Golden Ocean Group Limited - Share buy-back program

Hamilton, Bermuda, May 31, 2012

The Board of Directors of Golden Ocean Group Limited (the "Company") has on 30 May 2012 decided to reinstate the buy-back program of up to 45,000,000 shares, equal to the program which expired 31 December 2011.

The buy-back program will be initiated on 1 June 2012 and end on 30 June 2013.

The objective of the share buy-back program is to distribute the Company's equity capital to its shareholders in a manner more beneficial to the shareholders than through an ordinary dividend. The shares purchased under the program will be kept as treasury shares and may ultimately be cancelled.

The maximum amount to be paid will be in line with last program, i.e. NOK 6 per share.

Golden Ocean Group Limited press release