Golden Ocean Group

Major Shareholding Notification • Apr 5, 2018

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 April 5th 2018 acquired 205,000 shares in Golden Ocean Group Limited (the "Golden Ocean") at a price of NOK 58.47 per share. Hemen has subsequently sold and entered into a Total Return Swap agreement ("TRS") for 205,000 shares, with expiration June 6th 2018. The exercise price on the TRS agreement is NOK 58.65

Following the transactions, Hemen holds unchanged 49,326,353 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 an aggregate of 4,705,000 shares in Golden Ocean. The expiry date of the TRS agreements is June 6th 2018 and the average TRS price is NOK 71.422 per share. Further, Hemen holds in aggregate USD 124.4 million in the Golden Ocean 14/19 3.07% USD 200m Convertible Bond, convertible into 1,426,769 shares in the Company at a conversion price of USD 87.19 per share, equaling approximately 1.0% of the shares and votes in the Company. The foregoing calculations are made based on 144,247,697 outstanding shares in Golden Ocean.

This announcement is made pursuant to section 4-2 of the Norwegian Securities Trading Act.