Golden Ocean Group

Earnings Release • Nov 20, 2018

GOGL - Third Quarter 2018 Results

GOGL - Third Quarter 2018 Results

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

Ocean"), a leading dry bulk shipping company, today announced its results for

the quarter ended September 30, 2018.

Highlights

* Net income of $35.3 million and earnings per share of $0.24 for the third

quarter of 2018, compared with net income of $9.0 million and earnings per

share of $0.06 for the second quarter of 2018 and net income of $0.4 million

and earnings per share of $0.00 for the third quarter of 2017

* Adjusted EBITDA of $78.8 million for the third quarter of 2018, compared

with $54.0 million for the second quarter of 2018 and $40.4 million for the

third quarter of 2017

* Declared the first four options to install exhaust gas scrubbers on Capesize

vessels in addition to previously announced contracts to install scrubbers

on 16 Capesize vessels

* Announced a cash dividend of $0.15 per share for the third quarter of 2018,

the Company's fourth consecutive quarterly dividend

Birgitte Ringstad Vartdal, Chief Executive Officer of Golden Ocean Management

AS, commented:

"Golden Ocean's third quarter result reflects a strong rate environment during

the summer, particularly for Capesize vessels. The result also reflects the

competitive advantage of our modern, fuel efficient fleet. Our focus on

operational efficiency resulted in stable costs and low offhire during the

quarter, which also contributed positively to our results. The Company's

operating cash flow during the quarter further strengthened our balance sheet,

and we took advantage of market volatility to secure incremental time charter

coverage prior to the recent drop in rates. We have further strengthened our

fleet's competitive advantage by declaring options for additional scrubbers. A

large part of our Capesize fleet that have exposure to fuel cost will be

retrofitted with scrubbers, and is expected to significantly increase the

company's cash generation from 2020 and onwards."

The Board of Directors

Hamilton, Bermuda

November 20, 2018

Questions should be directed to:

Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 53

Per Heiberg: Chief Financial Officer, Golden Ocean Management AS

+47 22 01 73 45

The full report is available in the link below.

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. 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. Words such as "believe," "anticipate," "intends," "estimate,"

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

"pending" and similar expressions identify forward-looking statements. The

forward-looking statements in this report are based upon various assumptions.

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. The information set forth herein speaks

only as of the date hereof, and we disclaim any intention or obligation to

update any forward-looking statements as a result of developments occurring

after the date of this communication.

In addition to these important factors and matters discussed elsewhere 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 our

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

market for our 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

U.S. Securities and Exchange Commission.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.