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GM Stuffit. GDOCF/GOGL 4Q results: EPS 0.36 NET $97.2 mill REV $280.9 mill DIV $0.30
GOGL trading higher in the opening: NOK29.30 = USD5.31


Published: 08:19 12.02.2008 GMT+1 /HUGIN /Source: Golden Ocean Group /OSE: GOGL /ISIN: BMG4032A1045

GOGL - Preliminary Fourth Quarter and Financial Year 2007 Results

Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports net income of $97.2 million and earnings per share of $0.36 for the fourth quarter of 2007. This compares with net income and earnings per share of $52.9 million and $0.20 for the third quarter of 2007. Total operating revenues for the fourth quarter were $280.9 million, total operating expenses were $214.7 million and net other expenses were $0.4 million.

Due to the continued strong freight market during the quarter and the gain on sale of one vessel the Company increased net operating income to $97.7 million compared to $68.5 million in the third quarter.

Cash and cash equivalents increased by $171.5 million during the quarter. The Company generated cash from operating activities and financing activities of $22.3 million and $213.9 million, respectively and used $64.7 million for investing activities. The latter amount includes part payments on newbuilding instalments of $136.8 million and proceeds from sale of assets of $72.8 million. During the fourth quarter the Company repaid $15.6 million in debt and borrowed an additional $319.7 million. This includes a Convertible Bond of $200 million issued during the quarter. In addition the company paid out a dividend of $135.9 million during the quarter.

For the year ended December 31, 2007 the Company reports a net income of $201.0 million and earnings per share of $0.74. Total operating revenues were $708.0 million, total operating expenses were $540.7 million and net other expenses were $40.9 million.

On February 12, 2008 the Board has declared a dividend of $0.30 per share. The record date for the dividend is February 28, 2008, ex dividend date is February 26, 2008 and the dividend will be paid on or about March 7, 2008.

At December 31, 2007 the total number of shares outstanding in Golden Ocean was 271,765,107 of $0.10 par value each.

The full report is available in the link below.

February 12, 2008
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
[phone]

Geir Karlsen: CFO Golden Ocean Management AS
[phone]

Q4 2007 Results