Golden Ocean Group: GOGL - Interim Results for the Quarter and Nine Months ended September 30, 2011

Highlights
·           Golden Ocean reports profit of $11.1 million for the third quarter of 2011
·           The Company took delivery of Golden Enterprise in September 2011
·           The Company will take delivery of the first vessel from Pipavav shipyard within November 2011
·           Golden Ocean will not pay dividends for the third quarter of 2011

Third Quarter and Interim nine months 2011 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of $11.1 million and earnings per share of $0.02 for the third quarter of 2011. This compares with the restated profit and earnings per share of $38.7 million and $0.08 respectively for the third quarter of 2010. Total operating revenues for the third quarter were $71.6 million, total operating expenses were $48.7 million and other gain/losses net were $1.6 million. Net financial items were negative with $13.4 million.

The Company reports a profit of $8.1 million and earnings per share of $0.02 for the interim nine months of 2011. Total operating revenues were $250.2 million, total operating expenses were $221.8 million and other gain/losses net were $7.8 million. Net financial items for the interim nine months of 2011 were negative with $28.2 million.

Cash and cash equivalents increased by $13.0 million during the quarter. The Company generated cash from operating activities of $26.0 million. The company paid $15.4 million in installments and other predelivery costs in the quarter. Financing activities provided $2.0 million net to the Company during the quarter. This includes drawdown of long term debt related to the newbuildings of $33.6 million, interest paid of $6.7 million, repayment of long term debt of $13.6 million and dividend payment of $9.1 million.

The full report is available in the link below.

November 18, 2011
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda

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

Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
[phone]

 

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

Press release Q3 2011 (http://hugin.info/135378/R/1564962/485623.pdf)

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Source: Golden Ocean Group via Thomson Reuters ONE

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