Bermuda Based Golden Ocean Announces Amendments to Shipbuilding Contracts

Golden Ocean Group Limited announces that it has come to an agreement with Zhoushan Jinhaiwan Shipyard Co., Ltd. on amendment of three of the shipbuilding contracts.

The agreement is related to the two Kamsarmax vessels Golden Excellence and Golden Explorer, and the Capesize vessel Golden Nantong. Due to delay in the construction progress the Company has agreed to accept late delivery of the vessels. The contract price for the three vessels in aggregate is now agreed to be USD 86.65 million. The vessels are expected to be delivered to the Company in the fourth quarter of 2012.