarter.

Cash and cash equivalents decreased by $23.0 million during the quarter. Cash

from operating activities was positive with $8 million in the quarter. The

Company paid $13.3 million in installments and docking costs during the fourth

quarter. Financing activities were negative with $18.4 million in the quarter,

including dividends declared of $3.1 million for the third quarter of 2014.

The full report is available in the link below.

February 27, 2015

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

Questions should be directed to:

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

Important Information For Investors And Shareholders

This communication does not constitute an offer to sell or the solicitation of

an offer to buy any securities or a solicitation of any vote or approval.  In

connection with the proposed transaction between Golden Ocean Group Limited

("Golden Ocean") and Knightsbridge Shipping Limited ("Knightsbridge"),

Knightsbridge has filed relevant materials with the Securities and Exchange

Commission (the "SEC"), including a registration statement of Knightsbridge on

Form F-4, including Amendments No. 1, 2 and 3 thereto, containing a joint proxy

statement of Golden Ocean and Knightsbridge that also constitutes a prospectus

of Knightsbridge.  The registration statement has been declared effective by the

SEC on February 25, 2015, and Golden Ocean and Knightsbridge commenced mailing

the definitive joint proxy statement/prospectus to shareholders of Golden Ocean

and Knightsbridge on or about February 26, 2015. INVESTORS AND SECURITY HOLDERS

OF GOLDEN OCEAN AND KNIGHTSBRIDGE ARE URGED TO READ THE JOINT PROXY

STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE

SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL

CONTAIN IMPORTANT INFORMATION.  Investors and security holders will be able to

obtain free copies of the registration statement and the joint proxy

statement/prospectus and other documents filed with or furnished to the SEC by

Knightsbridge through the website maintained by the SEC at http://www.sec.gov.

Copies of the documents filed with or furnished to the SEC by Knightsbridge will

be available free of charge on Knightsbridge's website at

http://www.knightsbridgeshipping.com.  Additional information regarding the

participants in the proxy solicitations and a description of their direct and

indirect interests, by security holdings or otherwise, are contained in the

joint proxy statement/prospectus and other relevant materials to be filed with

or furnished to the SEC when they become available.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1897925]