Golden Ocean Group — Capital/Financing Update 2021

Sep 9, 2021

GOGL - Agreement for construction of three Kamsarmax vessels

GOGL - Agreement for construction of three Kamsarmax vessels

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

"Company"), one of the world's largest listed dry bulk shipowners, today

announces that it has entered into an agreement for the construction of three

high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels,

which will be constructed at a first-class Chinese yard. The vessels will be

equipped with the latest and most efficient propulsion system, contributing with

significant improvements in fuel consumption and emissions performance. The

vessels are dual-fuel ready, giving the Company time to evaluate alternatives

while the visibility of future regulations and optimal technology improves.

The vessels are scheduled to deliver from Q3-2023 to Q1-2024. Golden Ocean

intends to finance the acquisition with operating cash flow and cash on hand and

will establish long-term debt financing closer to delivery.

Ulrik Andersen, CEO of Golden Ocean Management AS commented:

"With this transaction, we continue executing on our strategy of renewing the

fleet and improving its operating performance. At the same time, it underlines

our belief in the long-term dry bulk fundamentals.

We have secured an attractive price with a tail-heavy payment structure, which

means Golden Ocean can absorb the transaction without impacting the Company's

dividend capacity, which continues to be a key priority. The vessels benefit

from additional cargo intake, and the superior fuel economy will ensure low

operating costs and a reduced carbon footprint.

September 9, 2021

The Board of Directors

Golden Ocean Group Ltd.

Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.