GOGL - Restructuring at Jinhaiwan

September 17, 2010

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to announce that it has succeeded in restructuring the newbuilding programme at Zhoushan Jinhaiwan Shipyard Co., Ltd. ("Jinhaiwan").

This relates in particular to the six Kamsarmax vessels that previously have been structured in single purpose companies and the Capesize newbuilding called Golden Nantong. Due to Jinhaiwans's commitment to Golden Ocean and our good relationship, the Company has agreed to build four of the six SPC Kamsarmax vessels. The last two of the six Kamsarmax vessels have been converted into ice class Panamax vessels. Furthermore, it has been agreed to build two more iceclass Panamax vessels. Finally, it has been agreed that Golden Nantong will have a new contract price more in line with today's market level. The total cost of the nine newbuildings is USD 339.5 million, of which USD 74.9 million has already been paid in by the Company in 2007 and 2008.

The Board is satisfied with this transaction, which enables the Company to utilise the paid in cash in the six SPCs and demonstrates Golden Ocean's commitment to future growth. The Company is considering different sources of funding and is confident that they will obtain sufficient financing for the newbuildings.

The aforementioned vessels were impaired by USD 16.8 million in the Company's accounts for 2008. The Company has based on testing of the vessel values and contracts concluded to reverse this impairment in the third quarter of 2010.

The Company has at the same time entered into an agreement to fix out the four Kamsarmax vessels. Two vessels are fixed out for 10 years on bareboat charter. The agreed daily bareboat rate is USD 13,300 / day net. Two vessels are fixed out for 5 years on time charter. The agreed daily time charter rate is USD 19,950 / day net. In addition there are profit share agreements on all four contracts that will give Golden Ocean 50 % of the income above USD 23,000 / day.

Herman Billung, CEO in Golden Ocean Management AS, says in a comment: "We are very pleased with the conclusion of this new deal. The restructuring of the Jinhaiwan agreement is significantly increasing the net asset value of the Golden Ocean shares compared to the Companies earlier commitments. The combination of the restructuring with the charter agreement for four of the vessels reduces the risk in the transaction going forward, while the market related exposure on the charters gives potential upside to the Company. The total deal confirms Golden Ocean's strategy to grow the company through low risk transactions with strong focus on shareholder value creation, including a high dividend capacity going forward."

Golden Ocean Group Limited