GOLDEN GUNN Sold

Golden Ocean Group Limited has agreed to sell its Panamax Bulker " M/V Golden Gunn, for gross sale proceeds of $50.2 million. Delivery to the buyers is expected to take place in March 2007.

This transaction will give a positive result of approximately $9.6 million, and will generate approximately $20.6 million in additional liquidity.

The company said in a release that this sale does not represent a change in strategy for the company but is an opportunistic market sale which should be seen up against the expansive new building program Golden Ocean has entered into during the last months. The new building program currently involves 4 Capesizes and 6 Ice strengthen Panamaxes for delivery in 2008 - 2009.

The GOLDEN GUNN was delivered to the Company on September 6, 2005 via Frontline Ltd from Hudong Zhonghua Shipbuilding.

Golden Ocean Group Limited is a Bermuda based dry bulk shipping company. Golden Ocean Group Limited demerged from Frontline Ltd. at the end of 2004 and was listed on the Oslo Stock Exchange 15 December, 2004