SOURCE: Golden Ocean Group

November 27, 2009 12:46 ET

GOGL - Issuance of Share Options

HAMILTON, BERMUDA--(Marketwire - November 27, 2009) -

Golden Ocean Group Limited (the "Company") announces the issuance of 500,000 share options awarded to the Company's Directors. The share options have been granted today on the terms set forth in the Company's previously approved Share Option Plan. There are no other share options currently issued or outstanding for the Directors.

The share options will have a five-year term and will vest equally one third each year over a three-year vesting period. The strike price for the share options will be based on the average closing trading price over the three days after this announcement. The strike price will be adjusted for dividends.

Primary insiders have received options as follows:

John Fredriksen (Director)                    100,000
Tor Olav Trøim (Director)                     100,000
Cecilie Fredriksen (Director)                 100,000
Hans Christian Børresen (Director)            100,000
Kate Blankenship (Director)                   100,000

The Company's Directors are holding the following shares and have exposure to total return swap agreements (TRS) as follows:

Shares                         TRS
John Fredriksen (Director)
*                              *
Tor Olav Trøim (Director)
584,982                        800,000
Cecilie Fredriksen (Director)
nil                            nil
Hans Christian Børresen (Director)
106,000                        nil
Kate Blankenship(Director)
206,000                        nil

* The share ownership of Mr. John Fredriksen and Ms. Cecilie Fredriksen is distinct from the shares owned by Hemen Holding Ltd which is indirectly controlled by trusts established by Mr. Fredriksen for the benefit of his immediate family.

Hamilton, Bermuda November 27, 2009

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Copyright © Hugin AS 2009. All rights reserved.

Contact Information

  • Geir Karlsen
    +47 23 11 40 00