SOURCE: Golden Ocean Group

February 11, 2010 02:25 ET

GOGL - Preliminary Fourth Quarter and Financial Year 2009 Results

HAMILTON, BERMUDA--(Marketwire - February 11, 2010) -

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $24.1 million and earnings per share of $0.05 for the fourth quarter of 2009. This compares with profit and earnings per share of $6.7 million and $0.02 respectively for the fourth quarter of 2008. Total operating revenues for the fourth quarter were $83.7 million, total operating expenses were $57.5 million and net other loss was $0.2 million.

Cash and cash equivalents increased by $40.1 million during 2009. The Company generated cash from operating activities of $114.2 million and used $148.0 million in investing activities. Investing activities include part payments on new buildings of $177.5 million and a sale of marketable securities of $24 million. The Company generated $73.9 million from financing activities during the year. This includes proceeds from the issuance of shares of $108 million, the buy back of the Company's convertible bond of $72.1 million, the proceeds from long term debt of $141.7 million and the repayment of debt of $93.7 million.

Golden Ocean reports profit of $217.0 million for the year ended December 31, 2009, equivalent to earnings per share of $0.53.

At December 31, 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 link below.

February 11, 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

Geir Karlsen: 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)

Q4 2009 Results:

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