Golden Ocean Group

Earnings Release • Feb 16, 2023

GOGL - Fourth Quarter 2022 Results

GOGL - Fourth Quarter 2022 Results

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

the world's largest listed owner of large size dry bulk vessels, today announced

its unaudited results for the three and twelve months period ended December 31,

Highlights

* Net income of $68.2 million and earnings per share of $0.34 for the fourth

quarter of 2022 compared with net income of $104.6 million and earnings per

share of $0.52 for the third quarter of 2022

* Adjusted EBITDA of $112.4 million for the fourth quarter of 2022, compared

with $118.2 million for the third quarter of 2022

* Reported TCE rates for Capesize and Panamax/Ultramax vessels of $21,399 per

day and $18,992 per day, respectively, in the fourth quarter of 2022.

Reported TCE rate for the total fleet of $20,421 per day

* Entered into agreements to acquire six modern Newcastlemax vessels for a

total consideration of $291 million from an unrelated third party. The

vessels will be chartered back to the seller for a period of 36 months at an

average net TCE rate of $21,000 per day

* Entered into a $250 million facility refinancing 20 Capesize and Panamax

vessels at highly attractive terms

* Completed the sale of the 2008 and 2009 built Panamax vessels Golden Ice and

Golden Strength, at attractive prices

* Entered into agreements to purchase three scrubbers to be installed on

certain Capesize vessels due for drydock in 2023

* Acquired an aggregate of 462,085 shares in open market transactions under

the share buy-back program

* Estimated TCE rates, inclusive of charter coverage, calculated on a load-to-

discharge basis are approximately:

* $13,150 per day for 63% of Capesize available days and $14,900 per day

for 73% of Panamax available days for the first quarter of 2023.

* $21,100 per day for 19% of Capesize available days and $17,900 per day

for 14% of Panamax available days for the second quarter of 2023.

* Announced a cash dividend of $0.20 per share for the fourth quarter of

2022, payable on or about March 9, 2023 to shareholders of record on

February 28, 2023. Shareholders holding the Company's shares through

Euronext VPS may receive this cash dividend later, on or about March

13, 2023

Ulrik Andersen, Chief Executive Officer, commented:

"On a challenging macroeconomic backdrop, Golden Ocean delivered another strong

result in the fourth quarter of 2022. The result was driven by the superior

efficiency of Golden Ocean's modern fleet, as well as our active chartering

strategy. We continue our fleet renewal strategy of selling older inefficient

tonnage and recycling the cash proceeds into modern tonnage. Since our third

quarter release, we sold two older Panamax vessels and acquired six modern

Newcastlemax vessels. It means that since 2021, we have divested 11 vessels and

acquired or contracted 34 vessels.

Combined with a continuous focus on improving our daily cash break-even levels,

we have delivered on our commitment to return value to our shareholders through

dividends and share repurchases. Looking ahead, we continue to have a positive

view on dry bulk fundamentals given the expected boost in demand from China's

discontinuation of the zero covid policy combined with highly favorable supply-

side dynamics."

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

February 16, 2023

Questions should be directed to:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 40

Peder Simonsen: Chief Financial Officer, Golden Ocean Management AS

+47 22 01 73 40

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, or the PSLRA,

provides safe harbor protections for forward-looking statements in order to

encourage companies to provide prospective information about their business.

Forward-looking statements 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 is taking advantage of the safe harbor provisions of the PSLRA and

is including this cautionary statement in connection therewith. This document

and any other written or oral statements made by the Company or on its behalf

may include forward-looking statements, which reflect the Company's current

views with respect to future events and financial performance. This earnings

report includes assumptions, expectations, projections, intentions and beliefs

about future events. These statements are intended as "forward-looking

statements." The Company cautions that assumptions, expectations, projections,

intentions and beliefs about future events may and often do vary from actual

results and the differences can be material. When used in this document, the

words "believe," "expect," "anticipate," "estimate," "intend," "plan,"

"targets," "projects," "likely," "will," "would," "could" 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 the Company's records and other data available from

third parties. Although the Company believes 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 the Company's control, the Company cannot assure you that

it will achieve or accomplish these expectations, beliefs or projections. As a

result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein,

important factors that, in the Company's view, could cause actual results to

differ materially from those discussed in the forward-looking statements,

include among other things: the Company's future operating or financial results;

the Company's continued borrowing availability under its debt agreements and

compliance with the covenants contained therein; the Company's ability to

procure or have access to financing, the Company's liquidity and the adequacy of

cash flows for the Company's operations; the Company's ability to successfully

employ its existing and newbuilding dry bulk vessels and replace its operating

leases on favorable terms, or at all; changes in the Company's operating

expenses and voyage costs, including bunker prices, fuel prices (including

increases costs for low sulfur fuel), dry docking, crewing and insurance costs;

the Company's ability to fund future capital expenditures and investments in the

construction, acquisition and refurbishment of the Company's vessels (including

the amount and nature thereof and the timing of completion thereof, the delivery

and commencement of operations dates, expected downtime and lost revenue);

planned, pending or recent acquisitions, business strategy and expected capital

spending or operating expenses, including drydocking, surveys, upgrades and

insurance costs; risks associated with vessel construction; the Company's

expectations regarding the availability of vessel acquisitions and its ability

to complete acquisition transactions planned; vessel breakdowns and instances of

off-hire; potential differences in interest by or among certain members of the

Company's board of directors, or the Board, executive officers, senior

management and shareholders; potential liability from pending or future

litigation; potential exposure or loss from investment in derivative

instruments; general dry bulk shipping market trends, including fluctuations in

charter hire rates and vessel values; changes in supply and demand in the dry

bulk shipping industry, including the market for the Company's vessels and the

number of newbuildings under construction; the strength of world economies;

stability of Europe and the Euro; central bank policies intended to combat

overall inflation and the rising interest rates and foreign exchange rates;

changes in seaborne and other transportation; changes in governmental rules and

regulations or actions taken by regulatory authorities; general domestic and

international political conditions; potential disruption of shipping routes due

to accidents, climate-related (acute and chronic), damage to storage or

receiving facilities, political instability, terrorist attacks, piracy or

international hostilities, including the ongoing aggression between Russia and

Ukraine; the length and severity of epidemics and pandemics, including COVID-19

and its impact on the demand for seaborne transportation in the dry bulk sector;

the impact of increasing scrutiny and changing expectations from investors,

lenders, charterers and other market participants with respect to our

Environmental, Social and Governance practices; new environmental regulations

and restrictions, whether at a global level stipulated by the International

Maritime Organization, and/or regional/national imposed by regional authorities

such as the European Union or individual countries; 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 the Company's most recently filed

Annual Report on Form 20-F for the year ended December 31, 2021.

The Company cautions readers of this report not to place undue reliance on these

forward-looking statements, which speak only as of their dates. Except to the

extent required by applicable law or regulation, the Company undertakes no

obligation to release publicly any revisions to these forward-looking statements

to reflect events or circumstances after the date of this report or to reflect

the occurrence of unanticipated events. These forward-looking statements are not

guarantees of the Company's future performance, and actual results and future

developments may vary materially from those projected in the forward-looking

statements.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.