GOGL - Announcement of commencement of equity offering

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the "Company") today announced that it has commenced an equity offering (the "Offering") for issue of new common shares (the "New Shares") of the Company for gross proceeds of approximately USD 66 million. In addition to the Offering, the Company expects to issue additional new common shares with an estimated value of USD 34 million, at a per-share price equal to the offer price in the Offering, to Hemen Holding Limited, a Company indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family ("Hemen") as partial consideration for two modern Capesize vessels to be acquired from affiliated companies of Hemen, as previously announced (the "Equity in-kind Contribution"). The Offering and the Equity in-kind Contribution are expected to result in approximately USD 100 million of aggregate gross equity proceeds to the Company. The Company has engaged DNB Markets Inc., Arctic Securities LLC and Seaport Global Securities LLC (the "Placement Agents") as placement agents in connection with the Offering.

The Offering will be directed towards institutional investors subject to applicable exemptions from European prospectus requirements. The minimum application and allocation amount has been set to the USD equivalent of EUR 100,000, provided that the Company reserves the right to, at its sole discretion, allocate lower amounts to investors to the extent applicable exemptions from the prospectus requirement pursuant to applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.

The Company intends to use a portion of the net proceeds of the Offering for payment of the cash portion payable for the vessels to be acquired from affiliated companies of Hemen, as announced today, and to use the balance for general corporate purposes. 

The purchase price and number of New Shares issued in the Offering will be determined through an accelerated bookbuilding process. The bookbuilding period will start on October 16, 2017 at 4:00 pm New York time (10:00 pm Oslo time) and is expected to end on October 17, 2017 at 2:00 am New York time (08:00 am Oslo time). The Company reserves the right to close or extend the bookbuilding period at any time in its sole discretion, at short notice.