Golden Ocean Group (OSL:GOGL) GOGL - Interim Results For The Quarter Ended June 30, 2008

Golden Ocean Group (OSL:GOGL) Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $201.0 million and earnings per share of $0.73 for the second quarter of 2008. This compares with net income and earnings per share of $25.6 million and $0.09 respectively for the second quarter of 2007. Total operating revenues for the second quarter were $243.8 million, total operating expenses were $180.3 million and net other expenses were $8.3 million. Included in the second quarter results is a gain on the sale of assets of $145.8 million. This relates to the announced sales of the two Panamax vessels Golden Jasmine and Golden Jade in addition to the sale of the first Capesize newbuilding delivered from the Daehan Shipyard in Korea.

Golden Ocean reports net income of $254.7 million for the six months ended June 30, 2008, equivalent to earnings per share of $0.92.

Cash and cash equivalents decreased by $30.6 million during the quarter. The Company generated cash from operating activities of $92.5 million, received $124.6 million from investing activities and paid $247.6 million in financing activities. This includes part payments on newbuilding instalments of $117.2 million. During the second quarter the Company repaid $152.9 million in debt and borrowed an additional $61.4 million.

On August 20, 2008 the Board has declared a dividend of $0.40 per share. The record date for the dividend is September 4, 2008, ex dividend date is September 2, 2008 and the dividend will be paid on or about September 10, 2008.

At June 30, 2008 the total number of shares outstanding in Golden Ocean was 276,740,107 of $0.10 par value each.

The full report is available in the enclosed attachment.

August 20, 2008 The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda

Questions should be directed to: Herman Billung: CEO Golden Ocean Management AS +47 22 01 73 40

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



LINK: http://hugin.info/135378/R/1244748/268541.pdf

Golden Ocean Group

http://www.goldenocean.bm

ISIN: BMG4032A1045

Stock Identifier: XOSL.GOGL

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