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GOGL - Interim Results for the Quarter ended September 30, 2009

Posted on: Wed, 25 Nov 2009 02:21:00 EST

Symbols: GDOCF

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Nov 25, 2009 (Hugin via COMTEX) --
GDOCF | Quote | Chart | News | PowerRating -- Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports
profit before taxation of $75.6 million and earnings per share of
$0.17 for the third quarter of 2009. This compares with profit before
taxation and earnings per share of $118.7 million and $0.43
respectively for the third quarter of 2008. Total operating revenues
for the third quarter were $113.2 million, total operating expenses
were $87.4 million and net other gain was $51.4 million. Net other
gain includes the profit on sale of vessels of $53.8 million as well
as a fair value adjustment of $4.0 million on vessels held for sale
(M/V Golden Joy).

Cash and cash equivalents increased by $78.1 million during the first
nine months of 2009. The Company generated cash provided by operating
activities of $107.4 million and used $100.1 million in investing
activities. Investing activities include part payments on new
buildings of $125.4 million and a sale of marketable securities of
$24 million. The Company provided $70.8 million by financing
activities during the first nine months. This includes proceeds from
the issuance of shares of $108 million, the buy back of the Company's
convertible bond of $63.5 million, the proceeds from long term debt
of $121.9 million and the repayment of debt of $86.4 million.

Golden Ocean reports profit of $192.9 million for the nine months
ended September 30, 2009, equivalent to earnings per share of $0.49.

At September 30, 2009 the total number of shares outstanding in
Golden Ocean was 456,990,107 of $0.10 par value each.

The full report is available in the enclosed attachement.

November 25, 2009
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 announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

SOURCE: Golden Ocean Group

For full details on (GDOCF) GDOCF. (GDOCF) has Short Term PowerRatings at TradingMarkets. Details on (GDOCF) Short Term PowerRatings is available at This Link.

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