GOGL - Issuance of new shares under the Company's 2010 Equity Incentive Plan

Golden Ocean Group Limited (the "Company") advises that an aggregate of 19,954 common shares, par value US$0.05 per share, have been issued (the "Issuance") in connection with the Company's 2010 Equity Incentive Plan (the "Plan") and the restricted stock unit ("RSU") award agreements related to the Plan. As a result of the Issuance, there are currently no outstanding awards under the Plan.

Included in the Issuance were 6,140 common shares issued to Mr. Ola Lorentzon, director and chairman of the Company's board of directors (the "Board"), and 4,605 common shares issued to Mr. Hans Petter Aas, a director on the Board. Following the Issuance, Mr. Lorentzon holds 16,877 common shares and Mr. Aas holds 14,860 common shares of the Company, equal to approximately 0.016% and 0.014% of the Company's issued and outstanding common shares, respectively.

Additionally, Golden Ocean Group Management (Bermuda) Ltd., a wholly-owned subsidiary of the Company, and ICB Shipping (Bermuda) Limited, a related party to the Company, each surrendered and forfeited their right to receive the outstanding RSUs awarded to each of them, including any vested RSUs that have not been paid out and any related outstanding dividends payable in cash or stock in respect of the forfeited RSUs.

Following the Issuance, the Company has 105,965,192 common shares outstanding, each with a par value of US$ 0.05 and its share capital is US$5,298,260.

Hamilton, Bermuda
October 24, 2016

Questions should be directed to: 

Birgitte Ringstad Vartdal: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53

Per Heiberg: Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 45