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MeldingsID: 436502
Dato/tid 16.10.2017 22:01
Utsteder Golden Ocean Group Limited
UtstederID GOGL
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel GOGL - Acquisition of two modern Capesize vessels and termination of waiver restrictions

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the
"Company") today announced that it has agreed to acquire two modern Capesize
vessels from affiliates of Hemen Holding Limited, a company indirectely
controlled by trusts established by Mr John Fredriksen for the benefit of his
immediate family ("Hemen"), the Company's largest shareholder, at a purchase
price of USD 43.0 million per vessel.

As settlement of the purchase price for the vessels, the Company will enter into
a  non-amortizing seller's credit loan with an affiliate of Hemen for 50% of the
purchase  price, which  bears interest  at LIBOR  + 3.00% per  annum and matures
three  years after delivery of  the vessels. The remaining  part of the purchase
price  will be  settled on  delivery of  the vessels  with an estimated USD 9.0
million  of cash and an estimated USD 34.0 million of newly-issued common shares
of  the Company  at a  per-share price  equal to  the offer price in an expected
equity  offering. Following  completion of  the acquisition  and expected equity
offering,  Hemen, together  with certain  of its  affiliates, will  maintain its
current  ownership percentage of approximately 34.2% of the Company's issued and
outstanding common shares.

Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS, commented:

"We  are pleased to be in the  position to acquire high quality, modern Capesize
vessels that are expected to generate free cash flow immediately upon delivery.
This  transaction is  consistent with  our strategy  of focusing  our commercial
efforts  on  the  vessel  segments  that  we  believe  will provide the greatest
leverage to a recovery in the dry bulk shipping market. Golden Ocean's financial
position  has been enhanced significantly over the past 12 months. With a strong
cash  balance  we  intend  to  terminate  the  covenant  waivers  related to the
Company's  recourse debt upon completion of  the expected equity offering.  This
will  reinstate the  normal covenants,  which the  Company is  now in compliance
with,  and remove the  Company's restrictions on  new acquisitions, new debt and
dividend  payments. The waiver structure in the non-recourse debt related to the
transactions announced in March 2017 will remain."

Completion  of  the  vessel  acquisition  is  subject to completion of an equity
offering  and entry into the seller's credit loan, as described above, and other
customary  closing conditions. The  vessels are expected  to be delivered within
four months of the date hereof.

About Golden Ocean

Golden  Ocean, a leading  dry bulk shipping  company, owns or  controls a modern
fleet  of  73 vessels  and  five  Capesize  newbuilding  contracts,  on a fully-
delivered basis, and reflecting the acquisitions announced above. Golden Ocean's
fleet  will have  an aggregate  carrying capacity  of approximately 10.7 million
deadweight  tons ("DWT") and an average age of less than 5 years. Golden Ocean's
significant  scale is further enhanced by its commercial platform, which manages
41 additional  vessels on behalf of third parties. Golden Ocean is listed on the
NASDAQ and Oslo Stock Exchange under the symbol 'GOGL'.

The Board of Directors
Golden Ocean Group Limited

Contact Persons:
Birgitte Ringstad Vartdal, CEO, Golden Ocean Management AS
+47 22 01 73 53

Per Heiberg: CFO, Golden Ocean Management AS
+47 22 01 73 45

Forward-Looking Statements

Matters   discussed   in  this  press  release  may  constitute  forward-looking
statements.  The Private Securities Litigation  Reform Act of 1995 provides safe
harbor  protections  for  forward-looking  statements,  which include statements
concerning  plans, objectives, goals, strategies,  future events or performance,
and underlying assumptions and other statements, which are other than statements
of   historical   facts.  Words  such  as  "believe",  "anticipate",  "intends",
"estimate",   "forecast",   "project",  "plan",  "potential",  "may",  "should",
"expect", "pending" and similar expressions identify forward-looking statements.

The  forward-looking statements  in this  press release  are based  upon various
assumptions.   Although we believe  that these assumptions  were reasonable when
made,   because   these   assumptions  are  inherently  subject  to  significant
uncertainties and contingencies which are difficult or impossible to predict and
are  beyond our control, we cannot assure you that we will achieve or accomplish
these  expectations, beliefs  or projections.  The information  set forth herein
speaks  only as of the date hereof,  and we disclaim any intention or obligation
to  update any forward-looking statements as  a result of developments occurring
after the date of this communication.

In  addition to these important factors  and matters discussed elsewhere herein,
important  factors  that,  in  our  view,  could  cause actual results to differ
materially  from those discussed  in the forward-looking  statements include the
strength  of  world  economies,  fluctuations  in currencies and interest rates,
general  market  conditions,  including  fluctuations  in charter hire rates and
vessel  values,  changes  in  demand  in  the  dry  bulk  market, changes in our
operating expenses, including bunker prices, drydocking and insurance costs, the
market  for our  vessels, availability of  financing and refinancing, changes in
governmental  rules and regulations or  actions taken by regulatory authorities,
potential  liability  from  pending  or  future litigation, general domestic and
international  political conditions, potential disruption of shipping routes due
to  accidents,  political  events  or  acts  by  terrorists, and other important
factors described from time to time in the reports filed by the Company with the
Securities and Exchange Commission.

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


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