Golden Ocean Group

Major Shareholding Notification • Sep 6, 2017

GOLDEN OCEAN GROUP LIMITED - DISCLOSURE OF TRADE

GOLDEN OCEAN GROUP LIMITED - DISCLOSURE OF TRADE

Hemen Holding Limited, a company indirectly controlled by

trusts established by Mr. John Fredriksen for the benefit of

his immediate family ("Hemen"), has on 6 September 2017

settled TRS agreements with underlying exposure to 39,129

shares in Golden Ocean Group Limited ("Golden Ocean")

expiring 6 September 2017, and sold 4,460,871 shares in

Golden Ocean at a price of NOK 73.50 per share. Hemen has

subsequently entered into new TRS agreements with exposure

to 4,500,000 shares in Golden Ocean, with expiry date 6

December, 2017 and TRS price NOK 73.81 per underlying

share.

Following these transactions, Hemen holds 45,326,353 shares

in Golden Ocean, equaling approximately 34.2 % of the shares

and votes in the company. In addition, Hemen holds TRS

agreements with underlying exposure to 4,500,000 shares in

Golden Ocean. The expiry date of the TRS agreements is 6

December, 2017 and the TRS price is NOK 73.81 per share.

Hemen's financial exposure to Golden Ocean remains unchanged

following these transactions.

Further, Hemen holds in aggregate $124.4 million in the

Golden Ocean 14/19 3.07% USD 200m Convertible Bond,

convertible into 1,411,230 shares in Golden Ocean, equaling

approximately 1.1% of the shares and votes in the company.

The foregoing calculations are made based on 132.37 million

outstanding shares in Golden Ocean.

This announcement is made pursuant to section 4-2 of the

Norwegian Securities Trading Act.