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Highlights · Golden Ocean reports profit of $6.1 million for the fourth quarter of 2011
· The operating profit is in line with the third quarter 2011 results, save for an impairment on the shareholdings in Knightsbridge Tankers Limited
· The Company took delivery of Golden Suek in November 2011
· The Company has entered into a new financing for four of the newbuildings from Jinhaiwan Shipyard
· Golden Ocean will not pay dividends for the fourth quarter of 2011 Fourth Quarter and Preliminary Year End 2011 Results Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of $6.1 million and earnings per share of $0.01 for the fourth quarter of 2011. This compares with the profit and earnings per share of $23.9 million and $0.05 respectively for the fourth quarter of 2010. Total operating revenues for the fourth quarter were $66.1 million, total operating expenses were $40.4 million and other gains/losses net were a loss of $15.3 million. Net financial items were negative with $4.2 million. The Company reports a profit of $14.3 million and earnings per share of $0.03 for the full year 2011. Total operating revenues were $317.1 million, total operating expenses were $263.0 million and other gain/losses net were negative with $7.5 million. Net financial items for the year ended December 31, 2011 were negative with $32.4 million. Cash and cash equivalents increased by $3.3 million during the quarter. The Company generated cash from operating activities of $36.0 million during the quarter. The Company paid $28.9 million in installments and other predelivery costs in the quarter. Restricted cash increased by $10.2 million, this is mainly related to security put up under one loan facility to comply with minimum value covenants. Financing activities used $2.4 million net during the quarter. This includes drawdown of long term debt related to the newbuildings of $26.8 million, interest paid of $6.7 million and repayment of long term debt of $20.2 million. The full report is available in the link below. February 16, 2012
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 41 Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Source: Golden Ocean Group via Thomson Reuters ONE
HUG#1586443
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