Golden Ocean Group

Board/Management Information • Sep 7, 2020

GOGL - Transition of Chief Financial Officer

GOGL - Transition of Chief Financial Officer

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the

"Company") today announced that Mr. Per Heiberg, Chief Financial Officer of

Golden Ocean Management AS, has submitted his notice of resignation. Mr. Heiberg

has held this position since April 2016 and has worked for the company in

various capacities since July 2005.

The Company also announced that Peder Simonsen has been appointed as the new CFO

of Golden Ocean Management AS. Mr. Simonsen was most recently the Chief

Financial Officer and Interim Chief Executive Officer of Avance Gas AS. Prior to

joining Avance Gas AS in 2014, he was First Vice President at Nordea Bank Norge

ASA, where he worked with numerous large shipping and offshore companies.

Mr. Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS

commented: "Per has made a huge contribution to the growth and success of Golden

Ocean, and we wish him the very best in his future. Per is departing the Company

on the best of terms and will remain with the Company until such time as a

smooth transition of his responsibilities has been completed. We are delighted

that Peder Simonsen is joining our team. He is a proven CFO with a superior

track record of delivering results and creating value and is a strong addition

to our executive management team."

Mr. Heiberg commented: "I have had the pleasure to work for Golden Ocean and

contribute to the Company's growth over the last 15 years and through most of

its history. That has been a fantastic journey, and I will take with me many

fond memories of our collective accomplishments. I am pleased to be departing

the Company at time when it is solid financially and well positioned for the

future."

Mr. Simonsen commented: "I am pleased to join Golden Ocean, one of the world's

largest dry bulk companies. I hope to help the Company build upon its strong

track record of success at a time when the dry bulk market has turned the corner

and should benefit from recovering demand and a swift slowdown in fleet growth.

The Company has a well-managed balance sheet, which we expect to enhance further

in the coming year. "

About Golden Ocean

Golden Ocean, a leading dry bulk shipping company, owns or controls a modern

fleet of 78 vessels with an average age of approximately 6 years. The Company is

one of the largest publicly listed owners of Capesize vessels and has a leading

position in the ice class Panamax vessel niche. Golden Ocean is listed on the

NASDAQ and Oslo Stock Exchange under the symbol 'GOGL'.

September 07, 2020

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53