Golden Ocean Group

M&A Activity • Sep 16, 2019

GOGL – Increased investment in dry bulk freight operator

GOGL – Increased investment in dry bulk freight operator

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

"Company") today announced that it has agreed to make a further investment in

Singapore Marine Pte Ltd. ("Singapore Marine") in connection with the

acquisition of the majority of assets and operations of Swiss Marine ("Swiss

Marine") by Singapore Marine. Swiss Marine is a privately owned freight operator

founded in 2001 that transported over 120 million metric tons of cargo in 2018.

Including new commitments from Golden Ocean of $9.5 million in equity and $0.7

million in the form of a shareholder loan, Singapore Marine has raised a $44

million in addition to the $105 million in available capital raised in April

2019. Golden Ocean has in total invested $19.5 million in equity and $10.7

million in shareholder loans, which as of today are fully drawn.

Thomas Semino, Chief Commercial Officer of Golden Ocean and a Director of

Singapore Marine commented: "We are pleased assist Singapore Marine accelerate

its growth plan and create scale through our most recent investment. While

Singapore Marine will operate independently from Golden Ocean and our

participation in the company is primarily financial, we expect to derive

additional value through this relationship. Golden Ocean's significant

commercial capabilities and the depth of its market intelligence will be further

enhanced by this new relationship."

September 16, 2019

The Board of Directors

Golden Ocean Group Limited

Contact Persons:

Birgitte Ringstad Vartdal: CEO, Golden Ocean Management AS

+47 22 01 73 53

Thomas Semino: CCO, Golden Ocean Shipping Co Pte. Ltd.

+65 8499 4134

This information is subject to the disclosure requirements of section 5-12 of

the Norwegian Securities Trading Act.