GOGL - Delivery of M/V Bellflower and the third Capesize newbuilding from Daehan Shipyard in Korea

HAMILTON, NORWAY, Mar 24 (MARKET WIRE) --

Reference is made to the press release dated 11th of February 2009 in
relation to non-performance of counterparts.

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased
to announce that the Panamax M/V Bellflower was successfully delivered to
the Buyers in accordance with the revised sale terms. $40 million was
paid in cash at delivery while $10 million will be paid over a seven
years period. The "seller's credit" is secured by a second priority
mortgage on the vessel.

The sale will have a marginal positive effect in the profit and loss
statements in the current quarter, as the majority of the profit will be
taken over the same period as the "seller's credit" period. More
importantly, the sale has increased the Company's net liquidity with $18
million including the declaration of the purchase option on the vessel.
The cash will be used to strengthen the working capital and to reduce
short term debt.

The Company has also taken delivery of the third Capesize (M/V Golden
Feng) from Daehan Shipbuilding during the last weeks. The vessel has been
delivered to its charter and has commenced on a five year time charter
contract at $48.000 per day.

The Company's short term liquidity situation is still challenging since
the Company due to non compliance with certain loan agreements are not
able to draw on existing committed financing lines. A solution to this
situation will give the Company the ability to draw on existing loan
agreements of approximately $40 million, which in turn will bring the
Company in to a more comfortable cash situation.

The Company is making good progress in the discussions with its banks,
creditors and shipyards and the Board expects that a proposed
restructuring of Golden Ocean can be presented before March 31, 2009.
There is however no assurance that such a basis for restructuring will be
accepted by all relevant parties. The Board is hopeful that a final
restructuring of Golden Ocean can be completed with an injection of less
than $100 million in new equity. The main shareholder, Hemen Holding Ltd.
has indicated a potential interest to subscribe to its part of the equity
issue. The proposed solution will if accepted by all parties
substantially reduce Golden Ocean's outstanding debt and commitments, and
make Golden Ocean into a profitable and financial robust company well
protected against any further market downside. It is an important target
for the Board that creditor's interests are protected in the best
possible way and that the current shareholders will retain significant
upside in vessel values and market rates if market improves from current
levels.

Hamilton, Bermuda March 24, 2009

This announcement was
originally distributed by Hugin. The issuer is solely responsible for the
content of this announcement.

Copyright Copyright Hugin AS 2009. All
rights reserved.

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40

Geir Karlsen: CFO, Golden Ocean Management AS
+47 22 01 73 53

Copyright 2009, Market Wire, All rights reserved.

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