Golden Ocean Group Ltd.: Issuance of new shares in connection with delivery of vessel

Hamilton, Bermuda - January 18, 2018

Reference is made to the stock exchange notice dated October 16, 2017 where Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the "Company") announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family ("Hemen"), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel.

The first vessel, Golden Behike, was delivered in November 2017. The Company is pleased to announce that it has now taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). Golden Ocean has issued 2,000,000 shares to Hemen as part of the purchase price for the vessel. Following this transaction, the Company's issued share capital is USD 7,209,884.85 divided into 144,197,697 issued shares, each with a nominal value of USD 0.05.

Golden Ocean Group Limited press release