Golden Ocean Group

Earnings Release • May 23, 2014

GOGL - First Quarter 2014 Results

GOGL - First Quarter 2014 Results

Highlights

·           Golden Ocean generates first quarter 2014 EBITDA* of $28.7 million

·           Golden Ocean reports profit of $10.1 million for the first quarter

of 2014

·           Golden Ocean announces dividends of $ 0.025 per share for the first

quarter of 2014

·           Golden Ocean issued a $200 million Convertible Bond in January 2014

·           The Company acquired three 2012-built Kamsarmax vessels in February

2014

·           The Company bought out the JV partner from the investment in Golden

Magnum in March 2014

·           The Company bought the ice class Panamax vessel Golden Ruby in April

2014

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

related to vessels) and amortisation.

First quarter 2014 Results

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

$10.1 million and earnings per share of $0.02 for the first quarter of 2014.

This compares with profit and earnings per share of $18.1 million and $0.04

respectively for the fourth quarter of 2013. Total operating revenues for the

first quarter were $74.2 million; total operating expenses were $65.1 million

and other gains/losses net were positive with $9.4 million. Net financial items

were negative with $8.3 million.

The profit for the period of $10.1 million is a decrease of $8.0 million

compared to last quarter. Net operating income is down by $3.5 million while net

financial items are down by $4.6 million. In total the earnings on the vessels

are down for the quarter. This is a result of a weaker spot market, some

profitable charter contracts on Capesize vessels that have expired and off-hire

for vessels being in dock. To some extent this is compensated by higher earnings

on our ice-class vessels, which achieve a premium during the winter season. In

addition a profit related to the transaction on Golden Magnum contributes

positively. The net financial items are more negative compared to last quarter

due to the interest allocated to the convertible bond as well as negative mark-

to-market development on the Company's interest rate swaps.

Cash and cash equivalents increased by $155.4 million during the quarter. The

Company generated cash from operating activities of $9.2 million during the

quarter. Restricted cash increased with $10.5 million. The Company paid $10.2

million in installments and other predelivery cost. Financing activities

contributed positive with $166.6 million in the quarter. Proceeds from the

Convertible Bond was $200 million, repayment of debt, interest and financing

charges amounted to $17.1 million, while dividends declared both for third and

fourth quarter 2013 results were paid in the first quarter, in total $16.2

million.

The full report is available in the link below.

May 23rd, 2014

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

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1788155]