GOGL – Declaration of Fourth Ice Class Panamax

Golden Ocean Group Limited (“Golden Ocean” or the “Company”) is pleased to advise that the Company has exercised its option for a fourth ice class Panamax at Jiangsu Rong Sheng Heavy Industries. The vessel of 75,000 dwt will be delivered early 2009. The agreed purchase price is USD 34.5 million.

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.