GOGL Acquires Four Capesize Newbuilding Contracts

December 5, 2006

Golden Ocean Group Limited has acquired four newbuilding contracts at Daehan Shipbuilding Co., Ltd., South Korea. The vessels of 170,000 dwt will be delivered between May 2008 and January 2009. The agreed purchase price is USD 72,25 million per unit. Given the positive outlook for global steel production and the age profile of the existing cape size fleet, the management has a bullish market view for this sector going forward. The Board of Golden Ocean finds the combination of price and time of delivery attractive, and a right step forward in its growth strategy. The Company has been granted the option for additional four vessels which can be delivered between April 2009 and January 2010. It is the intention to finance the newbuildings through a combination of bank debt, and liquidity generated from Golden Ocean until delivery of the vessels. In order to optimize the financing Golden Ocean will consider to secure long term charter for some of the newbuildings.

GOGL Acquires Four Capesize Newbuilding Contracts

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