SOURCE: Golden Ocean Group

October 01, 2007 02:41 ET

GOGL - Sale of vessel

HAMILTON, NORWAY--(Marketwire - October 1, 2007) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company") has agreed to sell one of the Company's Capesize newbuildings for net sale proceeds of $145 million. Delivery to the buyers is expected to take place in May 2008.

The transaction will give a positive result of approximately $70 million.

This sale does not represent a change in strategy for the Company but is an opportunistic market sale which should be seen up against the Company's expansive newbuilding program. The newbuilding program currently involves 11 Capesize vessels and 12 Ice strengthen Panamax vessels which will be delivered between 2008 and early parts of 2010.

October 1, 2007
Hamilton, Bermuda

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 41

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

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