Golden Ocean Group Limited (Nasdaq and OSE: GOGL) ("Golden Ocean" or the "Company"), the world's leading owner of large-size dry bulk vessels, today announces it has entered into an agreement to acquire six modern 208,000 deadweight tons (dwt) vessels equipped with exhaust gas cleaning systems, or scrubbers, for a total consideration of $291 million (the "Acquisition"). The newly-acquired vessels will be chartered back to their former owner, an unrelated third party, for approximately 36 months at an average daily time charter equivalent rate of approximately $21,000 net.

"This acquisition cements our position as the largest owner of modern Capesize vessels. It also increases our fleet's fuel efficiency and reduces its emissions profile as we continue to make progress toward our 2030 emission-reduction target of 30%. We have acted on what we see as a short-term weakness in asset prices to acquire high-quality assets with strong return profiles that will comply with all environmental regulations beyond 2030. We have structured the acquisition to manage short-term risk through profitable time charter contracts while increasing our long-term exposure aligning with our optimistic outlook. Due to our strong balance sheet, we are able to do the transaction with moderate leverage and cash on hand without impacting our dividend capacity." said Mr. Ulrik Andersen, Chief Executive Officer of Golden Ocean Management AS.

The acquisition will be financed by a new $233 million credit facility, which will be secured by the newly-acquired vessels and two unencumbered vessels, and cash on hand. Over the past 24 months, Golden Ocean has sold 11 older vessels, generating aggregate net proceeds of approximately $124 million. These proceeds are sufficient to fund the majority of the expected equity required, based on conservative debt financing assumptions, for the ten Kamsarmax newbuildings currently under construction as well as the six newly-acquired vessels.

Following the Acquisition, Golden Ocean will be the world's largest publicly-listed dry bulk company in terms of dwt.

About Golden Ocean

Golden Ocean, a leading dry bulk shipping company, owns or controls a modern fleet of 99 vessels with an average age of approximately six years, following the above transaction. The Company is the largest owner of Capesize vessels and has a leading position in the ice-class Panamax vessel niche. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol 'GOGL'.

February 13, 2023

The Board of Directors

Golden Ocean Group Ltd.

Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS

+47 22 01 73 40

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

Forward-looking statements:

This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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