SOURCE: Golden Ocean Group

August 26, 2010 01:41 ET

GOGL - Interim Results for the Quarter and Half Year ended June 30, 2010

HAMILTON, BERMUDA--(Marketwire - August 26, 2010) -



Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $26.9 million and earnings per share of $0.06 for the second quarter of 2010. This compares with profit and earnings per share of $101.3 million and $0.22 respectively for the second quarter of 2009. Total operating revenues for the second quarter were $126.5 million, total operating expenses were $93.5 million and net other loss was $0.5 million. The Company reports profit of $50.7 million and earnings per share of $0.11 for the interim six months result. This compares with profit and earnings per share of $117.8 million and $0.51 for the interim six months result in 2009.

Cash and cash equivalents increased by $58.1 million during the quarter. The Company generated cash from operating activities of $44.1 million and generated $28.1 million in investing activities. Investing activities include part payments on new buildings of $32.0 million. The Company used $14.0 million on financing activities during the quarter. This includes proceeds from the long term debt of $59.4 million, repayment of debt of $60.2 million (of which $6.3 million was repayment of regular instalments) and dividend payment of $11.4 million.

At June 30, 2010 the total number of shares outstanding in Golden Ocean was 456,990,107 of $0.10 par value each.

On August 26, 2010 the Board has declared a dividend of $0.05 per share. The record date for the dividend is September 13, 2010, ex dividend date is September 9, 2010 and the dividend will be paid on or about September 27, 2010.

The full report is available in the link below.


August 26, 2010
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

Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53

This information is subject of the disclosure requirements acc. to §5- 12 vphl (Norwegian Securities Trading Act)


[HUG#1440411]





Q2 2010 Result: http://hugin.info/135378/R/1440411/384830.pdf




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Source: Golden Ocean Group via Thomson Reuters ONE

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