Golden Ocean Group: Increased investment in dry bulk freight operator

Hamilton, Bermuda - September 16, 2019

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) (“Golden Ocean” or the “Company“) today announced that it has agreed to make a further investment in Singapore Marine Pte Ltd. (“Singapore Marine”) in connection with the acquisition of the majority of assets and operations of Swiss Marine (“Swiss Marine”) by Singapore Marine. Swiss Marine is a privately owned freight operator founded in 2001 that transported over 120 million metric tons of cargo in 2018.

Including new commitments from Golden Ocean of $9.5 million in equity and $0.7 million in the form of a shareholder loan, Singapore Marine has raised a $44 million in addition to the $105 million in available capital raised in April 2019. Golden Ocean has in total invested $19.5 million in equity and $10.7 million in shareholder loans, which as of today are fully drawn.

Thomas Semino, Chief Commercial Officer of Golden Ocean and a Director of Singapore Marine commented: “We are pleased assist Singapore Marine accelerate its growth plan and create scale through our most recent investment. While Singapore Marine will operate independently from Golden Ocean and our participation in the company is primarily financial, we expect to derive additional value through this relationship. Golden Ocean’s significant commercial capabilities and the depth of its market intelligence will be further enhanced by this new relationship.”

Golden Ocean Group Limited press release