Golden Ocean Group (OSL:GOGL) GOGL - Insider Transaction

Golden Ocean Group (OSL:GOGL) Hemen Holding Limited, a company indirectly controlled by John Fredriksen, has settled a TRS agreement (Total Return Swap) underlying 1,423,001 shares in Golden Ocean Group Limited ("Golden Ocean") expiring January 15, 2009. Hemen Holding Limited has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is April 15, 2009, and the new TRS price is NOK 5.013 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 settled a TRS agreement underlying 800,000 shares in Golden Ocean expiring January 15, 2009. Drew Investment has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is April 15, 2009, and the new TRS price is NOK 5.013 per share. Drew Investment and Tor Olav Troims ownership in Golden Ocean is not influenced by the TRS agreements.

Hamilton, Bermuda January 16, 2009

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Golden Ocean Group

http://www.goldenocean.bm

ISIN: BMG4032A1045

Stock Identifier: XOSL.GOGL