SOURCE: Golden Ocean Group

May 16, 2008 02:26 ET

GOGL - Interim Results for the Quarter ended March 31, 2008

HAMILTON, BERMUDA--(Marketwire - May 16, 2008) -

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $53.7 million and earnings per share of $0.19 for the first quarter of 2008. This compares with net income and earnings per share of $25.2 million and $0.09 respectively for the first quarter of 2007. Total operating revenues for the first quarter were $223.3 million, total operating expenses were $161.8 million and net other expenses were $7.9 million.

Cash and cash equivalents decreased by $139.7 million during the quarter. The Company generated cash from operating activities of $54.1 million and used for investing and financing activities $111.9 million and $81.9 million respectively. This includes part payments on newbuilding instalments of $114.4 million. During the first quarter the Company repaid $34.5 million in debt and borrowed an additional $57.3 million. In addition the Company purchased its own shares in the amount of $15.9 million.

On May 15, 2008 the Board has declared a dividend of $0.55 per share. The record date for the dividend is May 30, 2008, ex dividend date is May 28, 2008 and the dividend will be paid on or about June 5, 2008.

At March 31, 2008 the total number of shares outstanding in Golden Ocean was 276,540,107 of $0.10 par value each.

The full report is available in the enclosed attachment.

May 16, 2008
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

Q1 2008 Results:

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