SOURCE: Golden Ocean Group

March 04, 2009 09:12 ET

GOGL - Stock Exchange Notice from Golden Ocean

HAMILTON, BERMUDA--(Marketwire - March 4, 2009) -

Hemen Holding Ltd has today notified Golden Ocean Group Limited that it has launched a conditional offer to purchase 2/3 of the outstanding bonds in the 3.625 % Golden Ocean Group Limited Callable Convertible Bond Issue 2007/2012. In this issue the bondholders own 2,000 bonds, each with a face value of USD 100,000.

If successful in acquiring a two third position Hemen Holding intend to call a Bondholder's meeting in order to remove the Market Adjusted Equity Ratio in Golden Ocean's Convertible Bond Loan Agreement. Hemen hopes that the cash offer is perceived as a constructive contribution by Golden Oceans largest shareholder to create a possible basis for continued operation in Golden Ocean.

The offer is the only and final offer put forward to the bondholders by Hemen Holding Ltd.

The terms and conditions of the offer are set out in the enclosed offer document.

ABG Sundal Collier Norge ASA is acting on behalf of Hemen Holding Ltd in connection with the offer.

This information is subject of the disclosure requirements in Norwegian Securities Trading Act § 5-12.

Hamilton, Bermuda
4 March 2009

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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