GOGL - Changes to charter contracts

Golden Ocean Group Limited ("Golden Ocean" or the "Company") advises that the
Company has entered into two agreements to restructure some of the Company's
charter contracts.


The Company has entered into an agreement with the Charterer of "Channel
Navigator", whereby "Channel Alliance" is fixed out to the Charterer for the
same remaining period as "Channel Navigator" and half the profit from the
charter on "Channel Navigator" is allocated to the charter for "Channel
Alliance". The new daily hire rate for both vessels starts at $32,700/day and
will be reduced through 2012 to $32,000/day, and from January 1, 2013 the rate
will stay at $32,000/day until the end of the charter period. The Charterer has
an option to pay in cash to reduce the charter hire rate further.

The charterer of "Ocean Minerva" terminated the charter and redelivered the
vessel to the Company prior to the minimum period of the charter (December
2012). Golden Ocean has been able to enter into a settlement agreement with the
charterer, whereby the outstanding hire will be settled and the charterer will
compensate the Company for early redelivery. The settlement amount shall be paid
in full before end February 2012.



January 5, 2012
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Contact Persons:
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

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


[HUG#1575582]