GOGL - Cancellation of newbuilding contract at Daehan

22-09-2010

Golden Ocean Group Limited ("Golden Ocean" or the "Company") has decided to exercise its right under the shipbuilding contract for the vessel to be named M/V "Golden Changi" to cancel that contract.

Golden Ocean (through its nominated buying company, Golden Changi Inc) is entitled to be reimbursed by the builder, Daehan Shipbuilding Co Ltd of Korea, for the installments of the price paid to date, with interest.

September 22, 2010
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Golden Ocean Group Limited