SOURCE: Golden Ocean Group

August 17, 2009 02:28 ET

GOGL - Interim Results for the Quarter ended June 30, 2009

HAMILTON, BERMUDA--(Marketwire - August 17, 2009) -

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $101.0 million and earnings per share of $0.22 for the second quarter of 2009. This compares with net income and earnings per share of $201.0 million and $0.73 respectively for the second quarter of 2008. Total operating revenues for the second quarter were $85.2 million, total operating expenses were $57.6 million and net other income were $73.4 million. Net other income includes the gain from the buy back of the Convertible Bond of $96.1 million as well as a loss from the sale of the Company's shares in Navios Maritime Holdings Inc (Navios) of $12.1 million. In addition an impairment loss of $4.1 million on the Company's remaining shares in Navios has been recorded in the quarter.

Cash and cash equivalents increased by $108.0 million during the quarter. The Company generated cash from operating activities of $27.6 million and used $41.6 million in investing activities. Investing activities include part payments on new buildings of $59.8 million. The Company generated $122 million in financing activities during the quarter. Financing activities includes $108 million in new equity from the issuance of 180 million new shares in the Company. In addition it includes repayment of debt of $71.5 million including the Convertible bond as well as $89.2 million in new debt.

Golden Ocean reports net income of $117.3 million for the six months ended June 30, 2009, equivalent to earnings per share of $0.51.

At June 30, 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 enclosed attachment.

August 17, 2009
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

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