SOURCE: Golden Ocean Group

January 25, 2008 02:55 ET

GOGL - Long term time charter contract

HAMILTON, BERMUDA--(Marketwire - January 25, 2008) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company") is pleased to advise that the Company has fixed out on time charter the Panamax vessel Golden Lyderhorn.

The vessel presently traded in the spot market will be delivered to the Charterer by the end of April 2008 and will be on time charter for a period of 30 to 36 months.

The agreed daily time charter hire is $51,000 less 5% total commission against a cash break even of $14.000 per day.

This transaction will generate a yearly free cash flow of $12.4 million over the time charter period, and this further strengthens Golden Oceans long term commitment to deliver a high return to their shareholders including a solid dividend.

Hamilton, Bermuda
January 25, 2008

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

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