GOGL - Interim Third Quarter and Interim Nine Months 2012 Results

Highlights

·           Golden Ocean generates third quarter 2012 EBITDA before impairment*
of $24.1 million
·           Golden Ocean reports loss of $17.1 million for the third quarter of
2012
·           The Company has in November 2012 cancelled two newbuilding contracts


*EBITDA before impairments is equal to operating profit plus depreciations
(including impairment related to vessels) and amortisation.



Third Quarter and Interim Nine Months 2012 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports loss of
$17.1 million and loss per share of $0.04 for the third quarter of 2012. This
compares with profit and earnings per share of $6.4 million and $0.01
respectively for the second quarter of 2012. Total operating revenues for the
third quarter were $56.5 million, total operating expenses were $66.7 million
and other gains/losses net were a gain of $0.6 million. Net financial items were
negative with $7.4 million.

The Company reports a profit of $2.3 million and earnings per share of $0.00 for
the interim nine months result of 2012. Total operating revenues were $174.0
million, total operating expenses were $152.5 million and other gain/losses net
were negative with $1.3 million. Net financial items for the interim nine months
result of 2012 were negative with $17.9 million.

The loss for the period of $17.1 million is a decrease of $23.5 million compared
to last quarter. The operating revenues decreased by $7.5 million, and the
operating expenses increased by $19.0 million. Total other gains/ (losses) net
increased by $2.5 million. This leads to a reduction in net operating income of
$24.1 million since the second quarter. The main difference between the quarters
is that the Company has taken impairment on several vessels in a total of $25.2
million; this is $22.3 million more than in the second quarter. The Company's
operating result before impairment is more or less in line with earlier
quarters, due to the high contract coverage. The trading result is better in the
third quarter, while the vessels trading spot had lower earnings. Other income
was reduced since last quarter. The Company has booked revenue from Sanko on
Golden Feng until end of August but has at the same time made a provision for
the full amount, in total $6.2 million year to date. Net financial items
increased by $0.6 million from last quarter.

Cash and cash equivalents decreased by $33.1 million during the quarter. The
Company generated cash from operating activities of $18.7 million during the
quarter. The Company paid $16.0 million in installments, docking and other
predelivery costs in the quarter. Financing activities were negative with $32.0
million in the quarter. Ordinary and extraordinary repayments of long term debt
amounted to $23.4 million, the buy back of the convertible bond used $5.9
million, while $9.6 million was drawn down on long term debt related to the
newbuildings in the quarter.

The full report is available in the link below.

November 22, 2012
The Board of Directors
Golden Ocean Group Limited


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


[HUG#1659975]