SOURCE: Golden Ocean Group

December 01, 2008 02:19 ET

GOGL - Interim Results for the Quarter ended September 30, 2008

HAMILTON, BERMUDA--(Marketwire - December 1, 2008) -

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $118.7 million and earnings per share of $0.43 for the third quarter of 2008. This compares with net income and earnings per share of $52.9 million and $0.20 respectively for the third quarter of 2007. Total operating revenues for the third quarter were $309.8 million, total operating expenses were $242.3 million and net other expenses were $3.1 million. Included in the third quarter results is a gain on sale of assets of $54.4 million. This relates to the two previously announced sales of one Panamax newbuilding delivered from Jiangsu Rong Sheng Heavy Industries and one Capesize newbuilding delivered from Daehan Shipyard in Korea.

Golden Ocean reports net income of $373.4 million for the nine months ended September 30, 2008, equivalent to earnings per share of $1.35.

Cash and cash equivalents decreased by $71.9 million during the quarter. The Company used cash in operating activities of $14.6 million, received $16.7 million from investing activities and paid $74.0 million in financing activities. Investing activities include part payments on newbuilding instalments of $101.9 million and proceeds from the sale of assets of $165.9 million. During the third quarter the Company repaid $89.4 million in debt and borrowed an additional $137.3 million.

In view of the current financial market conditions, the Company's newbuilding commitments and the Company's liquidity position it has been decided not to declare a dividend for the third quarter of 2008.

At September 30, 2008 the total number of shares outstanding in Golden Ocean was 276,990,107 of $0.10 par value each.

The full report is available in the enclosed attachment.

December 1, 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

Q3 2008 Results:

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