GOGL – Declaration of Third Ice Class Panamax

Golden Ocean Group Limited (GOGL) is pleased to advise that the Company has exercised its option for a third ice class panamax at Jiangsu Rong Sheng Heavy Industries. The vessel of 75,000 dwt will be delivered during 2008. The agreed purchase price is USD 34,5 mill. The management of Golden Ocean finds price and time of delivery attractive and furthermore consider ice class strengthening to have an added commercial value going forward. Given this acquisition Golden Ocean have a total of 7 new buildings to be delivered by the end of 2008.