SOURCE: Golden Ocean Group

November 09, 2007 02:57 ET

GOGL - Sale of vessels

HAMILTON, BERMUDA--(Marketwire - November 9, 2007) -

Golden Ocean Group Limited ("Golden Ocean" or the "Company") has agreed to sell the six panamax newbuildings contracted in March 2007 at Pipavav in India. The vessels are sold for net sale proceeds of $352.8 million, and delivery to the buyers is expected to take place between March 2009 and July 2010.

Golden Ocean will initially receive $70.6 million of the purchase price. Golden Ocean will have the responsibility to finance the construction of the vessels with up to $174 million, before the remaining part of the sales proceeds of $282.2 will be paid at the delivery of the vessels.

The transaction will give a positive result of approximately $127 million, and this will be recorded at delivery of the vessels.

Golden Ocean's CEO Herman Billung says in a comment: "This transaction illustrates our Company's dynamic approach to the market. We are always looking for opportunities to increase values to our shareholders on short as well as long term basis."

November 9, 2007
Hamilton, Bermuda

Contact Persons:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 41

Geir Karlsen: CFO, Golden Ocean Management AS
+47 22 01 73 53

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