Golden Ocean Group
oslo : GOGL

August 25, 2011 02:13 ET

Interim Results for the Quarter and Half Year ended June 30, 2011

HAMILTON, BERMUDA--(Marketwire - Aug 25, 2011) -


Highlights

· Golden Ocean reports a profit of $16.5 million for the second quarter of 2011

· Golden Ocean announces dividends of US $0.02 per share for the second quarter of 2011

· The Company will in addition to the dividend payment implement a share repurchase program

· The daily charter rate for the Capesize Golden Beijing is changed to $23,000 per day, while the Company has the full upside up till $38,250 per day.

Second Quarter and First Half 2011 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of $16.5 million and earnings per share of $0.04 for the second quarter of 2011. This compares with the restated profit and earnings per share of $24.5 million and $0.05 respectively for the second quarter of 2010. Total operating revenues for the second quarter were $96.0 million, total operating expenses were $70.7 million and other gain/losses net were $2.0 million. Net financial items were negative with $10.9 million.

The Company reports a loss of $3 million and earnings per share of $-0.01 for the first half of 2011. Total operating revenues were $178.7 million, total operating expenses were $173.1 million and other gain/losses net were $6.2 million. Net financial for the first half of 2011 was negative with $14.8 million.

Cash and cash equivalents decreased by $38.1 million during the quarter. The Company generated cash from operating activities of $36.1 million. The company paid $43.5 million in installments in the quarter. The Company used $29.5 million net on financing activities during the quarter. The main item includes drawdown of long term debt related to the newbuildings of $15.4 million, interest paid of $6.3 million, repayment of long term debt of $19.1 million and dividend payment of $18.0 million.

On August 25, 2011 the Board has declared a dividend of US $0.02 per share. The record date for the dividend is September 7, 2011, ex dividend date is September 5, 2011 and the dividend will be paid on or about September 23, 2011.

The full report is available in the link below.

August 25, 2011
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q2 2011 Results: http://hugin.info/135378/R/1541112/471358.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Golden Ocean Group via Thomson Reuters ONE

[HUG#1541112]

Contact Information

  • Questions should be directed to:
    Herman Billung
    CEO
    Golden Ocean Management AS
    +47 22 01 73 41

    Birgitte Ringstad Vartdal
    CFO
    Golden Ocean Management AS
    +47 22 01 73 53