GOGL - Issuance and cancellation of Share Options

Golden Ocean Group Limited (the "Company") announces the issuance of 4,500,000
share options awarded to certain of the Company's Directors and employees. At
the same time the share option program issued in July 2010 of 2,750,000 options
is cancelled in order to reduce the total cost of the option program for the
Company. The share options have been granted today on the terms set forth in the
Company's previously approved Share Option Plan. The purpose of the Share Option
Scheme is to promote long-term employment and align the long-term interest of
shareholders and the employees.
The share options will have a five year term and will vest equally one quarter
each year over a four year vesting period with the first quarter vesting on
October 9, 2013. The strike price for the share options will be NOK 4.60. The
strike price will be adjusted for dividends.
Primary insiders have received options as follow:
John Fredriksen (Director) 1,000,000 (750,000 cancelled)

Tor Olav Trøim (Director) 75,000

Cecilie Fredriksen (Director) 75,000

Hans Christian Børresen (Director) 75,000

Kate Blankenship (Director) 75,000

Herman Billung 550,000 (250,000 cancelled)

Birgitte Ringstad Vartdal 400,000 (200,000 cancelled)

The Company's Primary Insiders are holding the following share options, shares
and have exposure to total return swap agreements (TRS) as follows following
these grants:
  Share Options    Shares       TRS

John Fredriksen (Director) 1,100,000 * *

Tor Olav Trøim (Director) 175,000 584,982 800,000

Cecilie Fredriksen (Director) 175,000 nil nil

Hans Christian Børresen (Director) 175,000 106,000 nil

Kate Blankenship (Director) 175,000 206,000 nil

Herman Billung 550,000 100,000 nil

Birgitte Ringstad Vartdal 400,000 60,000 nil

* The share ownership of Mr. John Fredriksen is distinct from the shares owned
by Hemen Holding Ltd which is indirectly controlled by trusts established by Mr.
Fredriksen for the benefit of his immediate family.

Hamilton, Bermuda
October 9, 2012
Contact Person:
Herman Billung: CEO, Golden Ocean Management AS
+47 22 01 73 40
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.


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