SOURCE: Golden Ocean Group

November 25, 2009 02:29 ET

GOGL - Interim Results for the Quarter Ended September 30, 2009

HAMILTON, BERMUDA--(Marketwire - November 25, 2009) - Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit before taxation of $75.6 million and earnings per share of $0.17 for the third quarter of 2009. This compares with profit before taxation and earnings per share of $118.7 million and $0.43 respectively for the third quarter of 2008. Total operating revenues for the third quarter were $113.2 million, total operating expenses were $87.4 million and net other gain was $51.4 million. Net other gain includes the profit on sale of vessels of $53.8 million as well as a fair value adjustment of $4.0 million on vessels held for sale (M/V Golden Joy).

Cash and cash equivalents increased by $78.1 million during the first nine months of 2009. The Company generated cash provided by operating activities of $107.4 million and used $100.1 million in investing activities. Investing activities include part payments on new buildings of $125.4 million and a sale of marketable securities of $24 million. The Company provided $70.8 million by financing activities during the first nine months. This includes proceeds from the issuance of shares of $108 million, the buy back of the Company's convertible bond of $63.5 million, the proceeds from long term debt of $121.9 million and the repayment of debt of $86.4 million.

Golden Ocean reports profit of $192.9 million for the nine months ended September 30, 2009, equivalent to earnings per share of $0.49.

At September 30, 2009 the total number of shares outstanding in Golden Ocean was 456,990,107 of $0.10 par value each.

The full report is available in the enclosed attachment.

November 25, 2009
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

Q3 2009 Results: http://hugin.info/135378/R/1357052/330000.pdf

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