SOURCE: Golden Ocean Group

October 16, 2009 02:41 ET

GOGL - Mandatory Notificatin of Trade

HAMILTON, BERMUDA--(Marketwire - October 16, 2009) -


Hemen Holding Limited, a company indirectly controlled by trusts affiliated with John Fredriksen, has settled a TRS agreement (Total Return Swap) underlying 1,423,001 shares in Golden Ocean Group Limited ("Golden Ocean") expiring October 15, 2009. Hemen Holding Limited has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is December 10, 2009, and the new TRS price is NOK 8.3167 per share. Hemen Holding Limited's affiliated ownership in Golden Ocean Group Limited is not influenced by the TRS agreements. Drew Investment, a company controlled by Tor Olav Trøim, has settled a TRS agreement underlying 800,000 shares in Golden Ocean expiring October 15, 2009. Drew Investment has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is December 10, 2009, and the new TRS price is NOK 8.3167 per share. Drew Investment and Tor Olav Trøims ownership in Golden Ocean is not influenced by the TRS agreements. Hamilton, Bermuda October 15, 2009 This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Hamilton, Bermuda
October 16, 2009

Geir Karlsen (CFO), +47 23 11 40 00

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