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21.11.2014 Highlights • Golden Ocean generates third quarter 2014 EBITDA* of $7.2 million • Golden Ocean reports loss of $11.6 million for the third quarter of 2014 • Golden Ocean announces dividends of $0.007 per share for the third quarter of 2014 • The Company received $47.4 million in refund of instalments and interest from Jinhaiwan in July 2014 • Two of the applications for leave to appeal were dismissed in High Court in London in November 2014 • The Company announced the agreement to merge with Knightsbridge Shipping Limited in October 2014 *EBITDA is equal to operating profit plus depreciation (including impairment related to vessels) and amortisation. Third Quarter and Interim nine months 2014 Results Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports loss of $11.7 million and loss per share of $0.03 for the third quarter of 2014. This compares with profit of $1.0 million and earnings per share at par for the second quarter of 2014. Total operating revenues for the third quarter were $53.4 million; total operating expenses were $53.4 million and other gains/losses net were negative with $5.4 million. Net financial items were negative with $6.2 million. The loss for the period of $11.7 million is a decrease of $12.6 million compared to last quarter. Net operating income is down by $16.4 million while net financial items are up by $3.7 million. When excluding one-off items the net operating income is down by $0.7 million. The earnings on the vessels are slightly lower in the third quarter of 2014 relative to the second quarter, however this is offset by a smaller negative mark to market change on the freight forward agreements in the third quarter. The net financial cost is reduced in the third quarter relative to the second quarter as the interest rate swaps had a positive mark to market change in the quarter, as opposed to a negative change in the second quarter. Changes in one-off items relative to last quarter are negative approximately $15.7 million. These one-offs include revaluation of refundable installments on newbuildings (-$10.4 million) and compensation for default of a charter contract (-$5.3 million). Cash and cash equivalents increased by $2.0 million during the quarter. Cash from operating activities was neutral in the quarter. The Company received $47.4 million from Jinhaiwan during the quarter and spent $5.5 million on installments and docking costs. Financing activities were negative with $41.7 million in the quarter. Repayment of debt, interest and financing charges amounted to $22.7 million, including $13.2 million related to the Jinhaiwan refunds, and dividends declared for second quarter of 2014 results were paid with a total of $11.2 million. The full report is available at: http://hugin.info/135378/R/1873225/659665.pdf 
Golden Ocean Group Limited press release 
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