GOGL - Amendments to Shipbuilding Contracts

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to announce that it has come to an agreement with Zhoushan Jinhaiwan Shipyard Co., Ltd. ("Jinhaiwan") on amendment of three of the shipbuilding contracts.

The agreement is related to the two Kamsarmax vessels Golden Excellence and Golden Explorer, and the Capesize vessel Golden Nantong. Due to delay in the construction progress the Company has agreed to accept late delivery of the vessels. The contract price for the three vessels in aggregate is now agreed to be USD 86.65 million. The vessels are expected to be delivered to the Company in the fourth quarter of 2012.

July 20, 2012
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO, Golden Ocean Management AS
+47 22 01 73 53

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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