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


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