GOGL - Results for the Quarter ended March 31, 2010

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $23.8 million and earnings per share of $0.05 for the first quarter of 2010. This compares with profit and earnings per share of $16.6 million and $0.06 respectively for the first quarter of 2009. Total operating revenues for the first quarter were $102.4 million, total operating expenses were $75.3 million and net other loss was $0.5 million. Cash and cash equivalents increased by $0.4 million during the quarter. The Company generated cash from operating activities of $38.8 million and used $82.8 million in investing activities.  Investing activities include part payments on new buildings of $83.2 million. The Company generated $44.7 million from financing activities during the quarter. This includes proceeds from the long term debt of $51.4 million and the repayment of debt of $4.8 million. At March 31, 2010 the total number of shares outstanding in Golden Ocean was 456,990,107 of $0.10 par value each. On May 28, 2010 the Board has declared a dividend of $0.025 per share. The record date for the dividend is June 15, 2010, ex dividend date is June 11, 2010 and the dividend will be paid on or about June 21, 2010. The full report is available in the link below. May 28, 2010 The Board of Directors Golden Ocean Group Limited Hamilton, Bermuda Questions should be directed to: Herman Billung: CEO Golden Ocean Management AS +47 22 01 73 40 Geir Karlsen: CFO Golden Ocean Management AS +47 22 01 73 53 This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1419569] Q1 2010 Results: http://hugin.info/135378/R/1419569/369589.pdf