Golden Ocean Group Ltd Acquires Two Ice Class Panamax Vessels and Announces Financing Details

Golden Ocean Group Ltd announced that the Company has entered into an agreement to buy two ice class Panamax vessel resales built at Pipavav Defence & Offshore Engineering Company (Pipavav). The Company will take delivery of the vessels ex yard, the first vessel at the start of June 2013 and the second vessel during second half of 2013. In connection with the purchase the seller has provided a 30% seller's credit towards Golden Ocean for each vessel. The seller's credit will be repaid over three years in equal installments every January, but the first installment is at earliest six months after delivery of the vessel. The vessels will be named Golden Pearl and Golden Diamond. The vessels have not been part of the Company's construction program at the yard and are bought from third parties. Golden Ocean has at the same time obtained regular bank financing of 65% of the contract price. Thus the initial cash payment for the Company in 2013 is limited to 5% of the purchase price for each of the vessels. The price for the two vessels remained undisclosed.