Golden Ocean Group Limited ( "GOGL" ) is pleased to advise that it has reached an agreement to sell the M/V Lake Sequioa. The vessel is a Panamax bulker and is one of the long term time charter vessels previously acquired from Louis Dreyfus with an option to purchase attached to the time charter. The agreed sales price is $ 31,6 mill net against paying present Owners $ 19,5 mill net at the time of delivery.
Based on the allocation of the purchase price which was done in connection with the purchase of the Dreyfus fleet the sale will have a negative P&L effect of about Usd 9 mill. in 2006 in accordance with IFRS rules . The market opportunistic sale will boost the Companys liquidity position and do not indicate a change in the Companys stratgey to long term grow the business. 12 April 2006
Contact person: Herman Billung +47 22 01 73 40