Agreement for construction of three Kamsarmax vessels

Hamilton, Bermuda - September 9, 2021

Golden Ocean Group Limited (Nasdaq and OSE: GOGL) ("Golden Ocean" or the "Company"), one of the world's largest listed dry bulk shipowners, today announces that it has entered into an agreement for the construction of three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessels, which will be constructed at a first-class Chinese yard.

The vessels will be equipped with the latest and most efficient propulsion system, contributing with significant improvements in fuel consumption and emissions performance.

The vessels are dual-fuel ready, giving the Company time to evaluate alternatives while the visibility of future regulations and optimal technology improves.

The vessels are scheduled to deliver from Q3–2023 to Q1-2024. Golden Ocean intends to finance the acquisition with operating cash flow and cash on hand and will establish long-term debt financing closer to delivery.

Ulrik Andersen, CEO of Golden Ocean Management AS commented:

"With this transaction, we continue executing on our strategy of renewing the fleet and improving its operating performance. At the same time, it underlines our belief in the long-term dry bulk fundamentals. We have secured an attractive price with a tail-heavy payment structure, which means Golden Ocean can absorb the transaction without impacting the Company's dividend capacity, which continues to be a key priority. The vessels benefit from additional cargo intake, and the superior fuel economy will ensure low operating costs and a reduced carbon footprint."

About Golden Ocean
Golden Ocean, a leading dry bulk shipping company, owns or controls a modern fleet of 94 vessels with an average age of approximately six years.

The Company owns 56 Capesize vessels making it the largest publicly listed owner of this vessel class. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol ‘GOGL’.

Golden Ocean Group Limited press release