GOGL - Increased investment in Knightsbridge Tankers Limited through sale of vessel

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to

advise that the Company has entered into an agreement with Knightsbridge Tankers

Limited ("Knightsbridge") to sell the capesize vessel "Golden Zhejiang" at a

sales price of $65,5 million. The vessel will be sold together with the existing

4 year charter agreement. The completion of the transaction is subject to

successful financing and equity offering in Knightsbridge Tankers Limited. The

deal is expected to be concluded during Q4 2010.

The sales proceeds will be used to pay down debt on the asset and the balance,

$18,5 million, to acquire a number of restricted common shares in Knightsbridge.

Golden Ocean will receive shares at the same price as contemplated in the public

offering of shares in Knightsbridge that is launced today.

The investment in Knightsbridge is of long term nature. The Board sees this

increased investment in Knightsbridge as a strategic holding which gives Golden

Ocean the opportunity to, together with Knightsbridge, develop new dry bulk

business based on mainly yield driven investment criteria. Such a position

creates an additional flexibility for Golden Ocean and increases the

possibilities to benefit from different pricing in the asset market, the public

market and the yield security market. The strong yield supporting the

Knightsbridge stock and the solid contract backlog in Knightsbridge reduces the

risk in the equity investment. Knightsbridge's quarterly dividend payments

further secure a solid and predictable cash flow for Golden Ocean.

Mr Herman Billung, CEO of Golden Ocean Management AS, has also taken a position

at the Board of Knightsbridge as of September 24, 2010.

September 27, 2010

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

Contact Persons:

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 acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1447173]

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