The chief financial officer of Bermuda-based Golden Ocean Management AS, Geir Karlsen, has exercised his share options to acquire 250,000 shares in the company.

The strike price for the share options are NOK 0.92 per share. He has sold the shares and simultaneously financed and acquired TRS agreements with exposure to 175,000 shares in the company.

The TRS agreements expire on December 1, 2008 based on a price of NOK 23.05. Mr. Karlsen's ownership in Golden Ocean is now 125,000 following these transactions, in addition to the TRS agreements.

Total shares outstanding in Golden Ocean Group Ltd. following the issue of new shares will be 276,990,107.