GOGL - Information on charter contract for Golden Feng

Hamilton, Bermuda, March 12, 2012

Golden Ocean Group Limited ("Golden Ocean" or the "Company") advises that the Company today has been contacted by Sanko Steamship Co., Ltd. ("Sanko") where they ask Owners for deferred payments in relation to hire payments.

Sanko has also sent out a press release on March 9 where they assure that they fully intend to meet all financial obligations and that they will restructure and strengthen the company's balance sheet.

The Company has the vessel Golden Feng on charter to Sanko at $46,000 / day net, for a period up to minimum January 10, 2014. The Company has received all hire up until March 10, 2012 in full, and has as per that date no outstanding hire due from the charterer. The Company has received part payment for the next fifteen days' hire.

The Company's management will endeavor to protect the value of the charter contract with Sanko.

Golden Ocean Group Limited press release