SOURCE: Golden Ocean Group

December 03, 2007 02:47 ET

GOGL - Long term time charter contracts

HAMILTON, NORWAY--(Marketwire - December 3, 2007) -

Golden Ocean Group Limited ("Golden Ocean") is pleased to advise that the Company has fixed out on time charter the two Panamax vessels Mulberry Paris and Mulberry Wilton.

The vessels presently traded in the spot market will be delivered to their Charterer by the end of the first quarter of 2008 and will be on time charter until the termination of the Head Charter Agreement with Dreyfus in August and December 2011 respectively.

The agreed daily time charter hire is $51,250 less 5% total commission, and these time charter agreements are expected to generate a net cash flow in excess of $102 million over the time charter period.

This transaction is another example of the Company's ability to take the benefit of market opportunities and to create a solid and profitable company going foward.

Golden Ocean's spot exposure is now 35% for 2008.

Hamilton, Bermuda
December 3, 2007

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40

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

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