SOURCE: Golden Ocean Group Limited

March 17, 2010 22:16 ET

GOGL - Golden Ocean Completes Its Secondary Listing on the Singapore Exchange

First Dual Listing Under the Cooperation Agreement Between the Oslo Stock Exchange and the Singapore Exchange

HAMILTON, BERMUDA--(Marketwire - March 17, 2010) - Golden Ocean Group Limited ("Golden Ocean" or "the Company"), is pleased to announce that the Company has completed a secondary listing on the Singapore Exchange (SGX) today. 

The company was listed this morning and is the first group to take advantage of the new scheme to promote dual listings of companies on the SGX and OSE. Both exchanges signed a Memorandum of Understanding last July to make it attractive for companies to dual list on each other's bourses.

The cooperation between the two exchanges accelerates the listing process and reduces the regulatory burden of being listed on two exchanges without compromising investor protection and good corporate governance. 

The listing took place by way of introduction with no new capital raised at this point, but the company views the Asian investor market as important going forward.

Mr Herman Billung, CEO of Golden Ocean, said: "We are very pleased to be the first company to achieve a dual listing in Oslo and Singapore. We already have a significant operational presence in Singapore and the main driver for our drybulk business is the fast growing emerging economies in Asia. We look forward to working with the Asian investor community and are committed to making our SGX listing a success".

Lawrence Wong, Head of Listings at SGX, added: "Golden Ocean is the first listing under our cooperation framework with the Oslo Bors. We look forward to more of similar listings on the two exchanges. By taking advantage of the dual listing framework, companies will benefit by having the access to a wider and deeper capital market. Investors of both exchanges too will benefit from more investment choices."

The Introductory Document released in connection to the listing at SGX is attached to this press release and is available at the website of Golden Ocean with address www.goldenocean.no 

About Golden Ocean:
Golden Ocean is involved in the ownership and operation of dry bulk ships, with focus on ships in the Capesize, Panamax and Kamsarmax classes. The Company owns or controls 12 ships, has 23 ships under construction for delivery between 2009 and 2012, and has several chartered-in ships. In addition, a major part of the vessels are contracted under time charter contracts of five years or more. The Company was established in November 2004 in connection with a de-merger and spin-off of certain dry bulk activities from Frontline Ltd. In December 2004, Golden Ocean's shares were admitted to trading on the Oslo Stock Exchange.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Introductory Document (http://hugin.info/135378/R/1395079/351922.pdf)

Contact Information

  • 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