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Golden Ocean Q1/12 Report

57544 fcras 30/5 2012 11:12

Published: 07:54 CEST 30-05-2012 /Thomson Reuters /Source: Golden Ocean Group /XOSL: GOGL /ISIN: BMG4032A1045

GOGL - Interim First Quarter 2012 Results


·Golden Ocean reports profit of $13.0 million for the first quarter of 2012

·The Company took delivery of Golden bull in March 2012

.The Company sold the shares in KTL in March 2012

· The Company has assigned the construction contract for Golden Emerald to a third party in May 2012

· Golden Ocean will not pay dividends for the first quarter of 2012

·The Company will implement a new share repurchase program

First Quarter 2012 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of $13.0 million and earnings per share of $0.03 for the first quarter of 2012. This compares with profit and earnings per share of $6.0 million and $0.01 respectively for the fourth quarter of 2011. Total operating revenues for the first quarter were $53.4 million, total operating expenses were $38.0 million and other gains/losses net were a profit of $0.1 million. Net financial items were negative with $2.5 million.

The profit for the period of $13.0 million is an increase of $6.9 million compared to last quarter. The operating revenues decreased by $12.6 million, and the operating expenses decreased by $2.4 million. Total other gains/ (losses) net increased by $15.3 million. This leads to an increase in net operating income of $5.1 million. The Company took impairment in the fourth quarter on the KTL shares of $14.1 million. The change in net operating income when this impairment is excluded is negative with $9 million. In the first quarter the vessel Channel Navigator has been docked and the off hire led to loss of revenues of $2.2 million dollars. The index based vessels have also had lower earnings in the first quarter, and Ocean Minerva, which was redelivered in fourth quarter, has had lower earnings. The Company has also taken impairment in the first quarter of $2.2 million in relation to the sale of the construction contract for Golden Emerald Inc.

Cash and cash equivalents increased by $15.3 million during the quarter. The Company generated cash from operating activities of $28.4 million during the quarter. The Company paid $17.9 million in installments, docking and other predelivery costs in the quarter. Restricted cash decreased by $6.4 million, this is mainly related to release of security put up under one loan facility. The sale of shares in KTL generated a positive cash contribution of $33.8 million. Financing activities used $35.7 million net during the quarter. There was no drawdown of long term debt related to the newbuildings in the quarter, while ordinary and extraordinary repayment of long term debt amounted to $26.3 million.

The full report is available in the link below.

May 30, 2012

The Board of Directors

Golden Ocean Group Limited

Hamilton, Bermuda

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q1 2012 Results


30/5 2012 17:43 fcras 057566

Golden Ocean-sjef og finansdirektør kjøper i Golden Ocean

( - 30.5.12 14:48)

Golden Ocean-sjef Herman Billung og finansdirektør Birgitte Ringstad Vartdal dobler aksjebeholdningen.

Herman Billung, sjef for Golden Ocean Management AS, har i dag kjøpt 50.000 aksjer i Golden Ocean Group Limited til snittkurs 4,52 kroner per aksje. Ny beholdning er 100.000 aksjer og 625.000 opsjoner.

Finansdirektør Birgitte Ringstad Vartdal har kjpt 30.000 aksjer til snittkurs 4,52 kroner. Ny beholdning er 60.000 aksjer og 200.000 opsjoner.