Golden Ocean Group

Earnings Release • May 27, 2020

GOGL - First Quarter 2020 Results

GOGL - First Quarter 2020 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 March 31, 2020.

Highlights

?      Net loss of $160.8 million, including non-cash adjustments of $125.6

million, for the first quarter of 2020.

?      Adjusted EBITDA of $12.3 million for the first quarter of 2020.

?      Completed the joint venture agreement with Frontline and Trafigura to

establish a leading global supplier of marine fuels in January 2020.

?      Completed all 23 planned installations of exhaust gas cleaning systems

("scrubbers") leaving insubstantial future capital expenditure requirements.

?      Published 2019 ESG report which details our efforts to develop long-term

sustainable business practices and reduce our carbon footprint.

Ulrik Andersen, Chief Executive Officer, commented:

"Golden Ocean's first quarter results come amid an extremely weak demand

environment brought on by the COVID-19 pandemic. While freight rates have yet to

display a meaningful recovery, we are optimistic that conditions will improve

over the medium term as the pace of industrial activity recovers. In the

meantime, we are focused on ensuring our highly competitive cost structure and

preserving our strong financial profile. Above all, our first priority is the

health and safety of our shore-based employees and our seafarers. We are taking

significant precautions to ensure their well-being and are grateful for their

contributions in light of the challenging conditions they are facing."

The Board of Directors

Hamilton, Bermuda

May 27, 2020

Questions should be directed to:

Ulrik Andersen: 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 earnings 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," "expect," "anticipate," "estimate,"

"intend," "plan," "targets," "projects," "likely," "will," "would," "could,"

"seeks," "potential," "continue," "contemplate," "possible," "might,"

"forecasts," "may," "should" and similar expressions or phrases may identify

forward-looking statements. The forward-looking statements in this report are

based upon various assumptions. many of which are based, in turn, upon further

assumptions, including without limitation, management's examination of

historical operating trends, data contained in our records and other data

available from third parties. 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, among

other things, 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, the

length and severity of the COVID-19 outbreak, the impact of public health

threats and outbreaks of other highly communicable diseases, changes in our

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

market for our vessels, availability of financing and refinancing, the impact of

the expected discontinuance of LIBOR after 2021 on interest rates of our debt

that reference LIBOR, 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,

including our most recently filed Annual Report on Form 20-F for the year ended

December 31, 2019.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.