Settlement of dispute

Hamilton, Bermuda, May 30, 2013

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to announcethat it has entered into an agreement to settle the dispute regarding its claim in respect of contractual non-performance in 2010 in relation to delivery of one of the Company's vessels on a then 10-year charter agreement.

The Company has received a $30 million cash payment in settlement of its claim. Deducted for related costs the Company expects to book a net income related to this settlement of about $29 million in the second quarter of 2013.

Golden Ocean Group Limited press release