HAMILTON, BERMUDA--(MARKET WIRE)--Jul 16, 2008 --
Hemen Holding Limited, a company indirectly controlled by John Fredriksen, has entered into TRS agreements relating to 1,423,001 underlying shares in Golden Ocean Group Limited. The TRS agreements expires 15 January 2009. The TRS agreement is priced based on an underlying price of NOK 28.71 per share. Hemen Holding Limited's ownership in Golden Ocean Group Limited is not influenced by the TRS agreements.

Drew Investment, a company controlled by Tor Olav Trøim, has entered into TRS agreements relating to 800,000 shares in Golden Ocean Group Limited. The agreements expires 15 January 2009 and the TRS price is NOK 28.71 per share. Drew Investment and Tor Olav Troims ownership in Golden Ocean Group Limited is not influenced by the TRS agreements.

 
Hamilton, Bermuda
July 16, 2008

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

Copyright © Hugin AS 2008. All rights reserved.